Many successful LOs explain to clients, early in the relationship, how they, and the lender, earn income to set expectations. Income is straightforward, and limited, and only when the loan closes. Under the title, “What’ll they think of next to make money?”, the decision to add “water breaks” to the World Cup outside of the ordinary halftime (even for teams competing in domed, air-conditioned stadiums) had more than a whiff of greed about it, and reports indicate that the added commercial breaks are indeed making broadcaster Fox a fortune. According to media buyers familiar with the amount that hydration break ads are selling for (between $200,000 and $750,000 depending on the matchup and the stakes of the game) the six minutes of hydration breaks per game are adding up to $2.5 million and $9 million per game. This means that the water breaks are reaping the broadcaster at least $250 million, and possibly $500 million to $600 million, on top of the ordinary commercial breaks. In the hallways of HUD, headlines are pointing to regulatory changes that will save money. Yes, per the U.S. Department of Housing and Urban Development, there are 14 policy changes to its Federal Housing Administration (FHA) Single Family mortgage insurance program “aimed at lowering costs, easing regulatory burdens, and improving affordability for Americans using FHA-insured mortgages.”
Saturday Spotlight: Gershman Mortgage
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We caught up with Adam Mason, President of Gershman Mortgage, to hear about its more than 70-year history, what sets it apart and what’s driving the company’s next chapter.
In 3-5 sentences, describe your company (when was it founded and why, what it does, where, recent growth and plans for near-term future growth).
Gershman Mortgage was founded in St. Louis, MO, by Solon Gershman in 1955 to complement the real estate company he established a few years prior. More than 70 years later, Gershman Mortgage is one of the largest family-owned residential mortgage companies in the Midwest, licensed in 22 states with branches throughout the U.S. We also operate as a correspondent lender, partnering with banks and credit unions to expand access to mortgage solutions across its footprint, as well as a multifamily and healthcare facility lender nationwide. Looking ahead, we continue to grow through unwavering support of our employees, by attracting top producing loan officers, making smart investments in technology, and building relationships with real estate and referral partners across our markets.
What does your company do to help elevate your employees’ growth? Describe any mentoring programs, outside classes or training, in-house training. How does the company help people develop?
Gershman invests in our people through a culture of mentorship, dedicated support, commitment to ongoing professional development, and long history of promoting from within. Loan officers have access to dedicated sales training programs designed to sharpen skills, build pipelines, and support long-term production growth. Beyond formal training, we foster a culture where experienced professionals invest in those around them. The goal is never to create replicas of top producers but rather to share best practices and perspectives that each professional can adapt to their own style, market, and strengths.
Things you are most proud of that don’t have to do with sales.
Our culture and our employees. We support and help each other. We celebrate successes and are there for each other when times are tough. Our team has character, integrity, talent, drive, and is empathetic to our customers’ needs. We take the long view: no shortcuts, no compromises on ethics, no winning a deal at the expense of a relationship or a reputation. Building something that lasts requires doing things the right way, every time.
Fun fact about your company.
In over 70 years, Gershman has had only three presidents. Talk about stability!
Is there anything else you’d like to share along these lines?
Gershman is actively growing and intentionally so. We continue to expand our loan offerings, recently adding non-QM and medical professional loan programs to serve a broader range of borrowers. Our correspondent lending platform sets us apart in the market, and Gershman is seeking banks and credit unions to join our TPO program.
On the recruiting side, growth is deliberate. Gershman is not adding loan officers for the sake of numbers; it is looking for the right people. The right fit includes professionals who have built their businesses on relationships and results. Those who want an environment that adds power around what they’re already doing well, without asking them to be something they’re not, excel at Gershman.
(For more information on having your firm’s extracurricular activities, employee growth, and your charitable side featured, contact Chrisman LLC’s Anjelica Nixt.)
One idea about improving affordability
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In some markets, like many in Texas, buying a property could be thought of as catching a falling knife. In other markets, inventory is still scarce.
