Tuesday, July 7, 2026
7.7.26 Technology Empowerment; American Pacific’s Jason Ponsonby on Origination; TBA Volumes
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Today’s episode includes a discussion on the ways technology is empowering borrowers, and what that is freeing up originators to focus on. Plus, Robbie interviews American Pacific’s Jason Ponsonby on how top-performing mortgage originators distinguish themselves through discipline, adaptability, strong relationship-building, and operational efficiency, while long-term success depends on fostering the right culture, and leveraging technology to enhance human connection. And we close with the trends in TBA mortgage-backed securities as we enter the depths of summer.
This week’s podcasts are sponsored by FICO. As the industry's most predictive credit score, FICO Score 10T combines proven performance with deeper insight into borrower behavior to help support a stronger and more resilient housing finance system.
The Chrisman Commentary is your go-to daily mortgage news podcast, where industry insights meet expert analysis. Hosted by Robbie Chrisman, this podcast delivers the latest updates on mortgage rates, capital markets, and the forces shaping the housing finance landscape. Whether you're a seasoned professional or just looking to stay informed, you'll get clear, concise breakdowns of market trends and economic shifts that impact the mortgage world.
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(0:02) Welcome to the Chrisman Commentary, Daily Mortgage News Podcast. (0:07) I'm your host, Robbie Chrisman. (0:09) Topics on today's episode include how consumers are increasingly empowered by technology, (0:15) what we're seeing with TBA hedge volumes with some are in full effect, and my interview (0:20) with American Pacific's Jason Ponsonby on how top-performing mortgage originators distinguish (0:25) themselves through discipline, adaptability, strong relationship building, and operational (0:30) efficiency.
(0:31) Here, take a listen to a little preview. (0:34) So when you look at the production landscape, what excites you? (0:39) And conversely, what gives you pause? (0:41) What I'm most excited about on the production side is how everything's changing, and it's (0:47) changing in a way where there's a lot of things that were, I would say, you know, very (0:52) monotonous tasks or things that were just administrative in nature, or just, you know, (0:57) like I mentioned, being tied to a device at a desk. (1:00) And as we're getting further and further away from that, I mean, it really excites me that (1:05) as originators, we're able to go out there and we're able to spend more time on building (1:10) relationships and finding new ways to generate business and whether that's through influencing (1:15) and using social media, whether that's, you know, through education and developing, you (1:21) know, a network of trust, other ways or a combination of all those, that's exciting (1:26) to me because I do think that in the age of technology and all the things that are moving (1:30) really fast on one side, it's still coming, you know, I think you used the word full circle (1:36) earlier and I think that's a great example where we keep coming back to that aspect of (1:41) trust and value and human connection.
(1:44) And that's exciting to me because we're able to do more because we have these technology (1:49) advantages and there's these things that can be done, you know, more efficiently and whether (1:53) it's automated or just more simple and less time consuming, it's opening up the door (1:59) for more creativity and more opportunity for our originators. (2:03) What gives me pause is almost the same kind of thing but in the other perspective. (2:09) It's things are moving fast and things are getting out in front of things and, you know, (2:14) so certainly there's always that situation of, you know, I use an example of all these (2:18) note takers and different things out there and making sure that, you know, we have the (2:22) governance and we have the policies and just trying to always stay in front of the next (2:26) thing because there is so much of that out there and it is moving fast, but the excitement (2:31) is greater, but the pause certainly is just in all these different tools and that they (2:37) get thrown at, you know, originators and other professionals in the industry and, you (2:42) know, staying in front of it and making sure that it's being used the right way but also, (2:47) you know, being used to the advantage of each person versus sometimes we get a lot thrown (2:51) at us and in the end it costs us more time.
(2:57) In a market where every loan counts, FICO Score 10T lets lenders say yes to more borrowers (3:02) without added risk. (3:04) As the industry's most predictive credit score, FICO Score 10T combines proven performance (3:08) with deeper insight into borrower behavior to help support a stronger and more resilient (3:12) housing finance system. (3:14) FICO has set the standard for decades and I'm grateful for their support of today's (3:18) podcast and the conversations that help bring mortgage professionals together.
(3:25) The industry is abuzz about the cross-country Two Harbor deal, but hearken back. (3:30) Think about the Redfin Rocket deal, playing for the top of the funnel and obtaining information (3:35) about consumers. (3:37) Rockets contests are meant to obtain that information, but can Rocket and other companies (3:41) convert information into loans? (3:44) Consumers are increasingly empowered by technology, forcing lenders and real estate agents to (3:49) spell out their advantages in this era of consolidation.
(3:52) MLOs and agents do offer value, namely quarterbacking the transaction. (3:57) Consumers have grown accustomed to researching financial products on their own, learning (4:00) at their own pace, and deciding if and when they want to speak with a person. (4:05) That shift has been especially important in products like reverse mortgages, where borrowers (4:09) still value expert guidance but increasingly want to arrive at those conversations informed (4:14) rather than starting from scratch.
(4:17) The most effective digital experiences, rather than replace the loan officer, remove confusion, (4:22) organize information around the questions borrowers are actually trying to answer, and (4:27) make it easier for people to move forward with confidence. (4:30) Behind the scenes, technology delivers the greatest value when it eliminates routine (4:33) work, shortens unnecessary delays, and gives experienced professionals more time to focus (4:38) on judgment, problem solving, and customer relationships. (4:42) As home equity products become more important to an aging population, the winners will be (4:47) the ones that make the process easier to understand, easier to navigate, and more aligned with (4:52) the expectations consumers already bring from the rest of their financial lives.
