A buddy from Kentucky wrote to me, saying, “Statistics show that the average person has sex 89 times per year. Looks like I'm in for a pretty wild December.” November is behind us, and with it all the noise about President Trump’s 50-year mortgage proposal. Capital markets personnel in the mortgage biz don’t like thinking about how long it would take to create a market for 50-year mortgages, nor do they like volatility, but traders do. The mood among traders has swiftly improved, chiefly due to economic data that has supported an interest rate cut in December. The Federal Reserve’s Open Market Committee doesn’t set mortgage rates, but the same factors that influence its decisions impact the bond market. A slow jobs market reduces the number of qualified borrowers but tends to lower rates. Pick your poison. Meanwhile, back office personnel are focused on making sure loans are manufactured correctly, and tomorrow’s STRATMOR session is all about data standards, AI guardrails, and the future of mortgage tech. At 2PM ET tune in as Sue Woodard, Garth Graham, and Brian Vieaux, the president of MISMO, discuss where the industry is headed and how thoughtful standards and collaboration can pave the way. (Today’s podcast can be found here and this week’s are sponsored by Two Dots, whose conversational screening agent replaces manual underwriting with a streamlined, end-to-end process that reduces risk and fraud while securing safer borrowers, increasing profitable loan volume, and lowering underwriting overhead. Today’s has an interview with United Home Loans President Mike Dulla on borrower sentiment and winning business in the current rate environment, automation with “humans in the loop,” and where lender executives are focused.)
Lender and Broker Services, Products, and Software
Rocket Pro now offers DSCR loans with a focus on speed and pricing that helps brokers win. The program is simple. No confusing spec menus or multiple product variants. If the investor loan has a 680+ FICO and a 1.0+ DSCR, the file qualifies for the best execution without jumping through hoops. Instant DSCR calculations at registration, direct access to underwriting, and clear guidelines mean decisions in hours instead of days. That turns into fewer conditions, higher pull through, and smoother closings. Rocket Pro’s DSCR loan is live now. Price it today.
“In the highly commoditized Third-Party Origination mortgage industry, find out how Anthem Capital is differentiating itself and providing its partners with a competitive edge. Led by 20 plus year industry veteran, Patrick Benoist (314.808.3918), Anthem Capital provides non-delegated and delegated work flow solutions; full selection of loan programs including agency, non-agency, jumbo, second home, manufactured home and more; as well as leading technology. Contact Anthem Capital to discuss how its 5-pillar foundation (People, Process, Programs, Pricing and Partnership) can help your mortgage operation.”
Sleigh your Pipeline with December Specials from LoanStream on non-QM and FHA Streamline/VA IRRRL! Up to 75 BPS (with Select Specials) or 25 BPS (without) on all non-QM (includes DSCR 5-8 and Non-QM Jumbo), and 60 BPS (with Select Specials) or 25 BPS without on FHA Streamline and VA IRRRLs. (Excludes Closed End or Standalone Seconds.) What a great opportunity to finish the year off strongly with added business! Contact your Account Executive today as these specials are for loans locked only from December 1st through 31st, 2025!
With FHA loan delinquencies inching upwards and new FHA loss mitigation guidelines in full effect, it is clear that servicers need to prepare for rising defaults. To protect their portfolios, servicers can utilize advanced analytics and modern servicing technology to identify distressed borrowers and align operations with the latest guidelines and regulations. Read more on how servicers can leverage technology to prepare for rising defaults in this article from Andrea Meir, Director of Hardship Technology Suite at ICE Mortgage Technology.
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.
Company Webinars and Training
Be ready for the next boom cycle! When volume returns, your tech stack will either propel you forward or leave you behind. Join us Tuesday, December 2 at 2:00 PM ET / 11:00 AM PT for OriginatorTech Demo Day helping you upgrade your tech stack for 2026. This NMP Webinar will feature rapid-fire demos from today’s most innovative mortgage tech platforms. See how top producers are using Aduvo for smart marketing automation, AngelAi for 24/7 borrower communication, LendingPad for modern LOS workflows, and Loanzify to own social and streamline the borrower journey. Expect 15-minute live demos, real-time Q&A with product experts, and practical tools you can deploy immediately to drive efficiency, boost engagement, and close more loans… faster. Don’t miss your chance to modernize your business before the market shifts. Register now by clicking here.
The lenders who will win in the current market are the ones who can turn real-time borrower signals (equity shifts, credit events, rate opportunities) into timely, relevant conversations. That's why Total Expert is hosting “From Insight to Impact: How AI Is Transforming Borrower Relationships,” on December 4 at 1:00 PM CST. In this webinar, Seth Haake, Strategic Sales Engineer at Total Expert, and Dan Meidema, VP of Performance Efficiency at Rate will break down how AI-powered engagement automates follow-up, uncovers high-intent opportunities, and frees loan officers to focus on meaningful, revenue-generating interactions. You’ll see how leading institutions are modernizing their customer journeys, improving retention, lowering acquisition costs, and capturing more business by combining customer intelligence with humanized outreach. If you’re looking for practical ways to elevate performance and stay ahead of competitors in the AI Gold Rush, this session will deliver a clear, actionable blueprint. Save your seat.