Peter M. Mazonas, the CEO of NatEquity, Inc., has a plan addressing helping potential borrowers. “HouseMoney™ is a tax-free savings plan to encourage American workers to save up to 12 percent of income annually and within 5 years use that money tax free to fund the downpayment on a primary residence without withdrawing monies from their 401k. America has housing availability and affordability problems. Many have given up on ever owning a home and instead are spending it on near-term gratification. Except for the few who own substantial shares in the “magnificent seven,” wealth in America is amassed in home equity.
“Saving for the opportunity to buy a house and accumulate home equity and then drawing it down in retirement should both be key principles embraced by our government. The bipartisan ROAD Act legislation passed by Congress will address supply side issues and regulatory relief to buyers, but housing demand needs a meaningful government program to encourage workers to take steps toward saving for their downpayment. Knowing people are saving for their down payment would encourage builders to create more housing in anticipation of the new buyers.
“If this savings plan is coupled with a federal low-down payment agency loan, homeowners would be leveraging their 90 percent loan to gain from the 3 percent or so annual home price appreciation. From an individual’s standpoint this is a tremendous investment in their future, while enjoying living in their own home. HouseMoney™ would allow individuals at all income levels to save tax free up to 12 percent of their income annually in an account that would compound to be withdrawn tax free to make the down payment on a primary residence. Employers might/should be required to match, to some limit, 50 percent of the employee contribution. If the saver did not draw the balance down within 5 years to buy a house, at age 72 they could draw down the balance for supplemental cash flow in retirement.
As with the government Home Equity Conversion Mortgage (HECM) reverse mortgage equity release program today, retired seniors could supplement Social Security or a private pension for as long as they stay in their home. The financial press reports that seniors are about to make the largest wealth transfer in history, but most of this is trapped home value that will be drawn down by seniors accessing their home equity to age in place. COVID created a generation of house rich cash poor seniors living on ever shrinking fixed incomes where home value must supplement cash flow. Post pandemic inflation has made this irreversible. The solution is regulated upfront savings to encourage Americans to build home equity while enjoying their home and then regulated equity release reverse mortgages as they age in place.” Thank you, Peter.
Christy Soukhamneut on real leadership
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Christy Soukhamneut with Stockton Mortgage penned a note about how leadership isn’t necessarily about having the answers. It’s about building the people who will.
“One of the most encouraging experiences I have each year is spending time with the participants in the Mortgage Bankers Association’s Future Leaders program. Despite the name, these aren’t people just entering the industry. They’re experienced professionals who have already established themselves and are beginning to take on broader responsibilities within their organizations. They arrive with technical expertise, operational knowledge, and strong track records. What they’re looking for isn’t another lesson in mortgage banking. They’re trying to understand what it actually means to lead people, make difficult decisions, and prepare for responsibilities that don’t come with an instruction manual.
“One lesson surfaces almost immediately in those conversations. Leadership is often misunderstood as having the right answer in every situation, yet the strongest leaders I’ve worked alongside rarely operate that way. They ask questions. They invite disagreement. They create environments where other people feel comfortable admitting they don’t know something instead of pretending they do. Years ago, I watched that approach modeled by leaders who never treated curiosity as weakness. They understood that asking thoughtful questions often leads to better decisions than confidently offering the first solution that comes to mind. That example has stayed with me because it fundamentally changed how I think about leadership.
“Confidence and humility are not competing traits. The best leaders know they need both. That mindset becomes increasingly important because our industry is changing faster than any individual can keep pace with alone. Artificial intelligence, new data capabilities, evolving regulations, and changing consumer expectations are all reshaping mortgage lending simultaneously. No executive, regardless of experience, can claim mastery over every one of those developments. The organizations that adapt most successfully won’t necessarily be the ones with the smartest individual leaders. They’ll be the ones that build teams comfortable learning together, challenging assumptions, and relying on one another’s expertise when unfamiliar problems emerge. The ability to find answers has become every bit as valuable as already knowing them.
“That is one reason I find leadership development so important. Programs like Future Leaders certainly help participants sharpen their own skills, but they also create something less obvious and arguably more valuable: relationships. Throughout the program, participants are encouraged to seek advice from people both inside and outside their organizations. They are paired with experienced professionals who have faced similar challenges, not because those mentors can solve every problem for them, but because leadership becomes much less isolating when you know where to turn for perspective. Building that network teaches an important lesson early in someone’s leadership journey. Success is rarely the product of individual expertise alone. It grows from a willingness to learn from others and contribute in return.
