What should we talk about today? How about “follow the money”? Costco will be offering branded Medicare plans. Meghan and Harry are moving back to the UK. The U.S. national debt passed the $40 trillion milestone for first time ever, five months after crossing $39 trillion. (Before you jump on Donald Trump, know that a) the country can issue more debt at higher rates to finance it, b) no politician seems capable of spending less, and c) Trump has never personally filed for bankruptcy, but his companies have six times). Some of the lawmakers who pushed for the housing law a few months ago (never signed by the President but automatically passing into law after 10 days) worry that the Department of Housing and Urban Development (which has shed more than 30 percent of its core policy workforce in just three years following budget cuts) is too understaffed to quickly issue new rules and implement its provisions, aimed at making building and buying homes cheaper and easier. (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 Renovo Financial’s James Gaskin on why relationship-driven lending Is winning in a volatile housing market.)
Employment, another notable retirement, a CMB death
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Brody | Gapp, LLP, a rapidly growing national mortgage‑banking compliance, litigation, and technology‑oriented law firm, is seeking partner‑track and partner‑level compliance attorneys for fully remote roles. These positions are designed for senior associates through mid‑level partners who want transparent compensation, the ability to earn on their own work and on work performed by others on matters they originate, and the freedom to practice without billable‑hour quotas. The firm provides full health benefits, a 401(k), marketing support, and genuine autonomy. A portable book is welcomed but not required. Ideal candidates have at least five years advising IMBs, depositories, credit unions, or brokers on RESPA, TILA, ECOA, CFPB supervisory matters, and multi‑state exam and audit response. Experience with GSE seller/servicer guides, the Fannie Mae and Freddie Mac AI/ML governance letters, the NIST AI RMF, or emerging state AI statutes is preferred but not mandatory. Candidates must hold an active bar admission in any U.S. jurisdiction, with multi‑state admissions encouraged. Interested attorneys should send a confidential resume and a short note describing their book, practice mix, and five‑year vision to Rob Chrisman for confidential forwarding.
I was saddened to hear of the death of someone that I got to know through the industry. Cedric Jordan, CMB, worked at Wells Fargo as VP, Emerging Markets and lived in Atlanta, Georgia. A fixture at any Wells’ correspondent gathering, he was friendly, polite, and knew his stuff. The industry will miss him and his style.
First American Financial Corporation spread the word that Sally French Tyler, president of First American Title Insurance Company, will retire at the end of 2026, “concluding an extraordinary 21-year career with First American marked by business growth, innovation and a lasting commitment to developing the next generation of leaders. Sally joined First American in January 2005 and was appointed president of the company’s National Commercial Services division in 2006. During her 15 years leading the division, she more than doubled its operating revenue and grew the business into one of the largest commercial title and settlement operations in the country. Her responsibilities continued to expand across First American’s title operations, culminating in her appointment as president of First American Title in 2025, with responsibility for the company’s direct, agency and commercial title operations.
mLOOP, the transfer portal for mortgage originators is here. Explore your options anonymously, see who you match with, and control when your identity is revealed. No cold calls. Start 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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Automating individual tasks isn’t the same as transforming mortgage operations. Real efficiency comes from connecting people, policies, systems, and decisions across the entire loan lifecycle. JazzX AI creates a governed intelligence layer that orchestrates work from application through post-close, without replacing your LOS. See how leading lenders are reducing cost per loan and increasing throughput. Book a demo with our team to see JazzX in action. The industry’s most valuable conversations are coming to you.
Is your team using a PPE… or building a survival strategy around one? Extra pricing checks. Delayed locks. Manual workarounds. Hopping in and out of the loan. Individually, they seem manageable. Together, they become the way your organization operates. That’s the real warning sign. When experienced teams spend more time validating decisions than making them, friction has become process. The Optimal Blue® PPE helps restore what a pricing engine should deliver: trusted real-time pricing, seamless in-loan execution, centralized automation, AI-powered intelligence, and confidence at every step. No more wondering if updates synced correctly. No more workflow detours. No more treating pricing verification like a second job. Just faster execution, stronger control, and better-informed margin decisions across the pipeline. Discover what your team is capable of when the system actually works with you. See the warning signs.
Join RPX, live from Detroit, where you will hear directly from Rocket Pro leaders, industry experts and top brokers about what’s working now and where the market is going next. RPX is your front-row seat to the strategies, insights and ideas helping brokers sharpen their approach and create their next big idea. You’ll hear perspectives you won’t find anywhere else, along with real takeaways you can activate in your business. Register for the RPX 2026 to join top brokers and get closer to the conversations shaping the industry.
“Newrez Correspondent is hosting a Non‑QM webinar to support our customers’ Loan Officers in understanding how to present Non‑QM programs and recognize the borrower profiles that benefit most from these solutions. To join, please contact your RSM to register for the event that will take place on Tuesday, September 15th, at 3 p.m. EST/12 p.m. PST. With several key September conferences approaching, we look forward to sharing what’s happening at Newrez and how we could help you grow your business. Please reach out to your RSM to schedule a meeting: Chris Nobile, Evelina Arena, Tony Petronio, and Margaret Chiavini at the New England Mortgage Bankers Conference; Sarah Johanns at the ACUMA® Annual Conference; Chris Nobile at the NY MBA® State Conference; and Patty Devita, Amanda Johnson, and Tom Van Auken at both theMBA Metro Washington Conference and Virginia Mortgage Lenders Conference. We thank you for your partnership with Newrez Correspondent.
