How was the Louve in Paris robbed? The password for the cameras was… ready? Louve. (I’m sure that the Smithsonian, MOMA, and Vatican IT staffs are busy changing theirs. (I have my passwords in a notebook… no one can read my scrawl.) Let’s hope that the Federal Aviation Administration has better security, and its website says, “The FAA manages the world’s safest and most complex aviation system. On an average day, we serve more than 45,000 flights and 2.9 million airline passengers across more than 29 million square miles of airspace.” Even with the Trump Administration lopping 10 percent of that off, it’s still a lot of flights… and many haven’t been paid in five weeks? Speaking of travel, the next time you’re waiting to board, watch out for gate lice. Huh? People who crowd around the gate at an airport, sometimes in an attempt to board before their allotted time, are known as “gate lice” by the airlines. (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 Arc Home's Lee Malone on the HELOC market: the need for it, the various products out there, and how it’s being utilized across origination channels.)

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

Eris SOFR Swap futures are an ideal solution for hedging the growing market for Adjustable-Rate Mortgage (ARM) loans. As the interest rate curve steepens, lenders and homebuilders are successfully using ARMs to generate originations and homesales by offering borrowers lower near-term payment amounts. Since the initial period of an ARM behaves like a fixed-rate loan, originators can hedge away the interest rate risk using a SOFR swap with the same tenor as the fixed-rate period (e.g., use a 3-year swap to hedge a 3/1 ARM). Eris SOFR Swap futures provide an easily-accessible and cost-efficient hedging tool, even for smaller originators. Hedging with Eris SOFR allows you to grow your volume by pricing more competitively and improving your execution, without fearing interest rate risk. To explore how Eris SOFR Swap futures can optimize your ARM hedging strategy, reach out to John Douglas.

Are you ready for something new in TPO lending? Loanhouse TPO has recently launched LOiS and the industry reaction has been “WOW!” LOiS provides the only marketplace approach to mortgage lending. Most wholesale lenders provide one rate sheet with one set of eligibility guidelines. The Loanhouse TPO marketplace matches 100s of Wall Street investor products and prices with the specific deal data entered by users. Users select the best option, registers, locks and submits to underwriting instantly. LOiS is where marketplace pricing and loan fulfillment intersect for an amazing originator experience. Sign up today.

“Redefining mortgage modernization for an AI-driven future! In the evolving mortgage landscape, modernization is no longer optional. It’s the foundation for competitiveness and resilience. At Moder, we help lenders and servicers modernize their operations with an AI-first approach that blends automation, data intelligence, and Generative AI to create smarter, more connected ecosystems. Our modernization framework aligns technology, processes, and people, enabling faster loan cycles, proactive risk management, and enhanced borrower experience. Whether it’s re-architecting legacy systems, integrating data platforms, democratizing software or infusing AI into decision workflows, Moder ensures your transformation journey is seamless, secure, and scalable. We don’t just implement technology; we partner with your teams to accelerate adoption, unlock insights, and build an adaptive enterprise that thrives in the AI era. With Moder, modernization becomes more than a tech upgrade… It’s a growth strategy for the future. Partner with Moder to build the next-generation mortgage enterprise.”

Turn 3x More Borrowers into Repeat Customers! Focus on these things: Stellar Tech Stack, Personalized Experience, and Trust Building. Read blog!

Opteon acquires Equity Valuation Partners, accelerating its journey to industry modernization! Opteon announced the acquisition of Equity Valuation Partners (EVP), effective November 1, 2025. This acquisition expands Opteon’s U.S. footprint and accelerates its technology transformation across residential and commercial valuation services. “Modernization isn’t about replacing professionals, it’s about enabling them to deliver more value,” said Chris Knight, Chief Executive Officer at Opteon. “By bringing EVP into the Opteon family, we combine the best people with the best technology to deliver faster cycle times, higher quality, and a better experience.” By joining forces with EVP, Opteon builds on appraisal management expertise, welcoming technology-forward talent and deep client partnerships. With a shared vision for the future, the combined businesses will offer scalable platforms and a national network of expert appraisers delivering quality, speed, and compliance.

“Vista Point Mortgage is proud to announce its participation in the closing of VSTA 2025-CES3, a $350 million securitization of Non-QM Closed-End Second Lien Mortgages (CES), including our innovative DSCR CES, an industry first. Vista Point pioneered the Non-QM CES asset class through its development in 2022 and national launch in late 2022. With over $2 billion in CES production, six securitizations, and a deep bench of investors, Vista Point continues to set the standard for innovation and execution in the Non-QM space. This milestone follows our recent achievement of surpassing $9 billion in lifetime volume since launching the platform in 2019, a testament to our team’s expertise, dedication, and unwavering commitment to excellence. To learn more, visit here or email 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.


Lender and Investor News

What news is the public seeing in terms of lending? Robinhood's latest service aims to lower mortgage rates for its Gold subscription members, and CEO Vlad Tenev on social media said "we can't wait to make homeownership more accessible." Is there a new perk for trading stocks? Robinhood (HOOD), known for commission-free stock trading, is lowering rates for some of its customers. The app's Gold subscribers can apply for a mortgage that is at least 0.75 percent below national average rates published daily on mortgagenewsdaily.com through partner Sage Home Loans, and get a $500 credit toward closing costs.

