My cat Myrtle never liked Halloween, apparently believing it was for amateurs. Our nation has plenty of interesting historical sites related to ghosts and unpleasant things... like Salem, Massachusetts. It lives with the history of the Witch Trials of 1692 during which 19 women and men were executed on charges of witchcraft. Today, the most frightening thing about the place is the traffic in October, but also somewhat frightening is the price of real estate: if you want a decent place there, it’s going to set you back a mil. Speaking of home prices and U.S. transactions, foreign buyers are alive and well, apparently undeterred by the high prices and with a good percentage of them doing all-cash deals. At least affordability problems have been easing somewhat, with the gradual decline of mortgage rates this year. We all know that increasing regulatory restrictions and requirements will not solve consumer affordability challenges, and here is a White Paper that discusses market-based Homeowner Affordability Strategies that benefit many industries and homeowners, the pressing challenge of housing affordability amid the escalating impact of natural disasters, a crisis that demands innovative, collaborative solutions to ensure resilient and sustainable communities. (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 nCino’s Casey Williams on the latest wave of AI-powered mortgage innovations and how these tools are redefining lender efficiency, borrower experience, and what’s next in intelligent mortgage automation.)
Services, Products, Software, and Tools for Lenders and Brokers
“Registration for ICE Experience 2026 is now open for ICE clients, and we can’t wait to see you in Las Vegas! Join thousands of mortgage professionals for three days of learning, networking and innovation at the Wynn Las Vegas, March 16–18, 2026. Register now to take advantage of the lowest rates of the year: super early bird pricing is just $995, and if you bring a team of four or more, the rate drops to $745 per person. This year features a new format for pre-conference training with smaller classes and more hands-on learning, plus four focused session tracks designed around ICE solutions and the same high-quality networking events you love. ICE Experience is where ideas spark, connections grow, and innovation happens here. Secure your spot today and be part of the event that’s shaping the future of the mortgage industry. Register now.”
“Skip the runaround. Talk directly to the decision-makers. You won’t be passed from desk to desk to get the answers and support you need. At Delmar, you’ll have direct access to executive leadership and ownership who know the business and are dedicated to your success and support every day. Fast answers. Real accountability. We’ve been proving it for 60 years. Let us prove it to you today.”
4506-C, 8821, and VOE are LOUSY solutions… when ordered alone. That’s why a Service 1st verification cascade, paired with Income+ and insured by a Lloyd’s policy, delivers a complete, 100 percent end-to-end solution… And the time to get it is now. Fannie Mae projects $2.3 trillion in originations and a 500,000-unit rise in home sales for 2026. Don’t let higher volume or vendor doublespeak blindside your operations. For nearly 100 years, Service 1st has earned its reputation as the undisputed leader in credit and income verification. Alongside our NCS affiliate, we’re the industry’s go-to partner for process improvement, cost efficiency, and competitive pricing. Get a custom quote from Service 1st today, before our 2025 promotional pricing ends.
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.
Correspondent and Wholesale Product News
Stop Losing Deals to Down Payment Roadblocks. Your buyers have the income. The credit. The dream. They just don't have 3.5 percent sitting in their checking account. Kind's National DPA programs solve this, FAST. 3.5 percent or 5 percent assistance. 600 minimum credit score (660 for Manual Underwrite). FHA purchase = competitive rates. Manual Underwrite Option. 2/1 Buydown Allowed. Two killer options. One mission: Close more loans. While other brokers are explaining why their borrowers "aren't ready yet," you're handing them keys. Turn maybes into mortgages. Partner with Kind. Unlock DPA. Win the deal. Available in 47 states. Let's close. Contact your Kind AE today. Not an approved broker? Let’s change that. Click here to get started!
“Newrez Correspondent appreciates everyone who took the time to meet with us during the MBA® Annual in Las Vegas. Your feedback is invaluable and plays a key role in helping us finish the year strong and continue building successful partnerships into the new year. Non-Agency products were a hot topic, and Newrez is excited to remind our customers that our Non-QM Smart Series, CES offerings, and Jumbo AUS are available on both Delegated and Non-Delegated platforms. In addition, we’re seeing strong growth in Co-Issue, Servicing Released and GNMA PiiT executions. If you’re interested in getting approved, please reach out to your Regional Sales Manager. As your Trusted Advisor, we’re committed to education and transparency, so don’t miss our complimentary weekly training sessions, especially those focused on our Non-agency suite. Thank you for your continued partnership, from all of us at Newrez Correspondent, and have a happy and safe Halloween.”
A California borrower beat 22 competing offers, including higher-priced ones, with the help of the Flyhomes Buy Before You Sell with Cash Offer. With as little as $0 down and no cash out of pocket, this purchase bridge loan can allow borrowers to unlock equity from both their current and future homes, reaching up to 105 percent LTV with no contingencies and no asset liquidation required. Because fees are based on the loan amount, not the home sale price, borrowers can save more compared to other bridge loan options. Bonus: Now through Dec. 31, 1st lien loans get a reduced 1 percent origination fee plus an extra 50 bps off the interest rate on all bridge loans locked by Oct. 31. Over the past 10 years, Flyhomes has helped 5,000+ buyers move into their next home. On average, LOs close 1.2 more loans per month with Buy Before You Sell, now available nationwide. Book a call today to learn more or sign up for the weekly open house for a live walkthrough and Q&A.