(4:58) The bond market began the week on firm-ish footing, as lower oil prices, easing geopolitical (5:03) concerns, and a weaker-than-expected June employment report reduced expectations for (5:07) an imminent Federal Reserve rate hike. (5:10) Although markets continue to price in some probability of additional monetary tightening, (5:14) the disappointing payroll data, both the headline miss and back-month downward revisions, contained (5:19) wage growth and retreat in energy prices have raised the bar for any near-term policy action, (5:24) reinforcing expectations for the Fed to remain patient while evaluating upcoming inflation (5:29) and labor market data. (5:31) Core inflation could still surprise to the upside when CPI prints next week, but the (5:35) reversal in oil prices suggests much of this year's earlier energy-driven inflation shock (5:40) is likely to prove temporary rather than the start of a sustained inflation cycle.
(5:45) Just don't say the word transitory three times in a mirror. (5:48) With summer in full effect, there has been lighter activity across the mortgage market, (5:52) with TBA hedge volumes declining sharply and specified pool trading remaining subdued in (5:57) reaction to that weaker-than-expected jobs report. (6:00) Issuance trends remain constructive, but are gradually moderating with early expectations (6:04) for slightly lower month-over-month Ginnie Mae production as the spring home-buying season (6:08) fades.
(6:09) Non-bank lenders continue to favor MJM temporary buy-down pools, which are MBS pools issued (6:15) and guaranteed by Ginnie Mae that bundle together FHA or VA-backed home loans, including (6:19) temporary interest rate buy-down provisions, which helps capitalize on favorable execution. (6:25) Trading activity is expected to normalize going forward as the new issuance calendar (6:29) ramps up, with focus on evolving issuance patterns, specified pool opportunities, and (6:35) discipline pricing in what remains a volatile rate environment. (6:38) Agency MBS supply continues to recover from its 2023 lows, driven primarily by refinancing (6:44) activity rather than purchase originations, suggesting mortgage production should remain (6:48) healthy even if rates stay near current levels.
(6:51) While the MBS sector posted a modest loss to begin July, performance reflected a range-bound (6:56) market characterized by subdued volatility, slightly longer durations, and investor preference (7:02) for higher-coupon, shorter-duration securities, with Agency MBS remaining attractive relative (7:06) to investment-grade corporates despite appearing rich versus Treasuries, as geopolitical risks (7:12) have eased alongside lower oil prices, investors remain focused on relative value opportunities (7:17) across coupons and vintages, while awaiting a clearer catalyst to determine the next direction (7:23) for rates. (7:27) For today's interview, I wanted to welcome to the show American Pacific's Jason Ponsomby (7:30) to talk about how top-performing mortgage originators distinguish themselves through discipline, (7:35) adaptability, strong relationship building, and operational efficiency, while long-term (7:40) success depends on fostering the right culture and leveraging technology to enhance the human (7:44) connection. (7:46) He's Senior Vice President of APM Production and has a strong passion for teamwork, leadership (7:50) development, and market and production growth.
(7:53) He oversees coaching, recruiting, business development, business planning, and training (7:56) programs and prides himself on building strong teams and branches. (8:01) What sets apart top-origination talent from wannabe talent? (8:07) What are the best originators doing these days? (8:11) What sets them apart? (8:13) The number one thing right now that sets apart the originators is just the work ethic and (8:18) what they're willing to put into the business and defining that a little further is, you (8:24) know, ability to adapt to changing ways. (8:27) A lot of things have changed from certainly from a technology perspective, but also from (8:31) some of the dynamics of the top of the funnel and in the top of the sales funnel, there's (8:36) a lot more opportunity for an originator to be able to take, you know, lead generation (8:40) and kind of reverse dynamic and be able to bring some of those opportunities to referral (8:46) partners versus referral partners bringing all of the business to them.
(8:49) And a big part of that is the top originators are finding ways to win the top of the funnel (8:55) and win some lead generation and strengthen partnerships in a two-way street versus one (9:00) way in the past. (9:02) And because they're top originators, they can have demands of their companies. (9:07) And I mean that in a good way.
(9:08) What are the top originators asking from their companies? (9:13) The big thing is the support and the ability for them to have more time to focus on origination (9:19) as we move fast. (9:20) I mean, the operational performance, the more an originator gets pulled into, you know, operational (9:25) type activities. (9:26) And I always define it, Robbie, as income producing and non-income producing time.
(9:30) And what I see the number one thing being, you know, as a production leader and serving (9:35) originators at American Pacific is the number one thing is the ability to be out originating (9:41) and spending that income producing time or maximizing income producing time. (9:45) And there's a lot of things that go into that. (9:48) Certainly, you know, like as I mentioned, operational excellence is one of them.
(9:51) And also just, you know, technologically being able to be mobile and not be limited to a laptop (9:57) or having to, you know, carry things around everywhere they go. (10:01) And certainly over the years, technology has helped with all of that. (10:04) And you know, we continue to see the requests and the desire from the production team being (10:10) how do I maximize income producing time and how do I stay on that front edge? (10:15) And that's where we focus.
