Its dog eat dog in the ranks of the FHFA and Fannie Mae & Freddie Mac. The question is, does anyone care, or is anyone surprised? We want to follow the law, right? Everyone knows that the Trump Administration fired the Inspector General and Fannie’s ethics staff. Now the Wall Street Journal reports that, “Fannie Mae Watchdogs Probed How Pulte Obtained Mortgage Records of Key Democrats… FHFA’s acting inspector general handed probe report to U.S. attorney office that had indicted New York Attorney General Letitia James.” “Fannie Mae watchdogs who were removed from their jobs had been probing if Trump appointee Bill Pulte had improperly obtained mortgage records of key Democratic officials, including New York Attorney General Letitia James, according to people familiar with the matter.” Speaking of Bill Pulte and his staff, recently notable for the 50-year mortgage equation, now President Trump is back tracking on extending loan amortization past QM guidelines. The lack of affordability is a result of many things, and everyone in the industry knows that amortization terms are not high on the list. (Today’s podcast can be found here and this week’s is sponsored by TransUnion. Mortgage lenders choose TransUnion for their identity-focused, data-driven mortgage insights and solutions, enabling them to achieve more desirable lending outcomes in a volatile housing market. Hear an interview with TransUnion’s Satyan Merchant on how credit data is evolving from a static score to a dynamic, predictive asset, and what lenders can do right now to turn this wave of disruption into opportunity.)

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

October closed as a record month for units funded through OptiFunder, in a year where more new originators have joined the platform than ever before. What started as a best-execution solution has become a comprehensive automation system for warehouse management, including funding, wire checks, collateral tracking, purchase advice reconciliation, and paydown requests to warehouse lenders. As rates shift and volume moves, many IMBs are looking for ways to respond without constantly adding or reducing headcount. Post-closing automation is proving to be the most reliable lever for efficiency and control, especially as the market begins to show signs of renewed momentum. With 2026 planning underway, now is the time to evaluate where smarter automation fits into the tech stack and how it can support growth and resiliency. We invite originators to connect with OptiFunder at upcoming events or schedule a demo to explore what this approach can unlock.

What are the greatest challenges for loan originators? What tactics do they use to find success? What are their goals, and what are the roadblocks to those goals? Get the answers to these questions and more in the latest Loan Originators Survey Report from MGIC. 1,000 originators shared their insights on marketing, social media, referrals, AI and more. Download the 2025 report to get valuable insights you can use in your own planning for 2026!

Big changes are afoot in valuation, and they’re reshaping how lenders think about appraisal management. In this recent HousingWire podcast, Andrew Bough, COO of Class Valuation, shares how AMCs have evolved from post-crisis intermediaries into strategic, technology-driven partners for lenders. You’ll learn how modernization efforts, including the upcoming UAD 3.6 rollout, are pushing the industry toward a fully digital process, and how AI, hybrid models, and deeper appraiser partnerships are improving independence, consistency, and cycle times nationwide. With decades in the business, Bough sees an AMC industry ready to rise to the challenge. Don’t miss this glimpse into what to expect for the future of valuation. Listen to the full episode now.

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.

Wholesale and Correspondent Loan Products

American Heritage Lending (AHL) has introduced its Invest Star Income Program, offering aggressive pricing and flexible qualifying to help brokers and investors win more deals. With rates starting in the 6’s, up to 85 percent LTV for purchase and rate-and-term (and 80 percent for cash-out), this program delivers competitive investment financing options. Borrowers can qualify using bank statements, 1–2-year Alt-Doc, or 1099 documentation, ideal for self-employed clients who don’t fit traditional guidelines. AHL’s comp-stacking feature lets brokers roll compensation into the loan with no pricing impact, reducing out-of-pocket costs. Eligible properties include 1–4 units, condotels, non-warrantable condos, and rural up to 10 acres. Available in 40+ states, AHL pairs market-leading pricing with dedicated broker support. Learn more or get approved at ahlendtpo.com or contact James.Gueltzow@ahlend.com.

Verus Mortgage Capital, the undisputed non-QM leader, is thriving in a $150 billion market fueled by consistent borrower demand and rate volatility. With the Fed expected to cut rates four times – then reverse course based on the forward curve – interest rate uncertainty is here to stay. That’s why Verus’ 30 percent year-over-year growth forecast isn’t just bold – it’s strategic. While traditional lenders react to rate swings, demand from non-QM borrowers remains steady, creating a resilient and expanding opportunity. Verus understands that rates will dip and eventually rise again, and they’re positioned to lead through every cycle. If you’re ready to grow with a market that won’t quit, partner with Verus today. Contact Jeff Schaefer, EVP of National Sales at 202-534-1821 to learn more.

