Both Dick Van Dyke and Mel Brooks turn 100, Dick in less than two weeks and Mel next summer. 100 years is a long time, and it’s a big number. Despite faster economic growth than peers, the U.S. faces rising deficits and debt levels above 100 percent of GDP. If this impacts our debt ratings further, look out. Political gridlock and reluctance to enact meaningful tax increases or spending cuts echo challenges seen in the UK and France, where governments struggle to satisfy voters, lenders, and economic needs simultaneously. Recent market jitters, such as the spike in Treasury yields in April, serve as warnings of potential debt-market instability if political inaction persists. For something more constructive to think about for lenders, today Marcia Davies, COO of the Mortgage Bankers Association, joins L1 for one of her last interviews before retirement, and tomorrow’s The Big Picture at 3PM ET features Mike Yu, CEO of Vesta, for a fast, insightful conversation on the future of loan origination systems and what it means to rebuild the LOS from the ground up. Mike shares the Vesta origin story, why legacy systems have reached their limits, and how a true platform approach built on open architecture and modern APIs is reshaping how lenders design their tech stacks. (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 U.S. Bank’s Shelly Kobb and Ohio Housing’s Tom Walker on how Housing Finance Agencies work, the challenges they face in expanding affordable homeownership, the policy and political developments shaping their future, and the innovations and outreach strategies needed to keep their programs sustainable, effective, and accessible.)
Lender and Broker Services, Products, and Software
Ever notice how some projects move at the speed of a Black Friday line, while others zip by like the fellow who shows up just as the cashier opens a new lane? For ABNB Federal Credit Union, home-equity lending used to be the former: slow, manual, and longer than anyone wanted. Then they brought in FirstClose. Suddenly, ordering titles, valuations, and flood reports was no longer a relay race among vendors. It became a seamless, automated workflow within MeridianLink. Turn times dropped nearly 70 percent, and some HELOCs were funded in as few as four business days. Members got cash faster. Staff got time back. And leadership gained a scalable lending engine without adding headcount. See how ABNB did it, and how your team could do the same, in the full case study here.
For top-tier IMBs, strategic product expansion is no longer optional… it’s a growth imperative. That’s why over 250+ partners, including 50% of the top 20 independent mortgage banks, have partnered with Figure to better serve their borrowers and keep their LOs happy. In 2025, many top performing loan officers have funded $10M in Figure HELOC volume alone, with the top 10% of LOs surpassing $25M solely in Figure HELOC volume. “I did an application in 2 minutes. I sent a link to the borrower and it’s almost done, super easy…This is like printing money!” – Carlos, CrossCountry Mortgage LO. With Figure, lenders gain a true competitive edge: an app completed in 5 minutes, funding in as few as 5 days, and an 80% reduction in the cost to originate. Figure’s modern, digital lending experience enables IMBs to retain and reward top-performing LOs, attract new borrowers, and deepen customer relationships. Let’s talk about how Figure can boost your volume and supercharge your recruiting. Connect with us today!
Wholesale lending company Flyhomes is hosting a live webinar on Dec 10 to share how Buy Before You Sell with the Flyhomes Guaranteed Backup Contract can help your borrowers reduce DTI and qualify for up to 50% more. With this product, borrowers can buy before they sell and make stronger offers without home sale contingencies. This nationwide solution requires no loan, offers a competitive tiered flat fee, and can be ready in 24 hours. Save your spot for the webinar now or book a call today to learn more. Flyhomes has helped 5,000+ buyers over the past 10 years, and LOs using this program close an average of 1.2 more loans per month.
52 percent of non-QM securitized loans are DSCR. Is your process keeping up? With Asurity’s Propel™, lenders generate complete DSCR loan packages in minutes: fast, compliant, and scalable. Propel handles DSCR-specific fields, calculations, and disclosures while staying aligned with changing state regulations, so your team can close more deals without adding operational complexity. Built on deep regulatory expertise, Propel helps lenders accelerate approvals, stay compliant, and win more investor business. Get the DSCR solution sheet.
