9.16.26 Tornado Alley; Lender Price’s Maddi Sievers on Demos; Fed Decision Day

Robbie Chrisman: Welcome to the Chrisman Commentary, Daily Mortgage News Podcast. I'm your host, Robbie Chrisman. Topics on today's episode include the travels of me. My interview with Lender Prices Maddi Sievers on tips for success for both companies giving and receiving tech demos. And it's Fed Decision Day. What do we think is going to happen? This week's podcasts are sponsored by First Close. First Close helps lenders accelerate home equity originations with faster property decisioning, streamlined workflows, and a digital borrower experience from application to closing. First Close is the only end-to-end digital HELOC and home equity loan solution built specifically for home equity lending. Learn more at firstclose.com. A while back, I was watching news on the TV and they were interviewing a couple whose home was threatened by a tornado but who didn't leave. God will protect us, they told the reporter as the wind picked up. Well, who do they think sent the tornado in the first place? Lenders and servicers know that Tornado Alley has shifted, and with it the geographic range of possible damage. It'll be 98 degrees here in Dallas today, although I'm heading to Vancouver, Washington to visit Banner Bank Mortgage for its mortgage banking sales conference. The fact is that the summer has been the hottest on record for some weather-related trivia. I remember that the snow and the poppy scene during The Wizard of Oz was probably asbestos. Just like it's a wonderful life. Same thing there. But you're here for mortgage news. So I have some MA news for you. On September 14th, private equity firm Gen Star Capital and investment provider Axia announced a strategic growth investment in Richie May, a top 50 U.S. accounting and advisory firm. As our industry knows, Richie May is a full-service firm based in Denver, Colorado, providing accounting, tax and advisory services. And the new capital will fund Richie May's organic growth and mergers and acquisition strategy as it builds a national platform. My dad knew both Keith May and Ken Ritchie, who were both retired. But Richie May's management team and F3 partners are retaining significant ownership stakes in the company. And in the capital markets, agency mortgage-backed securities and treasuries came under renewed selling pressure again yesterday as rising oil prices pushed yields higher. Longer duration securities gave back early gains, and the 20-year treasury reopening drew notably weak demand. The government had to offer investors a much higher interest rate, 5.42% versus 4.85% at the previous auction, to attract buyers. While foreign investors participated far less than normal. Treasury Secretary Bessant attributed the rise in yields to global factors, including high energy prices, showing that investors remain worried about inflation and where interest rates are headed. For today's interview, we wanted to welcome to the show Lender Price's Maddie Sievers to talk about tips for success for both companies giving and receiving tech demos. She's a solutions consultant at Lender Price, where she works with the cloud-native AI-driven mortgage product pricing and eligibility for PPE engine platform specializing in SaaS implementation and customer success. I want to call you the demo queen, but we're just starting out here. So maybe you start by talking about the demo as a thing. And I know that's a weird way of addressing this, but when we deal with companies in our marketplace, their whole thing is like we need signups for demos. Demos, demos, demos. That's like the golden tip. Maybe we have somebody's email address. That's okay that they submitted a form, but getting an actual demo is where the magic is made. And I'm hoping you can lend some context to that of like why that is such an important point in the sales funnel. And you know what you love about it too, because it's what you do on a day-to-day basis. Maddi Sievers: The big important thing about a demo, right? It's being able to not only see the software in action, but it's being able to kind of put yourself in the shoes of the software, seeing yourself using it on a day-to-day and making it applicable. So that's my favorite part of a demo, too, is being able to tailor it, being able to make it something that is actually usable and applicable to each lender because every lender is a little different, every person's a little different. So being able to tailor that demo and make it something that they can actually see themselves using and actively solving a problem that they're having and simplifying their day or making it a little easier. That's really why you want a demo, right? You want it to demonstrate how it simplifies their day and how it can make it easier, faster, more streamlined where they can automate things and where they can really see themselves using it. Robbie Chrisman: When a lender comes into a demo, what are they typically trying to understand or solve? And how do you approach the conversation to make sure you're addressing what actually matters to them? Maddi Sievers: I mean, what lenders are really evaluating, whether they say so or not, it's whether this is going to be one smooth to adopt. And then if it's going to give them time back in the long term, not take more of their time. So they're looking for something that's flexible or configurable and really reliable. So it's something that they not only trust, but they know will grow with them. And so that's the lens I bring into every conversation. When I'm having