“On my first day at astronaut training, I vomited and asked the instructor, ‘Is this normal?’ She replied, ‘Not during a written exam, no.’ Training: so important, especially when clients are so valuable. “Rob, have you heard that retail and DTC lenders have stepped up their training and monitoring of loan officers?” Absolutely. The same granular examination that is applied to borrowers is being applied to LOs, and not only with credit checks and background searches. Originators are expensive, as are leads, and the analysis of LO performance is critical. How do you train LOs, and how are they overcoming objections? I recently attended an Insellerate event where Aithena was demonstrated: a real-time AI voice “call with a borrower” for training. It was impressive! (No, this is not a paid ad.) We’ll see more of that going forward, leading to the “Will AI systems be licensed in NMLS?” (Today’s podcast can be found here and this week’s ‘casts are sponsored by JazzX, the first true end-to-end AI platform built for mortgage. From application to underwriting, JazzX is a new operating model that helps you scale growth, boost productivity, and transform how your team performs. Hear an Interview with Google’s Sarah Armstrong on how AI search can make the home buying process feel less daunting and time-consuming by calculating finances, summarizing lengthy documents, or visualizing renovations.)
Employment, resignation, and a death
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Affordability just got a meaningful boost for your borrowers. On June 5, Click n’ Close lowered the second lien rate on its SmartBuy™ Down Payment Assistance program to 7.99 percent, marking a new threshold for borrower-friendly DPA pricing. Paired with a competitive first lien, SmartBuy’s flexible second-lien structure can be applied toward down payment, closing costs or prepaids, with no income limits or first-time buyer restrictions. For IMBs and banks not yet working with Click n’ Close Correspondent, this updated pricing is a good reason to take a closer look. Connect with Click n’ Close Correspondent Account Executives to learn more. Additionally, Click n’ Close is expanding its West Coast correspondent footprint. If you have 5 to 10+ years of experience covering CA, WA, ID, OR, UT, NV or AZ, contact Kim Schenk to learn more about the open role. Competitive compensation for strong performance.
Frank Cassidy announced this week that he’s resigning from his role as FHA commissioner. He stepped away from his position as commissioner in April on what was originally a temporary leave of absence. “I’m excited to return to the private sector and get back to my passion of doing deals,” he wrote in a LinkedIn post. “I look forward to continuing to be a voice for the Trump administration’s housing agenda from the outside, supporting efforts to make housing more affordable for American families.” Cassidy’s history included the private side of FHA multifamily and healthcare projects.
Our industry lost another veteran: Maryland’s Mike Sterner passed away. After a courageous battle with cancer, he suffered a heart attack. Mike served as a Senior Account Executive for MGIC and as President and CEO of Susquehanna Mortgage Corporation. He also founded Mortgage Department Services, where he served as President and CEO, and later became EVP at Provident State Bank. Mike was actively involved with the MMBBA beginning in 1985 and worked tirelessly on behalf of the Association. In 2003, he received the MMBBA Mortgage Banker of the Year Award, and he was honored twice with the MMBBA Associate of the Year Award, in 2008 and 2010. In 2021, he was inducted into the MMBBA Hall of Fame.
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 products, software, & services
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Quick question: When was the last time you referred business to your realtor partners? That’s part of what’s making the new lender lead program from Inside Real Estate generate industry buzz right now. The company that acquired BoomTown (now operating as BoldTrail) has quietly rolled out an exclusive lead product built for lenders focused on retail growth and agent relationships. Borrowers come into the experience actively searching for both financing guidance and a real estate agent connection, giving lenders the opportunity to engage early and collaborate with agent partners. Some lenders are reportedly seeing qualified applications and active borrower engagement within the first week. But exclusivity matters here: markets are limited, and several states are already nearing capacity. Might be worth seeing if your territory is still available: Schedule a strategy call or Email/text Mike Ensch at 562-644-2373.
“June is national Homeownership month and according to NAR, affordability is genuinely improving in 2026: monthly payments are shrinking, incomes are growing, and rates paired with today’s DPA programs are finally making homeownership achievable again for millions of renters. Kind has two flexible national DPA programs built to close those deals. Kind National DPA is forgivable after just 36 on-time payments, with a DPA rate of 1 percent over the first, minimum 600 FICO, and no income limits, available in all states except New York. National DPA is forgivable after 3 years from Note date, permits manual UW at 660 FICO, and is available in all states except New York and Washington. Both offer a 0 percent rate forgivable option, no income limits, and seller/agent-paid temp buydowns. The buyers are back. Let’s make sure your pipeline is ready. Connect with your Kind AE today! Not an approved partner? Let’s change that! Join the Kind movement here.”
