Did you know that 53 percent of statistics are made up on the spot? “Rob, you recently mentioned that 30 percent of repeat buyers paid cash and did not finance their home. Where did that statistic come from?” The most recent Home Buyers and Sellers Report from NAR. If you’d like to see stats based on age, here is as much data as you would like. Lenders and vendors love data, and according to Curinos proprietary application index, June 2026 funded mortgage volume increased 6 percent Y-o-Y and increased 8 percent M-o-M. The average 30-year conforming retail funded rate in June 2026 was 6.35, 10bps higher than May 2026 and 44bps lower than the same month last year. Curinos drills into this data further here. Certainly, the ability to look at granular statistics has increased (Gallus has a good dashboard product), but are you “managing to” or “managing through”? Managing is always a topic on today’s Last Word at 10AM PT. Brian Vieaux, Kevin Peranio, Christy Soukhamneut, and Coby Hakalir break down the week’s biggest market developments and industry narratives. The panel focuses on separating meaningful trends from short term noise and what lenders should be watching next. (Today’s podcast can be found here… this week’s ‘casts are sponsored by FICO. As the industry’s most predictive credit score, FICO Score 10T combines proven performance with deeper insight into borrower behavior to help support a stronger and more resilient housing finance system. Today’s has an interview with Rate’s Ryan Ogata on why more and more originators/branch operators are choosing “profit and loss” models over traditional retail.)
Employment and a business opportunity
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“Most wholesale DBAs in the mortgage industry are building someone else’s empire. You generate the relationships, drive the volume, and build the brand, yet 70–80 percent of the profits often stay with the owner while you remain a replaceable employee with no equity or long-term control. We’re offering something entirely different: a true separate entity with real equity ownership from day one. Not a fake title, rev-share illusion, or another “run your own brand” setup. An actual company structure where ownership is fully negotiable, including the possibility of controlling interest. Use our shared services if you want. Build independently if you don’t. This is not a DBA. It’s a separate entity with the infrastructure, licensing, systems, forms, and operational foundation that normally takes a decade to build, allowing you to start day one on the foundation of a top lender. Interested parties should contact Anjelica Nixt, please specify this opportunity.”
Mortgage Investors Group (MIG), one of Tennessee’s leading independent mortgage banks, has announced the formation of Riverbend Mortgage, LLC, a mortgage joint venture with Realty Executives Associates, East Tennessee’s largest real estate brokerage and one of the nation’s Top 50 brokerages. The jointly owned company will operate as a standalone mortgage lender, combining Realty Executives Associates’ network of more than 1,000 agents and more than $4 billion in annual real estate sales with MIG’s in-house mortgage platform and operational expertise. Realty Executives Associates selected MIG after evaluating multiple mortgage companies for the partnership. Expected to launch in September 2026, Riverbend Mortgage represents a significant milestone in MIG’s long-term growth strategy as the company expands its mortgage joint venture platform and affiliated partnership initiatives across the United States.
“We are hiring for the Appraisal Section Manager in Residential Lending!” TD Bank is transforming its Residential Lending Appraisal and Valuations business and we’re looking for the right leader to get us there! This role is fast paced, supports mortgage and home equity operations along with the servicing and default management teams. The right leader will be an experienced people manager who can lead change through others while continuing to deliver on the fundamentals of the appraisal and valuation process. Are you right for the job? Check these boxes: Puts the customer at the center of everything they do; Strong people leader that can develop and guide large teams through change; Experienced in partnering with sales teams; and well versed in appraisal laws, rules, regulations, and requirements. If you are the right person, please email Devan Wallace.
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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Less back-and-forth. More first-time-right verifications. Truework replaces manual verification waterfalls with a single automated platform, so underwriters, LOs, and ops can cut down the document chasing, conflicting numbers, and last-minute corrections. Lenders see up to 50 percent cost savings on verifications, with faster turn times, higher accuracy, and stronger R&W relief. Trusted by 4 of the top 5 lenders in the U.S., Truework gives your team verification results they can rely on. Learn more.
“CLAUDE-CERTIFIED MORTGAGE SPECIALISTS: Lenders who are winning right now don’t have the most AI experiments. They have the most AI in the hands of LOs and fulfillment teams this quarter, not next year. This is exactly why CI&T joined Anthropic’s Claude Partner Network to get 1000+ of our engineers Claude-certified. For lenders, this means our mortgage specialist teams can build and ship (not just experiment!) AI tools for you even faster (and not just with Claude either btw). And here’s the key: we build on top of your existing tech stack. This means AI ROI within one quarter, and no rip and replace disruption. We’ve got the fastest path to AI ROI for lenders, so if your AI roadmap is lagging, let’s talk. Please reach out to Tim Von Kaenel and Dawn Svedberg.”