(10:17) And certainly myself is very focused every day being able to maximize that. (10:22) Beyond the checklist of what a company can give their originator, maybe it's, oh, we (10:27) have an AI native, AI cloud infrastructure, fully digitized lending experience, whatever (10:33) it might be, what qualitatively can you provide or what is invaluable in terms of the ways (10:40) that you can support originators, build loyalty, engender trust and confidence and all those (10:46) good things beyond just, yeah, we have a great tech stack. (10:50) The big thing that I focused on is really, there's still a human connection and the human (10:55) connection happens at each interval.
(10:58) And what I mean by each interval is, it starts with, you know, the human connection in internally, (11:04) right, as an organization, from leader to leader and, you know, leader to branch and (11:09) branch to LO and, you know, continuing that path. (11:13) The human connection is important, but then at the same time, the human connection is important (11:17) with the consumer because we've seen many different instances where yes, tech stack is important (11:23) and that aspect helps make things easier and makes the experience, you know, more positive (11:28) for everyone. (11:30) At the same time, there's still an aspect to trust and there's an aspect to, we've even (11:35) seen where a consumer will go through the AI driven process where a lot of things are (11:40) done where they're just interacting with a screen.
(11:43) However, at some point, what we've seen is we have some of the younger consumers and borrowers (11:48) that we work with, they'll actually reach out and say, can we meet in person because they're (11:53) not even sure. (11:53) They're not sure because of in today's world, if they're even talking to somebody real because (11:57) of the avatars that all the crazy things in technology that have happened. (12:01) So I think the human connection is still a real big aspect to that.
(12:06) Yeah, it's been neat to see it come full circle, that the more tech there is, the more people (12:11) crave humanity. (12:13) Switching gears slightly, what's going on in terms of recruitment of LOs, signing bonuses? (12:19) It's always kind of something that's in the background, but it's certainly important. (12:23) What the latest landscape out there? (12:26) I think from the recruiting side, we continue to look at kind of, you know, two different (12:30) aspects to recruiting.
(12:32) There's certainly the M&A aspect of things, which, you know, we're super excited about, (12:36) you know, a pretty big growth focus, strategic merger that we just had a few weeks ago and (12:41) being able to have a great coming together of two great organizations with Synergy One (12:47) Lending and American Pacific. (12:49) And the M&A aspect is certainly there and, you know, we certainly continue to operate (12:54) in that space and find good opportunities like the one we just had. (12:59) And then on the other side, you know, creating the momentum and the recruiting of branches (13:03) and loan originators.
(13:05) And what I would say on the aspect of that is, you know, there's certainly that sign (13:09) on bonus aspect to things, but the sign on bonuses aren't really where the focus is. (13:14) That's kind of just part of what's out there. (13:16) We're really focusing on, you know, the aspect of win-win situations and really find talent (13:22) that fits the culture and who we are.
(13:25) And we really have stayed true over the years to just focusing on things. (13:29) We really embrace the entrepreneurial spirit. (13:32) We embrace the aspect of DBAs.
(13:34) We embrace really the success of how somebody will be more successful, what's their vision. (13:39) And I think sticking to those things have really worked out well for us and making (13:43) sure production always has a seat at the table because production touches everything in the (13:48) organization. And, you know, look, we need all pieces to be whole.
(13:52) However, if we don't have production coming in the door, those other pieces really don't (13:55) have anything to focus on. (13:57) So what we're seeing on that front is, you know, sign on bonuses certainly continue to (14:02) remain in the industry. (14:03) But at the same point, it does seem that the sign on bonuses are just kind of over on one (14:09) side.
And it's really more about about that win-win talent. (14:14) How am I going to, you know, the entrepreneurial spirit of how am I going to advance to the (14:17) vision and the goals that I have. (14:19) And aligning there has been has been very successful and seems to be there's been a lot of (14:25) movement the last few years.
(14:26) So it seems where that's becoming the bigger priority. (14:29) How do you qualify success or what constitutes a good day at work for you? (14:36) You know, for me, you know, that's been a changing what I would say define success and (14:42) goals for me. And I define it as, you know, early in my career as an originator for a (14:48) decade plus, you know, the success for me was being able to fulfill the mission of (14:54) providing home ownership.
(14:55) And that's a constant that's that's been, you know, for almost 25, 30 years, that's (15:00) been a constant for me is that, you know, the root of everything we do is is providing (15:04) home ownership. (15:06) But it changes, you know, for me, it's changed from I call it the gratification of making (15:11) a difference and making a difference as an originator was, you know, the being able to (15:16) watch somebody at a closing and the smiles and the tears and the hugs of getting their (15:21) first home or, you know, their vacation home or dream home or, you know, investment (15:26) property. And then over the years, it shifts and really in the leadership side of things, (15:31) you know, and that's what I would define today is, you know, success for me is making a (15:36) difference today and making a difference is my success in a day is defined on somebody (15:42) else becoming more successful.
(15:44) And I really think it's the root of leadership and really been kind of what I focus on (15:48) every single morning when I wake up. (15:50) I'm passionate. I start my day.
(15:52) I'm excited. And I know today that I'm going to show up. (15:55) I'm going to be positive.
I'm going to make a difference. (15:57) And if I do everything successfully, that means at the end of the day, somebody else, you (16:02) know, had a better day and was more successful. (16:04) And whether that's another loan or it was, you know, another relationship or something (16:08) else that they define in their successful day, that's what defines me.
