Are you ready to change the time on your car’s clock, or leave it and let it be right again on March 8, 2026? Some technology is cool. Imagine controlling your iPhone entirely with your eyes. (That would really keep me from riding my bike and talking on the phone!) Food delivery robots have human names and blinking eyes. But they’re not our friends any more than the Russians are our allies. Every lender and title company knows that cybercriminals don’t take breaks, and neither do data breaches. The TransUnion breach exposed the personal details of over 4.4 million Americans. If your information was among them, your identity could already be at risk. Bank hacking incidents have doubled since 2023, and bank investors are spooked. When you receive a letter or an email saying your personal information may have been compromised, do you even care? Do you look at maps of cyber-attacks, and just shrug and hope your IT department is on the ball? Good luck. (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 Finance of America’s Adam Potafiy on reverse mortgages and how they’re being reengineered for the next generation of clients.)
Services, Products, Software, and Tools for Lenders and Brokers
Hedging Non-QM with Eris SOFR Swap Futures: As Non-QM originations continue to grow, more lenders enter the space, prompting the need to hedge interest rate risk for this growing pipeline. But since there’s no TBA market into which lenders can sell and deliver non-QM loans, originators often fall back on best-efforts delivery, forgoing the benefits of better execution from bulk sales or private label securitization. The solution is to hedge these non-agency loan pools with Eris SOFR Swap futures, an exchange-traded form of SOFR swaps. Since SOFR is the underlying discounting rate used in the cash flow models of end user buyers, the SOFR interest rate exposure in these loans can be modeled and hedged with SOFR swaps. More and more IMB’s are hedging with Eris SOFR Swap futures, which are easy to access at CME Group, allowing them to unlock better execution from bulk sales and securitizations. Contact John Douglas to learn more.
Federal, state, and local fees are subject to change whenever new laws are passed, requiring lenders to be vigilant in keeping up with these changes. This may result in additional resources if the solutions in place can’t support the fee management processes needed. Furthermore, disclosing inaccurate fees to borrowers at the time of closing can cost lenders thousands of dollars in fee cures. ICE’s new whitepaper, How fee changes can directly impact lenders, breaks down four use case examples that demonstrate the potential consequences local and state fee changes can have on a lender’s operations. Learn how having the right fee management tools in place can help prevent fee cures and streamline the fee management process: How fee changes can directly impact lenders
What will the Mortgage Bankers Association’s top minds have to say about 2026? Find out at the Optimal Blue Summit. Featured speakers Bob Broeksmit, MBA president and CEO, and Mike Fratantoni, MBA chief economist, will share insights on policy, forecasting, and market strategy that have shaped the mortgage industry for decades. They’ll be joined by HousingWire’s Sarah Wheeler, Optimal Blue’s Joe Tyrrell and Erin Wester, and Olympic legend Michael Phelps, whose competitive edge brings a fresh perspective to this client-exclusive event. Held February 23 to 25 at Talking Stick Resort in Scottsdale, the Optimal Blue Summit features AI-powered product unveilings, tech demos, exclusive market insights, and networking with top lenders and partners. The agenda is built to help you grow revenue, reduce costs, and stay ahead of the competition. Early-bird pricing is limited. Don’t miss your chance to be part of the conversation. Register now at Summit.OptimalBlue.com.
They say fall in New England is a reminder that change can be beautiful. The leaves flare up like bonfires, cider stands pop up on every corner, and the air smells just a little like nostalgia and fresh starts. Turns out, Mascoma Bank decided to take the hint. This 120-year-old, mutually owned B Corp, rooted in the heart of northern New England, just cut more than a week off its home-equity closing times after partnering with FirstClose. By automating title and valuation orders inside Encompass®, the bank turned a slow, vendor-juggling process into one smooth workflow. Proof that even century-old Yankee institutions can evolve as gracefully as the maples on Main Street. Read the full story here.
“Compliance is the cost of consumer confidence.” That insight from a recent industry discussion says it all, and now’s the time to make sure your 2026 budget reflects it. State regulators are increasing their oversight and adding new layers of complexity for lenders and servicers across the country. A well-supported compliance function doesn’t just reduce risk. It drives efficiency, alignment, and long-term trust. Review your resources for Fair Lending, Internal Audit, and Vendor Oversight to ensure your organization is ready to meet growing expectations. Compliance isn’t optional, but it doesn’t have to be a roadblock. Start 2026 with clarity, confidence, and partner with MQMR to keep you advancing.
“What does a Refi Boom mean for your institution? Yesterday, the Federal Reserve announced its second rate cut of the year, and borrowers are already moving fast. With FINOFR’s patented Reset platform, consumers can secure better rates in just a few clicks, all in a seamless digital experience. Since rates dropped, transactions have surged 430 percent, signaling that industry runoff is accelerating too. Volume or runoff shouldn’t break your business model. We built FINOFR so it doesn’t. Reach out today to learn more. Visit here or contact Foster Kelly to learn more.”
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.
Webinars, Webcasts, and Training from your La-Z-Boy
Today, Thursday the 30th will be another episode of The Big Picture. Rich Swerbinsky hosts a variety of guests, today featuring CMG’s Natalie Overturf to discuss trends in retail lending. You can click here to register for the show.
Arch MI’s complimentary housing update webinar is Thursday, October 30th at 1 p.m. ET/10 a.m. PT., with HaMMRSM Digest authors Parker Ross (Arch’s Global Chief Economist) and Leonidas Mourelatos (AVP of Global Real Estate Economics). This live session features an analysis of the latest housing data and an expert’s outlook as we approach the final months of the year.
