What should we talk about today? Besides TSA bringing back gate access, here’s a leading IMB exec and his wife putting their Florida home on the market for “a pretty penny.” There’s talk at conferences, not only about things being slower than expected in 2026 and potentially even slower in 2027, but also of LO and branch movement. It reminds me of the adage, “If you came here for a signing bonus, you’re going to leave for a signing bonus.” In legal news, there’s Brian Levy’s latest Mortgage Musing which summarizes the MBA’s doctrinally strategic lawsuit launched late last week against New Jersey’s aggressive disparate impact rules. The MBA and its counsel, Pacific Legal Foundation, argue that the state ignored the constitutional safeguards Justice Kennedy built into Inclusive Communities over a decade ago. (Sign up for free on Levy’s Substack site if you would like to get an email every time he publishes a new Musing.) In market news, today’s Capital Markets Wrap will discuss inflation, the not-so-new Fed Chair, and the MBA’s ’26 and ’27 forecast. (Today’s podcast can be found here. This week’s ‘casts are sponsored by NFTYDoor, the fully branded or private label HELOC platform for banks, credit unions, and brokers. Close in zero days with warehouse funding. Power your home equity lending with NFTYDoor. Today’s has an interview with Curinos’ Ken Flaherty and Rich Martin on the growing home-equity opportunity, using speed as a competitive advantage, reaching the next generation of borrowers, and tracking key mortgage-market trends over the next year.)
Employment and transitions
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GMFS Mortgage has named Brandon Bauch as a Vice President, Regional Sales Manager, adding a veteran sales leader with more than 25 years in mortgage lending as the lender expands its regional sales strategy. Bauch has served as EVP and National Sales Director for TPO at Guaranty Home Mortgage Corporation and previously spent nearly two decades at Franklin American Mortgage Company as a Regional Sales Manager, leading production across 10 Southwest states. At GMFS, he will grow the company’s TPO client base, strengthen broker and correspondent relationships, and expand its wholesale footprint across his region. “Brandon is a proven team-builder who knows how to win in competitive markets,” GMFS said of the hire, which continues the company’s investment in sales leadership.
Logan Finance is open in Chandler, Arizona, and building its team. The company is seeking experienced Wholesale Non-QM Account Executives to join its Arizona office at The Alexander Place and grow with Logan. Through the end of 2026, qualifying AEs can earn incentives for new relationships: 60 BPS on new business from accounts that have never worked with Logan in select East and West markets, and 65 BPS on the first loan from qualifying national accounts, followed by 60 BPS on every additional loan through year-end. Add competitive compensation, best-in-class technology, and market-leading non-QM solutions, plus an operations team committed to getting loans to the closing table, and it’s clear why experienced AEs are joining Logan. Candidates can contact Jeffrey Massotti, EVP, National TPO, or learn more about joining Logan Finance. Logan Finance Corporation | NMLS #127722 | Equal Opportunity Housing Lender.
MCT announced the addition of 40-year vet Tom Piercy as Director of MSR Advisory. A widely respected leader in mortgage servicing rights (MSR), Piercy will work to grow MCT’s bulk MSR transactions and advance its MSR Marketplace. “Throughout his career he has been a consistent, trusted voice for buyers and sellers of mortgage servicing rights.”
Click n’ Close, a multi-state mortgage lender, today announced that mortgage industry veteran Blake Priest has joined the company as director of whole loan trading where he will lead the company’s scratch and dent purchasing, giving correspondent partners another outlet for loans that fall outside traditional investor guidelines. In addition, he will oversee lead sourcing and pricing assessments, monitor hedging performance, and participate in secondary distribution to support continued growth across the correspondent division. Congratulations!
The Chrisman Job Board is the go-to platform for employment opportunities across the mortgage industry. For employers, adding a job listing is easy. Simply create an account and drop in your existing application link, or forward the details to our team and we’ll take care of it for you. For job seekers, joining our Talent Community is completely free. Upload your resume to be visible to hiring companies across the industry and stay connected to new opportunities as they go live.