If you’re doing non-QM loans, handling the calculations for deposit-based income is a time-consuming process that can be a breeding ground for errors. Join Cotality on July 15 at 11 a.m. PT for a 45-minute webinar around Using Cash Flow Analysis to support non-QM underwriting. During this session, we will highlight how new tools can help you automate many steps of the deposit-based income process, saving you hours of processing time and greatly reducing the chance of income calculation errors. Register today and see how you can take the hassle out of deposit-based income calculations.
Brokers should know that American Heritage Lending has extended its limited-time 50 BPS pricing special for eligible Wholesale Non-QM Purchase transactions through July 31 at 5:00 PM PST. Available exclusively on new locks (existing locks and relocks are not eligible), the special applies to Owner-Occupied loans under AHL’s All Star Program for U.S. Citizens, with loan amounts of $300,000 or greater and maximum 85 percent LTV. This also applies to 1–4-unit properties. Loans with guideline exceptions are not eligible. The All Star Program offers flexible income options, including Full Doc, Bank Statement, 1099, 1-Year Profit & Loss, and Asset Qualifier, giving brokers more ways to help qualified borrowers achieve homeownership. Combined with this limited-time pricing enhancement, brokers can improve affordability, strengthen purchase offers, and stay competitive during the busy summer market. For more details, contact James Gueltzow.
Big news out of Reggora this week: the company announced it has been verified by Fannie Mae and Freddie Mac for UAD 3.6, and alongside that milestone, it’s launching free, all-in-one appraisal forms software for appraisers. Per the announcement, the software supports both the new dynamic URAR and legacy UAD 2.6 forms, letting appraisers manage every order in one platform through the November 2 transition and beyond, at no cost, with no upsells. CEO Brian Zitin says the goal is making UAD 3.6 as smooth as possible for everyone: when appraisers and lenders work in the same modern system, lenders see fewer conversion errors, fewer revision requests, and less turn-time risk during the dual-pipeline period. Read the full press release here.
Before Google Maps, getting somewhere new meant printing directions and hoping you didn’t miss a turn. Today, you can see the best route, travel time, and traffic conditions before you leave the driveway. nCino’s LeadGen PreQual gives borrowers that same certainty. They simply click a link from their loan officer, complete a short mobile-optimized form, and receive a real, credit-backed prequalification letter instantly, before ever creating an account or submitting a full application. Lenders can specify whether to run a soft or hard credit pull and can choose to require asset and employment verification or not. When the borrower returns to apply, their profile picks up right where they left off. Give borrowers a clearer route to homeownership.
IRS pricing for 8821-based tax return verification is increasing. For lenders that rely on this data for income verification, underwriting accuracy, and fraud prevention, working with the wrong partner means slower turnaround, higher costs and verification results that may not hold up under audit. Service 1st invented and trademarked Tax Return Verification (TRV), a strong indication of the experience, infrastructure, and IRS relationship behind every report they deliver. Service 1st processes 8821 requests directly, with established workflows built over years of operational history that newer entrants cannot replicate. As costs rise and competitors scramble, lenders that have built their verification workflows around TRV already know that not all 8821-based verification is equal, and the difference shows in accuracy, turnaround time, and compliance confidence. Contact Service 1st at 877-814-1178 for more or visit here.
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.
Help Shape the Future of Mortgage Technology
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STRATMOR Group has launched the first module of its 2026 Technology Insight® Study (TIS), the mortgage industry’s only independent benchmark measuring lender satisfaction with mortgage technology, vendor service, and support. New this year is the LOS Perception module, exploring how lenders view today’s loan origination systems and how AI, automation, and other emerging technologies are reshaping expectations for the future. The survey is open exclusively to mortgage lenders. Participants will receive a complimentary summary report featuring STRATMOR’s expert analysis of industry trends, lender sentiment, and key findings. If you’re a mortgage lender, this is your opportunity to contribute to the industry’s leading technology benchmark while gaining valuable insight into how your peers are evaluating the next generation of mortgage technology. Take the survey today.
Government program changes don’t stop
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Forget low interest rates, scarcity, or institutional buyers. The HUD Secretary says illegal immigration drove housing prices up: “American houses are for American people.” Not that it impacts lenders necessarily, but there is a discussion about moving HUD’s headquarters, and a proposal to convert HUD HQ into a facility for homeless.