a demo, before I even go into functionality, I'm asking myself, why do they want a demo in the first place? And what problem does this lender have that I can actually solve for them? Or are they just looking for education on what's out there? You know, implementing a new pricing engine specifically, it's not an easy lift. And whether they're a lender or anyone really implementing new software or evaluating technology, the long-term ROI needs to clearly justify the time spent to roll that project out. So I've learned that the juice has to be like worth the squeeze for them. And if I can't tie what I'm showing back to an actual problem that they're facing or something that they're looking to accomplish, I haven't done my job in that room yet. Robbie Chrisman: What does a really good software demo look like? And I mean that more from the lender's perspective than the demo provider in conjunction with that. What are some of the things that can make a demo fall flat? Maddi Sievers: A really strong demo, it truly starts with a super powerful discovery call. That first initial touch is critical to really understanding a lender and what's important to them and what their pain points are. So then a strong demo, in turn, should be built around that with real use cases. Again, the lender needs to see themselves in it, using the product in their actual day-to-day, solving problems that they're genuinely facing, not the hypothetical ones that they seldom come across or that aren't even applicable to them. I like to kind of equate it to when you went shoe shopping as a kid. And what you almost always heard was, okay, now go run in them, because that's what you were going to go do in them was run. And it's a similar idea. Does this fit what I'm actually going to do? And one thing I've learned to trust is questions are a signal of engagement. People are asking questions. I know I've got their attention. And my approach with Lender Price has been to educate not just on the product, but how our modern technology can more broadly eliminate manual work throughout their day in a seamless and easy way. The industry moves so fast. And the real value I bring to that room is helping them see what they can simplify, what they can automate, and how we can specifically get them there. And then the inverse is just as telling. So if I'm not getting questions, I know I've lost them. And it's likely because I'm really not speaking to what matters to them. Every organization has its own strategy, its own processes and procedures, and its own way of thinking about risk and growth. So walking in, I need to understand not just who's in the room, but what's actually making their day harder, longer, more manual, because that's what I need to be solving for. What can we help take off your plate? Robbie Chrisman: So, Maddie, were you like a light up Power Rangers shoe girl? Were you a Vans girl? I know you're a runner now. Was it Nikes from the start? What was your what was the vibe? Maddi Sievers: Oh, you know, the light up, it was like a light up, like mini mouse shoe for me, for sure. Robbie Chrisman: Heck yeah. Okay. Well, good thing you live by Disneyland now as an adult. Maddi Sievers: So you can just live vicariously. Robbie Chrisman: Yeah. Implementation can often be where technology projects get complicated. Biggest challenges you see during implementation, and what can lenders do on their side to make the process go smoothly? I say all that because technology might be great, but if it isn't properly adopted and implemented, even the best technology can fall flat. So it's a it's a huge step in the process. Maddi Sievers: No, totally. And I think the biggest challenge I see consistently, it's behavioral, it's not technical. You have teams that have operated a certain way for a couple of years to decade or more. And changing that, even when the new way is objectively easier, faster, and all around better, it's really hard for people. And change is objectively hard, even when it's positive. No one loves change. And it's a change management problem more than it is a software problem in my experience. And what I tell both sides is this lenders need to ask questions, real specific, and sometimes uncomfortable questions of their vendors. And in turn, the vendors need to meet that with patience and empathy rather than treating it as friction. We've got to remember that change is hard. There's plenty of people that need their hand held a little more than others, and that's okay. I'd rather you tell me as your vendor, you need me to hold your hand through it and that I can genuinely make sure that you're comfortable. I've had clients previously kind of poke fun at me because my most commonly used phrase is, of course, I'm happy to help. Don't be afraid to ask for help on either side. We always want to understand and are very happy to help. But I think on the lender side specifically, where implementations that go smoothly are the ones where we've got some senior or executive leadership in a sponsor level. The team is vocal and we're all rowing in the same direction. So at Lender Price, we're consistently stating and exercising that service trumps technology and we make sure that you've got support that carries you through your relationship with us. And I think that's super powerful too. It's someone that understands you front to back and really gets you and your business. So I always recommend starting every project too with level setting on where the project is, what's been completed, what's outstanding, what's on track, what's not. And then that