The lenders gaining ground right now aren’t necessarily the largest organizations. They’re the ones exploring how intelligent automation can help their current team operate more efficiently. In underwriting, when routine borrower data validation runs automatically, underwriters can stop spending their day on cross-referencing and start spending it on the judgment calls that actually require their expertise. A recent third-party ROI study found that the combination of Encompass and the Analyzers is having a material impact on driving down the cost to originate a loan. Learn more about the Analyzers now.
ACES Q1 2026 Mortgage QC Industry Trends Report shows critical defect rate reverses course as compliance defects reach record share. “Q1’s swing back above 1.7 percent is a reminder that mortgage quality doesn’t move in a straight line, especially in a rate environment as volatile as this one,” said Nick Volpe, executive vice president of ACES Quality Management. “The dip below 6 percent in February pulled a wave of refinance activity through lenders’ pipelines almost overnight, and this quarter’s data shows the eligibility and compliance friction that came with it. For lenders, success in 2026 will likely depend on their ability to flex their QC capacity as quickly as the rate environment is shifting in the current market.” Notable findings: The overall critical defect rate increased 23.9 percent to 1.71 percent; Legal/Regulatory/Compliance defects rose 5.5 percent to a record 26.02 percent share, its fourth consecutive quarterly increase; Income/Employment defects eased 6.7 percent to 20.07 percent; Asset defects fell 31.7 percent, the quarter’s largest single-category improvement; refinance review share climbed to 32.05 percent, its highest level since Q1 2022, while refinance defect share rose to 38.57 percent. Read the full report.
Verus Mortgage Capital continues to prove that market leadership isn’t about making bold claims. It’s about delivering results, day after day. In today’s lending environment, TPO Clients need a non-QM partner that combines operational excellence with the responsiveness and reliability required to keep deals on track. That’s where Verus stands apart. A strong operational foundation, experienced team, and purpose-built technology work together to simplify the lending process, reduce friction, and create a more predictable experience for partners and borrowers alike. The result is faster decisions, consistent execution, and the confidence to compete in any market. When every loan presents a new challenge, it’s reassuring to have a lending partner focused on helping you navigate complexity with speed, certainty, and expertise. Learn how Verus can help you execute with confidence. Contact Mark Boleky, Senior Vice President of Wholesale Sales, or call (763) 260-7956 to schedule a conversation.
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.
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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The Big Picture is noon, today. Mitch Kider is joined by Athan Zhang of Copperlane and Naren Krishna of Balerion for a conversation on mortgage technology and innovation: 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 Last Word is tomorrow, Friday, August 21, at 10AM PT. Brian Vieaux, Kevin Peranio, Christy Soukhamneut, and Coby Hakalir break down the week’s biggest market signals, agency developments, and industry storylines.
Now Next Later, with Jeremy Potter and guests focusing on where technology is going and how lenders can best use it, is Monday at 10AM PT.
Capital markets: U.S. Government to buy more U.S. securities
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What happens when a correspondent channel with 25 years of uninterrupted operation and roughly 650 lender partners moves its bid management onto a new platform? In MCT’s new case study, Citizens Financial Group Scales AOT Acquisition Up 8.5x and Bid Time Down 80 percent with MCT, one of the longest-running correspondent channels in the industry details what happened after moving its bid management to MCT and putting AutoBid®, AutoAOT®, and Investor Analytics to work across its buy-side workflow. Monthly AOT channel loan acquisitions are up ~750 percent, the number of lenders actively executing via AOT has more than tripled from 11 to 39 with 100 percent retention of prior AOT clients, and the time to price and return a bid tape has dropped from 10 minutes down to 1 to 2 minutes. Over the same period, Citizens’ confirm rate climbed 81 percent from 13 to 24 percent. Read the case study to see how automated AOT execution and daily loan-level analytics translate into faster bids, sharper pricing, and a rapidly expanding base of lenders executing AOTs.
Treasuries and MBS rallied in the longer maturities Wednesday after Treasury announced plans to at least double the maximum size of its long-end buybacks beginning this fall, offering some relief from the persistent pressures of inflation expectations, fiscal deficits, and heavy tech-sector borrowing.
The move was viewed as a form of “Operation Twist,” where the Federal Reserve sells or lets short-term bonds mature while buying longer-term bonds. The aim is to lower long-term interest rates and support borrowing without materially increasing the overall size of its balance sheet, which could help support longer-dated bonds. However, a soft $16 billion 20-year auction showed continued demand concerns.
Meanwhile, the July Federal Open Market Committee (FOMC) minutes revealed that many policymakers believe a rate hike could be necessary if inflation fails to ease, leaving the market balancing improved technical support for the long end of the yield curve against the possibility that persistent inflation keeps the Fed from cutting rates. Investors are worried about the surge in borrowing by artificial-intelligence hyperscalers and are clearly questioning the Fed’s strategy on inflation.
Today’s light economic calendar kicked off with weekly jobless claims (206k, about as expected; 1.799 million continuing claims) and the Philadelphia Fed Manufacturing index. Later today brings a 30-year TIPS auction. We begin Thursday with Agency MBS prices worse than Wednesday’s close by .125-.250, depending on maturity and coupon, the 2-year yielding 4.19, and the 10-year yielding 4.69 after closing yesterday at 4.65 percent.
(PG-rated)
A Baptist pastor was presenting a children’s sermon. During the sermon, he asked the children if they knew what the resurrection was.
Now, asking questions during children’s sermons is crucial, but at the same time, asking children questions in front of a congregation can also be very dangerous.
Having asked the children if they knew the meaning of the resurrection, a little boy raised his hand.
The pastor called on him and the little boy said, “I know that if you have a resurrection that lasts more than four hours you are supposed to call the doctor.”
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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