(16:13) As a quick aside, since you brought it up, are leaders born or made? (16:18) Oh, that's a great question. (16:21) I think the best leaders are both. (16:23) They're born and they're made.
(16:25) Can a leader be can a leader be made? (16:27) I think a leader could be made. (16:29) But I would say that the best leaders, the best leaders are born and have the wiring built (16:34) in. And that can make you a good leader if you're born and you're wired that way.
(16:38) But I think more importantly is is the enhancement and constantly gaining knowledge and (16:43) refining the leadership skills and growing as a leader really is what defines the best (16:48) leader at the end of the day. (16:50) Yeah, well put. I've always found the best leaders to be the ones that lead from the (16:55) front that are willing to be the hardest working when need be rolled their sleeves up if (16:59) they need to.
But but they also bring others, pull others up to their level. (17:04) I think that's a great I think that's a great way to say it. (17:06) I mean, one of one of our core values, I when I joined American Pacific about seven (17:12) years ago, the one thing I looked at our core values and I was like, yeah, respect.
(17:17) I love that transparency. (17:18) I love that. And then our third core value is is scrappy.
(17:22) And I looked at that core value and I'm like, I mean, that one word really, really (17:26) defines, you know, just about every position in a mortgage organization. (17:31) And when I think of leadership and you're right, I mean, it's I agree with you 100 (17:35) percent, like, you know, leading from the front, not being afraid to roll the sleeves up. (17:39) And I say it in kind of the same way what I what I've said to a lot of the team and (17:44) others that I've I've been and had the pleasure of serving with is, you know, I (17:48) would never ask somebody to do something that I either haven't done or that I (17:53) wouldn't do.
And and, you know, I think if you think of things in that perspective, (17:58) it really does go a long ways. (18:00) Yeah, very well put. Before I let you go here, thoughts on what you're keeping an eye (18:05) on throughout the second half of twenty twenty six.
(18:10) And sure, you could say credit costs, you could say property appraisal waivers, you (18:15) could say the tweets before the midterms, you could say the geopolitical (18:19) instability. I don't know. (18:21) I don't know.
Up to up to you. (18:23) What are you keeping an eye on? (18:24) What's what's been piquing your interest? (18:26) And, yeah, still dole out some advice for listeners here, please. (18:29) You bet.
There's a few things I'm focusing on. (18:32) Certainly one is our new Fed chair and, you know, watching kind of how the Fed board (18:38) continues through the year. (18:40) I think that's one one area with just the newness and we don't we don't really know (18:45) what to expect.
So keeping a close eye there and seeing what tendencies might start to (18:49) appear. I think the other thing certainly is the midterm elections coming, you know, (18:54) and I think the tactical things with some of the appraisal changes and some of the other (19:00) things, I mean, I feel, you know, somewhat good in some of those because they've been (19:04) on the horizon for a while and we've been building up and planning for those. (19:07) So not going to be as concerned or that closely watching those things, because a lot of (19:12) that's just in the final stages, getting ready to deploy and be put into into practice.
(19:17) But from the production side, too, I mean, I think, you know, we continue and one of the (19:22) big things I talk about is, you know, just continuing to grow business through discipline, (19:26) through consistency and really keeping the team focused on serving our clients and our (19:31) communities at the highest level, not forgetting, you know, our purpose and what we do. (19:35) I mean, people will continue to buy homes. (19:38) There's lots of reasons that people buy homes.
(19:40) It's not always just rate dependent and really focusing on leadership and the resilience and (19:46) professionalism and everything they do to finish the year strong. (19:49) Right. The second half of the year, those that do all those different things that I (19:53) talked about and finish the year strong and and staying focused on what we can control.
(19:58) I mean, a lot of the things that we talk about, whether it's the Fed or whether it's around, (20:03) you know, different geopolitical events in the Middle East or wherever, whatever is going (20:07) on. I mean, we just don't control those things. (20:09) And we just need to stay focused on the systems, the processes and the things we do (20:14) control.
And the results will be positive if we just put our energy into those things. (20:19) Wise words. Every time I talk to you, I'm like, yeah, I'd run through a brick wall for (20:22) this guy.
So I appreciate you making the time and hope to see you out there soon. (20:27) Thanks, Jason. Thanks for the time, Robbie.
(20:32) Today's economic calendar includes May important export prices, May trade balance, (20:36) Red Book, same store sales, June consumer inflation expectations, the Atlanta Fed's GDP (20:40) now for Q2 and a three year note auction from the U.S. (20:43) Treasury. We begin Tuesday with agency MBS prices slightly worse than yesterday's close, (20:49) the two year yielding four point one three and the 10 year yielding four point five zero (20:53) after closing yesterday at four point four eight percent. (20:58) Let's wrap up with a joke and some housekeeping.
(21:02) Bob, a 70 year old, extremely wealthy widower, shows up at the country club with a (21:06) breathtakingly beautiful and very sexy 25 year old blonde haired woman who knocks (21:10) everyone's socks off with her youthful sex appeal and charm and who hangs over Bob's arm (21:14) and listens intently to his every word. (21:17) His buddies at the club are all aghast at the very first chance they corner him and ask, (21:21) Bob, how'd you get the trophy girlfriend? (21:24) Girlfriend, Bob replies, she's my wife. (21:27) They're knocked over, but continue to ask.
