I was recently on a hike with a gal pal, and we were talking about her future. I asked, “You don’t have any kids. Who is going to take care of you when you get older?” She replied, “The sommelier.” The future should be on everyone’s minds. I met up with a friend last week at the MBA Annual, and, knowing that his son had worked summer jobs for a lender in our business, I asked him about his son entering the residential lending. He replied, “He was all set to become a loan officer assistant but then went to work for ICE due to its $50,000 signing bonus program.” Paying off a student loan should matter to recent college grads, and certainly impacts buying a home down the road. I hear plenty of rumors about student debt. It turns out that, among those who ever incurred debt for their education, 8 percent were behind on their payments at the time of the 2024 survey, and 33 percent had outstanding debt and were current on their payments. Fifty-nine percent had completely paid off their loans. (Today’s podcast can be found here and this week’s are sponsored by Optimal Blue, the only end-to-end capital markets platform built to power performance, precision, and profitability, helping lenders of all sizes operate more efficiently, manage risk more effectively, and maximize results. Today’s has an interview with Rob Chrisman on takeaways from MBA Annual, the mood of the industry, and what to look forward to as conference season winds down.)

Services, Products, Software, and Tools for Lenders and Brokers

Did you know in September, the housing market’s steadily unfolding cooldown has now reached 10 consecutive months of slowing annual price appreciation? It's true. In case you missed it, First American Data & Analytics recently released its September Home Price Index (HPI) report where you can receive the most current insights into home price changes at the national, state, and metropolitan CBSA levels. In the report, First American Chief Economist Mark Fleming says, “Nationally, house prices are now 0.7 percent below their peak in May as demand adjusts to affordability constraints and inventory improves. For buyers, who are often first sellers, today’s market offers more choices and greater negotiating power, as annual price appreciation slows to its slowest pace since 2012.” Download a full copy of First American’s report to learn more.

If you’re attending IMN MSR event in NYC November 12–14, Flagstar’s MSR Finance team will be on site to discuss funding strategies that can be tailored to your business. To schedule a one-on-one meeting during the conference, contact Michael Shea or Paul Tirella. Flagstar’s MSR Finance professionals bring more than 20 years of combined experience in mortgage servicing operations, regulatory compliance, and escrow-deposit optimization. Drawing on this expertise, they develop customized financing solutions across the full spectrum of MSR assets, including FNMA, FHLMC, and GNMA, to help unlock the value in their mortgage servicing rights portfolios. To learn more about how Flagstar is uniquely positioned to meet the evolving capital needs of today’s mortgage industry, visit here.

Why should borrowers choose between the personal touch of an in-person closing and the efficiency of digital documents? With DocMagic's new In-Person Electronic Notarization (IPEN) technology, they don't have to. Built on the company’s proven RON foundation, IPEN brings all-digital efficiency to face-to-face closings. Borrowers get the guided experience and personal touch of a traditional closing. Lenders get error-free, fully digital documents in real time. The platform adapts to your workflow, not the other way around. Notaries can switch modes at a moment’s notice to serve both in-person and remote clients, no special training required. Learn more.

Many will remember the iconic “Intel Inside” campaign, a simple reminder that greatness often comes from the synergy of what’s working together behind the scenes. That same idea of multiplying greatness is why the integration of Polly and Dark Matter Technologies’ Empower® LOS platform is so powerful. By embedding Polly’s advanced PPE engine inside of the Empower LOS platform, lenders can unlock real-time pricing intelligence, faster lock execution, and automated secondary workflows, turning what’s inside the platform into a competitive superpower. It’s more than new tech. It’s empowerment from the inside out. Learn more in the latest episode of “The Spotlight Backstage” podcast with Craig Rebmann, product evangelist at Dark Matter, and Zac Basile, Polly’s strategic account director, as they unpack how real-time pricing and automation can help lenders lock faster and strengthen margins. After all, it’s the power inside that could reignite your lending future.

“Ready to move your business forward? Whether you’re transitioning from broker to banker or scaling your current operations, FirstFunding is ready to support your growth. We offer warehouse funding facilities tailored to various origination types, including non-delegated, correspondent, and wholesale/TPO. Our lock strategies go beyond best efforts, and we provide competitive advance rates for products like non-QM and closed-end second liens. You benefit from secure, proprietary, browser-based technology and real-time reporting, strategic partnerships to fuel expansion, and application-to-approval in just days. With FirstFunding, you get more than capital… You have a partner committed to your ongoing success. Take the next step in your lending journey with the FirstFunding advantage. Contact us.”

The Chrisman Marketplace is a centralized hub for vendors and service providers across the mortgage industry to be viewed by lenders in a very cost-effective manner. We’re adding new providers daily, so check back often to see what’s new. To reserve your place or learn more, contact us at info@chrismancommentary.com.

Non-Agency Offerings Continue Upswing

No one can deny the increase in market share of non-QM products. Will Freddie and Fannie react by lowering or eliminating their loan level price adjustments (LLPAs) to match non-QM investors?

