While Lake Powell and the Colorado River are at their lowest levels ever, and states like Minnesota, Oregon, and Washington are in a drought, would you like a short clip of what they’re experiencing in Hawai’i? So far, the North Atlantic hurricane season (June 1 to November 30) has been light, which pleases homeowners, servicers, lenders, and insurance companies. But elsewhere this year’s tornado season showed the continued trend of Tornado Alley shifting eastward and into more populated areas, with Illinois leading all states in tornado activity (220 confirmed tornadoes) and Indiana and Wisconsin also setting record high numbers. The insurance industry is far ahead of the mortgage industry in terms of monitoring damage, and it reports that “Tornado Alley” appears to be shifting from Texas, Oklahoma, and Kansas thanks to a warming climate that is moving warmer and more-humid air further north and further east. Mortgage servicers can’t ignore the fact that Illinois’ annual tornado report average was up 45.6 percent in the 2020 to 2025 period than it was in the 2000 to 2025 period; by comparison, in Kansas, the average was down 49 percent in the five-year span compared to the 25-year span. Look for this to impact the value of servicing. (Today’s podcast can be found here. This week’s ‘casts are sponsored by JazzX, the first true end-to-end AI platform built for mortgage. From application to close, JazzX is a new operating model that helps you scale growth, boost productivity, and transform how your team performs. Today’s has an interview with Yardi’s Doug Ressler on affordability-driven housing demand, favoring markets where housing costs, jobs and migration align and challenging lenders and the mortgage industry to rethink traditional paths to homeownership.)
Employment and transitions
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While the broader housing market has remained essentially flat for three years, Zillow has grown revenue by mid-teens or better each year and Zillow Home Loans has grown right alongside it. Zillow Home Loans is now a top 25 purchase lender in the country, with loan officers originating roughly twice the industry average of purchase loans per month. That performance isn’t accidental: because buyers are already on Zillow, Zillow Home Loans’ customer acquisition costs are a fraction of what traditional mortgage lenders pay. Being backed by Zillow means Zillow Home Loans has access to unique market intelligence, a captive audience of serious home shoppers, and the ability to integrate financing directly into the search experience. In a flat market, that edge matters. (Equal Housing Lender, NMLS #10287)
Former executive director of the Massachusetts Mortgage Bankers Association and the Community Mortgage Lenders of America, Kevin M. Cuff has been elected President of the American Association for Residential Mortgage Regulators (AARMR). Kevin has been Deputy Commissioner for Mortgage Supervision for the Commonwealth of Massachusetts for the past 12 years. Congratulations!
Loan originators are quietly exploring their options on mLOOP anonymously. See which lenders you match with, and reveal your name only when you’re ready. Join them on mLOOP.
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 broker software, products, and services
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Affordability pressure doesn’t disappear when the loan closes. It comes back later as repurchase risk. Your borrowers are stretched, leaving less room for errors in the file. Truework, a Checkr company, verifies income, employment, and assets before you close, replacing error-prone processes with fast, automated reports pulled directly from sources. Lenders see up to 50 percent cost savings on verifications, with faster turn times and higher accuracy. Learn more.
“PlainsCapital Bank National Warehouse Lending, a subsidiary of Hilltop Holdings (NYSE: HTH), focuses on relationship-driven business with long-term success, by-the-way, have you heard about our BTW Services? We are pleased to offer all customers our Broker-Dealer, Treasury Management and Warehouse Lending (BTW) services. Our Broker-Dealers can help customers hedge their origination pipelines by buying and selling TBAs, specified pools and whole loan trading. Our Treasury Management team helps customers with escrow and cash management. Finally, the Warehouse Lending team provides customers with confidence to meet their loan funding needs. If you are interested in learning more about PlainsCapital Bank National Warehouse Lending, please contact Deric Barnett (469) 955-6786.”
“The lenders that create lasting competitive advantage won’t simply buy AI, they’ll own the intelligence that powers their business. That’s why we built the JazzX AI Platform. While others are buying AI tools, forward-thinking lenders are building intelligence assets that learn from every loan, evolve with the business, and become more valuable over time. JazzX helps lenders build a governed system of intelligence above their existing LOS and enterprise systems, giving them the ability to create and extend their own AI assistants, agents, workflows, policy logic, and reasoners around the way they already operate. Ready to own your technology and own the future of mortgage lending? Schedule a call with our team to learn about the JazzX platform.”
Fannie Mae and Freddie Mac are retiring legacy batch reporting in favor of event-driven, near-real-time submissions, and the timelines are closer than many servicers realize. Escrow reporting changes go live by end of 2026, near-real-time default reporting follows in 2027, and financial reporting overhauls hit in 2028. For servicers managing both GSE portfolios, that’s two overlapping sets of requirements with one narrow runway. System integrations typically take 6 to 12 months, and amnesty windows built into these rollouts are expiring. Matt Dowd, vice president of product management at ICE, breaks down exactly what these changes require across escrow, default and financial reporting, and what your technology platform needs to support to stay ahead of the deadlines. Read the full article to understand what’s coming and how to prepare.
