Aug. 26: LO jobs; credit, AI platform, AI system tools; approaching webcasts; Equity and non-Agency news; volley of notable econ news

The next time you tell yourself, “The lunchroom is so far away, it’s a hassle, and I have to walk by that mean underwriter’s desk to get there…” watch this video, the antithesis of automation. Technology… What would someone during World War I have thought of FaceTime? But “the information age” isn’t all unicorns and rainbows. Hackers intercepted about 103 bank regulators’ e-mails for more than a year, gaining access to highly sensitive financial information, according to two people familiar with the matter and a draft letter to Congress seen by Bloomberg News. What are the implications of that? Anthropic is telling investors that it has the potential revenue of basically the entire US GDP, leading one wit to say, “Anthropic is a gross domestic product.” A California federal jury on Monday held that cryptocurrency startup founder Japeth Dillman deceived Block Bits investors by falsely claiming the company’s auto-trading platform was up and running, following a trial in which his co-founder testified against him under a plea agreement. (Today’s podcast can be found here. This week’s ‘casts are sponsored by Experian. From lenders and landlords to employers and consumers, Experian helps connect the housing ecosystem with the data and insights needed to make faster, confident decisions. Lead a smarter housing journey with Experian. Today’s has an interview with Experian’s Michele Bodda on lenders engaging earlier, providing better education, and using modern credit data to help them overcome affordability and credit hurdles.)

Employment, margin management, & transitions

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“Working smarter, not harder, can be life-changing advice. Case in point: As a Churchill Mortgage employee, you can build meaningful wealth for retirement through our Employee Stock Ownership Plan (ESOP), at no cost to you. Churchill Mortgage is a debt-free company with more than 30 years of success, and every eligible employee has the opportunity to share in that success as an owner. While you focus on serving your clients and growing your business, you’re supported by an entire team, including Marketing, Operations, and IT, working to help you win in the marketplace. At Churchill, we aren’t just coworkers. We’re owners, united by a shared commitment to our clients, our company, and one another. If this mentality interests you, learn more about us here. We’d love to speak with you about opportunities in your area.”

Certainty Home Lending, a Rate Company, has named 20+ year vet Troy Williamson as SVP of Mortgage Lending and Producing Sales Manager. Troy will be based in North Carolina where he will lead the Wilmington NC Mortgage Team.

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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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. 

“What if you could modernize execution without rebuilding your technology stack? JazzX AI was built for exactly that purpose. Rather than replacing your LOS, CRM, document systems, pricing engines, verification providers, or third-party services, JazzX sits above them as a System of Intelligence: an AI-native execution layer that orchestrates work across the mortgage lifecycle while preserving the systems you’ve already invested in. The result is a modern mortgage operation that becomes more adaptive, intelligent, and efficient without the cost, risk, and disruption of rip-and-replace initiatives. Want to see it in action? Book a demo with our team.”

Once upon a time, a lender juggled eight mortgage BPO vendors. One for document indexing. One for processing. One for automated underwriting. One for income analysis. One for QC. One for post-closing… you get the gist. Eight contracts. Eight audits. Eight ways to get squeezed. So, the lender did the math and picked one partner instead: Indecomm. Indexing, processing, income analysis, underwriting, quality control, post-settlement, servicing support, and servicing QC, all in one place, powered by purpose-built AI platforms and backed by mortgage professionals who’ve sat in your chair. One contract. One audit. One team that knows the whole file. The vendor squeeze is real. The fix isn’t an eighth vendor. It’s needing seven fewer. Meet Indecomm.

CIC Credit asks a timely question: Is your credit process ready for the next busy lending season? Increased volume can expose delays and workflow gaps quickly, which makes now a good time to take a closer look at how efficiently credit moves through your operation. With CIC Credit, lenders get Tri-Merge Credit Reports backed by flexible credit solutions, rapid credit supplements, LOS integrations, and responsive support. The difference is CIC’s combination of technology and personalized service, with customized solutions designed around each lender’s needs. The result is a more connected credit process that can help teams handle increased volume without adding unnecessary complexity. To learn more, contact CIC Credit or call 615-386-2282 today.

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.