Webinars and Training

Don’t want to dress up… or even leave the house? Tune in from your couch while you’re waiting for Season 2 of Landman.

Are you confident in how you're valuing your MSR assets? In today’s competitive lending environment, mortgage servicing rights (MSRs) can be a powerful driver of profitability… But only if you understand the assumptions and methods behind their valuation. On Thursday, November 20 from 2–3 p.m. CT, join Optimal Blue’s capital markets experts for MSR 101: How to Value the MSR Asset. This webinar will walk you through the key factors that influence MSR value, compare industry-standard valuation approaches, and show you how to retain the most profitable loans in your pipeline. You’ll hear directly from Vimi Vasudeva, Brad Eskridge, and Anthony Paciente – seasoned professionals who help lenders navigate the fluid MSR marketplace every day. Whether you’re retaining servicing or managing an existing portfolio, this session will give you the clarity and confidence to act. Register now… don’t miss out.

Register here for Wednesday’s (11AM PT) "Mortgage Matters: The Weekly Roundup” presented by Lenders One. Today’s show has veteran executive Dan Suggs!

On Thursday, November 13 at 1PM ET / 10AM PT, Complete Guide to Non-QM: A Deep Dive on Serving Business Owners, an NMP Webinar, will give executives and originators a clear view into what the top performers are doing differently. Non-QM mentors, Jeffrey Massotti of Carrington Wholesale and Kristopher Koepke at Brokers First Funding, will share what the most successful teams in the country are doing to position themselves for success with business owner clients. Learn how to understand the mindset of the business owner, identify untapped market opportunities, and master bank statement and P&L loans with confidence.

“Register for part one on November 13th of the Mortgage Bankers Association (MBA) State and Federal Advocacy Webinar & Fly-In Series cohosted by staff members and the leadership of the Texas Mortgage Bankers Association. Hear first-hand insights on how state and national collaboration strengthens advocacy efforts that directly benefit the mortgage industry.”

Presented in partnership with NRMLA’s Education Committee, join chief appraisers Joseph Pravettone (Atlas VMS) and John Dingeman (Class Valuation) for an in-depth discussion of today’s most pressing appraisal issues. Register for the webinar on Thursday, November 13th at 1:00 PM ET. Registration is free for NRMLA Members and $25 for Non-Members.

Tomorrow the 13th will be another episode of The Big Picture. Rich Swerbinsky hosts a variety of guests, tomorrow featuring EPM’s Eddy Perez. You can click here to register for the show.

Fridays 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 17th’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 18th’s episode of MortgagePros411, at 2PM ET, Audrey and Kevin focus on originator’s topics.

Credit unions looking to strengthen realtor relationships and compete more effectively in today’s purchase market will want to catch this upcoming webinar, “Why Realtors Win with Credit Union Loan Officers.” Telhio Credit Union Loan Officer Allie Hager and Realtor Kelly Hamilton of Realty Forward will join LenderLogix CEO Patrick O’Brien to share how credit unions are out-competing other lenders through better technology, collaboration, and after-hours accessibility. The live session takes place Tuesday, November 18, at 1 PM ET.

Ready to strengthen your non-QM strategy and build lasting referral relationships? Join Logan Finance for Your Compass to Success, hosted by Alex Chavarria and Matt Carucci, and learn how to reach the true source of non-QM success. “You’ll uncover proven tactics to grow relationships with new and existing Non-QM referral partners, how to leverage Logan’s product suite to stand out in today’s market, tips and tricks to EXPERIENCE the best our non-QM products have to offer, and access to customizable white-label marketing materials designed to help you grow your business.”

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 percent 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

Mortgage applications increased 0.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 7, 2025. But what’s behind the headline number?

The Refinance Index decreased 3 percent from the previous week but was 147 percent higher than the same week one year ago. The unadjusted Purchase Index increased 3 percent compared with the previous week and was 31 percent higher than the same week one year ago.

The refinance share of mortgage activity is about 56 percent of total applications. The adjustable-rate mortgage (ARM) share of activity is about 8 percent. The FHA share of total applications is about 19 percent, VA is 15 percent, and USDA is .2 percent.

Turning our collective gaze to interest rates via the bond market, today sees the bond market re-opening and is full of Fed appearances and Treasury supply, while the only economic news is mortgage applications from the MBA for the week ending November 7. Markets will digest remarks from New York Fed President Williams, Philadelphia Fed President Paulson, Fed Governor Waller, Atlanta Fed President Bostic, Fed Governor Miran, and Boston Fed President Collins. Treasury will auction $42 billion 10-year notes. We begin Wednesday with Agency MBS prices better than Monday’s close by nearly .125, the 2-year yielding 3.56, and the 10-year yielding 4.07 after closing Monday at 4.11 percent.