“As 2025 comes to a close, eRESI would like to extend our sincere appreciation to our sellers, partners, and employees for an incredible year of growth. Together, we surpassed major milestones, including purchasing over $16 billion in loans. We became the first major non-QM Investor to integrate with Encompass Investor Connect and the exclusive non-QM Investor on the Chrisman Marketplace. Building on this momentum, we’re more committed than ever to helping lenders gain the EDGE to succeed in 2026, with ongoing support from our product, credit, and pricing teams, plus sharpened strategy tools and new marketing-driven growth sessions with our sellers. eRESI is here to help you capture non-QM market share as the housing landscape evolves. We’re your EDGE today and tomorrow. Contact us.”
Have you noticed that the loan officers who consistently rise to the top usually have one thing in common? They stay personally connected. In a business full of platforms and shiny new tech, the real advantage is still the human touch. Borrowers remember the LO who checked in, followed up, and acted like a real partner. The right technology should make it easier to reach out, not harder. It should surface the right people at the right time so you can have real conversations, the kind that leads to applications, referrals, and long-term loyalty. That’s the idea behind Usherpa. Instead, Usherpa prides itself as being a Relationship Engagement Platform built to help LOs stay visible, relevant, and genuinely connected. If you want to sharpen your daily rhythm, Usherpa has a guide on Top Producer Habits in 2026. It’s worth a look.
Want a real-world playbook for making down payment assistance a true sales lever, without adding friction to your team’s day? Tune in Tuesday, Dec. 16 at 2 p.m. ET for The Sip, The Mortgage Collaborative’s (TMC's) weekly LinkedIn podcast. Brad Cardwell, Down Payment Resource’s VP of Sales & Business Development, joins Nikki Dickens, SVP of Training & Product Development at Alcova Mortgage, to break down Alcova’s standout, low-lift onboarding with Down Payment Resource (DPR) and the practical ways DPR is helping them win: faster access to eligible programs, smoother workflows, and a better-enabled sales force that can confidently bring more buyers to the table. Watch live on LinkedIn, then catch replays and extra resources on TMC’s YouTube channel. This is one lenders won’t want to miss.
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.
Partnerships and Marketing Strategies
Lenders and vendors are always looking for ways to help borrowers, lower costs, and raise revenues. The latest example of this is Fidelity Direct Mortgage, an independent mortgage lender serving the Northeast, entering into a strategic partnership with Absolute Home Mortgage Corporation.
“This alignment is designed to enhance operational scale, broaden product access, and strengthen the support and resources available to borrowers, employees, and strategic partners across both organizations. The collaboration reflects extensive planning and a shared commitment to long-term growth, stability, and innovation within an evolving mortgage landscape.”
Maria D’Souza-Datta, Founder and President of FDM, said, “This strategic alignment allows us to maintain the entrepreneurial culture our team values while gaining access to the expanded infrastructure and national footprint needed in today’s market. Absolute’s philosophy and dedication to responsible, sustainable growth align well with the direction I’ve been steering our organization.”
Absolute CEO Matt VanFossen expressed strong confidence in the partnership, stating, “We are excited to collaborate with the Fidelity Direct Mortgage team. Their reputation for quality and integrity aligns perfectly with our culture. Maria’s leadership and perspective have already played an important role in shaping our shared strategic vision.”
The partnership is expected to expand product availability, improve operational efficiencies, and create a stronger competitive position for loan originators and consumers. Both organizations emphasized that the alignment supports long-term strategic planning and enhances the platform required for durable future growth.
C2 Financial Corporation, one of America’s leading wholesale mortgage brokerages, announced plans for C2 Home Affordability Counseling Day, a nationwide effort to tackle the home affordability crisis head-on by mobilizing its network of mortgage brokers to educate consumers. On Friday, December 12, 2025 C2 brokers will offer free 30-minute virtual credit and homeownership counseling sessions to anyone who signs up and wants real guidance from experts who know the process inside and out. C2 is mobilizing its brokers to teach families how to budget, build credit and make smart choices in one of the most challenging housing markets on record.