Home equity and non-Agency news

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Spring EQ (NMLS #1464945) is giving brokers more ways to win with a new 25 bps pricing promotion on all eligible home equity loans and 1st lien HELOCs through September 30. With homeowners sitting on record levels of equity, now is the time to deliver even greater value with competitive pricing and flexible solutions. For investors, Spring EQ’s aggressively priced DSCR program features low everyday rates, no reserve requirements, no LTV reductions based on DSCR ratio, and flexible guidelines designed to help more borrowers qualify. Brokers can also now charge a third-party processing fee on home equity loans, providing even more support for their business. Whatever the scenario, Spring EQ delivers the products, pricing, and guidelines to help you grow your business. Visit EMMA to price, process, and manage your loans. Not a partner? Join here: Wholesale or Correspondent.

Expand Your Reach with Pennymac TPO’s non-QM Suite! Pennymac TPO’s Non-QM Product Suite (DSCR, A+, A, & A-) offers flexible solutions to help you capture business that traditional Agency guidelines leave behind. For self-employed entrepreneurs to first time and seasoned investors, our programs empower you to say “yes” more often. Our expanded lineup includes DSCR, Bank Statements, Full Documentation, WVOE, 1099s, and Asset Based programs such as Asset Depletion and Asset Qualifier. Grow your pipeline and provide modern lending solutions to a wider range of clients. Contact your Pennymac TPO Account Executive or become a partner today to get started. (Equal Housing Lender, NMLS #35953)

The mortgage industry is starting to recognize that the homeowner relationship does not end when the original mortgage closes, particularly when millions of borrowers are sitting on low-rate loans they have no interest in refinancing. Home equity is becoming the natural next conversation because borrowers can access the value they have built without giving up a mortgage rate they consider too valuable to replace.

We have all already seen, home equity usage continues to rise, and lenders are finding ways to make the experience increasingly simple and accessible. That creates an opportunity for lenders to think beyond the traditional purchase and refinance cycle and ask what other financial needs they can help existing customers solve. A borrower with a three percent mortgage may have no reason to refinance, but that does not mean the lender has run out of ways to provide value.

It leads to the larger opportunity of making that relationship part of the lender’s strategy after closing, whether through servicing, partnerships, or a dedicated home equity offering. Clearly, lenders have become more focused on recapture and customer retention, recognizing that staying connected to the borrower creates opportunities to help with equity, insurance, and other variable costs of homeownership even when a traditional refinance does not make sense.

It’s an important approach because the housing market can look very different depending on which homeowner you are talking about: overall equity remains substantial, while some more recent borrowers are showing signs of financial stress. A strong customer relationship gives lenders the ability to serve both realities rather than waiting for an interest-rate cycle to create the next transaction. The mortgage business has spent a long time thinking about how to originate the loan; now is potentially the time to think much more deliberately about how to remain useful to the homeowner after the loan is already on the books.

Citi Correspondent Lending Bulletin 2026-09 includes credit policy updates on New Non-Agency Jumbo Interest Only (I/O) Product, Disability/Workers Compensation, Non-Arm’s Length Transactions Updates, Compensating Factors – Non-Agency, Co-op First Mortgages Condo – DU Loans and Non-Agency, Hazard Insurance with Solar Panels, and more.

Champions Funding launched Equity First, a new No Min FICO DSCR program. Some highlights include no DSCR calculation, no minimum FICO, up to 55 percent CLTV, no reserves required, and more. 

Pennymac updated non-QM LLPAs effective for all Best-Efforts Commitments taken on or after Friday, August 14, 2026. See Announcement 26-94 for details.

Effective with AmeriHome Mortgage’s 20260804-CL Product Announcement, the Non-QM DSCR and Expanded program guides have been updated. 

Webcasts coming up

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All from the comfort of your living room’s La-Z-Boy or office!

Today at 11AM there’s Mortgage Matters, presented by Lenders One, where Kevin Peranio, Chief Lending Officer and Partner at PRMG, has a conversation on the current mortgage market. The discussion explores the trends shaping lending today, the challenges and opportunities facing lenders, and what mortgage professionals should be watching as the industry continues to evolve.

At noon today there’s Recapture Wars, presented by Mortgage Solutions Financial, where Richey May’s Seth Sprague and MSF’s Rick Smith examine UWM’s $600 million hedge loss, Oaktree’s $2 billion rescue, collapsing equity, soaring leverage, years of dividend extraction, and the belief that the company’s survival hinges on preferred-equity capital and a successful rights offering to stabilize its balance sheet and satisfy warehouse lenders.