Servbank consistently outperforms market delinquency averages by combining predictive technology with proactive, customer-focused support that helps address risk before it becomes a problem. By keeping delinquency rates low, Servbank helps homeowners stay on track, strengthens communities, and reduces servicing advances for lenders. This proactive approach helps mitigate portfolio risk while driving stronger servicing performance. The result is improved monthly cash flow and a stronger servicing portfolio. See how Servbank delivers high-performance subservicing at https://servbank.com/subservicing/subservicing-solutions/
“Investor lending doesn’t follow the traditional mortgage playbook… and your title partner shouldn’t either. Priority Title & Escrow (PTE) has a dedicated DSCR division built to support investor-focused lenders, brokers, and private capital sources. Our team understands the unique requirements of non-owner-occupied financing, from entity structures and cross-collateralized loans to simultaneous closings and multi-property portfolios. Whether you’re closing one investment property or managing a portfolio transaction involving dozens of properties, PTE brings specialized expertise and scalable processes to the table. As DSCR and investor lending continue to grow, having a title partner that understands the language and workflow of the business can make a meaningful difference. PTE provides a consistent title and settlement experience across the country, helping investor-focused lenders move transactions forward with confidence. Let’s talk about how PTE can support your DSCR lending platform: Sales@PriorityTitle.com.”
Informative Research rebuilt AccountChek® from the ground up as one cohesive system, designed around how lenders verify today. With a unified foundation underpinning everything from login to reporting, lenders spend less time on duplicate data entry and report reconciliation and more time on high-level decisioning. The platform delivers native single sign-on, consolidated billing, modern asynchronous report delivery and the operational resiliency lenders need to keep pace with shifting verification demands. And because AccountChek runs on one modernized infrastructure, integrating it with a broader tech stack is simpler and more flexible than ever. Built as one, not assembled from parts, AccountChek is positioned to evolve alongside lenders as verification needs continue to shift. Read the blog to learn what changed in AccountChek and why it matters for your verification workflow.
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.
Webcasts today and tomorrow
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Mortgage Law Today is today at noon PT, presented by Polunsky Beitel Green. Closing attorneys play a critical role in managing risk, ensuring compliance, and facilitating mortgage transactions. Jaime Kosofsky of Brady & Kosofsky, P.A. and Ed McDonnell of McDonnell & Associates, P.A. join Brian Levy, Loretta Salzano, and Marty Green to discuss the challenges and opportunities facing the profession.
Industry vet Sue Melnick (Change Home Mortgage) joins Mortgage Matters tomorrow at 11AM PT, sponsored by Lenders One. All things ops!
Credit Committee is tomorrow at noon PT. Presented by Equifax, I am joined by Rich Swerbinsky and Justin Demola for a timely conversation on the forces reshaping credit, underwriting, and mortgage lending. We’ll dig into what lenders need to know about the evolving credit landscape, how new approaches to credit can improve access and economics, and where the industry goes from here.”
The Big Picture is noon, PT, this Thursday. Mitch Kider and Rob Chrisman are joined by Athan Zhang of Copperlane and Naren Krishna of Balerion for a conversation on mortgage technology and innovation. The discussion explores how technology is changing the way lenders operate, where new opportunities are emerging, and what the industry should be watching as mortgage continues to evolve.
The Federal Emergency Management Agency
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The Federal Emergency Management Agency (FEMA) calls the shots regarding official disasters, which in turn prompt lenders and servicers to put in policies and procedures. Unfortunately, the organization, as well as the process of assisting areas hit by disasters, has been “politicized, and FEMA spent much of last year finding itself in the press or laying people off (for example, Department of Homeland Security Secretary Kristi Noem told Fox News Digital she is “working so hard to eliminate FEMA as it exists today.”
Others say it is more complicated, and that federal agencies that help Americans prepare for, survive, and recover from extreme weather disasters have seen the Trump administration’s cuts to the National Weather Service, Corporation for Public Broadcasting, and Federal Emergency Management Agency, and that those weaken that lifeline at every stage of a storm. In California, for example, the fires 18 months ago still have not been settled despite communication between Governor Newsom and President Trump.
All the while, FEMA Disaster Announcements continue, most recently DR-4930-MS, DR-4932-WV, and DR-4927-LA.
On 8/3/2026, with DR-4930, FEMA declared federal disaster aid with individual assistance to counties affected by Tropical Storm Arthur from 6/18/2026, to 6/20/2026. See the attached announcement for inspection requirements. See AmeriHome Mortgage 20260801-CL Disaster Announcement for inspection requirements.
On 8/10/2026, with DR-4932, FEMA declared federal disaster aid with individual assistance to counties affected by severe storms, straight-line winds, tornadoes, flooding, landsides, and mudslides from 7/21/2026, to 7/22/2026. See AmeriHome Mortgage 20260805-CL Disaster Announcement for inspection requirements.
