“Did you hear about the Chinese guy who spoke out against the government? Exactly.” Hate the U.S. Government or love it, sometimes government and lender interaction is beneficial, sometimes not. The ongoing federal government shutdown not only has impacted citizen’s psychology, but has hit FHA and VA loan processing via reduced staff, creating endorsement delays of days to weeks. USDA loans remain completely halted for new guarantees, although it appears that IRS transcript processing, and other verification services needed for all loan types, is functioning. The NAR (National Association of Realtors) estimates approximately 1,400 property transactions per day could be affected when the shutdown went beyond 30 days. The Bureau of Labor Statistics has suspended publication of economic data, leaving markets and policymakers without critical employment and inflation reports, grinding down bond market activity. Furloughed workers certainly aren’t buying homes. (Today’s podcast can be found here and Sponsored by ICE. As the standard for innovation, artificial intelligence, efficiency and scalability, ICE is the technology of choice for the majority of industry participants, defining the future of homeownership. Today’s features an interview with ICE's Dana Federspiel on the key challenges servicers and subservicers are facing in a rapidly evolving industry, how servicers can achieve greater scalability and efficiency, and which regulatory issues may impact the sector heading into 2026.)

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

How is technology reshaping the mortgage industry? In a new Q&A, Suzanne Powell, LERETA’s Chief Transformation Officer, shares how AI and data are driving smarter, faster solutions for lenders and servicers. From improving efficiency to predicting future trends, Suzanne offers a candid look at what’s next for innovation at LERETA. Read the full interview here.

"’Your Competitors Are Already Using AI. Here's How to Catch Up in Weeks.’ Small and mid-sized lenders think AI is years away. It's not. It's being deployed by your competitors today. The good news? You can leapfrog them using battle-tested AI that's already proven at major institutions. Prajna's agents aren't experiments. They're production systems handling thousands of real customer interactions daily. Pick from our library of standard use cases: automated customer service, text/voice agents, loan processing, compliance checking, multilingual support. Need something unique? We'll customize agents for your specific workflows. No need for massive budgets or technical teams. Our platform works out-of-the-box, integrates with your existing systems, and delivers ROI quickly. The institutions winning today aren't the biggest, they're the boldest. Fast, nimble, and willing to innovate while others hesitate.

Don't get left behind. Deploy proven AI in weeks. Contact us here.”

What if you could take your top producers’ best practices and instantly scale them across your entire company? With Usherpa’s Pipeline feature, you can. Pipelines let you capture the exact workflows, tasks, and follow-ups that make your highest-performing Loan Originators so successful and then push those same processes to everyone’s accounts. No reinventing the wheel. No inconsistent follow-through. Just proven, money-making habits replicated company wide. The result? Higher productivity, more closed loans, and a stronger bottom line because when every LO works like a top producer, the whole organization wins. Usherpa is more powerful and more affordable than the big box CRMs, and with market shifts underway, now is the time to act. Make the switch before year’s end and give your team the tools to thrive. Schedule a quick demo with Usherpa today.

An outdated Anti-Money Laundering (AML) program is more than a weak spot. It’s an open door to regulatory findings, reputational damage, and licensing problems. All financial institutions, including mortgage brokers, IMBs, and banks, must have an independent review of their AML program every 12-18 months. Too often, AML Independent Reviews get reduced to a checklist, leaving blind spots that surface when examiners, investors, or warehouse banks take a closer look. Firstline Compliance takes a different approach. It brings deep mortgage expertise to every review, testing how your program really works and uncovering policy-to-practice gaps. Instead of generic templates, you get clear, tailored feedback that strengthens controls, reduces risk, and proves your program can stand up under scrutiny. Don’t let a weak review put your business at risk. Contact Ashley Bradford at 469-717-4232 to schedule your AML Independent Review.

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 Investor Products

“November is a time for gratitude, and at eRESI, we extend our deepest thanks to our dedicated employees whose commitment fuels our success, and to our sellers for helping us surpass $16 billion in purchased loans. Building on that strong foundation, we remain focused on giving lenders the EDGE to win… today and tomorrow. Don’t leave revenue on the table: if you’re not already working with us, find out why so many non-QM lenders trust eRESI as their partner. We empower growth with flexible liquidity solutions backed by long-term institutional capital, monthly webinars to sharpen your strategy, and, coming soon, exclusive lender resources packed with real-world tools and tips to help you grow. Leverage our stability and expertise to scale confidently in any market and discover why eRESI is your EDGE today and tomorrow. To learn more, email us.”