(21:29) So how do you persuade her to marry you? (21:31) I lied about my age, Bob replies. (21:34) What do you tell her? (21:35) You're only 50. (21:36) Bob smiles and says, no, I told her I was 90.
(21:43) Thanks again for FICO for sponsoring this week's podcast. (21:46) As the industry's most predictive credit score, FICO score 10T combines proven performance (21:51) with deeper insight into borrower behavior to help support a stronger and more resilient (21:55) housing finance system.(0:02) Welcome to the Chrisman Commentary, Daily Mortgage News Podcast. (0:07) I'm your host, Robby Chrisman. (0:09) Topics on today's episode include how consumers are increasingly empowered by technology, (0:15) what we're seeing with TBA hedge volumes with some are in full effect, and my interview (0:20) with American Pacific's Jason Ponsambi on how top-performing mortgage originators distinguish (0:25) themselves through discipline, adaptability, strong relationship building, and operational (0:30) efficiency.
(0:31) Here, take a listen to a little preview. (0:34) So when you look at the production landscape, what excites you? (0:39) And conversely, what gives you pause? (0:41) What I'm most excited about on the production side is how everything's changing, and it's (0:47) changing in a way where there's a lot of things that were, I would say, you know, very (0:52) monotonous tasks or things that were just administrative in nature, or just, you know, (0:57) like I mentioned, being tied to a device at a desk. (1:00) And as we're getting further and further away from that, I mean, it really excites me that (1:05) as originators, we're able to go out there and we're able to spend more time on building (1:10) relationships and finding new ways to generate business and whether that's through influencing (1:15) and using social media, whether that's, you know, through education and developing, you (1:21) know, a network of trust, other ways or a combination of all those, that's exciting (1:26) to me because I do think that in the age of technology and all the things that are moving (1:30) really fast on one side, it's still coming, you know, I think you used the word full circle (1:36) earlier and I think that's a great example where we keep coming back to that aspect of (1:41) trust and value and human connection.
(1:44) And that's exciting to me because we're able to do more because we have these technology (1:49) advantages and there's these things that can be done, you know, more efficiently and whether (1:53) it's automated or just more simple and less time consuming, it's opening up the door (1:59) for more creativity and more opportunity for our originators. (2:03) What gives me pause is almost the same kind of thing but in the other perspective. (2:09) It's things are moving fast and things are getting out in front of things and, you know, (2:14) so certainly there's always that situation of, you know, I use an example of all these (2:18) note takers and different things out there and making sure that, you know, we have the (2:22) governance and we have the policies and just trying to always stay in front of the next (2:26) thing because there is so much of that out there and it is moving fast, but the excitement (2:31) is greater, but the pause certainly is just in all these different tools and that they (2:37) get thrown at, you know, originators and other professionals in the industry and, you (2:42) know, staying in front of it and making sure that it's being used the right way but also, (2:47) you know, being used to the advantage of each person versus sometimes we get a lot thrown (2:51) at us and in the end it costs us more time.
(2:57) In a market where every loan counts, FICO Score 10T lets lenders say yes to more borrowers (3:02) without added risk. (3:04) As the industry's most predictive credit score, FICO Score 10T combines proven performance (3:08) with deeper insight into borrower behavior to help support a stronger and more resilient (3:12) housing finance system. (3:14) FICO has set the standard for decades and I'm grateful for their support of today's (3:18) podcast and the conversations that help bring mortgage professionals together.
(3:25) The industry is abuzz about the cross-country Two Harbor deal, but hearken back. (3:30) Think about the Redfin Rocket deal, playing for the top of the funnel and obtaining information (3:35) about consumers. (3:37) Rockets contests are meant to obtain that information, but can Rocket and other companies (3:41) convert information into loans? (3:44) Consumers are increasingly empowered by technology, forcing lenders and real estate agents to (3:49) spell out their advantages in this era of consolidation.
(3:52) MLOs and agents do offer value, namely quarterbacking the transaction. (3:57) Consumers have grown accustomed to researching financial products on their own, learning (4:00) at their own pace, and deciding if and when they want to speak with a person. (4:05) That shift has been especially important in products like reverse mortgages, where borrowers (4:09) still value expert guidance but increasingly want to arrive at those conversations informed (4:14) rather than starting from scratch.
(4:17) The most effective digital experiences, rather than replace the loan officer, remove confusion, (4:22) organize information around the questions borrowers are actually trying to answer, and (4:27) make it easier for people to move forward with confidence. (4:30) Behind the scenes, technology delivers the greatest value when it eliminates routine (4:33) work, shortens unnecessary delays, and gives experienced professionals more time to focus (4:38) on judgment, problem solving, and customer relationships. (4:42) As home equity products become more important to an aging population, the winners will be (4:47) the ones that make the process easier to understand, easier to navigate, and more aligned with (4:52) the expectations consumers already bring from the rest of their financial lives.