Broker and lender products, software, and services
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Did you know that ships built too large for the Panama Canal’s original locks lost the canal’s direct route and had to sail around Cape Horn until new locks opened in 2016? Lake Michigan Credit Union also had to restore a direct route. A core system update cut off the direct vendor link that its home equity team used to order title and valuation work, pushing staff onto a separate website just as volume climbed for the season. After deciding to move off that core system and onto Temenos, LMCU discovered that FirstClose already had the integration LMCU needed to help power its home equity originations. FirstClose also met with the entire home equity team to provide direct training. Title reports now come back in two to three days, and files reach underwriting sooner with fewer outstanding documents. How much faster overall? Read the case study.
“Your title partner should fit into your workflow, not force your team to change it. Priority Title & Escrow (PTE) integrates with leading LOS and technology platforms to provide real-time order tracking, status updates, and document exchange within the systems your team already uses. But not every lender operates with an off-the-shelf workflow. That’s where PTE’s in-house development team makes a difference. We build custom integrations around your technology stack and operational requirements, helping connect complex systems without forcing your team into workarounds. The result? A more connected settlement process, less manual work, and better visibility from order to closing, in all 50 states. PTE brings the national scale and technical expertise to help keep your systems and title partner in sync. Let’s talk about your integration needs. Join us in our meeting suite at the MBA Annual Conference where we’ll create you a custom cup of coffee while we talk about your custom integration needs: Sales@PriorityTitle.com.”
The next generation of mortgage lenders won’t compete based on who has the most AI tools. They’ll compete based on who has built the most intelligent enterprise. JazzX AI creates a general intelligence layer that orchestrates work across the full loan lifecycle without replacing the systems you’ve already invested in. With AI that reasons, learns, and adapts to your business – while keeping your team in control. JazzX helps lenders save $1,500+ per loan, improve loan quality, and close faster. Book a demo to see what proven AI and measurable outcomes can do for your operation.
Asset Based Lending’s (ABL) recent DSCR multifamily expansion is worth knowing about, with financing now available for 5–9-unit properties. During ABL’s upcoming webinar, How to Qualify Multifamily Deals and Scale, the group will go beyond the program changes to show brokers what it takes to position multifamily deals for approval as investors move into larger properties. The discussion will cover what underwriters evaluate – including the market, property, borrower, and business plan – and what changes when a deal moves from small multifamily into larger income-producing properties. Check out the webinar on Wednesday, September 23rd at 2:00pm EDT. If you work with real estate investors, this is a good opportunity to understand the new financing options and how to help your clients prepare stronger multifamily deals. Register here.
SettlementOne: The Partner Behind Your Partners. What sets SettlementOne apart isn’t just a single solution… It’s the powerful network behind it. For over 25 years, SettlementOne has built deep integrations across the mortgage ecosystem giving lenders a single, streamlined point of access to the credit, verification, and data tools needed to drive confident decisions. Their commitment to collaboration and unique bundled solutions makes them a trusted partner to both clients and the industry at large. Attending the New England Mortgage Bankers Conference (September 16-18)? Connect with Cheryl Kenney, SVP of Sales & Marketing, to learn how SettlementOne’s partnerships can strengthen yours. Email Cheryl to schedule a meeting.
Credit union members expect a closing experience that fits their lives, not the other way around. NotaryCam®, a Stewart company, is built to deliver exactly that. Through Signer’s Choice, NotaryCam joins Signature Closers to allow members to execute any type of document, any way the member chooses, through a single solution. Whether it is electronic signatures, in-person notarizations or remote online notarizations, Signer’s Choice puts the “Choice” in the members’ hands. Stewart and its family of companies bring credit unions a full suite of title, settlement, valuation, and signing solutions designed to reduce friction and enhance the member experience at every step. Learn how NotaryCam and the Stewart family of companies can elevate signing and notarization experiences for your members. Schedule a meeting with our team at the ACUMA Annual Conference in Vegas September 20-23.
