Lender and Broker Services, Products, and Software

“The federal quality control standards under Dodd Frank for automated valuation models (AVMs) require valuation professionals to provide greater transparency in how AVMs determine credible, consistent, and objective property values. That’s why it’s important (and required) to regularly test, monitor and validate your AVMs. ICE’s advanced AVMs and self-service valuation reporting tool deliver unmatched transparency into ICE’s rigorous testing methodologies to validate output performance, coverage and accuracy of our AVMs, helping clients stay aligned with new and evolving regulatory guidelines. Read our latest blog to learn how ICE’s solutions can help enhance valuation accuracy, reduce valuation bias, and strengthen regulatory compliance.”

Most lender newsletters still open with "Dear [First Name]," and today’s tech-savvy borrowers know exactly what comes next: generic spam. In a retention-driven market, this predictable approach lowers engagement and actively erodes the LOs reputation as a trusted advisor. CANDID introduces the industry’s first 1:1 newsletter engine, replacing static merge fields with generative AI that writes a completely unique message for every contact. By synthesizing borrower data, social activity, and local market news, the platform drafts thousands of distinct, hyper-relevant emails in minutes. This allows marketing executives to scale high-touch personalization without requiring a single additional minute of manual effort. Stop sending generic, nationwide newsletters that get ignored and start automating the personal touch that drives referrals. See CANDID in action here.

As 2025 concludes, Citi Correspondent Lending extends sincere gratitude to our valued Correspondents and network of industry leaders. This year showcased successful collaboration and deepened engagement across Citi’s full product and service spectrum. We are proud to be your trusted investor, and your engagement has been pivotal to our collective achievements. Looking ahead, 2026 promises responsible growth and innovation, as we will launch a series of significant enhancements to our product suite and loan delivery experience beginning early next year. These advancements are designed to empower our clients, streamline operations, and reinforce our dedication to mutual success. From the entire Citi Correspondent Lending team, we wish you a truly joyful holiday season filled with cheer and cherished moments. We are deeply grateful for your support and look forward to continued collaboration in the new year.

“As you refine your 2026 strategy, make Planet sub-servicing your first call. With Planet, institutional investors gain a high-touch, data-rich sub-servicing partner engineered to maximize portfolio value through every cycle. As a highly rated residential and commercial servicer, we specialize in agency and non-agency portfolios, with systems and teams built for RTL, construction, DSCR and other complex credit. Transparent, all-inclusive pricing replaces unpredictable ancillary fees, while sophisticated cash journals, loan- and portfolio-level loss mitigation reporting, and configurable non-agency waterfalls strengthen oversight and deliver insight. Our proactive EPD playbook, proprietary pre-boarding system, and seamless ACH rollovers, work together to reduce transfer risk and EPDs. Maximize performance with Planet: High-touch, data-driven sub-servicing engineered to deliver results. Call (585) 512-1030, email us, or schedule a meeting.”

“It’s been a record-breaking year for Spring EQ. And even though the year is winding down, we’re looking to keep the momentum going into 2026. Spring EQ now offers premium pricing on all products, giving you the opportunity to help your customers keep more money upfront by lowering their closing costs and choosing a higher rate (lump sum can’t exceed closing costs). With premium pricing, you can offer true no-credit home equity loans, provide better customer experience, and create more flexibility at closing. Lender paid compensation (LPC) is also now available on all products, including HELOANs, HELOCs, and our unique FIXLINE (fixed-rate HELOC). We have one other major announcement coming your way too. We’re keeping that one top secret for now, but we’ll share all the details soon! Visit EMMA to price, process, and manage your loans today. Not a partner? Join us. Interested in a correspondent relationship? Join 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.

UWM and TWO Deal Thoughts, Business Creation Continues

United Wholesale Mortgage and Two Harbors Investment Corp. (“TWO”), an MSR-focused REIT and one of the largest servicers of conventional mortgages in the country announced that they have entered into a definitive merger agreement pursuant to which UWM will acquire TWO in an all-stock transaction for $1.3 billion in equity value. What does it mean for the industry? The STRATMOR Group put some perspective on the UWM acquisition of Two Harbors.

“The industry reset we are witnessing is not over with just a few consolidations at the top. Rather, it’s just the tip of the iceberg. Amanda Gibson of STRATMOR Group (formerly Originations CFO at Mr. Cooper) advises lenders and brokers alike on strategy and M&A and has a unique vantage point to provide perspective on what we are seeing.

“First, it was Rocket acquiring Redfin and Mr. Cooper, building a consumer-first vertical integration, which resulted in an entity surpassing $2 trillion in servicing (more than double that of the #2 servicer’s size) and over $102 billion in originations through the third quarter (which places them at #2 behind UWM), along with access to over 50 million visitors each month to the real estate platform (the very top of the funnel that many covet).

“Then it was Bayview combining Lakeview’s Servicing with Guild’s end-to-end IMB platform (Servicing, Originations and proprietary tech), resulting in a Top 10 caliber of combined originations (at roughly $32B through the third quarter) and a Top 3 Servicer (at over $886 billion at end of the third quarter). But that was not it, not by a long shot. Once Rocket’s deal was announced, UWM announced publicly that they would be bringing their servicing in house, so the announcement that they purchased a servicer yesterday was not a surprise.

“UWM acquiring Two Harbors is the next in a series of actions that everyone else is racing to see if they can do themselves…albeit at a smaller scale because not everyone has the size, scale, and deep pockets as UWM, Rocket or Bayview. With the announcement yesterday, UWM retains its #1 position in Origination volume (at $112B through the third quarter) but advances its servicing book from $216 billion (roughly a #18 ranking) to $422 billion, securing a #8 spot as of the end of the third quarter.