(4:58) The bond market began the week on firm-ish footing, as lower oil prices, easing geopolitical (5:03) concerns, and a weaker-than-expected June employment report reduced expectations for (5:07) an imminent Federal Reserve rate hike. (5:10) Although markets continue to price in some probability of additional monetary tightening, (5:14) the disappointing payroll data, both the headline miss and back-month downward revisions, contained (5:19) wage growth and retreat in energy prices have raised the bar for any near-term policy action, (5:24) reinforcing expectations for the Fed to remain patient while evaluating upcoming inflation (5:29) and labor market data. (5:31) Core inflation could still surprise to the upside when CPI prints next week, but the (5:35) reversal in oil prices suggests much of this year's earlier energy-driven inflation shock (5:40) is likely to prove temporary rather than the start of a sustained inflation cycle.
(5:45) Just don't say the word transitory three times in a mirror. (5:48) With summer in full effect, there has been lighter activity across the mortgage market, (5:52) with TBA hedge volumes declining sharply and specified pool trading remaining subdued in (5:57) reaction to that weaker-than-expected jobs report. (6:00) Issuance trends remain constructive, but are gradually moderating with early expectations (6:04) for slightly lower month-over-month Ginnie Mae production as the spring home-buying season (6:08) fades.
(6:09) Non-bank lenders continue to favor MJM temporary buy-down pools, which are MBS pools issued (6:15) and guaranteed by Ginnie Mae that bundle together FHA or VA-backed home loans, including (6:19) temporary interest rate buy-down provisions, which helps capitalize on favorable execution. (6:25) Trading activity is expected to normalize going forward as the new issuance calendar (6:29) ramps up, with focus on evolving issuance patterns, specified pool opportunities, and (6:35) discipline pricing in what remains a volatile rate environment. (6:38) Agency MBS supply continues to recover from its 2023 lows, driven primarily by refinancing (6:44) activity rather than purchase originations, suggesting mortgage production should remain (6:48) healthy even if rates stay near current levels.
(6:51) While the MBS sector posted a modest loss to begin July, performance reflected a range-bound (6:56) market characterized by subdued volatility, slightly longer durations, and investor preference (7:02) for higher-coupon, shorter-duration securities, with Agency MBS remaining attractive relative (7:06) to investment-grade corporates despite appearing rich versus Treasuries, as geopolitical risks (7:12) have eased alongside lower oil prices, investors remain focused on relative value opportunities (7:17) across coupons and vintages, while awaiting a clearer catalyst to determine the next direction (7:23) for rates. (7:27) For today's interview, I wanted to welcome to the show American Pacific's Jason Ponsomby (7:30) to talk about how top-performing mortgage originators distinguish themselves through discipline, (7:35) adaptability, strong relationship building, and operational efficiency, while long-term (7:40) success depends on fostering the right culture and leveraging technology to enhance the human (7:44) connection. (7:46) He's Senior Vice President of APM Production and has a strong passion for teamwork, leadership (7:50) development, and market and production growth.
(7:53) He oversees coaching, recruiting, business development, business planning, and training (7:56) programs and prides himself on building strong teams and branches. (8:01) What sets apart top-origination talent from wannabe talent? (8:07) What are the best originators doing these days? (8:11) What sets them apart? (8:13) The number one thing right now that sets apart the originators is just the work ethic and (8:18) what they're willing to put into the business and defining that a little further is, you (8:24) know, ability to adapt to changing ways. (8:27) A lot of things have changed from certainly from a technology perspective, but also from (8:31) some of the dynamics of the top of the funnel and in the top of the sales funnel, there's (8:36) a lot more opportunity for an originator to be able to take, you know, lead generation (8:40) and kind of reverse dynamic and be able to bring some of those opportunities to referral (8:46) partners versus referral partners bringing all of the business to them.
(8:49) And a big part of that is the top originators are finding ways to win the top of the funnel (8:55) and win some lead generation and strengthen partnerships in a two-way street versus one (9:00) way in the past. (9:02) And because they're top originators, they can have demands of their companies. (9:07) And I mean that in a good way.
(9:08) What are the top originators asking from their companies? (9:13) The big thing is the support and the ability for them to have more time to focus on origination (9:19) as we move fast. (9:20) I mean, the operational performance, the more an originator gets pulled into, you know, operational (9:25) type activities. (9:26) And I always define it, Robbie, as income producing and non-income producing time.
(9:30) And what I see the number one thing being, you know, as a production leader and serving (9:35) originators at American Pacific is the number one thing is the ability to be out originating (9:41) and spending that income producing time or maximizing income producing time. (9:45) And there's a lot of things that go into that. (9:48) Certainly, you know, like as I mentioned, operational excellence is one of them.
(9:51) And also just, you know, technologically being able to be mobile and not be limited to a laptop (9:57) or having to, you know, carry things around everywhere they go. (10:01) And certainly over the years, technology has helped with all of that. (10:04) And you know, we continue to see the requests and the desire from the production team being (10:10) how do I maximize income producing time and how do I stay on that front edge? (10:15) And that's where we focus.
(10:17) And certainly myself is very focused every day being able to maximize that. (10:22) Beyond the checklist of what a company can give their originator, maybe it's, oh, we (10:27) have an AI native, AI cloud infrastructure, fully digitized lending experience, whatever (10:33) it might be, what qualitatively can you provide or what is invaluable in terms of the ways (10:40) that you can support originators, build loyalty, engender trust and confidence and all those (10:46) good things beyond just, yeah, we have a great tech stack. (10:50) The big thing that I focused on is really, there's still a human connection and the human (10:55) connection happens at each interval.