Chrisman Demo Day is a free perk for all Chrisman Marketplace members. If you’re a technology or service provider and haven’t joined the Marketplace yet, reach out to Jake Perkins at info@chrismancommentary.com to learn more.
The Chrisman Marketplace is a centralized hub for vendors and service providers across the 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.
Correspondent and wholesale products
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Demand for non-QM isn’t slowing down. Is your team ready to capture it? With eRESI’s non-delegated solution, you don’t have to wait for additional headcount or specialized non-QM expertise to take advantage of growing demand. As an eRESI Non-Delegated Seller, you gain access to the tools, resources, and underwriting support you need to expand your non-QM capacity. Contact our team to learn how eRESI non-Del can accelerate your next stage of growth. Prefer to talk face-to-face? Meet with us in Chicago at MBA Annual, October 11-14, to discuss strategies for expanding your non-QM business.
Figure Acquires Kiavi: Transforming Digital Lending! Figure officially closed its acquisition of Kiavi, uniting Figure’s blockchain lending ecosystem with Kiavi’s stronghold in residential real estate investment financing to streamline digital origination and scale capital markets liquidity.
On the heels of this news, Figure’s rolling into IMN HELOC & Second Liens Conference with its biggest contingent yet. They’re taking the stage across four sessions to discuss how lenders and investors can be a part of today’s exciting capital markets transformation, what’s new in home equity securitizations, expanding liquidity in second-lien products, and taking advantage of the home equity opportunity for banks and credit unions. Reach out to partners@figure.com to schedule a meeting at IMN or virtually.
Kind Lending is closing a chapter with Success Lending, with the two organizations making the mutual, strategic decision to wind down their joint venture and both focused on the progress that has been made. For Kind, that progress is taking shape across both sides of the business. Kind’s TPO business recorded a 44 percent year-over-year increase in funded volume through August 2026, while Retail is expanding under the leadership of newly appointed SVP of Retail Jonathan Engler.
STRATMOR on tech
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The cost per funded loan for IMBs is stubbornly around $11k, and lenders hoping to drive that down should know that STRATMOR’s 2026 Technology Insight® Study Lender Intelligence Survey is now open, giving mortgage lenders a chance to share their firsthand experience with the technology that powers their businesses… and to help shape a clearer picture of what’s working, what isn’t, and where the industry is headed.
The study reflects actual lender experience, providing an independent view of user satisfaction and Lender Loyalty Score® across a wide range of mortgage technology categories. Complete the survey and receive the results free of charge, giving you valuable intelligence you can use to understand how your technology experience compares across the industry. Add your voice to the industry’s technology intelligence: Take the survey.
EverBank and WaFd, Inc.
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EverBank Financial Corp, the parent company of EverBank, N.A., and WaFd, Inc. (NASDAQ: WAFD), the parent company of WaFd Bank, announced they have entered into a definitive merger agreement providing for a strategic combination of EverBank Financial Corp and WaFd, Inc. Keefe, Bruyette & Woods (aka KBW) served as exclusive Financial Advisor to WaFd, Inc. on its $3.9 billion reverse merger transaction with EverBank Financial Corp.
“Under the terms of the agreement, EverBank Financial Corp will merge with and into WaFd, Inc., with WaFd, Inc. continuing as the resulting financial holding company. Existing shareholders of EverBank Financial Corp will receive common stock in WaFd, Inc. in exchange for their EverBank Financial Corp shares. Upon completion of the merger, WaFd, Inc. will remain a publicly traded company and change its name to EverBank Financial Corp and trade on the Nasdaq Stock Exchange under the new ticker symbol EVBK. EverBank Financial Corp will be designated as the accounting acquirer.
