“No plan survives contact with the enemy.” While Freddie rolled out its AI plans, for some lenders, mortgage companies owned by builders, and the builders themselves, can sometimes be viewed as adversaries. In dealing with buyers of new homes, builders and their lender arm often adjust seller credits, par rates, and buy down programs. Builders, of course, don’t want to actually lower their prices since they want high comp prices for appraisals going forward. According to the Wall Street Journal, the nation’s largest homebuilders are giving buyers big concessions. The nation’s biggest builder is D.R. Horton, which is offering buyers a 3.99 percent mortgage along with a 3 percent discount on their new home. Lennar, the nation’s second-largest homebuilder, said it offered buyers incentives worth $64,000 on its average home sale last quarter. For any non-builder originator looking to provide an alternative, “Bargain mortgages originated by builders are helping more people get onto the property ladder. The hidden cost is inflated home values and underwater loans.” (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 excerpts of the L1 Mortgage Matters weekly webcast from yesterday with MBA’s Marcia Davies on lessons from a career that’s soon culminating in retirement, and themes such as self-advocacy, and expanding opportunities for the next generation.)
Lender and Broker Services, Products, and Software
Mortgage lenders face mounting pressure to innovate, but transformation doesn't require starting from scratch. In this recent article for HousingWire, Nancy Alley, Vice President of Product Strategy at ICE Mortgage Technology, explores how lenders can build on proven technology foundations to drive meaningful change. Nancy shares how intelligent automation and thoughtful adoption strategies can help lenders reduce manual workload, scale operations, and build the agility to thrive through market shifts. The lenders taking intentional steps today will be positioned for a competitive advantage tomorrow. Click here to read more.
Ready to spot refinance opportunities before your competitors do? The Refi Revival webinar gives you practical strategies powered by modern technology and proven expertise from Optimal Blue. Learn how leading lenders use advanced analytics to uncover high-potential leads, reconnect with past clients through personalized outreach, and cut research time from thirty minutes to just one click. When rates shift, you’ll be ready. This session shows you how to move fast, strengthen retention, and stay ahead. Don’t let missed chances cost you deals. Watch the Refi Revival replay now and turn insights into real results that keep your team competitive. Ready pull ahead of your competitors? Click here to watch today!
Looking for a modern, accurate, and transparent AVM? Meet Procision™ AVM from First American Data & Analytics, a next-generation valuation model designed for today’s mortgage and real estate professionals. With nationwide coverage, daily data refreshes, and industry-leading accuracy, Procision empowers lenders, servicers, and investors to make faster, more confident decisions. Now is the ideal time to experience the difference for yourself. Start your 30-day free trial today and see how Procision delivers the reliable insight you need, backed by the trusted leadership of First American Data & Analytics. Learn more.
For more than 30 years, Clayton has been the steady force behind market confidence and loan quality. As the longest-standing leader in due diligence, we’ve completed millions of loan reviews providing the consistency, scalability, and accuracy that lenders, investors and capital markets rely on. Clayton's seasoned teams, proven processes and unmatched data intelligence continue to set the standard for quality control and risk management. Market stability isn't accidental. It's built loan by loan, year after year. And that’s exactly what Clayton has delivered for three decades. Learn more.
Set your course for MCT Exchange 2026, MCT’s client conference taking place February 12-13 at the new waterfront venue, InterContinental San Diego. As the Currents of Capital reshape the secondary mortgage market, this premier client conference will help attendees harness the changing flow of opportunity. Immerse in expert market analysis, innovative technology announcements, and collaborative roundtables with industry peers. Attendees can also explore learning tracks tailored to today’s evolving landscape, and connect with lenders, investors, and partners from across the country. From insightful sessions to vibrant networking events, MCT Exchange 2026 is where the future of mortgage capital markets converges. Contact MCT to learn more about attending or sponsoring this landmark event.
If you’re not using Home Value Reports to spark real conversations with your past clients and agents, you’re leaving money on the table. Period. RETR gives you 100 free, fully customizable HVRs every month, and they’ve quickly become one of the easiest ways LOs are creating engagement and uncovering deals. These reports aren’t generic. They’re clean, data-rich, and built to position you as an expert in your market. Send one out and you’ll be shocked how fast people reply with “Let’s talk.” In a world where most LOs are still blasting emails and hoping for the best, HVRs cut through the noise and open actual opportunities. If you want a simple way to stay top-of-mind and generate business without chasing it, RETR makes it effortless. Schedule a demo.
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.
Investor News in the Credit Cost, HELOC, Non-QM, DSCR World
Deephaven Mortgage has launched its Equity Advantage HELOC product to give its wholesale and correspondent partners a new competitive advantage. The standalone home equity line of credit (HELOC) includes an option for self-employed borrowers to qualify based on 12 months of personal or business bank statements in lieu of tax returns. “Deephaven manages the full lending process, from disclosure through funding, and provides ongoing support. Loan amounts from $50,000-$400,000, 50 percent DTI, a maximum CLTV of 90 percent for primary residences, 85 percent for secondary residences, and 75 percent for investment properties, a minimum FICO of 660 for primary and secondary homes, and 700 for investment properties, qualification through 12 months of personal or business bank statements, or one year’s full documentation, and variable rate: 5-year interest-only draw; 30-year maturity; 25-year amortization term.”