Cyber threats don’t wait. As AI capabilities advance, so do the risks to the infrastructure your mortgage business runs on. That’s why ICE has joined Anthropic’s Project Glasswing to deploy cutting-edge AI that’s always a step ahead in identifying potential vulnerabilities and fixing them before they are targeted. When you partner with ICE, you’re supported by the highest quality services across our markets, data, and technology platforms. If you are considering an upgrade to your technology, be sure to work with a partner who treats security as a commitment, not an afterthought.
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.
“Many lenders and banks hesitate to switch subservicers, fearing a messy transfer. With the wrong partner, that concern makes sense, but the bigger risk is staying with a subservicer that isn’t delivering a best-in-class experience. Portfolio health impacts your bottom line, and customer experience drives retention. Now is the time to find the right subservicing partner and take action. At Servbank, we’ve got you covered. Our fearless, transparent, and stress-tested transfer process is proven, with dozens of successful transfers each year. Once onboard, your loans receive compliant servicing, superior performance, and a best-in-class customer experience that has made Servbank the nation’s premier bank subservicer. Click here to learn why Servbank is the right partner for you.”
If you’re attending the MBA Chairman’s Conference in Maine, this is a good opportunity to see how leadership at top lenders are operationalizing AI beyond pilots. JazzX AI is working with top institutions to reduce manual effort, accelerate loan cycles, and improve borrower experience, without disrupting existing systems. Our leadership team is meeting with executives on-site to share what’s delivering measurable results today, including end-to-end document automation and real-time operational intelligence across the loan lifecycle. Schedule time with our team for a focused discussion.
Mortgage Intelligence Built for Every Loan Type! Not all loans work the same… your analytics shouldn’t either. First American Data & Analytics delivers mortgage intelligence tailored to the way lenders actually originate loans, from traditional mortgages to non-QM to DSCR and home equity products. With flexible fraud risk and regulatory compliance models and seamless workflow integration, teams can support high-volume lending without sacrificing insight or control. Powered by the most complete data in lending, it’s a smarter way to manage risk across every loan type. Learn how it fits your workflow or call 800-333-4510.
Ever watched a CLEAR member breeze through airport security while everyone else waits in line? Their identity has already been verified, so they skip the line entirely. Class Valuation Underwriting Engine (CVUE) brings that same idea to qualifying appraisals. CVUE is an underwriting and appraisal assurance program that assumes repurchase risk on eligible appraisals. AI analysis and expert human review happen on our end, so your team skips the internal review entirely. Enroll once and it’s automatically applied to qualifying files. “When the underwriters get that CVUE certificate, they get very excited. CVUE has been a big process improvement for us and a morale builder.” (Josh Summerfield, VP of Mortgage, Consumers Credit Union.) Lenders save about $100 per file and cut turn times by 2-3 days. Find out what that means for your volume with Class Valuation’s new CVUE savings calculator.
Most lenders are losing borrowers they already won, not to better rates, but to better follow-up. In today’s market, retention is a data and execution problem. The lenders pulling ahead aren’t working harder; they’re using smarter intelligence and automation that keep them present at every meaningful moment in a borrower’s financial life. Total Expert Chief Lending Officer Dan Catinella and James Hooper, Chief Revenue Officer at RETR, break down exactly how forward-thinking lenders are closing that gap. Together, they cover how real estate and mortgage data intelligence surfaces high-value recruiting and referral opportunities, why Home Valuation Reports are driving equity conversations that convert, and how automation and AI are making personalized borrower engagement possible at scale without adding headcount. If you’re still relying on disconnected systems and manual outreach to drive growth, this conversation is the reset you need. Watch now.
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 coming up
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Today has a show focused on origination, Mortgage Pros, at 11AM PT, featuring Audrey Boissonou and Kevin Casey.
Mortgage Matters is Wednesday, June 10 at 11AM PT, presented by Lenders One. Robbie and Rob Chrisman are joined by Steve Grossman of Luminate Bank to discuss leadership, production strategy, and building high-performing teams. The conversation explores what drives success in today’s mortgage market and how leaders are adapting to changing conditions.
