People in our biz are not only watching worldwide economic trends, but they’re traveling all over to conferences (though senior management is taking a hard look at the return on investment, ROI, of registration, airfare, and hotels, given the expense). Some are wrapping up family vacations. The travel industry, always good for trendspotting, has begun to track “skillcation,” which is when tourists specifically pursue a trip in order to learn a new skill like surfing or beekeeping or climbing. It’s not exactly a new trend (any card-carrying PADI diver such as I – 50 years! – can attest to the unique thrill of it) according to data from Mastercard, which tracks travel trends closely: 48 percent of people in 2026 planned a trip this year to specifically develop a skill. While people deal with changing summer weather conditions, supporters of U.S. manufacturing know that China’s air conditioner producers have had a massive summer thanks to a European heat wave that has made avid buyers out Europeans, the U.S. tariff situation be damned. Exports of AC units from China to the EU hit $3.8 billion in the first half of 2026, up 43 percent year over year. TCL said that sales of portable units were up by 90 percent, Haier reported that sales in France, Germany and the U.K. doubled in June and Midea saw revenue in four major European markets increase 70 percent. This is good news for China’s AC business, which has essentially reached saturation domestically; there are 176 AC units per 100 urban households in China, up from eight units per 100 households in 1995.
Saturday Spotlight: Advantage Partners Solutions
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“Reliable service that gives you the power of choice.”
Advantage Partners Solutions is a national CRA built by people who have spent their careers in the mortgage industry. They’ve worked as operators, partners, and advocates who move this market every day.
We are a brand centered on alignment, formed by two founding organizations, Advantage Credit and Partners Credit & Verification Solutions. Each organization built an identity on the same principle: know your client’s business, stay close to it, and deliver without exception. That principle is the foundation of everything APS does today.
Through a single APS relationship, clients access tri-merge credit reports, income and employment verification, flood determinations, fraud and identity protection, 4506-C tax transcripts, SSA-89 Social Security verification, and background screening. Application through close, APS has you covered.
We serve mortgage bankers, independent brokers, credit unions, and community banks across all 50 states. The service standard does not vary by institution size or loan volume. Every account receives the same quality of team, responsiveness, and commitment that have defined this organization since its founding.
We believe in working in alignment with a higher standard, rooted in trust, consistency, and partnership.
Mortgage professionals work in an environment where accuracy and timing are king. A late report or an incorrect detail affects a borrower, a closing, and a relationship. Our team understands that weight.
Every client works with an account manager who knows their LOS, their pipeline, and their market. We have operated as a white-glove service team for nearly 20 years. We were a remote-first model before it was trendy and have grown with a consistent service level that builds our high-trust reputation.
When you work with APS, you can expect reliable service that gives you the power of choice.
APS is the only CRA in the market that brings both a proprietary platform and full MeridianLink MCL support under one partnership. The client chooses the platform. The team and the standard never change.
We move with you and the industry.
The mortgage industry is navigating a meaningful shift in credit scoring. VantageScore 4.0 is approved by Fannie Mae and Freddie Mac. The broker channel is gaining access. New scoring models, new workflows, and new compliance requirements are coming into focus across every segment of the market.
Advantage Partners Solutions has been preparing. Both platforms support VantageScore 4.0 today. Our clients received communication on the transition before it became an operational question. That is how we work. We track what is coming, we prepare, and we reach out. The market moves, and we move with it, so our clients do not have to scramble.
Advantage Partners Solutions serves as a collaborative partner. We have the technology to move when the market moves, the people to make sure nothing falls through, the service you can depend on, and the reputation in this industry for knowing what our clients need before they have to ask.
The advantage is in our partnership.
That’s what makes us your mortgage solutions partner that gives you the advantage.
Connect today: ADVPS.com
Email: bizdev@advps.com
(For more information on having your firm’s extracurricular activities, employee growth, and your charitable side featured, contact Chrisman LLC’s Anjelica Nixt.)
