Lender and Broker Services, Products, and Software

In an open letter reflecting on a landmark 2025, Polly Founder and CEO Adam Carmel shares a powerful message of gratitude and strategic evolution. The company has spent the past year leading the market in enterprise innovation and Generative AI, continuing to demonstrate that the era of stagnant, legacy tech is over. This is more than a milestone report; it's a call to action for an industry at a crossroads. Carmel reflects on the profound impact and shared success achieved alongside Polly's customer partners, and looks ahead to a 2026 centered on intentional innovation and new product frontiers. Whether you're a long-time partner or industry observer, this letter offers a transparent look at the future of capital markets technology. Read the full open letter to explore Polly's 2025 milestones and their bold vision for the year ahead.

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.

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.

Conventional Conforming News

Yes, large investors and wholesale buyers follow agency guidelines. They’ve felt market share pressure from the non-QM and non-Agency sector in terms of prices and guidelines. Yet the market still follows Freddie and Fannie with their gfee hits (https://www.fhfa.gov/document/gfee-report-2024.pdf or https://www.fhfa.gov/reports/single-family-guarantee-fees/2024).

Fifth Third Correspondent Lending Communiqué Edition 2025-6-12.3.25 has the following topics: 2026 Loan Limits, Overnight Rate Protection Change, Early Payoff Policy Update for Principal Curtailments, Agency VLIP Expiration, and Final Documents Delivery Address Reminder.

Fannie Mae announced Selling Guide changes addressing multiple topics including representation and warranty relief for undisclosed non-mortgage liabilities, single-closing construction-to-permanent loans, and minimum credit score requirements. See AmeriHome Mortgage Product Announcement 20251201-CL for details.

AmeriHome Mortgage issued Product Announcement 20251202-CL reminding Sellers that the Fannie Mae and Freddie Mac (GSEs) Very Low-Income Program (VLIP) credit will expire on February 28, 2026. The last day for AmeriHome to purchase a Mortgage Loan with a VLIP LLPA credit will be January 15, 2026.

Effective December 8, 2025, PHH Mortgage began accepting new locks for both Mandatory and Best-Efforts delivery that meet the Federal Housing Finance Agency (FHFA) 2026 loan limits. View the PHH company library to view the announcement.

Effective for all Best-Efforts Commitments taken on or after Friday, December 12, 2025; Pennymac updated Conventional LLPAs and non-QM LLPAs. View Announcement 25-128 for details.

National MI announced updates to the TrueGuide® reflecting the following changes and clarifications: minimum credit score requirements, ​​​​​GSE Conforming and High Balance/Super Conforming loan limit increases, Jumbo and Medical Professional Program loan limit increases, Delegated Authority Limit, and AUS and Non-AUS Loans.

PHH Mortgage announced updates to self-employed tax transcript requirements for Conforming and Government Products. View the PHH company library to view the announcement details.

Pennymac updated Conventional LLPAs effective for all Best-Efforts Commitments taken on or after Wednesday, December 17, 2025. View Announcement 25-130.

Pennymac announcement 25-133 is a reminder of the deadline submission for Fannie Mae HomeReady and Freddie Mac Home Possible temporary down payment assistance ($2,500) for very low-income purchase borrowers (VLIP).

Citi Correspondent Lending Bulletin 2025-13 describes 2026 Conforming loan amount changes new Community Lending Matrix notice.

Newrez Correspondent added new product codes to the Smart Edge and Smart Self products to support Texas 50A6 loans. Updates are effective immediately, including pipeline loans.

Newrez Correspondent is retiring $2500 VLIP Grant for the HomeReady PLUS and Home Possible PLUS products. In order to meet the agency delivery deadline, all loans with a VLIP Grant must be purchased by Newrez on or before January 30, 2026. The Income Requirements and Limits section of the product summaries have been updated with the final purchase date.

Capital Markets

Before Wednesday’s early close, we learned that third-quarter GDP surprised to the upside at 4.3 percent, supported by resilient consumer spending and an improved trade balance, even as both residential and non-residential investment weakened under the weight of elevated inventories and soft pricing. Inflation measures also reaccelerated, with core PCE rising to 2.9 percent, keeping price pressures uncomfortably above the Fed’s target.

With front-end rates expected to drift lower as policy normalizes and the Fed maintains flexibility amid data distortions from the shutdown, risk assets remain supported, particularly for higher-income households benefiting from the wealth effect. Thin holiday liquidity has amplified price moves, while global bearishness in other developed bond markets has capped Treasury rallies, even as a persistently positive term premium continues to support demand for longer-dated Treasuries.

The policy debate has shifted to focus on labor conditions as the decisive input for monetary policy and expectations coalescing around a cautious Fed that is likely to hold rates steady in January while reassessing the path forward. And labor market indicators are diverging: initial jobless claims fell to 214k, well below expectations, but continuing claims climbed to 1.92 million and the unemployment rate rose to 4.6 percent, its highest level since the pandemic.

Rising unemployment is pushing recession indicators closer to warning levels, underscoring a growing disconnect between asset-market strength and the pressures facing large segments of the household sector as investors look ahead to 2026. Stability has been reinforced by the Treasury Department’s reliance on bill issuance, expectations that future auction increases will remain front-end focused, and evidence of solid demand such as this week’s well-received $44 billion 7-year note sale.

Freddie Mac released its Primary Mortgage Market Survey for the week ending December 24, with the 30-year rate falling 3-basis points to 6.18 percent, also within 1-basis point of the year-to-date low, and the 15-year rate rose 3-basis points to 5.50 percent. From a year ago, rates are 67-basis points and 50-basis points lower, respectively.

As markets return today after Christmas, there are no data or events scheduled. We begin this post-Christmas Day Friday with Agency MBS prices unchanged from Wednesday’s Christmas Eve close, the 2-year yielding 3.50, and the 10-year yielding 4.13 after Wednesday's early close at 4.14 percent.