way no one's operating on an outdated schedule or outdated information. So it's just super clear communication on both sides of the table. It's a single biggest lever that a lender has to control their own implementation timeline. If something's fallen off where it should be, let's work together as a team and get it back on track and celebrate the little wins together. It's a team effort and we've all got to be rowing the boat in the same direction or else it's just gonna go in a circle. Robbie Chrisman: Ultimately, how do you know when a lender has moved from simply having the technology? And you can speak about Lender Price in this case, to actually getting value from it, deriving value. Maddi Sievers: There's obvious indicators. So there's the ones people expect. Like you've got referral metrics, lock volume, ticket count, and those are important, but they only tell part of the story. And I'd like to go deeper here. The signal I've come to trust more is when I was a CSM and at my time here at Lender Price is when a team is talking less about how to use the bare bones features of the system and starts talking about what they want to accomplish with it, whether that's next week, next month, next quarter, next year. It's a small shift in conversation, but that shift from operating the tool to actually strategizing with it, really leveraging it, is the clearest indicator I know of that a lender has moved from having the technology to actually extracting value from it. I like to use the term thinking test lunch. Are we thinking about building for the future? Or are we just trying to keep our heads above water? If the solution frees up enough bandwidth for the team to start thinking about long-term revenue strategy instead of just the day-to-day mechanics, that's the outcome I'm ultimately building towards. I've had a really cool opportunity to see here at Lender Price firsthand how extending that white-glove treatment past implementation goes leaps and bounds. You can't forget about your clients just because they're post-go live. Like those relationships matter, especially as it pertains to really high retention rates and building those long-term relationships built on trust and partnership. Robbie Chrisman: Let's bring it all home. So for companies out there, individuals out there listening to this, why should they want a demo from LenderPrice? And what are the best next steps if they do? Maddi Sievers: I think if you're looking for a modern tech platform that provides flexibility and functionality that you can rely on, with also a tried and trusted method of implementation that we've perfected over the past decade, you should certainly get a demo from LenderPrice. We have an array of products that we are happy to show you. We've got a pricing engine, we've got a base pricing solution, we've got recapture solution, concessions, margin management. So there's a whole book of things that are able to be looked at from helping you solve an actual problem. And if you would like a demo, you can go to www.lenderprice.com/slash request dash demo. And you can also follow us on LinkedIn, and we're more than happy to connect with you and get you a demo setup. Robbie Chrisman: Smoothly done. Thank you very much for the time, Matty. Really appreciate it. Maddi Sievers: Yeah, thanks, Robbie. Robbie Chrisman: Ah, Fed decision day. Markets are pricing in more than a 90% probability of a quarter point Fed hike. It's the first of three pivotal central bank decisions in the US, UK, and Japan that could reshape the global monetary policy outlook for the remainder of 2026, with the Fed facing particular scrutiny amid renewed inflation pressure. Today's economic calendar kicked off with MBA mortgage applications, which fell 4.1% last week as rising energy prices, persistent inflation, and uncertainty around monetary policy pushed the 10-year Treasury toward 5% and mortgage rates to their highest level since May of 2025. Refinance activity dropped 9% week over week and was down 65% year over year, while purchase obligations slipped 1%, seasonally adjusted and remained 19% below last year, underscoring continued pressure on housing demand. Later today brings August retail sales, August import prices, August export prices, July business inventories, the September, September and AHB housing market index, weekly crude oil inventories, and the aforementioned September FOMC decision before Chair Warsh's press conference. We begin the day with agency MBS prices, little change from Tuesday's close, the two-year yielding 4.65, and the 10-year yielding 4.99 after closing yesterday at 5.00%. Alligators can live up to 100 years, which is why there's an increased chance they will see you later. Three friends are fishing when a crocodile comes ashore and grants them three wishes. The first friend says, I wish I could catch a huge marlin. The crocodile swims away for a moment, then comes back, and the friend pulls in a massive marlin. Amazing, says the second friend. Well, you know what? I wish I were rich. The crocodile then swims underwater and fetches a treasure chest full of money and gold and gives it to him. Incredible, says the third friend. I've got a better one. I wish my you know big man thing touched the ground. So the crocodile bites his leg off. Thanks again to First Close for sponsoring this week's podcast. First Close provides fintech solutions to HELOC and mortgage lenders nationwide, and their home equity lending platform accelerates the home equity lending process, reducing application to closing times from 45 days to less than 10.