I recently overheard someone on the phone ask, “What percentage of my donation will go toward public recognition that I made a donation?” Clever. What percentage of the industry is shifting credit policies? Yesterday the industry learned that Fairway Independent and Movement are “now implementing VantageScore 4.0 (owned by Experian, Equifax, and TransUnion)… The VantageScore 4.0 credit scoring model is offered through Experian, Equifax and TransUnion, as well as mortgage technology providers including Xactus, Calyx, and Optimal Blue. Its use in mortgage was pioneered by Fannie Mae and Freddie Mac, as well as the Federal Home Loan Banks, FHA, and the VA. Keeping up on things can be a full-time job, and Chrisman Demo Day returns tomorrow, October 15, at 10AM PT, with AI front and center, free to viewers. Three of the seven companies on the agenda are AI and automation tools, each taking on a different part of the loan. Watch where AI takes over a task, where it hands the file back to a person, and what that means for everyone downstream. Along the way, data and intelligence feeds the file, the Loan Origination Software carries it through processing, outsourcing supports the document-heavy work, and a CRM keeps the borrower connected through the next loan. Featuring demos from Cotality, Wilqo, MOZAIQ Agentic AI, One Diligence, Indecomm, NightOwl, and OptifiNow. Seven companies, 10 minutes each, one connected pipeline. Chrisman Marketplace members receive free demo access. Join the Marketplace to participate as a vendor. (Today’s podcast can be found here. This week’s ‘casts are presented by nCino, the platform for agentic AI in mortgage lending. nCino is helping mortgage lenders deliver a faster, simpler path to homeownership. Today’s has an interview with Seinfeld opener, new MBA Chairman, and Success Mortgage Partner’s Owen Lee on his involvement with the MBA, his priorities and goals as Chair, how the role will affect his professional responsibilities, and his outlook on opportunities and challenges facing the mortgage industry.)
Lender and brokers products, services, and software
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More automation doesn’t automatically mean better coordination. Clarifire CEO Jane Mason digs into that idea in her latest blog, “Automation Isn’t the Hard Part Anymore. Coordination Is.” Mortgage servicers have made significant progress automating individual processes, but what happens when those processes need to work together? Default servicing involves overlapping workflows, changing loan circumstances, and data coming from multiple sources. Connecting systems is only part of the equation. See how orchestration brings people, processes, and data together, how dynamic business rules turn new information into coordinated action, and why visibility needs to extend beyond individual loans to emerging risks across the operation. The opportunity isn’t simply to automate more work. It’s to get more value from the automation already in place by ensuring the right information drives the right action at the right time.
“Why Pay $95/User/Month for a Mortgage POS When You Can Pay $0? Loan volume is down. Margins are tight. CANDID is eliminating one bill entirely. Get our AI-powered mortgage POS for $0/user/month with CANDID CRM. No trial. No stripped-down features. For your entire contract. The savings? 100 users: $114,000/year. 250 users: $285,000/year. 500 users: $570,000/year! CANDID POS includes AI PreFill, AI Processor, AI Income Worksheets, 160+ language translation, real-time Realtor Portal synchronization, messaging, and e-verifications. With POS and CRM working together, lenders can eliminate redundant technology without sacrificing functionality. MBA Annual is underway in Chicago, and Account Executive Randy Johnstone is helping lenders eliminate your POS bill. Today is your last chance to find him at the event. Find Randy before our CFO does. Find Randy here.”
Most QC automation answers the checklist. Your auditors answer the requirement. That gap is why checklist automation rarely delivers the time savings it promises. An answer auditors can’t rely on gets checked again, and two reviews take longer than one. Indecomm’s AuditGenius | ai automates the audit. Every checklist question is evaluated against the agency, investor, and overlay requirements behind it, using logic our QC specialists approved before any loan runs. When auditors open a file, every item is already answered with a finding, a severity, and the supporting page, so they verify instead of re-perform. In our own prefunding QA work, reviews that took 90 to 120 minutes now take 15 to 20 once auditors are up to speed. Same loan, same answer. AuditGenius| ai’s Glassbox shows how each finding was reached, and your auditors stay in control. Book a demo for an early look at AuditGenius | ai.
Lawyers, compliance officers, risk executives, and consumer finance leaders: this one is for you. Join Saul Ewing’s “Consumer Financial Services Annual Update: Courts, Regulators & the In-House Perspective” free CLE webinar on Thursday, November 12 from 1:00 – 4:00 PM ET. The program will provide a timely, practical look at the forces reshaping consumer finance litigation, regulation, and compliance, with the discussion covering key developments under the FCRA and FDCPA, significant court decisions, emerging litigation trends, and notable settlements and enforcement outcomes. Speakers will also review and examine the role states have taken to fill the void left by the Federal Government’s changed priorities in areas of fair lending, fair loan servicing, interest, and other consumer/borrower fees, and general UDAAP concerns. With insights from in-house counsel, the program will offer practical strategies for managing compliance risk, responding to litigation and enforcement activity, and navigating the responsible use of emerging technologies, including AI, in a rapidly changing environment.
