“Remember to bring up politics at Thanksgiving to save some money on Christmas presents.” “What do tornadoes and Tennessee divorces have in common? Someone's going to lose a mobile home.” (My father’s family is from there, so I can use that one.) Mobile homes are one segment of the manufactured home biz, and at the other end of the scale there are some grand houses out there that are made in factories… It makes so much sense. Many in the United States believe that manufactured housing, and planned developments, are the way to go, and with good reason. But elsewhere, not so much. Neom, Saudi Arabia’s hugely expensive, architecturally bizarre urban development project, is floundering and close to collapse. “A new report from the Financial Times cites high-level sources within the project to paint a picture of dysfunction and failure at the heart of the quixotic effort.” Acceptance is a matter of supply and demand… Why does the United States have so many big houses? The answer is actually more complicated than you think but if you’re an originator, or work with builders, you should definitely know the reasons. If you’re a proponent of more housing, then you’ll have to unwind some of them. (Today’s podcast can be found here and this week’s are sponsored by The Big Point of Sale, which delivers a fast, flexible, and low-cost mortgage POS that gets lenders up and running in hours (not months) while empowering loan officers and consumers to collaborate seamlessly from any device. Interview with Experian’s Royce Chang on the Homebuyers Privacy Protection Act and the end of trigger leads, exploring what the shift means for lenders and how predictive modeling, pre-screen tools, and new borrower-engagement strategies can help them compete and thrive in a privacy-first market.)

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

If you are trying to make sense of how AI should be used responsibly in mortgage and what it really means for lenders in 2026, this new whitepaper is worth your time. It breaks down where AI can help, where it needs guardrails, and how leaders can blend technology with human expertise in a way that strengthens trust and improves the borrower experience. It also offers a practical lens for evaluating AI tools, communicating their use to customers, and asking the right questions before rolling anything out. Download the whitepaper here for a clear, grounded look at responsible AI and how Aiva, Dark Matter Technologies’ intelligent approach to AI, automation, and machine learning, continues to shape what thoughtful and transparent innovation should look like across the industry.

“Extreme weather events are steadily increasing in frequency and intensity. For lenders, gaining a full understanding of the impact of climate-related events on loans in their pipeline can be challenging as, historically, climate data has lacked in granularity. This can leave lenders in the dark when it comes to managing and mitigating climate risk. The good news is there’s a better way. ICE offers a robust suite of climate risk solutions that leverage current, comprehensive data, and advanced analytics to deliver unmatched visibility into the potential and actual impact of climate-related events to subject properties. Further, by gaining access to climate and affordability data in near real time, users can better prepare before a disaster strikes, receive alerts and monitor loans during a disaster event, and accurately track property risk post-disaster. Read our blog to learn more.”

Credit union lenders are still talking about last week’s webinar with Telhio Credit Union Loan Officer Allie Hager and Realtor Kelly Hamilton of Realty Forward. Moderated by LenderLogix CEO Patrick O’Brien, the session offered an inside look at how credit unions are strengthening relationships with realtors by being more accessible, more responsive, and more modern in the way they serve borrowers. Attendees came away with real examples of what after-hours lending looks like today, how technology is helping realtors trust their CU partners, and why credit unions that embrace these practices are winning more purchase business. The full replay is now available on demand and is a must-watch for credit unions looking to improve their purchase market strategy. Watch the replay here.

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

“Rhyze Residential is thankful for our IMB partners that contributed to the build of our True HELOC Solution. The time, energy, and thoughtful feedback from these partners have enabled us to deliver a delegated correspondent HELOC that solves both the Stand-Alone and Piggyback needs of the top sales teams in the industry. While many options for HELOCs have surfaced in the past several years, the glaring gap has been a True HELOC that mirrors traditional bank-like structure being available to IMB’s as a delegated correspondent product. The Rhyze HELOC is solving that gap, putting brand control back in the hands of loan officers and their company. Our partner IMBs are now equipped to meet their customers where they are with a program that combines agency guidelines with structure, rates, and terms to compete in all markets. Thank you, IMB partners!”

“Better has a Wholesale Program? Yes, Better.com now offers brokers and lenders of all sizes a Wholesale HELOC & CES program and we’d love to do some business with you! What can we offer? Great rates with no lender origination fees, an easy-to-use pricing and booking interface powered by our Tinman AI platform and up to 3% in commission. And unlike some platforms, we actually underwrite these files (quickly) versus a digital-only underwrite. What else? Up to 90% CLTV, HELOC & CES pricing in the same flow, 3 minutes to price a loan, 75 percent minimum draw and a variable rate HELOC w/Bank Statement option. Most importantly, you can work directly with the lender (large or small brokerages) and potentially get your clients a Better deal! To sign up, visit Better Wholesale or contact Patrick Kandianis directly. Have a wonderful Thanksgiving!”