A snapshot of residential lending: read at your own risk
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I receive plenty of emails espousing a myriad of opinions every week. Spoiler alert: There aren’t many who are excited right now. Here is one note from a well-known industry vet that touched on many issues that they’re talking about in the hallways of recent conferences.
“Rob, the UWM results, although not a shock, indicate a situation that is very troubling right now. Taking hedge losses and some of the pricing specials they are running seem pretty reckless.
“The Trump Administration and FHFA Director Bill Pulte decimating the Agencies and the talent pool is not good. I don’t know any of the leaders at either Fannie or Freddie with the experience and wisdom to ‘remake’ either place, other than Kevin Palmer (EVP at Freddie Mac). At some point we are due for a slowdown, given the end of the ‘purchase season’ (which was not exciting this year) and interest rates not coming down. When that happens, you need lots of smart people working on the problem.
“Owners of servicing have been benefitting from the high rates, and is always easy when everyone is making their payments. I am not sure how many of senior managers around the industry at those companies owning servicing, other than David Spector (Pennymac CEO) have been through a default cycle. The GNMA servicing has not gotten any better, and the FHA concentration in less capitalized institutions cannot help but be challenging in a downturn. Buyouts and advances are going to eat these guys up. Will the PE guys have the patience for the timelines?
“Also, I seem to recall that there is some trigger approaching on the GSEs regarding the Treasury Agreement that was impactful, and I know about all the work they were putting into it in the past to be ready. Pushing the GSEs into the private market without any real talent pool left who understand the client and customer side of the business could be devastating. It feels sometimes like we are playing Russian roulette with the Housing Finance System.”
Chris Whalen’s take on Pulte, the GSEs, and affordability _________________________________________________
This week Chris Whalen published a piece in The Institutional Risk Analyst on the latest doings in Washington involving FHFA Director Bill Pulte. “Are we really going to change LLPAs now? Are 80 percent of repurchase claims by the GSEs due to inadequate private mortgage insurance cover? “Pulte Decides; GSE Repurchase Claims and DSCR Fraud”. “Federal Housing Finance Director William Pulte reappeared on X this past week, promising ‘decisions’ on highly technical areas like loan level pricing adjustments (LLPAs) for Fannie Mae and Freddie Mac. But could director Pulte expound further on just why LLPAs need to be changed at this point in the home price cycle? After all, most home prices are falling.
“Though it’s not clear what Pulte will do, the assumption among housing policy watchers is that he will try to reflect the administration’s desire to cut home-purchasing costs and show midterm voters that the administration is addressing “affordability” concerns… Of note, the Trump Administration just fired another group of senior executives from Fannie Mae, including Devang Doshi, the Senior Vice President of Capital Markets. How is this helpful to affordability? Director Pulte seems to be positively disposed toward Freddie Mac, but entirely hostile to Fannie Mae. Meanwhile, some serious operational problems are accumulating inside the GSEs…”
Rising rents should help nudge potential buyers _________________________________________________
A report from Cotality about single-family rent prices indicated rents rose for the fourth time in a row from a year earlier by 1.5 percent. Megan Castleton had some insight into the numbers. (Megan is chief credit officer at DSCR lending powerhouse Constructive Capital.)
“What stands out most in the latest data is that rent growth is following a more traditional seasonal pattern. After several years of volatility, a return to predictable market behavior could provide greater clarity for brokers, lenders, investors, and operators alike. Single-family rental demand continues to demonstrate resilience despite a slower growth environment. The sector’s ability to sustain positive rent appreciation suggests the underlying need for rental housing remains intact.
“The contrast between Midwest strength and Southern market softness highlights the importance of regional diversification. Institutional portfolios may benefit from balancing exposure across markets that are at different stages of the rent growth cycle.
“The continued outperformance of higher-end rental properties suggests demand remains strongest among higher-income renters. Investors evaluating acquisition opportunities through their brokers should pay close attention to where premium inventory is showing resilience.” Thank you, Megan.