Pennymac TPO is waiving the $99 credit report fee at closing for credit reports ordered via Pennymac’s POWER+ portal for the month of December. “It is available for Pennymac TPO partners who order the credit reports through the Pennymac system. Available for Pennymac issued credit reports only… Applies to new loans with Pennymac application date in Power+ of 12/1/2025 to 12/31/2025… Loans must be submitted to Pennymac by 1/15/2026 to qualify for the fee waiver.”
Why wait for a 50-year mortgage? Talk to your borrowers about the 40-year IO term available with Newfi Wholesale. The 40-year IO term offers lower monthly payments for first 10 years, fixed rate for the life of the loan, and can increase monthly cash flow on DSCR.
Pennymac Announcement 25-117 states all Best-Efforts Commitments taken on or after Friday, November 7, 2025, non-QM LLPAs updates are in effect.
Effective with new commitments for Delegated and new commitments or new submissions for non-delegated underwriting, taken on or after November 17, 2025, the Non-Agency suite of program guides has been updated. Details available in AmeriHome Mortgage Announcement Number 20251103-CL.
AmeriHome Mortgage Product Announcement 20251006-CL provides details of its recent expansion of eligible states for the Non-QM Expanded Program for Non-Delegated underwriting effective with new commitments or submissions taken on or after October 31, 2025.
50-year mortgage discussions have been on the news this week and many brokers are getting questions. Why wait and speculate? JMAC Lending has been funding 40-year Fixed and 40-year Interest Only products for years. Contact JMAC to discuss available products such as their Zuma Non-QM and Venice DSCR Investor, and Balboa Non-Conforming Interest-Only to $2.0M offerings.
APB Wholesale Mortgage’s specialty product, APB Solutions Super Jumbo program, offers flexibility high-limit financing up to $5 million. Additionally, APB also offers One Time Close Construction Program.
Newpoint Mortgage, a 100 percent non-QM lender, offers programs include ITIN Max LTV 85 720 Fico, P&L only 2nd lien & DSCR 2nds, VOE Only - Max LTV 80 percent Min Fico 680, Foreign National Programs - No US credit required, P&L or 1099 Only 660 min Fico, DSCR Purchase max 85 percent (purchase 700 fico+) LTV (min 1 percent ratio), plus more.
Flexible compensation options are now available on Carrington’s DSCR loans. Carrington Mortgage no longer requires brokers to follow their standard compensation plans for DSCR loans. No minimum or maximum compensation limits, Brokers have full discretion over how you structure your comp, Federal HOEPA limits do not apply. Additionally, BrokerIQ has been updated to support the submission of DSCR loans with both Lender and Borrower Paid compensation. Please watch this video tutorial on how to enter your compensation factors.
Take your Pipeline further with Newfi Wholesale’s Jumbo AUS Biscayne. This competitively priced AUS Jumbo offers up to 89.99 percent LTV, no MI at any LTV. Other highlights include minimum loan amounts from $1 above Agency Loan Limit, up to 50 percent DTI with up to 80 percent LTV, 30-Year Fixed Rate and Interest-Only loan terms, and Business Funds allowed for Down Payment & Closing Costs.
Capital Markets
What’s moving market sentiment? Well, the latest data has shown a mixed but generally softening economic backdrop: we learned yesterday that services activity remained in modest expansion, ADP reported a surprise job loss driven entirely by small businesses, industrial production ticked up but capacity utilization slipped, and mortgage activity weakened. All in all, the data points to an economy not yet contracting, but losing momentum, reinforcing expectations that inflation pressures are easing and supporting the case for continued rate-cut optimism. As a reminder, the Federal Reserve’s next rate decision is in less than a week.
It seems that at least until then, Treasuries remain stuck in a tight range as investors look for the next potential breakout from the current technical markers guiding near-term sentiment and markets (around 4.0 percent to 4.18 percent in the 10-year). The Federal Open Market Committee (FOMC) is widely expected to frame next week’s rate cut, which is now almost fully priced in, as a risk-management step while keeping future moves data-dependent, especially as unemployment trends higher and curve dynamics favor further steepening if labor data weakens. Looking ahead to 2026, investor focus is shifting to the Fed’s terminal-rate messaging, which is complicated by political uncertainty around potential leadership changes at the central bank.
Home prices are losing momentum nationwide, with an increasing number of states showing flat or negative price changes: 15 over the past year, 29 over the past six months, and a striking 44 over the past three months. Meanwhile, national prices have dipped 1.1 percent in both the three- and six-month windows. Despite the recent deterioration, especially in states like Maine, Idaho, and South Carolina, the slowdown looks more like a long-overdue normalization after years of outsized gains, with post-2022 appreciation running at a modest 2 percent annualized rate. For mortgage-backed securities investors, this cooling trend may actually be beneficial, potentially improving convexity as loan sizes stabilize or shrink, which has already begun to show up in recent Fannie and Ginnie Mae purchase loan data.
Today’s economic calendar kicked off with some more labor market indicators: November job cuts from Challenger (71k cuts, mostly in technology and communication), followed by weekly jobless claims (191k, much less than expected, 1.939 million continuing claims). Later today brings (delayed) factory orders for September, Treasury announcing the details of the mini-refunding (consisting of $58 billion 3-year notes, $39 billion reopened 10-year notes and $22 billion reopened 30-year bonds) before conducting a buyback in 10- to 20-year coupons for up to $2 billion, and Freddie Mac’s Primary Mortgage Market Survey. We begin the day with Agency MBS prices little changed from Wednesday’s close, the 2-year yielding 3.51, and the 10-year yielding 4.09 after closing yesterday at 4.06 percent.
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