What are top brokers doing to prepare for the next market shift? Will you be ready to lead or left catching up? Join us Thursday, December 11 at 1:00 PM ET / 10:00 AM PT for Think Big & Act Small: How Loan Officers Win in 2026, an NMP Webinar powered by Newfi Wholesale. With rates potentially dropping and buyer demand poised to return, Newfi’s EVP John Wise and Regional AE David Johnston will lay out the daily actions, proven programs, and high-impact marketing strategies originators need to thrive, no matter what the market throws at you. Learn how to qualify more borrowers, multiply your influence, and fuel your 2026 pipeline with customizable flyers, emails, video scripts, and social content that actually converts. Don’t wait for the boom to get ready: start building your edge now by registering here.
ACUMA rolls out, “A Whitepaper Discussion: Making the Case for Mortgage Lending Within Credit Unions” on December 2. “Credit unions make up 32 percent of mortgage lenders, but only 7 percent of purchase volume. That is a massive growth gap and a major opportunity. Join us for a fast, focused conversation on how credit unions can win more purchase business, tap CUSOs to scale smarter, and turn every mortgage into a full-relationship member.”
Appraiser’s Guide to Short Term Rentals, Tuesday, December 2, 10:00am – 2:00pm CT.
In this course, Bryan Reynolds will take you on a tour of the mad circus of short-term rental valuation.
Join Curinos experts Olly Downs, Brandon Larson, Sarah Welch, and Peter Serene in a session moderated by CEO Sid Singh, as they share how top-performing institutions are balancing profitability, customer quality and agility through data-driven decisioning. Register for “Banking in 2026: Growing Profitably When the Market Won't Sit Still” Webinar on
Tuesday, December 2, at 11:00 AM - 12:00 PM PST.
Join the upcoming Agile Trader Talk Webinar on December 3rd at 11am PT to explore the Market Outlook for 2025–2026. As 2025 comes to a close, shifting monetary policy, liquidity, technological advancements, and geopolitical developments continue to reshape financial markets. Hosted by Agile President Greg Vacura, this session brings together leading broker-dealer panelists to discuss the year’s key market trends, deal flow, regulatory and compliance considerations, and the opportunities and risks expected in 2026. Attendees will gain timely insights into market structure, trading dynamics, and the forces likely to influence the road ahead. Register today to secure a spot in this forward-looking discussion.
Explore this pivotal analysis for appraisers and its critical role in ensuring credible real property valuations. Register for Appraiser’s Guide to Highest & Best Use, Wednesday, December 3rd, 10AM – 2PM CT.
Learn when recognized adjustment techniques are credible and how to support them, Thursday, December 4, 10:00am – 2:00pm CT. In this class, Steve Kahane will explain statistical and logic-based adjustment methods in detail, with basic instruction in statistics, algebra, geometry, and graphing.
Rural lending is changing, stay informed and prepared. Join Fannie Mae experts on Thursday, December 4, 10:00 AM - 11:00 AM PST., to learn about practical tools and programs that help you expand your reach and serve more borrowers in rural markets.
Join a Live-Zoom offering of The Appraiser’s Guide to the New URAR course, with Joel Baker, Friday, December 5th, 8:30am-4:30pm CT.
STRATMOR on 2026’s Growth Areas
If you’re looking for clarity heading into an uncertain 2026, STRATMOR Group’s newest Insights Report, “Cultivating What’s Next: Preparing for Growth in 2026,” is worth your time. Rather than forecasting from the sidelines, STRATMOR leans on frontline data and real-world engagements to show how the industry can regain momentum. The report explores where opportunities are emerging, from workflow modernization and talent strategy to borrower experience and tech adoption, and reminds us that true growth isn’t about chasing “the next big thing,” but focusing on fundamentals that compound over time. Whether you’re an IMB, a bank, a credit union, or a technology partner supporting the ecosystem, there’s a takeaway for you. If you’re serious about building durable advantages in a market that’s still reshaping itself, make this your next read.
Capital Markets
It appears that bond yields are ending 2025 in familiar ranges as markets now fully price a December Fed rate cut and look ahead to early-2026 data, Fed leadership uncertainty, and the resumption of BLS reports to guide January expectations. Despite a modestly steepening curve, near-term bias favors lower yields, with technical levels in 10s and 30s in focus and supply-driven term premium likely to temper the pace of any duration rally. With the curve still underperforming steepening expectations and the Fed potentially moving toward a sub-3 percent terminal rate, the outlook hinges on whether front-end outperformance continues, how the new Fed Chair selection unfolds, and whether demand for duration can offset ongoing concerns around Treasury supply.
This week’s calendar contains no Treasury supply or Fed speakers ahead of the December 9-10 FOMC meeting. The November payrolls report has been pushed back from it’s regular first Friday of the month slot to December 16, which leaves PMIs, ADP employment, Challenger job cuts, and Michigan sentiment as the key releases this week. Some delayed releases for September are also on the calendar including import prices, industrial production/capacity utilization, PCE, and durable goods orders. For MBS, the Agencies will release prepayments after Thursday’s close and into the evening. Today’s calendar kicks off later this morning with the final November S&P Global manufacturing PM, and will be followed by the ISM equivalent. We begin the week with Agency MBS prices roughly unchanged from Friday, the 2-year yielding 3.49, and the 10-year yielding 4.05 after closing last week at 4.02 percent, down 4-basis points over the course of last week.
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