“That same principle extends well beyond leadership programs. The mortgage industry depends on people who are willing to invest time in local associations, state organizations, and national advocacy efforts. Every level serves a different purpose, and each one helps develop future leaders in ways that cannot be replicated inside a single company. Someone who volunteers to solve a local housing issue today may find themselves shaping state policy tomorrow or helping guide national conversations later in their career. Those opportunities don’t simply appear. They develop because experienced professionals choose to make room for others, share what they’ve learned, and trust new voices with meaningful responsibility.
“Leadership, then, is less about individual accomplishment than institutional continuity. Every generation inherits an industry shaped by people who invested their time before them. The responsibility now is to leave the next generation with stronger organizations, healthier professional networks, and the confidence to tackle challenges we cannot yet anticipate. If we do that well, the future of mortgage banking won’t be determined solely by technology, regulation, or market conditions. It will be determined by whether we prepared enough people to lead when their turn arrives.
In December 1944, a twenty-two-year-old American private named Kurt Vonnegut was captured during the Battle of the Bulge. He and the other prisoners were packed into boxcars and shipped to Dresden, a city so untouched by the war, so full of art and architecture, that he later called it the first fancy city he’d ever seen.
They housed the POWs in a slaughterhouse. The address was Schlachthof Fünf.
Slaughterhouse-Five.
On the night of February 13, 1945, the sirens went off. The prisoners and their guards climbed sixty feet underground into a meat locker, surrounded by hanging carcasses, while British and American bombers reduced the city above them to rubble and fire. Historians now estimate around 25,000 people died that night, a number confirmed after years of careful study, after decades of wildly inflated propaganda figures had clouded the truth. When the prisoners climbed back up, there was no city left to recognize.
For weeks, Vonnegut and the others were put to work pulling bodies from the ruins. He described it later, flatly, as “a terribly elaborate Easter egg hunt”, the kind of sentence a person can only write once they’ve found a way to survive what it’s describing.
He’d already lost more than most twenty-two-year-olds ever do. Eight months earlier, he’d come home on leave expecting to celebrate his mother for Mother’s Day. She had taken her own life the night before he arrived.
He carried Dresden home with him too, but he couldn’t write about it yet. Not for a long time. He married his childhood sweetheart, took a public relations job at General Electric, sold a few stories to magazines, ran a Saab dealership that failed. Then his sister Alice died of cancer, two days after her husband was killed in a train accident, a fact she never learned. Vonnegut and his wife adopted her three orphaned sons. Six children. A failing business. A war he still hadn’t found the words for.
It took him twenty-five years to write it down. When he finally did, he couldn’t tell it straight: the story kept slipping out of order, the way memory does when something is too large to hold in a straight line. So he gave it to a man named Billy Pilgrim, who becomes unstuck in time, and called it Slaughterhouse-Five.
It was 1969. The book landed in the middle of Vietnam, when an entire country was asking the same question Vonnegut had been quietly carrying since he was twenty-two: what is war actually for, and what does it cost the people who survive it? The novel made him famous practically overnight, at age forty-six, and it’s stayed on the lists of the best novels ever written in English ever since.
Fame didn’t undo the cost. He battled depression for the rest of his life. He attempted suicide himself in 1984. But he also kept writing (fourteen novels in all) and kept returning, again and again, to one piece of advice that mattered more to him than any literary technique:
“God damn it, you’ve got to be kind.”
He died in 2007, at eighty-four, after a fall outside his home in New York. Near the end of his life, he left one more piece of advice, simpler than all the rest:
“Sing in the shower. Dance to the radio. Tell stories. Write a poem to a friend, even a lousy poem. Do it as well as you possibly can. You will get an enormous reward. You will have created something.”
He spent twenty-five years finding the words for the worst thing he ever saw. Then he spent the rest of his life telling people, simply, to be kind and to make things anyway.
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.
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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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