Why top-performing brokers are moving to Delmar Mortgage: At Delmar, you keep the flexibility and pricing you love WITH true ownership and control throughout the loan process. Including real-time access to underwriting, and an ops team built to move at your speed that work exclusively for you. Keep what works. Add what’s missing. We’ve been proving it for 60 years. Let us prove it to you today.

Great news! Flyhomes loan products are now available in five more states: Connecticut, Kentucky, Montana, North Dakota, and West Virginia, giving your borrowers in those states a powerful way to buy their next home without having to sell the current one first. With Flyhomes, your clients can now buy with $0 down, make stronger, cash-like offers, unlock equity upfront with no monthly payments, and reduce DTI and qualify for up to 50 percent more. Most importantly, your borrowers can save up to 80 percent compared to other options, because our fees are based on the loan amount, not the home value. Bonus: Now Through Dec 31, 1st lien Instant Equity loans get an origination fee cut from 2 percent to 1 percent. 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.

“Foundation Mortgage celebrates “Ratesgiving” with November pricing promo! Foundation Mortgage is serving up a hearty helping of gratitude this November with its “Ratesgiving” promotion for mortgage brokers. Throughout the month, brokers can enjoy 0.375 percent off purchase loans and 0.25 percent off refinance loans submitted by November 30, 2025, and funded by December 31, 2025. The discount applies across all loan products, including Non-QM, Jumbo, DSCR, and alternative documentation programs. “Ratesgiving is our way of showing appreciation to our broker partners who’ve helped make this an incredible year,” said Marc Halpern, CEO of Foundation Mortgage. ‘We’re closing out 2025 with common-sense lending, rock-solid pricing, and a little extra gravy on top.’”

Capital Markets

Are the downside risks to employment greater than the upside risks to inflation? It’s something that the Fed is considering, but you should too before you make any assumptions about the direction of (mortgage) rates. While tariffs have yet to spark significant inflation, they’ve instead contributed to hiring stagnation. Private indicators such as Job Openings (which have declined steadily since early 2022 to their lowest level since April 2021) suggest a cooling but stable labor market, aligning with Fed Chair Powell’s view that the economy shows little sign of sharp deterioration despite mounting headwinds.

With the federal government still shut down and no resolution in sight, investors will have to rely on private reports, like today’s ADP payrolls report (in lieu of the official October jobs data), as even the Labor Department has gone dark. The prolonged shutdown heightens risks to hiring sentiment, particularly as the Administration signals it won’t rehire all furloughed workers, adding to uncertainty already fueled by the trade war.

It was another quiet day in the bond markets yesterday after an uneventful affair on Monday. However, aggregate gross agency MBS issuance surged 12.1 percent month over month in October and 9.4 percent year over year, reaching $120 billion; well above the 2000–2019 October average and marking six consecutive months above $100 billion, the longest streak since 2022. With total issuance at $995 billion through October, the market remains on track to meet or slightly exceed a $1.2 trillion forecast for 2025, supported by a sharp rise in refinancing’s share of supply to 26.2 percent from 16.7 percent in September.

Loan production also strengthened, climbing 8.9 percent on an annualized basis and 28.5 percent from a year earlier, reinforcing the view that 2023 was the sector’s cyclical low. Both conventional and Ginnie Mae loan volumes rose year over year, signaling broad-based health. UMBS 30-year issuance rose to $62.3 billion, led by 5.0 percent and 5.5 percent coupons, while Ginnie Mae II 30-year pools increased 5.2 percent to $42.9 billion, ending a three-month decline. Although Ginnie Mae’s share of total issuance dipped slightly to 40 percent, its lowest since March, it remains well above pre-2023 levels, highlighting the ongoing shift toward government-backed mortgage supply.

Today’s economic calendar kicked off with the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey, which revealed that mortgage applications decreased 1.9 percent from one week earlier. ADP Employment for October came in at 42k, goods-producing +9k, service-producing +33k. The Automatic Data Processing (ADP) Research Institute’s monthly report on private-sector job creation has greater market-moving weight given the lack of labor news from the government. The so-called ADP Employment Change report was expected to show that the United States economy created 25,000 new positions, following a 32,000 net decline in September.

Later today brings S&P Global services PMI, the ISM non-manufacturing PMI, and Treasury announcing the quarterly refunding. Also of note, the Supreme Court will hear oral arguments on President Trump’s authority to impose tariffs, and the Riksbank was out with its latest monetary policy decision overnight: no change to the policy rate. We begin Wednesday with Agency MBS prices little changed from Tuesday’s close, the 2-year yielding 3.58, and the 10-year yielding 4.09 after closing yesterday at 4.09 percent. Despite the stronger-than-expected numbers, rates barely budged!