“New Comp Options: Great news!! Symmetry now offers some new comp options for our HELOC products! For 1st or 2nd Lien Standalone HELOCs, our new options are: $0, $500, $1000, 1 percent, 1.5 percent, or 2 percent. For Piggyback and Post Close HELOCs: $0, $500, $1000, 1 percent. All options are borrower-paid. Percentage options are based on the HELOC’s initial draw at closing. No prepayment penalty or EPOs. Their AEs are standing by to help with your new scenarios and questions: Symmetry.”

“The DSCR market is booming… and lenders who can close quickly have the edge. This January alone, over $2B in DSCR loans were originated, but most of these loans took weeks to close with legacy LOS systems and manual underwriting. Enter Figure. We built an end-to-end DSCR origination platform designed for speed and scale. Determine eligibility in minutes, close in as few as 5 days, and fund up to $1M with a fully digital process. Figure’s AI powers income and asset verification. Plus, no underwriters, no appraisals under $400K, and no title insurance. Just lightning-fast enablement and efficiency. DSCR is no longer a niche product… it’s your competitive edge. And Figure’s DSCR refi solution delivers exactly that. Give your borrowers (and loan officers) a modern lending experience that streamlines the process and elevates your brand. Interested in offering the fastest-growing product in real estate lending? Our partnerships team is ready to connect with you on how you can lead this market transformation. Start the conversation here.”

Pennymac Announcement 25-111 updates Jumbo LLPAs effective for all Best-Efforts Commitments taken on or after Friday, October 24, 2025.

PHH Mortgage (“PHH” or the “Company”), a subsidiary of Onity Group Inc. (NYSE: ONIT) and a leading non-bank mortgage servicer and originator, announced that the Company expects to launch a new suite of proprietary non-qualified mortgage (non-QM) products known as FlexIQ on October 20. The product suite will be available through the Company’s Correspondent Lending channel for delegated and non-delegated loans. FlexIQ will replace PHH’s previously offered Gold/Silver/Bronze non-QM programs. For more information on PHH Correspondent products.

PHH Mortgage revised numerous topics within the Seller Guide and added a new Non-Agency Addendum.

LoanStream Mortgage program offerings include Bank Statements with options. Use 100% of deposits on Personal Statements, use up to 85% of deposits on Business Statements. Loan Amounts to $4 Million!

Say goodbye to traditional written WVOEs using an accountant. JMAC Lending's New Limited Docs Non-QM lets borrowers qualify using a Streamline WVOE. Get 25 BPS off when you lock by Oct. 31st.

Verus Mortgage Capital selected LoanPASS as its Product & Pricing Engine (PPE) for its wholesale and correspondent channels: Verus Mortgage Capital Selects LoanPASS as Non-QM PPE.

Capital Markets

Since the beginning of the federal government shutdown, the only official economic data released was this past Friday: The Consumer Price Index for the month of September. Core CPI inflation rose 0.2 percent, which was in line with recent months, and it increased 3.1 percent on a year-over-year basis. The CPI tends to run about a quarter percentage point above the Fed’s preferred measure of inflation, the personal consumption expenditures price index, so the September CPI report shows inflation is still trending above the Fed’s target (and now sits at the highest level since President Trump took office).

It has been more than half a year since tariffs were first imposed, and any meaningful inflation increase has not materialized. However, tariffs have begun to filter into consumer prices and could affect inflation readings over the next few months, making it challenging to determine whether rising inflation reflects underlying structural trends or temporary impacts from the tariffs.

Regardless, the report clears the path for a rate cut this week, and likely another one in December. No major changes to the language in the post-meeting policy statement are expected, and Chair Powell's remarks should echo the sentiment from his public remarks on October 14: the Fed remains cognizant of the two-sided risks to the outlook given the current tension between their employment and inflation goals. Notably, changes to the Fed's balance sheet runoff program appear to be coming soon. Expectations are that the FOMC will announce the end of QT at its meeting on December 9-10, with balance sheet shrinkage ceasing after December 31, though that announcement could conceivably come this week.

The recent decline in mortgage rates may have influenced September’s 1.5 percent rise in existing home sales. Single family home prices were up 2.3 percent from one year ago and all regions except the Northeast saw price gains. Inventory continued to rise although single family inventory was 15.6 percent below September 2019 levels. With mortgage rates forecast to remain in the low 6s through 2026 it may be a while before the market reaches equilibrium.

This week’s month-end calendar is packed with central bank meetings (including the Fed) and Treasury supply. With the government shutdown showing no end in sight, economic data is expected to be limited to Fed surveys, house prices, consumer confidence, pending home sales and Chicago PMI, while durable goods orders, the first look at Q3 GDP, and PCE are expected to be delayed. Besides the Fed on Wednesday afternoon, where a 25-basis points cut is nearly fully priced in, central bank decisions include the Bank of Canada on Wednesday morning and the Bank of Japan on Thursday. Supply will consist of $69 billion 2-year and $70 billion 5-year notes to be auctioned today and $44 billion of 7-year notes tomorrow, with $30 billion new 2-year FRNs on Wednesday.

Today’s lone data point is Dallas Fed Texas manufacturing for October, due out later this morning. We begin the week with Agency MBS prices little changed from Friday’s close, the 2-year yielding 3.49, and the 10-year yielding 4.01 after closing last week at 4.00 percent (down 1-basis point over the course of last week).