There is certainly a flurry of activity this week ahead of next week’s National MBA conference, not all necessarily good. Anyone impacted by the FICO layoffs this week, or anyone looking for employment, can post a resume or look at job listings on the Chrisman Job Board. For decades in my capital markets career the market share split between Fannie Mae and Freddie Mac was historically about 60/40. Rumor has it that now the percentages have reversed and now Freddie Mac is buying the lion’s share. Rumor also has it that employees at both Agencies are anxious about their jobs and the future, but it would be best to ask them about morale and not take it from me. For the fans of builder biz, Lennar’s stock is down 22 percent this year. For the fans of the wholesale lending model, UWM Holdings’ stock fell 34 percent after hedging strategy issues were disclosed, and a securities fraud class action was filed. When you’re #1 you have a target on your back, and in this case, UWM has been sued for securities fraud after its stock plummeted 34.78 percent because UWM allegedly misrepresented its mortgage servicing rights hedging strategy and the risks created by hedging connected to the Two Harbors transaction. “Mat Ishbia, ex-NBA player Isiah Thomas, and other UWM Holdings Corp. directors may have shortchanged shareholders by engineering a $1.5 billion bailout from Oaktree Capital Management after a bad bet on interest rates.” (Today’s podcast can be found here. This week’s ‘casts are presented by Floify, the mortgage industry’s leading point-of-sale platform. Dynamic Apps, which can be seen at booth 600 during MBA Annual next week, lets lenders create fully customizable loan applications for any loan type, including HELOCs, construction, agricultural lending, non-QM and more, without custom development. Today’s has an interview with Ralo’s Arjun Lalwani on using AI to reduce mortgage origination costs and operational work while preserving human support for advice and emotionally significant moments.)
Employment & transitions
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Ready to make your next move? Zillow Home Loans is hiring Mortgage Loan Officers across the country. Zillow Home Loans’ loan officers are backed by Zillow’s industry-leading technology and the most-visited real estate platform in the U.S. In this role, you’ll guide buyers with care and confidence, helping them move from pre-approval through closing with support from centralized processing, underwriting, and closing teams. You’ll be provided leads from buyers who are already shopping for homes in the Zillow ecosystem and are ready to move. Join a company that’s reshaping an industry and helping more people make home a reality. Zillow was named a FORTUNE 100 Best Company to Work For® in 2026. Now hiring remotely in select locations. See open roles here. (Equal Housing Lender, NMLS #10287)
Logan Finance continues to build momentum, creating new opportunities for brokers and the account executives who support them. Logan is actively seeking experienced non-QM account executives ready to build on that growth. Through the end of 2026, qualifying AEs can earn added 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, market-leading non-QM solutions, and an operations team that consistently gets loans to the closing table, and it’s clear why more accomplished AEs are making the move to Logan. Brokers can explore Logan’s full product suite. AEs can contact Jeffrey Massotti, EVP, National TPO or learn more. Logan Finance Corporation, NMLS #127722, Equal Opportunity Housing Lender.
“Canopy Mortgage knows you are tired of cutting your own commission just to save deals from your lender’s heavy pricing. When borrowers shop harder, bloated corporate margins become your biggest liability. Canopy fixes this through the strict Corporate Discipline of our proprietary NANO technology, keeping our cost-to-fund 34 percent lower than the industry average. You win the deal with aggressive pricing and actually protect your paycheck instead of subsidizing a top-heavy org chart. Take back control of your pipeline. Call 385-273-0404 or Click Here to discover a more profitable way to originate with Canopy Mortgage.”
Down Payment Resource has hired three specialists whose backgrounds trace the full path a down payment program travels. Melissa Roy is a former senior loan officer and mortgage product manager. April Espinosa is a HUD-certified housing counselor who managed compliance on a $100 million-plus housing portfolio for the City of Tampa. Jeff Smith brings 15-plus years of mortgage experience to DPR’s HFA team.
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.
Lender and brokers products, services, and software
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“Chicagoans have one unbreakable rule: no ketchup on a hot dog. Mortgage lenders should have one too: no questions that don’t belong on the application. Floify brings that same discipline to MBA Annual in Chicago, October 11–14 at the Hyatt Regency, where the industry celebrates homeownership and 250 years of the American Dream. With Dynamic Apps, lenders configure a tailored application for every loan purpose (HELOC, construction, ag, non-QM and more) so borrowers see only what applies. Then Dynamic AI fills in the rest. Borrowers upload a paystub or W-2 once, and embedded AI extracts and prepopulates verified data, so applications arrive cleaner and pre-approvals move faster. Your team decides what to ask; Dynamic AI helps answer it. The result? An 84 percent efficiency increase and loans reaching clear-to-close 7.5 days faster. Just the works… hold the ketchup. Schedule time with us at MBA Annual.”