Capital Markets Wrap is Wednesday, June 10 at noon PT presented by Polly. Ira Selwin, James Baublitz, Rob Chrisman, and sales and trading vet Dave Gottfried break down the biggest takeaways from the National Secondary conference. The discussion explores investor sentiment, emerging market themes, and the conversations shaping capital markets strategy behind the scenes.
FirstTrust’s Glenn Strong is featured on The Big Picture this Thursday the 11th at noon PT. Look for a discussion on leadership and growth in today’s market. The conversation explores how lenders are adapting strategy and operations as conditions continue to evolve.
Do Borrowers Want a Lower Rate or a Better House?
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Recently I received a note from MISMO’s President Brian Vieaux, addressing a common question raised between borrowers and lenders. “I’ve been wrestling with a question lately. If you were entering the housing market today, which environment would you prefer? A market with a 5.5 percent mortgage rate but very limited housing inventory and few available homes in your desired community or a market with a 6.5 percent mortgage rate, but substantially more inventory, greater negotiating leverage, and a broader selection of homes?
“For many buyers, the answer seems obvious. Mortgage rates have dominated housing conversations for years because they directly impact affordability, purchasing power, and monthly payment.
“But I wonder if our focus on rates has caused us to overlook a more important question. What is the ultimate objective of the homebuying process? The goal isn’t securing the lowest possible mortgage rate. The goal is to find a home that aligns with a family’s long-term needs, priorities, and aspirations. Financing is simply the means to achieve that outcome.
“Think back to the housing market of 2020 and 2021. Buyers enjoyed historically low rates, but many also endured bidding wars, waived inspections, appraisal gaps, and multiple rejected offers. It wasn’t unusual for buyers to lose five, six, or even ten homes before finally securing a contract. Many weren’t purchasing the home they most wanted. They were purchasing the home they could actually get.
“Today, inventory is gradually improving. Buyers have more choices, more time to evaluate alternatives, and greater negotiating power. While higher rates have created affordability challenges, increased inventory has restored something that has been missing for years: choice. And choice has value.
“The most effective mortgage advisors understand this. They don’t begin every conversation with rates. They begin with goals. They seek to understand how clients envision their lives unfolding over the next decade and help them evaluate the trade-offs involved in getting there. After all, a mortgage can often be refinanced. The home itself is a much more durable decision.”
Capital Markets: steady as she goes
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Treasury markets were mixed to start the week, with longer-term yields edging slightly lower while shorter maturities finished largely unchanged as investors weighed volatility in technology stocks, fluctuating oil prices, and ongoing Middle East tensions. Although inflation expectations remained relatively stable according to the New York Fed’s latest survey, there were growing concerns about labor market resilience as confidence in finding a new job after a potential job loss declined to its lowest level in months.
The mortgage industry appears to have found its footing after the severe post-QE4 downturn, with first-quarter profitability extending its longest streak of positive quarterly earnings since 2021-22 and more than three-quarters of lenders reporting profits. The modest refinancing revival that helped support results is already fading as the share of borrowers with a refinance incentive has fallen sharply from its February peak and refinance-driven issuance has retreated to its lowest level since November. Encouragingly, employment across the mortgage sector has stabilized after years of contraction, suggesting the industry’s painful right-sizing phase is largely complete. While affordability remains near multi-decade lows and housing inventory remains well below historical norms, the industry in aggregate has transitioned from recovery to normalization; growth may be constrained, but the evidence suggests the worst is behind us.
Today’s economic calendar kicked off with NFIB Small Business Optimism for May (at 95.3, slightly lower than expected), and some trade figures. Later today brings Redbook same store sales, existing home sales for May, and some short-duration Treasury auctions. We begin Tuesday with Agency MBS prices little changed from Monday’s close, the 2-year yielding 4.13, and the 10-year yielding 4.54 after closing yesterday at 4.55 percent.
Classics…
Dear Abby,
I’ve suspected that my husband has been fooling around, and when confronted with the evidence, he denied everything and said it would never happen again.
Dear Abby,
Our son writes that he is taking Judo. Why would a boy who was raised in a good Christian home turn against his own?
Dear Abby,
I joined the Navy to see the world. I’ve seen it. Now how do I get out?
Dear Abby,
My forty-year-old son has been paying a psychiatrist $200.00 an hour every week for two and a half years. He must be crazy.
Dear Abby,
I was married to Bill for three months and I didn’t know he drank until one night he came home sober.
Dear Abby,
My mother is mean and short tempered; I think she is going through mental pause.
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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