As we approach the end of the year, we’re seeing the usual interest in other opportunities, especially if pipelines aren’t full or management is dealing with people “aging out.” I received this note: “Rob, I need a very targeted approach to finding a new CFO, as my current one is retiring. Know anyone who can help?” I do indeed. You can start with Paul Conway. The industry has seen its fair share of mergers and acquisitions, none of which is expected to cease in 2026. Of course, a big item is keeping the LOs or AEs together after a merger or acquisition, on top of watching for cultural fit. Companies need to determine their strategy… don’t let the market dictate it. (Today’s podcast can be found here and this week’s are sponsored by Gallus Insight, which is transforming employee analytics into actionable insights. Gallus’ ROI tool for learning and development activity is the most powerful in the world, and also the easiest to use. Hear an interview with Ardley’s new AI Chatbot Leo, and Nathan Den Herder, mimicking a typical conversation between a potential borrower exploring mortgage options and an AI bot before being passed off to an originator.)
Lender and Broker Services, Products, and Software
Great news: ICE Experience 2026 session details are now available! You can now review 48 brand-new sessions (with even more coming soon) covering topics that will provide you with practical strategies to apply to your business right away. Whether you want to streamline operations using the latest Encompass® and MSP® solutions, explore breakthroughs in AI and automation or stay ahead of regulatory changes, you’ll discover actionable content tailored to your needs. ICE Experience 2026 is your gateway to innovation, collaboration, and real-world takeaways, all happening March 16–18, 2026, at Wynn Las Vegas. Don’t forget to use your 2025 budget, since prices go up January 17, 2026! Check out the full session lineup and get ready to transform your business!
“Happy Holidays, from your friends at Rhyze! As the year comes to a close, Rhyze is celebrating the launch of our True HELOC Solution for IMBs in 2025. While at the same time, we are excited about the next product that is already under construction in the lab! We won’t spoil the surprise, but you can trust that every product of Rhyze will always deliver a win-win-win value proposition, built by listening to the feedback and understanding the strategic priorities of our IMB partners. To stay connected, contact us via online inquiry, email us, and bookmark our Rhyze Residential Website. Join us this holiday season by taking time to hug your loved ones and raising a glass to a safe and prosperous 2026!”
Partner with Asset Based Lending (ABL) and turn every client connection into a new income stream. Through ABL’s Broker Program, mortgage brokers can earn up to 4 percent commission on funded deals while giving their investors access to some of the fastest and most flexible financing in the industry. We deliver pre-approvals in 24 hours and can close in as little as 10 days, helping your clients move quickly from opportunity to execution. Whether they’re financing a fix and flip, new construction, bridge, or rental project, ABL provides the capital and service to make it happen… And you get paid for every deal you refer. There are no caps on your earning potential, no red tape, and no competing for clients. Join the nation’s premier private lender for real estate investors and grow your business with ABL at your side. For more information, click here.
Newfi Wholesale announced the launch of Income IQ, the latest enhancement to its BLU Broker Portal! Income IQ is a first-of-its-kind bank statement analysis tool designed to reinvent the way brokers and loan officers review self-employed borrower income. Integrated directly within the Newfi Wholesale BLU Broker Portal, Income IQ automates the bank statement calculation process, delivering a faster, more secure detailed income analysis in no time. Income IQ is a full self-serve platform, developed to provide reliable income analysis, borrower data protection, and above all, faster bank statement analysis. You can learn more about this revolutionary new way to calculate bank statements here. Not signed up with Newfi Wholesale yet? Click here to sign up today!
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.
Now Next Later, Today with NEO Home Loans
Now Next Later is today at 1PM ET, 10AM PT. On this year’s final Now Next Later, Jeremy Potter and Sasha Stair are joined by NEO Home Loans’ Ryan Grant to unpack a growing shift as originators seek platforms that deliver real operational control, pricing transparency, and durable business support. The conversation explores why many are rethinking the traditional broker model and what this evolution means for building sustainable mortgage businesses.
loanDepot Case Developments
Tongues are still wagging about the LO compensation case involving loanDepot in the U.S. District Court for the District of Maryland (Civil Action No. 1:25-CV-02294-JRR). Can the same attorney defend a company, and then sue said company? There is a Motion to disqualify Attorney Ari Karen and his law firm, Mitchell Sandler PLLC based on ethics.
It turns out that, “Mr. Karen… previously represented several former loanDepot loan officers in prior proceedings against loanDepot. One of those clients was Sean Johnson, the loan officer who originated the four named Plaintiffs’ loans. In an arbitration between loanDepot and Mr. Johnson, Mr. Johnson asserted similar claims as Plaintiffs, and lost. Now, in spite of that loss, Mr. Karen has used and may still be using information he obtained from his prior representation of Mr. Johnson to bring this suit.