Lender Price has launched its next evolution of POD (AI Pricing Optimization Dashboard) a purpose-built AI capability designed to further automate the operational work behind pricing updates while preserving expert review and governance. When investors publish changes, POD AI agents handle routine rate sheet, LLPA, and pricing special updates behind the scenes within defined guardrails, routing exceptions to Lender Price’s pricing experts. Initial targets include up to 90 percent fewer manual touchpoints, up to 75 percent faster prep and validation of routine updates, and at least 99.9 percent change traceability, a game-changing shift for lenders. Fewer pricing discrepancies, faster updates, and more confidence in every price, because in mortgage pricing, accuracy isn’t a feature… It’s the foundation. Visit lenderprice.com to learn more.
“Think non-QM is scary? Don’t get spooked. Non-QM is just mortgage lending for real life. You know what’s actually frightening? Losing a deal because a borrower is self-employed… Or watching a competitor close a loan you thought couldn’t be done. The scariest thing of all is missing opportunities altogether. At eRESI, we help lenders navigate Bank Statement, DSCR, Asset Utilization, and other unique income scenarios with common-sense solutions and responsive support. With deep non-QM expertise and a dedicated scenario desk, our team can help you work through even the most complex files. If non-QM isn’t part of your business today, we can help you get started. Become an approved eRESI Seller today, and start turning more opportunities into funded loans.”
Convert today’s not-yet-ready borrowers into tomorrow’s closed loans. MGIC’s Nurturing Borrowers to Homeownership Guide shows how you can support borrowers and stay engaged as they address readiness gaps, increasing the likelihood they return to you when they’re mortgage-ready. Download the guide today and start building your future pipeline.
Join Asurity and attorneys from Sandler Law Group, Mitchell Sandler, and Hudson Cook for “Mortgage Compliance Hot Topics – Fall 2026 Edition,” a complimentary live webinar on Wednesday, October 28, from 2:00–3:00 p.m. ET. Explore potential TRID changes under the CFPB’s request for information, the Mortgage Compliance Dataset’s developing role in state examinations, HUD/FHA Handbook updates, state enforcement developments, and evolving AI requirements and guidance. Carl Pry will moderate the discussion with Diane Jenkins, Jonas Hoerler, Matt Jones, and Jed Mayk, offering practical considerations for attorneys advising mortgage lenders and financial services clients. CLE credit is being sought in California, Texas, and Virginia, with credit amounts and approval status to be updated as confirmed. Register today to reserve your place.
Mortgage lenders have plenty of AI tools. The problem is that most of them automate one task and leave the handoffs untouched. JazzX AI brings the entire end-to-end mortgage process together on one governed execution layer. It carries context from application through investor delivery, works above your existing systems, and helps teams move more quality loans with fewer manual touches. Proven outcomes include $1,500+ saved per loan, 80 percent fewer defects, and 8x processor output. Want to see what end-to-end AI can do for your lending operation? Stop by booth 410 at MBA Annual next week or schedule a personalized demo.
One Platform. Every LO. Days, Not Months. Rolling out new technology to your entire sales force is a gamble, unless it plugs into what you already run. MortgageCoach is built on your existing infrastructure, native inside ICE Encompass®, with real-time pricing from Optimal BlueTM and accurate fees from LodestarTM and SmartFeesTM. No rip-and-replace and no lengthy adoption curve. The result: every LO on your team presents like your best one, consistently, compliantly, at scale, with AI now doing the heavy lifting on presentation-building itself. New hires ramp faster. Veteran producers stay sharp. Your brand experience stays consistent no matter who’s in the room. Meet the TrustEngine team at MBA Annual in Chicago to see how leading lenders are standardizing advisor-level performance across their entire origination team, without the retraining headache. Book your 1:1 today.
The next Chrisman Demo Day is October 15 and 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.
Opinions without a plan forward are nearly meaningless
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Brian Vieaux, CMB and the President of MISMO, has some thoughts that one could title, “The Work Behind an Industry Voice.”
“When I think about David Stevens, I think about what happened after he offered an opinion. He was willing to get in the room, work through any disagreement and help find a solution. That is the part of his leadership I miss most.
“Dave had strong convictions, and he brought them into conversations with people who had strong convictions of their own. He could bring together knowledgeable people who saw an issue very differently and create an environment where they could respectfully work through it. When he had criticism, he also brought ideas about what to do next. The objective was to improve the industry. His reputation grew out of that commitment. His legacy remains strong from it as well.
“The loss of Dave left a considerable void. Since then, more voices have emerged, many with good intentions and something worthwhile to contribute. Heck, mine might be one of them. I would never put my impact anywhere close to Dave’s, but I do have a platform. That means the expectations I have of others need to apply to me, too.
“Social media has given many of us a stage. Used well, it allows someone with real expertise to reach people who would otherwise never hear from them. A useful post can help a loan officer, challenge a lender’s assumptions, or get an overlooked issue the attention it deserves. I believe in that value, and I spend time trying to contribute to it.