(10:58) And what I mean by each interval is, it starts with, you know, the human connection in internally, (11:04) right, as an organization, from leader to leader and, you know, leader to branch and (11:09) branch to LO and, you know, continuing that path. (11:13) The human connection is important, but then at the same time, the human connection is important (11:17) with the consumer because we've seen many different instances where yes, tech stack is important (11:23) and that aspect helps make things easier and makes the experience, you know, more positive (11:28) for everyone. (11:30) At the same time, there's still an aspect to trust and there's an aspect to, we've even (11:35) seen where a consumer will go through the AI driven process where a lot of things are (11:40) done where they're just interacting with a screen.
(11:43) However, at some point, what we've seen is we have some of the younger consumers and borrowers (11:48) that we work with, they'll actually reach out and say, can we meet in person because they're (11:53) not even sure. (11:53) They're not sure because of in today's world, if they're even talking to somebody real because (11:57) of the avatars that all the crazy things in technology that have happened. (12:01) So I think the human connection is still a real big aspect to that.
(12:06) Yeah, it's been neat to see it come full circle, that the more tech there is, the more people (12:11) crave humanity. (12:13) Switching gears slightly, what's going on in terms of recruitment of LOs, signing bonuses? (12:19) It's always kind of something that's in the background, but it's certainly important. (12:23) What the latest landscape out there? (12:26) I think from the recruiting side, we continue to look at kind of, you know, two different (12:30) aspects to recruiting.
(12:32) There's certainly the M&A aspect of things, which, you know, we're super excited about, (12:36) you know, a pretty big growth focus, strategic merger that we just had a few weeks ago and (12:41) being able to have a great coming together of two great organizations with Synergy One (12:47) Lending and American Pacific. (12:49) And the M&A aspect is certainly there and, you know, we certainly continue to operate (12:54) in that space and find good opportunities like the one we just had. (12:59) And then on the other side, you know, creating the momentum and the recruiting of branches (13:03) and loan originators.
(13:05) And what I would say on the aspect of that is, you know, there's certainly that sign (13:09) on bonus aspect to things, but the sign on bonuses aren't really where the focus is. (13:14) That's kind of just part of what's out there. (13:16) We're really focusing on, you know, the aspect of win-win situations and really find talent (13:22) that fits the culture and who we are.
(13:25) And we really have stayed true over the years to just focusing on things. (13:29) We really embrace the entrepreneurial spirit. (13:32) We embrace the aspect of DBAs.
(13:34) We embrace really the success of how somebody will be more successful, what's their vision. (13:39) And I think sticking to those things have really worked out well for us and making (13:43) sure production always has a seat at the table because production touches everything in the (13:48) organization. And, you know, look, we need all pieces to be whole.
(13:52) However, if we don't have production coming in the door, those other pieces really don't (13:55) have anything to focus on. (13:57) So what we're seeing on that front is, you know, sign on bonuses certainly continue to (14:02) remain in the industry. (14:03) But at the same point, it does seem that the sign on bonuses are just kind of over on one (14:09) side.
And it's really more about about that win-win talent. (14:14) How am I going to, you know, the entrepreneurial spirit of how am I going to advance to the (14:17) vision and the goals that I have. (14:19) And aligning there has been has been very successful and seems to be there's been a lot of (14:25) movement the last few years.
(14:26) So it seems where that's becoming the bigger priority. (14:29) How do you qualify success or what constitutes a good day at work for you? (14:36) You know, for me, you know, that's been a changing what I would say define success and (14:42) goals for me. And I define it as, you know, early in my career as an originator for a (14:48) decade plus, you know, the success for me was being able to fulfill the mission of (14:54) providing home ownership.
(14:55) And that's a constant that's that's been, you know, for almost 25, 30 years, that's (15:00) been a constant for me is that, you know, the root of everything we do is is providing (15:04) home ownership. (15:06) But it changes, you know, for me, it's changed from I call it the gratification of making (15:11) a difference and making a difference as an originator was, you know, the being able to (15:16) watch somebody at a closing and the smiles and the tears and the hugs of getting their (15:21) first home or, you know, their vacation home or dream home or, you know, investment (15:26) property. And then over the years, it shifts and really in the leadership side of things, (15:31) you know, and that's what I would define today is, you know, success for me is making a (15:36) difference today and making a difference is my success in a day is defined on somebody (15:42) else becoming more successful.
(15:44) And I really think it's the root of leadership and really been kind of what I focus on (15:48) every single morning when I wake up. (15:50) I'm passionate. I start my day.
(15:52) I'm excited. And I know today that I'm going to show up. (15:55) I'm going to be positive.
I'm going to make a difference. (15:57) And if I do everything successfully, that means at the end of the day, somebody else, you (16:02) know, had a better day and was more successful. (16:04) And whether that's another loan or it was, you know, another relationship or something (16:08) else that they define in their successful day, that's what defines me.
(16:13) As a quick aside, since you brought it up, are leaders born or made? (16:18) Oh, that's a great question. (16:21) I think the best leaders are both. (16:23) They're born and they're made.
(16:25) Can a leader be can a leader be made? (16:27) I think a leader could be made. (16:29) But I would say that the best leaders, the best leaders are born and have the wiring built (16:34) in. And that can make you a good leader if you're born and you're wired that way.