In the wholesale arena, United Wholesale (UWMC) announced its 3Q25 financial results here. The company closed $41.7 billion in production, its best quarter since 2021, which consisted of $16.5 billion was in refinances (up 33 percent YoY and 24 percent QoQ) and $25.2 billion in purchase business. Revenue was $843 million, up 11 percent YoY and 13 percent QoQ, $12.1 million in net income which included a $159 million decline in the fair value of MSRs, and a gain on sale margin of 130 basis points.

CEO Mat Ishbia stated, “We set a company record in September for rate locks in a single day and saw a significant ramp in our daily loan submission intake, all while maintaining our high-performance standards. We are also on track to bring servicing in-house in January and will deliver the best consumer servicing experience in the industry through our strategic collaboration with BILT. Finally, while others in the industry are still using AI as a buzzword, we’ve already generated over 14,000 loans for our brokers with Mia, our AI Loan Officer Assistant.”

Fifth Third Correspondent Lending Communiqué includes the following topics: FHA and VA Non-Credit Qualifying Streamline Refinances, VA Maximum Loan Amount Change, and Federal Government Shutdown Impacts. “FHA or VA Non-credit Qualifying streamline refinances require a minimum FICO score of 660. Refer to Fifth Third Overlays and applicable product guidelines for full product details. Effective immediately, the maximum loan amount for any VA products has been reduced from $1.5M to $1.0M. Refer to VA product guidelines for full product details. Correspondent Sellers should adhere to any and all guidance related to the Federal Government Shutdown published in Freddie Mac’s Bulletin 2025-E and Fannie Mae’s Lender Letter LL-2025-03. Fifth Third expects Correspondent Sellers to perform appropriate due diligence to comply with requirements of applicable law, including compliance with “ability to repay” standards in the Truth in Lending Act, and GSE, FHA and VA guidelines. Fifth Third will review impacted loans prior to purchase to ensure applicable guidelines are met.”

In disaster news, Alaska now has DR-4893-AK.

On 10/22/2025, with DR-4886, FEMA declared federal disaster aid with individual assistance to Northwest Artic borough affected by severe storms, flooding, and remnants of Typhoon Halong from 10/8/2025, to 10/13/2025. View AmeriHome Mortgage 20251005-CL Disaster Announcement for inspection requirements.

Pennymac 25-108: Updates to Government SRP.

Consistent with its prior statement, the Federal Reserve Board on October 24th requested comments on proposals to enhance the transparency and public accountability of its annual stress test. The proposals seek comments on the stress test models; changes to the framework that guides the design of the hypothetical scenarios; and the hypothetical scenarios for the upcoming 2026 stress test.

The Pennymac Correspondent Group has posted 25-116: USDA Updates to Single Family Housing Guaranteed Loan Program PITI.

The Pennymac Correspondent Group has posted 25-114: Updates to Non-QM LLPAs.

The Pennymac Correspondent Group has posted 25-113: Update: Guidance Related to the Federal Government Shutdown.

The Pennymac Correspondent Group has posted 25-112: Updates to Conventional & Non-QM LLPAs.

Freddie Mac Single-Family Seller/Servicer Guide Bulletin 2025-F provides guidance for Sellers/Servicers affected by FHFA’s recently amended Rural Area and High Needs Rural Regions (HNRR) tracts that will take effect for mortgages with Settlement Dates on or after January 1, 2026.

Capital Markets

You’d think rates would be sinking given the employment picture and the continued shutdown. It’s almost as if some politicians want a slow economy so rates will go down. Sure enough, there’s not much to report out there for you this week. Bonds rallied Thursday, easily reversing Wednesday’s losses after the Bank of England held rates at 4.00 percent but signaled a possible December cut. There was a Challenger report showing 153k October job cuts (+183 percent month-over-month, and 175 percent year-over-year), which drew extra attention due to delayed government data releases. Nonfarm employment in October from Revelio Labs reported a loss of 9k in nonfarm jobs, “predominately driven by employment losses in the government sector.” The two reports improved fed fund futures odds for a 25-basis points cut in December to about 70 percent.

Trading volume in mortgage-backed securities (MBS) stayed lighter than usual yesterday, and lower-coupon MBS outperformed higher ones, reflecting stronger demand for safer, higher-quality bonds.MBS prices generally improved into the close, with activity picking up modestly in the afternoon as investors adjusted positions ahead of upcoming settlements. Not surprisingly, Freddie Mac reported rates in its latest Primary Mortgage Market Survey followed Treasury yields higher: For the week ending November 6, the 30- and 15-year PMMS rates rose 5-basis points and 9-basis points from last week’s YTD lows to 6.22 percent and 5.50 percent, respectively.

Today’s economic calendar will be missing the usual monthly payrolls report from the Bureau of Labor Statistics due to the government shutdown, which is in its 38th day with seemingly no end in sight. However, markets will receive the preliminary November consumer sentiment report and the September consumer credit report, along with Fed remarks from New York President Williams, Vice Chair Jefferson, and Governor Miran. We begin the day with Agency MBS prices unchanged from Thursday’s close, the 2-year yielding 3.56, and the 10-year yielding 4.09 after closing yesterday at 4.09 percent.