Onity Mortgage posted Disaster Announcement regarding FEMA’s declaration, for West Virginia DR-4932 and updated miscellaneous entries with monitoring end dates on/or before February 10, 2026, that were removed.
On 8/3/2026, with DR-4932, FEMA declared federal disaster aid with individual assistance to counties affected by severe storms, straight-line winds, tornadoes, flooding, landsides, and mudslides from 7/21/2026, to 7/22/2026. See AmeriHome Mortgage 20260802-CL Disaster Announcement for inspection requirements.
On 8/4/2026, with NR-016 to DR-4927, FEMA updated the Incident Period End Date to 6/24/2026 for parishes affected by Tropical Storm Arthur from 6/17/2026, to 6/24/2026. On 7/22, with NR-008, FEMA added parishes with individual assistance. See AmeriHome Mortgage 20260803-CL Disaster Announcement for inspection requirements.
If You’re Going to Roll Out AI, Make Sure the Data’s Valid
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Yesterday I was sent a note by Brian Vieaux, the President of MISMO (VieauxPoint.) “Rob, your readers should know that before mortgagees can be AI-ready, we need to be data-ready. I spent a few hours recently scrolling LinkedIn and reading what smart people across different industries are saying about Data Governance. The more I read, the more I came back to a problem I believe exists across a meaningful portion of the mortgage industry.
“I am not convinced enough mortgage companies have established the data foundation required to take full advantage of any of it. For many mid-sized and smaller mortgage companies, there really isn’t an enterprise data model. Instead, there are systems. The CRM has data about prospects and past clients. The LOS has another view. Marketing and servicing platforms may have others. Individual loan officers sometimes maintain databases outside the enterprise technology stack. The same human being can exist in three, four or five places, with the same data element potentially defined differently across those systems.
“The good news is this isn’t work reserved for the largest financial institutions. I recently reviewed the Data Governance framework of a mid-sized independent mortgage banker. They have named Data Owners and Data Stewards, authoritative systems of record, Critical Data Elements, documented lineage, and a Data Glossary with one approved definition for each term.
“Lenders need to ask, ‘Can I trust this data?’ As mortgage companies accelerate their AI strategies, that is the question I believe deserves more attention. Before we ask whether our mortgage company is AI-ready, are we certain our data is ready? Because the foundation comes first.” Thank you, Brian.
Capital markets: oil and lettuce prices matter to us
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Treasuries and Agency MBS opened the week under renewed selling pressure, led by the long end of the yield curve as the 30-year Treasury yield rose nearly 6-basis points to 5.31 percent, surpassing its July high and reaching its highest level since 2007. Why? Growing investor concern over persistent inflation, massive federal deficits, and an increasing supply of long-dated debt. Meanwhile, heavy corporate borrowing tied to the AI investment boom, weaker demand from traditional long-duration buyers, rising oil prices and expectations for further Bank of Japan tightening are adding to global pressure on long-term yields. With the 30-year now only about 10-basis points below its 2007 high of 5.41 percent, we will see if the aforementioned forces are strong enough to drive long-term rates even higher.
Higher long-term yields can make it easier for the Fed to hold short-term rates steady because tighter financial conditions at the long end can restrain borrowing, investment, and demand without requiring additional policy-rate hikes. Accordingly, the Fed is increasingly likely to remain on hold this fall. Soft wage growth, a weakening labor market and now disappointing July retail sales point to a moderating economy, while recent benign inflation has reduced the urgency to tighten; futures currently put the odds of a September hike at just 31 percent.
However, the Fed may still need to raise rates if elevated yields stem from inflation expectations rather than tighter real financial conditions. The August payrolls and CPI reports remain important, but without a meaningful upside inflation surprise, the path of least resistance appears to be stable policy rates. This is particularly true as emerging signs of consumer stress and weaker real spending give policymakers another reason to remain cautious.
Today’s economic calendar kicked off with July Housing Starts (1.23 million, below expectations for 1.36 million, and a prior reading of 1.43 million), Building Permits (1.443 millions, slightly above expectations of 1.39 million, and a prior reading of 1.37 million), July Import Prices (-.4 percent, below expectations), and Export Prices (-1.3 percent). Later today brings July Industrial Production and Capacity Utilization, and July Pending Home Sales. We begin the day with Agency MBS prices slightly worse than Monday’s close, the 2-year yielding 4.19, and the 10-year yielding 4.74 after closing yesterday at 4.72 percent.
Things we know because of TV! (Part 2 of 3.)
No matter how badly a spaceship is attacked, its internal gravity system is never damaged.
If there is a deranged killer on the loose, this will coincide with a thunderstorm that has brought down all the power and phone lines in the vicinity.
All bombs are fitted with electronic timing devices with large red readouts so you know exactly when they’re going to go off.
It is always possible to park directly outside the building you are visiting.
Revolvers will fire at least ten or fifteen times without reloading.
If you decide to start dancing in the street, everyone you bump into will know all the steps and join in with you.
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 “Pricing That Can Help Borrowers.” 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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