The Fed can’t fix tomato prices, up 40 percent in the last year due to tariffs and shipping prices, and that is tough on consumers and growers alike. If you think that times are tough for lenders, given the war in Iran, oil prices, inflation, and interest rates, try the flower biz. 1-800-Flowers saw revenue decline 11.6 percent in the quarter ending in March, posting a net loss of $100.1 million. The brand has shed market share among online flower shops, dropping to nine percent from 14.3 percent as of 2022. New competition, plus brick-and-mortar shops getting savvy when it comes to tech, has eaten into the margins of the big online players. One reality for the online flower business is these companies forking over a ton of money to referrers. The CEO cited that 1-800-Flowers might pay $40 for a transaction, and make only a $20 margin on it, meaning that the biggest beneficiary of that bouquet was not the recipient, nor the florist, nor the brand, but probably the largest marketing company in the world, Google.
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 of 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.)
STRATMOR on the latest phishing scam
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Our friends at STRATMOR made us aware of this emerging threat, and given how relevant it is for anyone in mortgage banking, we wanted to pass it along. The FBI recently issued a public warning, and it’s worth a few minutes of your attention.
The FBI recently issued a PSA about a very real and active cybersecurity that all in our industry should be aware of. It's called Kali365, and honestly, it's one of the more concerning threats we've seen in a while, specifically because it can compromise your Microsoft 365 account even if you're doing everything right, including using multi-factor authentication (MFA).
“Kali365 is a phishing toolkit that cybercriminals can subscribe to (think of it like a Netflix for hackers) that gives them everything they need to target Microsoft 365 users. It's been active since April 2026 and has already hit hundreds of organizations across healthcare, finance, education, and government.
“What makes it especially sneaky is that it doesn't need your password. Instead, it tricks you into handing over something called an OAuth token… essentially a digital key that keeps you logged into Microsoft apps like Outlook, Teams, and OneDrive. Once an attacker has that token, they have full access to your account with no password required and no MFA prompt stopping them.
Here's how it plays out in plain English. You receive an email that looks like it's from Microsoft, OneDrive, SharePoint, or some other familiar service. It includes a short code and asks you to go to microsoft.com/device login to enter it. Here's the tricky part: that IS a real Microsoft website. So, everything looks completely legitimate. But by entering that code, you're actually authorizing the attacker's device to connect to your account.
“The attacker instantly receives access to your Outlook, Teams, and OneDrive… no password, no MFA challenge, nothing. They're just in. To make things worse, they'll often set up hidden email rules to cover their tracks, register devices to your account to keep their access going, and in some cases even sell your stolen access to other criminals. The golden rule here is simple: if you didn't start a device login process yourself, do not enter any code. Full stop.
“Keep an eye out for any of the following. An email out of the blue asking you to visit microsoft.com/devicelogin and enter a code. Emails pretending to be OneDrive, SharePoint, Teams, or similar services asking you to "verify" or "complete" a sign-in. Sign-in alerts from locations or devices you don't recognize. Inbox rules in Outlook that you didn't set up yourself. Unexpected prompts to register a new security method or device. If something feels off, trust that instinct. It's better to check with IT and be wrong than to ignore it and have your account compromised.
“There are a few things that you can do right now. If you ever receive an email with a device code you didn't ask for, don't enter it. Report it. Take 60 seconds to check your Outlook inbox rules: Settings → Mail → Rules. If you see anything you didn't create, let IT know immediately. Report suspicious emails using the "Report Phishing" button in Outlook or forward them to your IT department. Please don't click any links in the email before doing so.
“If you think you may have already fallen for this (no judgment, these attacks are designed to fool people) you should reach out to IT right away. The sooner they know, the faster they can act.” Thank you, Jared.
Investment in women
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It is hard to argue that residential lending isn’t built with women as the keystone at many companies. Here’s an example of an individual and company helping women in the industry communicate.
Supreme Lending recently hosted She's Supreme, an immersive women's retreat in Jackson Hole, Wyoming, organized by Sarah Middleton. With the event being built around Laura Tremaine's book, Share Your Stuff. I'll Go First., the retreat brought a group of women together where they focused on vulnerability, connection, and empowerment; while encouraging attendees to reflect on and share the defining moments that shaped who they are today.
“No detail was overlooked. From personalized bolo ties at registration to themed wardrobe throughout the week, every element was curated to reinforce the spirit of unity and belonging. Attendees enjoyed a cocktail hour, a mountainside dinner, and an evening rooftop fireside chat, where personal stories were shared and lasting bonds were formed. A group hike at the top of the Tetons pushed attendees beyond their comfort zones, building confidence both physically and emotionally. The sentiment was felt across the group, with one attendee sharing: ‘This retreat changed something in me. It reminded me how important it is to slow down, feel deeply, heal, connect, and really appreciate life.’