Capital markets: Rocket & conforming loan limits
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Not much news to open the week, so let’s focus on some larger stories in the capital markets. Specified payups have eroded during this selloff as investors have become less willing to pay a premium for pools with favorable prepayment characteristics when overall MBS valuations cheapen, volatility rises, liquidity becomes more important, and the value of prepayment protection becomes harder to monetize. For lenders, this means the economics of originating and retaining specified pools can deteriorate quickly. Be cautious about assuming today’s payups will persist, incorporate more conservative payup assumptions into pricing and hedging decisions, and pay close attention to which loan characteristics are actually commanding durable value rather than relying on historical premiums.
Effective tomorrow, Rocket is once again getting out in front of FHFA on conforming loan limits, with Optimal Blue updating Rocket’s Conforming and High Balance products ahead of the official Agency (FHFA/Freddie/Fannie) announcement. While we don’t yet know exactly what number Rocket is using, a back-of-the-envelope estimate based on Q2 home-price data would put the new baseline somewhere around $853,400 versus $832,750 today, with the actual 2027 limit ultimately driven by the year-over-year change in FHFA’s Q3 expanded-data HPI.
Lenders can price and originate to the higher limit before the new limits are officially in effect, but they still face a timing gap before those loans can be delivered under the new-year limits, which means somebody has to warehouse that production and carry the associated hedge, funding, and basis risk. Nobody wants to be the lender telling a borrower they need to stay jumbo when a competitor is willing to give them the higher conforming limit, but it also raises the question of how much early volume is actually worth chasing. For lenders, the impact is on competitive positioning and incremental gain-on-sale opportunity as moving the conforming ceiling higher pulls some loans out of jumbo territory, expands the addressable Agency borrower base, and potentially improves execution for borrowers sitting just above today’s limit. The economics come down to how aggressively lenders compete for that incremental volume and how long they are willing to carry loans before the new limits become broadly deliverable.
Today’s economic calendar kicked off with MBA mortgage applications falling 2.7 percent for the week ending September 4, driven by a 6 percent drop in refinancing activity as the 30-year fixed mortgage rate climbed to 6.85 percent, its highest level since June 2025 amid renewed concerns over inflation and the federal deficit. Purchase activity was (comparatively) resilient, slipping just 0.2 percent seasonally adjusted and remaining 4 percent above last year, suggesting higher rates are weighing more heavily on the refinance market while homebuyers continue to provide a modest floor for mortgage demand. Later today brings $39 billion 10-year Treasury note auction results. We begin Wednesday with Agency MBS prices roughly unchanged from Tuesday’s close, the 2-year yielding 4.42, and the 10-year yielding 4.81 after closing yesterday at 4.81 percent.
A teenage cannibal came home one afternoon after football practice and his Dad said, “You’re late. Everybody’s already eaten.”
Visit www.ChrismanCommentary.com for more information on our industry partners, access archived commentaries, or subscribe to the Daily Mortgage News and Commentary. You can also explore the Chrisman Marketplace, a centralized hub connecting mortgage professionals with trusted vendors and solutions. If you’re interested, check out my periodic blog on the STRATMOR Group website. STRATMOR’s current blog is, “Those Monthly Payments Go Somewhere.” The Commentary’s podcast is available on all major platforms, including Apple and Spotify.
qoɹ & ǝᴉqqoɹ
(Market data provided in partnership with MBS Live. For free job postings and to view candidate resumes, visit the Chrisman Job Board. This newsletter is intended for sophisticated mortgage professionals only. There are no paid endorsements by me. For the latest mortgage news, visit Mortgage News Daily. For archived commentaries, or to subscribe, go to www.ChrismanCommentary.com. Copyright 2026 Chrisman LLC. All rights reserved. Paid job & product listings do appear. This report or any portion hereof may not be reprinted, sold, or redistributed without the written consent of Rob Chrisman. The views and opinions in this newsletter are mine alone unless otherwise specifically stated herein.)
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