What LOs Should Know About MISMO
Recently I received a note from Brian Vieaux, President of MISMO, addressing the topic of “Model vs. Standards: The Backbone of Mortgage Efficiency.” “If you’ve ever wondered why data moves through our mortgage ecosystem as smoothly as it does, or why it doesn’t when something breaks, the answer usually comes down to two things: the MISMO Model and MISMO Standards.
“The MISMO Model is the blueprint, a logical map of how mortgage data is structured, defined, and related. Think of it as the architectural framework for our industry’s data “house.” It tells us what fields exist, how they’re connected, and what each one means.
“MISMO Standards, on the other hand, are the construction materials built from that blueprint. These include specific datasets, file formats, and implementation guides that lenders, servicers, tech providers, GSEs, and regulators use to exchange information consistently and correctly.
“The Model is the dictionary. The Standards are the sentences we all agree to speak. This distinction matters because Standards, rooted in the Model, are what power the Uniform Mortgage Data Program (the ‘U’s’): ULAD, UAD, UCD, ULDD, and more. These ‘U’s’ represent some of the most consequential efficiency gains our industry has seen in decades. They’ve improved data quality, reduced friction in loan delivery, supported modern valuation modernization efforts, and enabled cleaner execution in the capital markets.
“As our industry moves into a new era defined by AI, regulatory complexity, and rising expectations around data transparency, this shared language becomes even more essential. Standards reduce cost. Standards protect consumers. Standards power liquidity. That’s the work MISMO leads for the entire ecosystem.” (Read Brian’s full blog on this topic here. #VieauxPoint)
Capital Markets
Not a whole lot to report from yesterday in interest rate news, and that should remain the case for a decent chunk of December as markets shift into the holiday season and volumes begin to thin. However, the coming weeks still bring meaningful catalysts, including tomorrow’s prepayment report, Class A/B/C days for MBS, and year-end index changes, amid limited Treasury issuance and lingering data delays. For capital markets folks, MBS performance was flat in November, with the index slipping 5-basis points in excess return after a strong year, while curve dynamics, modest volatility, and a jump in gross issuance to the highest level since 2022 left valuations tight but stable. Shorter-duration MBS outperformed, mid-stack UMBS coupons offered the best carry, and despite unfavorable seasonals and a shorter day count, reactive borrowers and active lenders point to a likely pickup (around 10 percent) in November prepayment speeds.
November brought no performance gains for the MBS sector, but it did deliver a meaningful revival in mortgage supply, with $122.7 billion in gross issuance (the highest since August 2022) driven entirely by a rebound in refinances while purchase volumes held steady. Loan production rose 1.8 percent annualized and nearly 40 percent year-over-year, confirming that 2023 was likely the cycle’s low, and Ginnie Mae issuance continued to outpace conventional. UMBS 30-year gross issuance dipped modestly but shifted toward 4.5 percent and 5.0 percent coupons, while Ginnie Mae II 30-year supply climbed for a second month, with the same coupons posting the strongest gains. As a result, Ginnie Mae’s share of total issuance continued to rise, reaching 42.4 percent in November and reinforcing the sector’s increasing tilt toward government-backed mortgages.
Today’s economic calendar kicked off with ADP employment for November (private employment fell 32k, much weaker than expected). We’ve also received mortgage applications from MBA (apps were -1.4 percent from one week earlier, adjusted for Thanksgiving), and the much-delayed September import/export prices (export prices were unchanged). Later today brings delayed industrial production and capacity utilization for September, final November S&P Global non-manufacturing PMI, the ISM equivalent for November, and Treasury activity that will be headlined by a buyback (for cash management purposes) in 1-month to 2-year coupons for up to $12.5 billion. We begin the day with Agency MBS prices slightly better than Tuesday’s close, the 2-year yielding 3.47, and the 10-year yielding 4.05 after closing yesterday at 4.09 percent.
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