“As we wrap up the 2025 conference season, U.S. Bank shares a big and sincere thank you to our lenders and housing finance agency partners who visited with us at the MBA Annual Convention and Expo in Las Vegas and the NCSHA Annual Conference and Showplace in New Orleans. We value the time we shared together, strengthening our partnerships and aligning our shared commitment to helping individuals and families achieve sustainable homeownership in the communities we serve. If we did not have the chance to connect, we welcome the opportunity to learn how we can achieve more together. Contact your U.S. Bank Account Executive.”
LOs, Homebuyers, and the Fall Season
Over the weekend I received an “MLO VieauxPoint” Ethan Vieaux, VP of Customer Success, FinLocker. “Fall does not get the headlines that spring does, but it often gives buyers a better shot. As competition eases and listings sit longer, sellers are more open to negotiation before year end. That shift rewards preparation. Buyers have time to compare options, run numbers, and move with confidence instead of urgency.
“For loan officers, this is a smart moment to re-engage clients who pressed pause earlier in the year. Focus the conversation on readiness, not hype. Help clients understand credit, savings, and true monthly cost, then map a plan that matches their timeline. Whether a client buys this fall or next spring, steady preparation builds confidence, and confidence leads to action.” Thank you, Ethan! #VieauxPoint. Read the full column for practical talking points.”
Conventional Conforming Changes
As the Agencies continue to lose market share to non-QM channels, private money lending, jumbo investors, portfolio products, etc., I received this note. “Rob, have you seen a source of comparing the number of licensed appraisers versus the number of appraisals?” I have, from Freddie Mac. Click here, page down once or twice, and click on “appraiser capacity.”
Pennymac 25-109: Fannie Mae Loan Delivery Edit Update.
With Fannie Mae’s HomeView® 2.0, your borrowers can easily complete their homebuyer education requirement at no cost gaining clarity and confidence as they move forward to homeownership. A refreshed design, improved navigation, and enhanced accessibility features support a seamless learning experience and provides lenders with consistent, self-guided education to scale.
Upcoming DU enhancements for government loans help you streamline workflows and serve borrowers with greater confidence. Updates to align with FHA and VA changes include enhanced risk assessment for VA loans and messaging updates in support of Uniform Appraisal Dataset 3.6.
Freddie Mac is updating the Loan Closing Advisor® warning and critical edit feedback messages to help you prepare for the transition of critical edits of Uniform Closing Dataset (UCD) Phase 3B Postponed and Phase 4 warning edits and UCD v2.0 adoption.
Freddie Mac’s Uniform Appraisal Dataset (UAD) and Forms Redesign team has created a new UAD Inspection and Reporting Tips resource that highlights notable differences between the legacy forms (UAD 2.6) and the redesigned Uniform Residential Appraisal Report (URAR) (UAD 3.6). Appraisers can use it when completing assignments using UAD 3.6.
Freddie Mac’s Single-Family Seller/Servicer Guide (Guide) Bulletin 2025-E announced temporary Seller/Servicer guidance pertaining to the October 1 federal government shutdown. Freddie Mac systems and all selling and servicing functions will continue to operate normally without interruption.
Freddie Mac Bulletin 2025-13 updates include information security, fraud and suspicious activity, Condo Project Advisor® (CPASM) Seller Review Certification (SRC), Community land trust (CLT) mortgages, CLT mortgages added specificity, and more.
Freddie Mac is revising messages in the November Loan Product Advisor® (LPA®) release to align with recent policy updates. Additionally, get reminders about the latest Freddie Mac Income Calculator enhancements, the new ACE+ PDR banner and more.
Capital Markets
The trading week opened with optimism surrounding trade talks with China, as the U.S. trade team agreed on a framework for a deal, which means that there will likely be change to tariffs on imports from China on November 1 (though none address the core issues of America’s economic conflict with China). While markets have rallied on news that the latest trade spat between the two nations is easing, it belies just how well the Treasury market has performed in recent weeks, as investors square positions ahead of tomorrow’s Federal Open Market Committee (FOMC) decision, where a 25-basis points rate cut is expected.
The Treasury market saw mixed results across auctions yesterday, with the $69 billion sale of 2-year notes from the U.S. Treasury drawing somewhat softer demand, while the $70 billion 5-year note offering showed a notable rebound in investor interest. The 2-year notes cleared at a 3.50 percent yield (below the recent average of 3.98 percent) suggesting investors were comfortable accepting lower returns, though overall demand and foreign participation were slightly weaker than normal. In contrast, the 5-year notes stopped at a lower-than-expected 3.625 percent yield, signaling solid appetite from buyers, especially foreign investors who took a larger share than usual. The strong 5-year results helped push yields modestly lower afterward, breaking a streak of softer auction outcomes and suggesting renewed confidence in intermediate-term Treasuries.
Today’s economic calendar has nothing from the U.S. Government: Redbook same store sales, August house prices from Case-Shiller and FHFA (both expected to decline 0.1 percent month-over-month), consumer confidence, Richmond Fed surveys (both for October), Richmond manufacturing and services in September, Dallas Fed Texas nonmanufacturing, and Treasury auctioning $44 billion 7-year notes. We begin Tuesday with Agency MBS prices slightly better than Monday’s close, depending on coupon and maturity, the 2-year yielding 3.49, and the 10-year yielding 3.98 after closing yesterday at 4.00 percent.
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