The Big Picture is tomorrow at noon, PT. Mitch Kider and Rob Chrisman are joined by John Dingeman, Chief Appraiser at Class Valuation, for a conversation on the evolving appraisal landscape. The discussion explores valuation modernization, emerging technologies, regulatory developments, and the trends shaping how lenders assess collateral risk and improve efficiency across the mortgage process.

Last Word is Friday 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. The discussion focuses on what the industry got right, what it missed, and what lenders should be watching next.

Capital markets: price up, yield down, but last week apps declined

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Agency MBS and Treasuries extended their early-week price rally yesterday as falling oil prices eased inflation concerns and weaker-than-expected consumer confidence and new-home sales reinforced expectations of a slowing economy. The easing of U.S.-Iran tensions has helped push WTI crude back toward $80/barrel, reducing near-term fears of an energy-driven inflation resurgence, though geopolitical risk remains an important variable for Treasury markets.

Mortgage rates don’t track 30-year bonds (think 5- to 7-year maturities), but the focus has been on the U.S. Treasury’s expanded buybacks. They may temporarily support long-end bonds, but cannot overcome the fundamental forces (persistent deficits, heavy issuance, inflation, and stronger growth pushing yields higher), the U.S. Treasury kicked off this week’s note auction slate with a good $69 billion 2-year note offering. The auction faced a tough setup, with yields at fresh lows after a 10+ basis point rally, leaving less valuation concession versus July’s 4.32 percent stop and little curve incentive for buyers. Demand was restrained slightly by near-term risk from today’s PCE inflation reading, as well as whatever comes from the Fed’s symposium in Jackson Hole later this week, alongside uncertainty over whether incoming data will justify a September Fed hike. August economic data is unlikely to materially shift the Fed outlook before the September 16 meeting, with a “hawkish” hold still expected.

On the data front, new home sales fell a sharp 10.5 percent month over month in July to a 607k annualized pace, pushing inventories higher and potentially putting downward pressure on prices. Speaking of, home prices remained relatively firm, with the Case-Shiller index rising 2.1 percent year over year even as the FHFA index was flat, indicative of a housing market where demand is softening faster than prices. Consumer confidence also weakened to its lowest level of the year in August, with a deteriorating outlook offsetting improved views of current conditions and signaling growing household caution.

Today’s economic calendar kicked off with mortgage applications from MBA, which fell 1.0 percent last week as the 30-year fixed mortgage rate rose to 6.78 percent, its highest level in three weeks. Refinancing remained the biggest drag, down 2 percent week-over-week and -17 percent year-over-year, while purchase applications were relatively resilient but still 5 percent below last year. The roughly 20-basis point rise in mortgage rates over the past two months is increasingly weighing on housing demand, particularly refinancing activity.

We’ve also received July Personal Income (+.4 percent), Personal Spending (+.2 percent), PCE Prices (+.2 percent, M-o-M; +3.7 percent Y-o-Y), Core PCE Prices (+.2 percent; +3.3 percent for the year), and July Durable Orders (+1.1 percent). The Fed’s preferred measure of core inflation was expected to have slowed slightly in July, helped by downward revisions to the second quarter. Later today brings weekly crude oil inventories and an auction of $70 billion 5-year Treasury notes. After this salvo of economic news, Agency MBS prices are little changed from Tuesday’s close, the 2-year yielding 4.20, and the 10-year yielding 4.64 after closing yesterday at 4.64 percent.

Carol K. writes, “One time, a friend and I were walking our dogs down the street in early evening, when we happened upon a bar. My friend suggested we stop in and get a drink. I looked at my friend’s German Shepherd and said, ‘They’re not going to let us in there with our dogs.’

“He said, ‘Just follow me and do what I do.’

“When we got inside, sure enough, the bartender told my friend, ‘Sorry, but you can’t bring your dog in here.’

“My friend replied, ‘I’m legally blind, and this is my seeing eye dog,’ to which the bartender answered, ‘Well, that’s OK then.’

“The bartender then turned to me and snapped, ‘Sorry, no dogs.’

“Just as my friend had instructed, I replied, ‘I’m legally blind too, and this is my seeing eye dog.’

“The bartender said, ‘Yeah, right, nobody has a miniature dachshund for a seeing eye dog.’

“Trying to think of something FAST, I managed, ‘THEY GAVE ME A MINIATURE DACHSHUND??’”

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.)