“What frustrates me is how often the conversation seems to end there. We hear a strong opinion about what the industry needs to fix, followed by another strong opinion about something else. I find myself wondering who is willing to stay with the first issue once the comments slow down. It is reasonable to ask that of anyone who wants to be regarded as an industry leader.
“Consider the problems we keep discussing, from the cost of originating a mortgage to responsible use of AI. Working on those issues requires time with people whose businesses operate differently from our own. It requires understanding why a seemingly obvious solution might create a new problem somewhere else. Sometimes it means accepting changes to an idea we were pretty pleased with when we first posted it.
“Some of that work happens quietly, and I cannot judge someone’s contribution by whether I see them at a particular meeting. The point is to connect our public positions with a willingness to help. For those of us with an audience, that also means making room for knowledgeable operators whose experience deserves more attention than it receives.
“For those of us fortunate enough to have an audience, here is a practical place to start. Choose an issue you keep talking about and commit some time to the people working on it. Bring a proposed solution and be willing to revise it. Stay involved when the conversation gets difficult and the work becomes less interesting to post about.
“Dave gave us a clear example of what that commitment looks like. We honor it by making ourselves useful to the people doing the work.” Thank you, Brian. #VieauxPoint
Capital markets: rates’ impact on lender’s future
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U.S. Treasuries and Agency MBS rallied yesterday, with the long bond recovering most of Monday’s losses and 10-year and shorter maturities turning positive for the week, supported by broad overnight strength in global sovereign debt and a pullback in oil prices. The $58 billion 3-year Treasury auction was well absorbed, although foreign demand was below average, with markets now looking ahead to today’s $39 billion 10-year reopening. Treasury demand was also evident in the buyback operation, where the government accepted just $1.33 billion of the $14.76 billion offered, underscoring solid demand for shorter-dated securities even as the market remains attentive to rate volatility and upcoming supply.
Elevated yields reflect expectations for a higher neutral policy rate, persistent fiscal concerns, and rising term premiums, with bearish sentiment spreading from Europe, the UK, and Japan into U.S. Treasuries. Much of the inflation pressure appears to be supply-driven, especially from energy, which could allow the Fed to tighten policy more gradually and keep markets sensitive to economic data and forward guidance. Will the Fed pause in October and potentially resume tightening in December? The September move could prove to be a rare one-off hike, but that will depend on upcoming inflation data.
Higher rates could pressure gain-on-sale margins and make pipeline hedging more difficult. Earnings estimates for Rocket (RKT) and United Wholesale Mortgage (UWMC) are being reduced, with UWMC downgraded and its price target cut as lower earnings expectations and a higher discount rate more than offset the company’s continued ability to redeem its Oaktree preferred by 2030. KBW’s Bose George points out that title insurers face more modest earnings pressure because refinances represent only about 7 percent of premiums, although purchase activity is expected to remain roughly flat in 2027 and higher rates could constrain commercial activity; estimates and price targets are therefore reduced while ratings remain unchanged.
In contrast, mortgage insurers remain fundamentally attractive, with earnings largely insulated from origination volumes, solid expected 3Q results, activity supported by low unemployment and stable home prices, and only modest pressure from rising rates and higher delinquencies. Recent weakness in mortgage-insurer shares appears driven largely by political and headline concerns surrounding FHFA Director Bill Pulte, pushing valuations below historical averages.
Today’s economic calendar kicked off with mortgage applications from MBA, which fell 4.2 percent week-over-week for the week ending October 2, driven by an 8 percent decline in refinancing activity and a 2 percent drop in purchase applications, with both categories also down sharply year-over-year. The pullback reflects renewed pressure from mortgage rates, as the 30-year fixed rate climbed to 7.49 percent, its highest level in nearly three years, amid rising Treasury yields, wider spreads, and greater rate volatility. Later today brings weekly crude oil inventories, the September FOMC Minutes, August Consumer Credit, and $39 billion 10-year Treasury note reopening results. We begin the day with Agency MBS prices worse than Tuesday’s close by .125-.250, the 2-year yielding 4.80, and the 10-year yielding 5.32 after closing yesterday at 5.27 percent.
War is full of logistical challenges, and throughout history one of the major concerns is how to feed armies to provide a reliable supply of food to maintain both their energy levels and morale. Over the years, some foods were created specifically for soldiers but became beloved by the civilian population. For example…
In 1945, Maxson Food Systems manufactured the first complete frozen meal, known as “Strato-Plates”, specifically to be reheated for troops and other passengers on long military flights. A typical meal was a basic three-part combo of meat, vegetable, and potato, each housed in its own compartment on a plastic plate. Maxson’s frozen meals never made it to the civilian retail market, but they were the precursors of the TV dinner, despite no TVs being involved. The first successful frozen prepackaged meal (later dubbed the “TV dinner”) didn’t hit supermarket shelves until 1953. Produced by Swanson, it was a Thanksgiving meal of turkey, cornbread stuffing, and peas. Swanson took TV dinners to the masses but the concept was originally developed for the military.
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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