UAD 3.6 Is More Than a New Appraisal Report
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Mortgages bound for Freddie and Fannie, as well has HUD, will soon be appraised using a different form and process. Class Valuation’s Chief Appraiser John Dingeman has a front-row seat on the upcoming changes facing appraisers, and therefore lenders. Procrastinate at your own risk, and don’t forget that judgement and experience matter.
“UAD 3.6 represents a meaningful change in how the mortgage industry collects, presents, and understands collateral information, and I think some lenders may be underestimating the transition by treating it as simply a new appraisal form. The legacy forms have been in place since 2005, while the properties, lending standards, and data requirements surrounding them have continued to evolve, creating situations where appraisers are effectively trying to fit today’s assignments into yesterday’s framework.
“UAD 3.6 gives us an opportunity to move away from that model with a more dynamic report and a more standardized way of describing the property, which should make the information easier for lenders, underwriters, consumers, and other participants to interpret. That standardization matters because even something as seemingly simple as a condition rating can mean different things to different people when the terminology is not clearly defined. By structuring more of the information into specific fields and placing commentary and photographs alongside the issues they describe, the report can tell the appraiser’s story much more clearly without forcing the reader to search through pages of addenda to understand what matters.
“That improvement in structure should not be confused with replacing professional judgment. We now have access to far more property data than we did when I started in the profession, and the role of the appraiser has consequently shifted from being primarily a holder of information to being someone who helps make sense of an enormous amount of information. Machine-readable data and AI can help identify things worth examining, but the appraiser still needs to look at the property, evaluate the evidence, and apply professional judgment to the question of collateral risk.
“I think that distinction is particularly important as we consider alternative valuation methods and the industry’s ongoing effort to remove unnecessary friction. An appraisal may not always be necessary when the lender already has substantial evidence that collateral risk is minimal, but when an appraisal is appropriate, the value of the professional comes from interpreting the information rather than simply supplying it. UAD 3.6 can make that interpretation more efficient and more transparent, but the technology works best when it strengthens the appraiser’s judgment instead of attempting to replace it.” Thank you, John.
With all that’s going on, don’t forget closing
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The closing process can look deceptively simple from the outside: A lender needs the documents prepared, the title reviewed, the funds handled, and the transaction closed, but much of the value of a closing attorney is in the problems that never make it to the closing table because someone identified and resolved them first. That can mean curing a title defect, preparing an easement or shared-well agreement at the last minute, reviewing the file for errors, or working with a lender to understand a risk that may not fit neatly into a checklist.
The work has become increasingly technology-driven, but the underlying responsibility has not changed: understand the transaction, identify what could go wrong, and make sure the parties know what they are actually taking on. That is cause for concern about the growing movement toward title alternatives that can appear less expensive while providing materially different protection. A lower upfront cost does not necessarily mean a lower-cost risk when the problem surfaces years after the closing.
Title insurance and closing protection address risks that can extend well beyond an error discovered during the original transaction. We have seen what happens when those protections are absent, particularly with fraud, missed liens, payoff problems, and defects that may not become apparent until long after a loan has closed.
When a lender substitutes a limited alternative for traditional title coverage, it may effectively be moving a risk that was once insured onto its own balance sheet, while the borrower may not fully understand the difference in protection. That becomes especially important as the industry looks for ways to reduce the cost of homeownership, because affordability should not be achieved by simply transferring risk to a party that may not realize it has assumed it. The closing table is where those risks become real, and the professionals responsible for getting the transaction across the finish line need to remain focused on more than whether every box has been checked. They need to understand what happens when something goes wrong years later, because that is ultimately what responsible closing work is designed to protect against.
What if this, shown in a short clip, is how we learn about mortgages? Or maybe we do…
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.” “Pricing That Can Help Borrowers.” The Commentary’s podcast is available on all major platforms, including Apple and Spotify.
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(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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