“It’s important to note that what we’re seeing is not just a servicing plus originations consolidation trend. People have been talking about that for years, and I’ve been lucky to work at a few “balanced business model” IMBs myself. This is different. It is a multi-dimensional restructuring of the mortgage value chain, specifically around technology-enabled scale, lifecycle monetization (including recapture), ancillary revenue streams, and capital efficiency. The end game is building an ecosystem that is resilient across cycles—and while firms are choosing different entry points, the direction is consistent and the domino effect is real. There is no single ‘right’ lifecycle model, but controlling more touchpoints, either directly or indirectly, is becoming table stakes.” Thank you, Amanda.

Most will say that UWM is buying the ability to do portfolio loans. Rocket bought Mr. Cooper after buying Redfin which had purchased Bay Equity. UWM just bought Two Harbors. Both in the last 90 days, both all-stock deals. While everyone's talking about MSR valuations and servicing income, nobody's talking about what happens in three months.

Specifically, credit trigger legislation is coming. Passed three months ago, when it takes effect, third-party credit trigger leads are dead. No more selling "someone just applied for a mortgage" data to the highest bidder. No more 47 phone calls within 10 minutes of pulling credit.

The intent of the legislation is that the only companies who will be able to market to a borrower are the originator and the servicer.

Now look at who just went on a servicing shopping spree. The two largest wholesale lenders in America. Both with massive AI-calling infrastructure and nine-figure advertising budgets. Both built to convert leads at scale. They're not just buying servicing income. They're buying the permission to call millions of borrowers when rates drop and everyone else is locked out.

Casey McGovern of Bay Equity fame wrote me, “The refi wave is coming at some point. Who is servicing a lender’s borrowers? And what is the lender’s plan to make sure their past borrowers don't leave the lender when it comes time to refi?”

Deals and new business creation doesn’t always involve billions. For example, Domus Mortgage Capital has launched with “a mission to treat education as infrastructure, not marketing.” Founded by industry veteran Amy Swaney CMB (and her husband, PJ Harrigan CMB, who continues as Director of Co-Issue at PHH), Domus is “a mortgage brokerage built around strategic loan structuring, life-stage lending, and long-term wealth outcomes, designed for professionals and clients who value individual attention, and want the confidence that things will get done.”

Capital Markets

Mortgage execution just got smarter. Optimal Blue’s integration with Freddie Mac’s Co-Issue Xchange (CIX) API delivers speed, accuracy, and liquidity for lenders, and set the standard by facilitating Freddie Mac’s first on-platform execution of the CIX All-In-Funding transaction. This milestone introduces powerful benefits: automated updates to CIX Servicer grids within CompassEdge, Optimal Blue’s hedging and loan trading platform, eliminate manual maintenance and reduce costly errors, while the CIX program enables All-In-Funding with Freddie Mac, significantly boosting liquidity and shortening cash flow timelines compared to traditional CTOS transactions. Tomo, a digital-first lender, calls it a game-changer made possible by close collaboration with Optimal Blue and Freddie Mac: “We aim to lead the pack in technological adoption and are proud to be the first lender to fund on this program,” says Emanuel Santa-Donato, SVP at Tomo. Ready to optimize your execution strategy? Explore Optimal Blue’s Hedging and Trading Solutions today.

“What would 50-100 bps more per jumbo loan mean for your team? Winning in today’s market takes more than price… but having a competitive bid still matters. Give your loan officers a strong start to 2026 with access to aggressive Jumbo pricing from an insurance-capital buyer available to many originators exclusively through the MAXEX platform. We’re seeing pricing come in 50–100 bps better than what many originators have access to today. Leverage your existing AUS workflow while tapping into best-execution pricing from multiple Jumbo investors, all through a single MAXEX contract. Already approved on MAXEX? Even better: this buyer is available to you at no additional cost. Want to stay competitive in 2026? See how MAXEX can help and connect with a representative to get started. Join our monthly webinars to stay up to date with all the latest from MAXEX.”

The main news yesterday was the UWM - Two Harbors deal, but in the capital markets it was relatively quiet, with interest rates barely moving and staying within a tight range, signaling a wait-and-see mood. Will President Trump’s proposed payment to those in the military be inflationary?

Mortgage bonds were mixed, trading activity was lighter than the prior day, and investors are clearly holding off on bigger moves ahead of key economic reports, especially inflation and jobs data that are due out today. Risk sentiment was driven by AI and bitcoin fears, but it was all fairly muted with the U.S. Treasury $13 billion 20-year bond reopening going well. And focus was somewhat on central banks, with Sweden Riksbank (unchanged), Norges Bank (unchanged), the Bank of England (25-basis point cut) and ECB (unchanged) decisions all taking place in the past several hours.

Today’s economic calendar kicked off with the November (and delayed) October CPI reports (November showed core +2.6 percent on an annual basis, overall +2.7 percent y-o-y, both lower than expected), weekly jobless claims (224k, as expected), and Philadelphia Fed manufacturing for December. Later today brings Fed manufacturing for December, Treasury announcing month-end supply (consisting of $69 billion 2-year, $70 billion 5-year, $44 billion 7-year notes, and $28 billion reopened 2-year FRNs, all of which will be auctioned over Monday to Wednesday) before auctioning $24 billion reopened 5-year TIPS and conducting a buyback for liquidity support purposes in 20-year to 30-year coupons for up to $2 billion, and Freddie Mac’s Primary Mortgage Market Survey. We begin Thursday with Agency MBS prices better by about .125 from Wednesday’s close, the 2-year yielding 3.45, and the 10-year yielding 4.12 after closing yesterday at 4.15 percent.