“At PHH Mortgage, we believe in creating subject-matter experts in our correspondent clients, and our Deal Desk is built to make that possible. Staffed by seasoned Non-Agency specialists, the Deal Desk provides direct support for all your scenarios, from exception requests to eligibility questions to submitting alt income documentation for accurate calculation. Our online Non-Agency resource center gives you even more tools to move with confidence, including Bank Statement, Asset Depletion and DSCR calculators designed for quick clarity. Additionally, when our clients need fast answers, you'll have direct access to our underwriting team, ensuring quick resolutions and a smooth path from scenario to submission. Partner with PHH today for guidance you can trust, resources that accelerate your work and expertise that elevates your business.”

Webinars, Webcasts, and Training

Don’t want to dress up… or even leave the house? Tune in from your couch on this holiday week.

Now Next Later: Today, November 24, 1PM ET, Next week on Now Next Later, hosts Jeremy Potter and Sasha Stair, CMB, are joined by Paul Gigliotti, CEO of the California MBA, to discuss how states are approaching innovation, AI oversight, and community investment requirements. They also examine why California’s stance may influence national policy and what these shifts mean for the industry heading into 2026.

Mortgages With Millennials: tomorrow, Tuesday, November 25, at 1PM ET. Next week on Mortgages with Millennials, Robbie Chrisman and Kristin Messerli are joined by Bri Lees of NEO Home Loans and Leslie Colley of Depth for a conversation on how younger borrowers are reshaping mortgage marketing, branding, and trust-building across both B2C and B2B. They break down what content performs best, how to use AI without losing authenticity, and the strategies that help lenders and vendors stand out when products and pricing all look the same.

Also tomorrow, Tuesday the 25th, on MortgagePros411, at 2PM ET, I will join Audrey and Kevin focus on originator’s topics!

Capital Markets

Last week economic data that had been delayed due to the government shutdown slowly began to be released. September’s jobs report showed 119k jobs were added and the unemployment rate rose to 4.4 percent, the highest in nearly four years. While the participation increased slightly, it is an overall weaker signal for the labor market: sizable downward revisions to July and August left the three-month trend at a modest 62k, and seasonal factors likely flattered September’s figure. Treasury markets traded bearishly following the release of the NFP report, which, while not dramatic enough to revive odds of a December rate cut, reinforced the view that the Fed is more likely to pause, with cut expectations hovering around 30 percent.

As December’s Federal Open Market Committee (FOMC) meeting approaches, a divide has grown among members as to whether upside risks to inflation or downside risks to the labor market should be the priority. Several members have publicly stated that current monetary policy is sufficient to balance both of the Fed’s mandates and no changes are necessary in December. Meanwhile, high interest rates and affordability challenges continue to hold back the housing market. Existing home sales rose 1.2 percent in October as slightly lower interest rates and an increase in supply drew more buyers into the market. Even if the Fed lowers their overnight rate in December, market still expect the longer-end of the yield curve to remain elevated through 2026

With inflation having hit 3 percent again and unemployment rising to 4.4 percent, make it a “troubled trifecta,” as U.S. consumer sentiment fell to one of the lowest levels on record: The final November sentiment index dropped to 51 from 53.6 in October, according to the University of Michigan. Views of personal finances were the dimmest since 2009. And don’t forget that equities posted their worst week in seven months last week. Treasury yields continued to fall as global investors moved into safe-haven assets. This decline reflects broad risk-off sentiment rather than expectations of near-term Fed easing. Policymakers are unlikely to be rattled by the recent pullback in equities given the market’s strong year-to-date performance, though a rapid selloff could tighten financial conditions via higher volatility.

The Mortgage Bankers Association’s latest quarterly report delivered a welcome dose of good news, showing the industry’s strongest performance in four years with an average pre-tax profit of $1,201 per loan and 85 percent of mortgage companies turning a profit, supported in part by a modest uptick in refinance activity, though cash-out refinances remain far below historical norms. The share of homeowners with at least a 50-basis point incentive to refinance is also at a near four-year high, even as mortgage rates have edged back toward 6.25 percent. Employment in the mortgage sector has stabilized as well, marking six consecutive months of year-over-year growth and signaling an end to the heavy layoffs that defined the recent downturn. Still, the industry faces major structural challenges: affordability remains near multi-decade lows and housing inventory at just 1.35 million continues to lag far behind long-term norms, keeping pressure on buyers and lenders alike, even as the sector adapts to a difficult environment.

This holiday-adjusted week sees the resumption of some data that were delayed due to the government shutdown, including PPI, retail sales, business inventories, durable goods, PCE, the first look at Q3 GDP, and new home sales. Data due to be released that were unaffected by the shutdown include Fed surveys, home price indices, consumer confidence, pending home sales, and Chicago PMI. The Beige Book will be released on Wednesday ahead of the December 9-10 FOMC meeting. There is also a laundry list of Treasury supply, which will be jammed into Monday to Wednesday ahead of Thursday’s Thanksgiving Day holiday and early close for both bonds and equities on Friday; today, Treasury auctions $69 billion 2-year notes. Besides supply, today’s calendar sees just Dallas Fed manufacturing for November, due out later this morning. We begin the week with Agency MBS prices unchanged from Friday’s close, the 2-year yielding 3.51, and the 10-year yielding 4.04 after closing last week at 4.06 percent, down 9-basis points over the course of last week which probably won’t change much given the lack of scheduled news today.