Tomorrow’s episode of Last Word at 10am PT, hosts Brian Vieaux, Christy Soukhamneut, Courtney Thompson, and Kevin Peranio explore recent shifts in the mortgage market, focusing on the spate of economic news that has hit the market and the latest out of the Agencies. Register here.
On Monday the 3rd’s episode of Now Next Later at 10am PT, Sasha and Jeremy sit down to talk about what’s coming next in technology.
Tuesday the 4th’s episode of MortgagePros411, at 2PM ET, Audrey and Kevin focus on originator’s topics.
Register here for Wednesday’s (11AM PT) "Mortgage Matters: The Weekly Roundup” presented by Lenders One. Wednesday’s show has Reid Herlihy, a Partner at Mitchell Sandler.
Discover how Integrity Mortgage Group is empowering loan officers and branch managers to thrive in their mortgage careers! Tuesday, November 11th, at 6 PM EST, our executive team and loan officers will take you behind the curtain of our successful independent mortgage bank. Gain valuable insights into our superior processes, products, culture, and more, all in a relaxed, anonymous environment. IMG Discovery Day Registration Link.
Transform your strategy and mindset for today’s evolving Jumbo Market. Join CAMP and GMCC for an Inspiring Webinar, November 11th at 2:00 p.m. PST.
The MBA Education Group launched a series of eleven modules designed exclusively for Board members and Senior Executives who need to understand the risk landscape across the loan lifecycle. All sessions are led by authorities in their respective fields and attendance is capped at about 30 to encourage participation and dialogue.
Module XI is focused 100% on Artificial Intelligence in Mortgage Finance. Topics include the legal and regulatory landscape, risk and controls, road mapping, and deployment strategies, and how to thoughtfully create an AI-forward enterprise. The AI session is led by Tela Gallagher Mathias and you will not find a better person to speak to your leadership team. One quote from a COO of a an IMB regarding the September AI Board training was, “I've attended multiple AI conferences, webinars, and training events, including by folks from Open and AWS. So far this is the best one."
The 2026 series will launch in February and run through September, with sessions every few weeks. We have also coordinated several private sessions specifically for company Boards and senior leadership. If readers are interested in the 2026 series or private offerings, they can reach out to David Upbin.
There are the National MI, ARCH MI, MGIC, Essent, Radian, and Enact training calendars.
Capital Markets
Maximizing profitability in the mortgage secondary market starts with best execution analysis. MCT’s whitepaper, Optimizing Your Best Execution Loan Sale Analysis, breaks down how lenders can analyze delivery options, evaluate servicing decisions, and uncover hidden costs that impact execution results. From comparing best efforts versus mandatory delivery to leveraging bid tape AOT and technology integrations, the guide offers actionable strategies to determine the best execution for your loan sale. Download the whitepaper for a deep understanding of this disciplined, data-driven approach to strengthen liquidity, reduce risk, and drive better performance across any market cycle.
In earning news, Freddie Mac reported a net income of $2.8 billion for the third quarter of 2025. (It was down 11 percent year-over-year, primarily driven by a credit reserve build in the current period compared to a credit reserve release in the prior year period.) Redwood Trust saw a record $6.8 billion of cumulative loan production across operating platforms; capital allocated to mortgage banking up 84% since the second quarter 2024. In fact, Redwood delivered its highest mortgage banking revenues since the third quarter of 2021.
As was widely anticipated, the Federal Reserve lowered the federal funds rate target range by 25-basis points to a 3.75 percent to 4.00 percent range yesterday and announced that balance sheet runoff (or “Quantitative Tightening”) will end on December 1. In his press conference, Chair Powell avoided signaling whether another cut will follow in December, though the market still expects one. The economy appears to have slowed sharply in the fourth quarter of this year but is projected to regain momentum in 2026 as fiscal and monetary policies both become more supportive.
In a free market, interest rates are determined by supply and demand. The New York Fed’s Open Market Trading Desk will begin rolling over all maturing Treasury principal payments at auction and reinvesting proceeds from agency securities into Treasury bills purchased on the secondary market. These rollovers will be conducted through noncompetitive bids distributed proportionally across new Treasury issues. Monthly Treasury bill purchases will be divided between two bill sectors based on their relative size in the market, using a 12-month average of outstanding amounts to determine sector weights.
Despite the cut in overnight rates, which was entirely expected, mortgage rates rose. Because of the uncertainty of another cut in December? Because of the reinvestment policy, buying Treasury securities instead of MBS? dataQollab’s Adam Quinones suggested that it’s because prices (and thus yields) are “rangebound” and they haven’t worsened in a while.
The National Association of Realtors reported pending home sales for September were unchanged month-over-month and down 0.9 percent year-over-year as August was revised up 4.2 percent. Contract signings matched the second-strongest pace of the year. In addition, President Trump announced that he had an “amazing meeting” with China’s Xi Jinping, unveiling a deal that cuts fentanyl-related tariffs, extends the tariff truce, prompts China to resume soybean purchases, pauses rare-earth licensing for a year, and includes plans for a U.S. presidential visit to China in April.
Today's previously scheduled first look at Q3 GDP and jobless claims will be delayed due to the government shutdown. Freddie Mac’s Primary Mortgage Market Survey will be released later this morning, with the prior week’s 30-year mortgage rate hitting a year-to-date low of 6.19 percent after declining 8-basis points from the prior week. Fedspeak resumes after yesterday’s Fed events, with Governor Bowman and Dallas Fed President Logan both delivering remarks. We begin the day, after the Fed meeting and President Trump in Asia, with Agency MBS prices worse by .125-.250 versus Wednesday’s close, the 2-year yielding 3.61, and the 10-year yielding 4.10 after closing yesterday at 4.06 percent.
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