“This past week was full of surprises, including a live performance at the world-renowned Million Dollar Cowboy Bar by Supreme Lending's own Regional Manager, Jeff Miller, and his band. The retreat closed with a surprise appearance by author Laura Tremaine, who led the group through journaling techniques before a photo and book signing opportunity. It was a fitting end to a cathartic week, and one attendee said it best: When a company invests in you on a deeper level like this, not just as an employee but as a person, you realize you're exactly where you're meant to be.’ For female producers who have ever questioned whether they are truly valued beyond the pipeline, events like She's Supreme suggest Supreme Lending has an answer worth hearing. For anyone curious enough to explore it further, BeSupremeToday.com is a good place to start.”
Are cars a barometer for residential lending?
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The average listing price of a used car is $25,630 as of this year, up 33 percent from 2019. The used car business is somewhat infamous for the wide array of dealerships in the game, many of which have made a killing selling cars (and more importantly, the accompanying financing) to subprime buyers who lack other options. These companies are as much in the repossession business as they are in the selling business, and they build the assumption of high turnover for sold vehicles into their business plan. In 2025, an estimated 1.72 million cars and trucks were repossessed in the United States, a figure that is projected to grow 2.2 percent.
MISMO’s Brian Vieaux on Coming Together
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Brian Vieaux, President, MISMO, had some thoughts about the MBA, our business, and collaboration.
“After spending the past several months inside the Mortgage Bankers Association, I see the organization differently. Like many in our industry, I spent more than three decades viewing MBA primarily from the outside. I saw the conferences, advocacy alerts, headlines, and press releases. What I did not fully appreciate was the relentless work happening behind the scenes on behalf of our industry and the consumers we serve.
“The movement of the 21st Century ROAD to Housing Act over the past several weeks brought that reality into full view for me. As the House worked through evolving versions of the bill, MBA teams across residential lending, multifamily, servicing, legal, policy, communications, and political affairs were operating almost around the clock to analyze changing language, identify unintended consequences, coordinate coalition efforts, and advocate for practical improvements. This was not political theater. It was experienced professionals doing difficult work in real time under pressure, often without recognition or visibility.
“One section of the legislation required detailed reconstruction to ensure FHA multifamily statutory loan limits were appropriately increased. Other portions involved intensive engagement around institutional investor language, “horizontal multifamily” treatment, and REO “first look” servicing provisions. At the same time, MBA teams were coordinating with policymakers, preparing public affairs messaging, and activating advocacy campaigns through the Mortgage Action Alliance.
“Most mortgage professionals only notice advocacy when something goes wrong. Rates rise. Regulations tighten. Margins compress. Credit becomes less available. What often goes unseen are the thousands of hours invested trying to prevent those outcomes before they happen.
The reality is that organizations like the Mortgage Bankers Association are actively engaged every single day working to strengthen housing finance, improve affordability, expand access to homeownership, and protect the broader housing ecosystem. That work benefits the entire industry, including companies that are not MBA members.
“Our industry is stronger together. Collective engagement matters. Collective advocacy matters. And organizations like the Mortgage Action Alliance continue to play a critical role in ensuring our industry’s voice is heard. Learn more about the Mortgage Bankers Association, join the Mortgage Action Alliance, and review the Bipartisan Policy Center summary of the 21st Century ROAD to Housing Act. #VieauxPoint” Thank you, Brian.
Third-party provider products continue to strengthen our biz
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Let’s take a random look at who has been doing what lately.
Class Valuation launched CVUE, an underwriting and appraisal assurance program that allows lenders to bypass most internal appraisal reviews by shifting repurchase risk to the AMC. At a high level, CVUE allows lenders to skip internal appraisal reviews on qualifying files because Class has already completed both AI-driven analysis and human QC and is standing behind the result. In pilot, that’s reduced appraisal review workload by roughly 80%, cut revision cycles, and shortened closing timelines.
ACUMA’s new white paper provides a practical framework for improving mortgage performance, breaking down what “good” mortgage technology actually looks like. The white paper provides insights on key metrics that define mortgage performance and how to track what actually drives growth and efficiency. Where automation and AI deliver real results, including reduced costs, faster processing, and fewer manual touches. How to evaluate mortgage technology and vendors based on measurable ROI, not promises.
ServiceLink unveiled its 2026 State of Homebuying Report, uncovering the major drivers and desires of today’s homebuyers. Simply put, they’re stressed out, time-strapped, innovative, and digitally fluent and craving simplicity, affordability, clear communication, and stability. While most survey respondents have some awareness of the fees involved in the homebuying process, loan officers feel that the knowledge gaps are actually greater than today’s homebuyers are letting on.
Mortgage insurance is often viewed as a point‑of‑sale tool, but that overlooks its role in long‑term loan performance. Enact is highlighting how MI can deliver value across the life of coverage with the release of Ready. Set. Home. Unifying education, savings, and protection for borrowers; Ready. Set. Home pairs lower‑down‑payment access with post‑close borrower support and education designed to help homeowners stay in their homes.
FirstHome IQ announced the launch of its newly redesigned website marking an important milestone in the organization’s mission. Developed in partnership with Seroka Marketing & PR,
FirstHome IQ users experience streamlined navigation, expanded educational content, and resources designed to meet buyers at every stage of their journey.
Want some affirmation that most people are inherently good? Watch this short video.
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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