(16:38) But I think more importantly is is the enhancement and constantly gaining knowledge and (16:43) refining the leadership skills and growing as a leader really is what defines the best (16:48) leader at the end of the day. (16:50) Yeah, well put. I've always found the best leaders to be the ones that lead from the (16:55) front that are willing to be the hardest working when need be rolled their sleeves up if (16:59) they need to.
But but they also bring others, pull others up to their level. (17:04) I think that's a great I think that's a great way to say it. (17:06) I mean, one of one of our core values, I when I joined American Pacific about seven (17:12) years ago, the one thing I looked at our core values and I was like, yeah, respect.
(17:17) I love that transparency. (17:18) I love that. And then our third core value is is scrappy.
(17:22) And I looked at that core value and I'm like, I mean, that one word really, really (17:26) defines, you know, just about every position in a mortgage organization. (17:31) And when I think of leadership and you're right, I mean, it's I agree with you 100 (17:35) percent, like, you know, leading from the front, not being afraid to roll the sleeves up. (17:39) And I say it in kind of the same way what I what I've said to a lot of the team and (17:44) others that I've I've been and had the pleasure of serving with is, you know, I (17:48) would never ask somebody to do something that I either haven't done or that I (17:53) wouldn't do.
And and, you know, I think if you think of things in that perspective, (17:58) it really does go a long ways. (18:00) Yeah, very well put. Before I let you go here, thoughts on what you're keeping an eye (18:05) on throughout the second half of twenty twenty six.
(18:10) And sure, you could say credit costs, you could say property appraisal waivers, you (18:15) could say the tweets before the midterms, you could say the geopolitical (18:19) instability. I don't know. (18:21) I don't know.
Up to up to you. (18:23) What are you keeping an eye on? (18:24) What's what's been piquing your interest? (18:26) And, yeah, still dole out some advice for listeners here, please. (18:29) You bet.
There's a few things I'm focusing on. (18:32) Certainly one is our new Fed chair and, you know, watching kind of how the Fed board (18:38) continues through the year. (18:40) I think that's one one area with just the newness and we don't we don't really know (18:45) what to expect.
So keeping a close eye there and seeing what tendencies might start to (18:49) appear. I think the other thing certainly is the midterm elections coming, you know, (18:54) and I think the tactical things with some of the appraisal changes and some of the other (19:00) things, I mean, I feel, you know, somewhat good in some of those because they've been (19:04) on the horizon for a while and we've been building up and planning for those. (19:07) So not going to be as concerned or that closely watching those things, because a lot of (19:12) that's just in the final stages, getting ready to deploy and be put into into practice.
(19:17) But from the production side, too, I mean, I think, you know, we continue and one of the (19:22) big things I talk about is, you know, just continuing to grow business through discipline, (19:26) through consistency and really keeping the team focused on serving our clients and our (19:31) communities at the highest level, not forgetting, you know, our purpose and what we do. (19:35) I mean, people will continue to buy homes. (19:38) There's lots of reasons that people buy homes.
(19:40) It's not always just rate dependent and really focusing on leadership and the resilience and (19:46) professionalism and everything they do to finish the year strong. (19:49) Right. The second half of the year, those that do all those different things that I (19:53) talked about and finish the year strong and and staying focused on what we can control.
(19:58) I mean, a lot of the things that we talk about, whether it's the Fed or whether it's around, (20:03) you know, different geopolitical events in the Middle East or wherever, whatever is going (20:07) on. I mean, we just don't control those things. (20:09) And we just need to stay focused on the systems, the processes and the things we do (20:14) control.
And the results will be positive if we just put our energy into those things. (20:19) Wise words. Every time I talk to you, I'm like, yeah, I'd run through a brick wall for (20:22) this guy.
So I appreciate you making the time and hope to see you out there soon. (20:27) Thanks, Jason. Thanks for the time, Robbie.
(20:32) Today's economic calendar includes May important export prices, May trade balance, (20:36) Red Book, same store sales, June consumer inflation expectations, the Atlanta Fed's GDP (20:40) now for Q2 and a three year note auction from the U.S. (20:43) Treasury. We begin Tuesday with agency MBS prices slightly worse than yesterday's close, (20:49) the two year yielding four point one three and the 10 year yielding four point five zero (20:53) after closing yesterday at four point four eight percent. (20:58) Let's wrap up with a joke and some housekeeping.
(21:02) Bob, a 70 year old, extremely wealthy widower, shows up at the country club with a (21:06) breathtakingly beautiful and very sexy 25 year old blonde haired woman who knocks (21:10) everyone's socks off with her youthful sex appeal and charm and who hangs over Bob's arm (21:14) and listens intently to his every word. (21:17) His buddies at the club are all aghast at the very first chance they corner him and ask, (21:21) Bob, how'd you get the trophy girlfriend? (21:24) Girlfriend, Bob replies, she's my wife. (21:27) They're knocked over, but continue to ask.
(21:29) So how do you persuade her to marry you? (21:31) I lied about my age, Bob replies. (21:34) What do you tell her? (21:35) You're only 50. (21:36) Bob smiles and says, no, I told her I was 90.
(21:43) Thanks again for FICO for sponsoring this week's podcast. (21:46) As the industry's most predictive credit score, FICO score 10T combines proven performance (21:51) with deeper insight into borrower behavior to help support a stronger and more resilient (21:55) housing finance system.