FHA issued a lender reminder in FHA INFO 2026-14 that FHA approval is required to participate in FHA-insured Title I or Title II programs, including the FHA Single Family, Multifamily, and Healthcare programs. To retain FHA approval, lenders must complete the annual recertification process. View FHA INFO 2026-14 for further details.
FHA INFO 2026-13 reveals its next sweeping set of policy updates for its Single-Family mortgage insurance program executed through a series of Mortgagee Letters (ML). With fourteen individual updates, launched as part of HUD’s recognition of National Homeownership Month, are designed to reduce costs, mitigate risk, and make mortgage credit more accessible for prospective American homebuyers with FHA-insured mortgages.
USDA Rural Development issued a Bulletin on 07/06/2026 09:47 AM EDT announcing Interest Rate Increase for SFH Direct Programs.
Interest rates for SFH Direct Programs have increased, effective June 1, 2026. View USDA Rural Development bulletin for details.
At United Wholesale, a recent 3Points with Mat Ishbia can be found here. Topics include potential VA fee changes, the 2026 purchase season, and asking “Will FHA drop the 90-day flip rule?”
Onity Mortgage will now accept GNMA eNotes for their Delegated Correspondent channel. Log in to the Onity Mortgage library for details.
Newrez Correspondent’s FHA and VA ARM Margin section of the Product Summaries have been updated with an additional margin of 1.75 percent.
Newrez Correspondent updated the Government guides for FHA and VA loans.
Capital markets: rates aren’t great but lack of volatility welcomed
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While investors continue to monitor renewed Middle East tensions, the focus remains on whether inflation and labor market data will validate expectations that the Federal Reserve can remain on hold, particularly as oil prices this week have stayed below levels that would signal a meaningful inflation shock. We learned on Wednesday that June FOMC Minutes reaffirmed that persistent inflation from energy, tariffs, or AI-driven demand could warrant additional tightening if economic conditions remain resilient, but with Treasury auction demand proving strong (see below) and energy markets relatively contained, the recent rise in yields appears driven more by hawkish policy expectations than by escalating geopolitical risks.
The Treasury’s $25 billion 30-year bond auction capped off a good finish to this week’s trifecta of solid auctions with solid investor demand reinforcing that the market continues to absorb increased Treasury issuance despite elevated yields, geopolitical uncertainty, and persistent inflation concerns. With long-term Treasury yields having climbed back above 5 percent after recent selling pressure, the higher yield environment attracted buyers and helped stabilize the long end of the curve, easing concerns that weak auction demand would push rates materially higher and shifting investors’ focus toward next week’s CPI report and the evolving outlook for Federal Reserve policy.
June Ginnie Mae II 30-year prepayment speeds declined 7 percent, with slower activity concentrated in higher-coupon loans while older, lower-coupon vintages continued to accelerate modestly. VA loans continued to prepay faster than FHA loans, particularly in higher coupons due to the VA streamline refinance program, with servicer performance remaining a key driver of pool behavior: Planet Home Lending led the fastest VA prepayment rankings, Rocket/Quicken dominated the FHA rankings, and Village Capital consistently posted the fastest speeds among newer loans, reinforcing that servicer characteristics remain one of the strongest predictors of prepayment performance.
We learned yesterday that June existing home sales fell 2.4 percent from the prior month, as high home prices and elevated mortgage rates continued to weigh on demand despite improving affordability driven by wage growth outpacing home price appreciation. With no economic data on today’s calendar, we begin Friday with Agency MBS prices little changed from Thursday’s close, the 2-year yielding 4.18, and the 10-year yielding 4.55 after closing yesterday at 4.54 percent.
A mortgage banker and a Realtor get into a car accident and it’s a bad one. Both cars are totally demolished, but, amazingly, neither of the professionals is hurt.
After they crawl out of their cars, the mortgage banker sees the Realtors NAR sticker and says, “So you’re a Realtor. I’m a mortgage banker. Just look at our cars. There’s nothing left, but we are unhurt. This must be a sign from God. God must have meant that we should meet and be friends and live together in peace the rest of our days.”
The Realtor replies, “I agree with you completely. This must be a sign from above.”
The mortgage banker continues. “And look at this. Here’s another miracle. My car is completely demolished but this bottle of Chardonnay didn’t break. Surely some power above wants us to drink this wine and celebrate our good fortune.” Then he hands the bottle to the Realtor. The Realtor agrees, takes a few big swigs, and hands the bottle back to the mortgage banker.
The mortgage banker takes the bottle, immediately puts the cap on, and hands it back to the Realtor.
The Realtor asks, “Aren’t you having any?”
The mortgage banker replies, “No…I think I’ll wait for the police.”
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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