Mr. Karen’s representation of Plaintiffs in this case is unethical and improper. If Plaintiffs’ allegations were true (they are not), they would necessarily establish that Mr. Karen’s former loan officer clients, particularly Mr. Johnson, violated TILA and committed fraud. In that event, Mr. Johnson and the other former loan officers could be subject to an array of civil and criminal penalties. Put simply: to achieve success for his current clients, Mr. Karen must subject his former clients to significant liability. And prevailing in this case would only be possible due to Mr. Karen’s use of his former client’s and loanDepot’s confidential information. The ethical rules do not permit this.”
(The case is public information; if you don’t have a Pacer account to access, and would like the information spelling out the case on LO comp, shoot me an email.)
Capital Markets
The Senate confirmed new leadership for two key financial regulators, approving Mike Selig as chair of the Commodity Futures Trading Commission and Travis Hill as chair of the Federal Deposit Insurance Corporation. The confirmations are expected to shape the approach to US digital asset oversight and broader financial regulation in the months ahead.
Speaking of which, three finalists being considered for the next Federal Reserve chair: Kevin Warsh, Kevin Hassett, and Christopher Waller (not Walken). All advocate lowering interest rates and support easing monetary policy, but they offer sharply different visions for the central bank's future direction. They have different opinions about the pace of cuts, the Fed's balance sheet and institutional priorities, underscoring contrasting approaches to navigating economic growth, inflation, and the Fed's role. Markets and policymakers alike are watching how these distinctions could shape U.S. monetary strategy if one is selected to succeed Jerome Powell.
Lenders and policy makers also took note of the Senate confirmation of Frank Cassidy to be FHA Commissioner and Joe Gormley to be Ginnie Mae President. For example, the Community Home Lenders of America (CHLA)’s Scott Olson said, "Affordable homeownership took a big step forward today with the Senate confirmations of Frank Cassidy to run FHA and Joe Gormley to run Ginnie Mae. Addressing concerns over spiraling housing costs has become one of Washington's biggest priorities, and it is reassuring to know that these highly qualified individuals are now confirmed for these two critical positions."
In terms of interest rates, U.S. Treasury yields had post their first weekly advance since November, following unexpectedly cool inflation data and a rise in the unemployment rate, which reinforced market expectations for at least two Federal Reserve rate cuts in 2026. Softer consumer price pressures and labor trends have driven yields lower, particularly on the policy-sensitive two-year note, as traders increasingly price in a more dovish rate outlook for the year ahead.
Recent labor market data has reinforced skepticism about the Federal Reserve’s outlook and the effectiveness of monetary easing to revive hiring. Employment growth has slowed meaningfully, with just 67k net jobs added over the past three months, per the Bureau of Labor Statistics, and the unemployment rate climbing to its highest level since 2021. Low weekly jobless claims indicate that the problem is not widespread layoffs but a reluctance by employers to hire, reflecting a business environment clouded by uncertainty rather than outright economic weakness: unresolved trade tensions, risks of government shutdowns, immigration policy questions, pending Supreme Court decisions on tariffs, and ambiguity around how artificial intelligence will reshape labor demand. Until firms gain clearer visibility (particularly on trade policy and workforce needs) the labor market is likely to remain under pressure, even as headline growth remains stable and job openings still exceed the number of unemployed workers.
Housing activity ticked up modestly in November as lower mortgage rates provided some relief, but limited inventory and elevated prices capped sales, which remain down year over year. Consumer sentiment, meanwhile, has fallen sharply compared with last year, weighed down by pocketbook pressures, affordability challenges, and concerns about the labor market. Inflation data, though incomplete due to missing October price collection, showed core inflation running at a four-year low, a reading likely distorted by technical factors. Fed officials have emphasized patience, signaling no urgency to change rates while acknowledging that policy will eventually ease. For now, policymakers appear content to wait for clearer signals from both inflation and employment data before adjusting course.
Late last week, the New York Fed reported on dealer holdings for the week ending December 10, which showed MBS holdings at $135.4 billion, which is a record high. Treasury TIC data for October showed gross buying of government agency bonds (which includes Agency MBS, by both private and official institutions) at its highest level ($26.0 billion) in at least the past four months, with official flows also positive for the first time over that same time frame.
This Christmas week’s economic calendar includes updates on GDP, durable goods orders, industrial production/capacity utilization, consumer confidence, and new home sales, as well as Fed surveys. There is also heavy supply, consisting of $211 billion in 2-year, 5-year, and 7-year notes, and reopened 2-year FRNs. Today’s lone data point was the Chicago Fed National Activity Index for September. The U.S. Treasury will auction $69 billion 2-year notes in the afternoon. We begin this holiday week with Agency MBS prices unchanged from Friday, the 2-year yielding 3.49 pre-auction, and the 10-year yielding 4.15 after closing last week at 4.15 percent.
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