Wholesale and correspondent product news
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Tired of Borrowers Ghosting Your Doc Requests? This fall, the only thing haunting your pipeline should be how much time you used to spend chasing paperwork. Fetch & Close from Kind Lending puts an end to the haunting, automating income and employment verification on eligible fixed-rate conventional loans with W-2 earners when you run LPA in Kwikie. No W-2s to track down, no verbal VOE, and no tricks, just run LPA like you always do and check your findings for eligibility. Eligible loans may also receive waived VOI/E fees, helping save up to $200 per loan. It’s built right into the workflow you run every day, with no extra steps and no new apps. Don’t let paperwork haunt your pipeline. Contact your Kind AE to find out more! Not an approved broker? Join the Kind movement and discover why more brokers are choosing Kind. *Not all loans are eligible. Eligibility is based on LP AUS findings.
It’s time for you to get a slice of a growing market. Homeowners aged 55+ hold $14.5 trillion in home equity, representing half of total US homeowner equity. That scale gives mortgage professionals a sizable market to serve beyond purchase and refinance. Finance of America co-authored a white paper on how later-life lending could help uncover new paths to grow your business. Download it now to see how this overlooked pool of home equity could become a meaningful business opportunity within the clients you already serve. Finance of America | NMLS 2285
“Take advantage of Symmetry’s Fall Special featuring Prime Minus 0.25 percent margin for Piggybacks or Standalones on 1st or 2nd lien, with a 760+ mid FICO from primary wage earner, CLTV up to 80 percent, and min draw at $200k for primary residences with a 5-year draw term*. Here’s why Symmetry is still so busy! Our products offer no EPO or prepayment penalties, with 100 percent of the draw eligible for repayment within 5–10 business days, plus 5- or 10-year draw options and borrower paid compensation up to 2 percent of the draw amount on standalone transactions. We offer multiple lending options, including primary and second liens, up to $4 million in combined liens, AVMs up to $300,000, and competitive FICO, CLTV, and DTI guidelines*. Additional benefits include no documentation required for condos (just master insurance), checkbooks delivered 3–4 weeks after funding for additional draws, options for listed properties off the market for just one day, and simplified income documentation for eligible self-employed borrowers with one year of tax returns. (*Additional requirements apply – See Credit & Income Guidelines). With this flexibility and range of options, it’s easy to see why we’re staying busy! Contact Your AM and visit our portal today! For Mortgage Professional Use Only.”
Building your brand and clientele requires continuous effort and strategy, earning their trust with each encounter. These interactions influence the brand you create, which will be the determining factor for maximizing your future business. In this market where HELOCs are in high demand for customers, don’t diminish your brand by offering them an inferior product, or emailing them a digital link that leads to no follow-up interaction with you. Be the expert they trust you to be. Demonstrate that you are the best by offering them the best. And now with the True HELOC powered by Rhyze in a fully delegated correspondent channel, you are in the driver’s seat to be confident with a market-leading product, price, and experience. Keep your customers. Protect your brand. Earn Referrals. Retain your fees. Earn SRP. Rinse and repeat. To confirm your access, discuss a scenario, or learn how to better serve your customers with a True HELOC, email us directly for fast response.
Don’t forget that Newrez Correspondent announced the acceptance of VantageScore® 4.0 on VA loan transactions effective Monday, September 21, 2026.
News coming out of “The National” in Chicago
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Thousands of residential lenders head to the aerodromes, train stations, and freeways today. A handful stay another night… Chicago does have a fine night life. The MBA is temporarily done awarding well-deserved accolades to industry movers who have constructively helped our biz, thus helping borrowers. Robbie and I met many fine folks, renewing our opinion that this is a people business.
Meanwhile, reality is reality. 30-year rates are firmly in the mid-7s. Borrowers who opted for adjustable-rate mortgages in the past are facing higher resets as their loans adjust in this higher rate environment.
FHFA Director Bill Pulte’s credit-scoring reforms are reshaping mortgage pricing by expanding VantageScore 4.0’s role in Fannie Mae and Freddie Mac lending, allowing lenders to use the higher of eligible scores and potentially reducing borrowers’ costs. Rocket Mortgage reports average closing savings of $1,600, while PennyMac has adopted VantageScore across its channels; the model’s inclusion of rent and utility payments may also help borrowers with limited credit histories.
Beginning October 19, Fannie Mae’s mortgage-backed securities disclosures will include Fannie and Freddie’s internal credit scores, giving investors new data to evaluate loan performance and risk. Supporters see greater competition, transparency, and access to credit, but critics warn that multiple scoring systems could increase lender costs, undermine consistent risk-based pricing, and create inconsistencies between mortgage pricing and private mortgage insurance requirements.
A second major debate centers on replacing the traditional three-bureau credit report with a two-bureau approach, which could save borrowers money but remains unsettled after repeated policy reversals. The Mortgage Bankers Association supports reducing the number of reports, arguing that differences among bureaus are often limited for stronger borrowers, while credit reporting industry representatives warn that fewer reports could obscure important information and encourage lenders to select the most favorable results.
Although each reform may offer incremental benefits, their combined effect deserves scrutiny: allowing lenders to choose higher scores, introducing alternative scoring models, and potentially reducing bureau checks could collectively weaken risk assessment even if each change appears manageable on its own. The central challenge for FHFA is to expand competition and affordability without compromising underwriting consistency, the safety of the government-sponsored enterprises, or taxpayers’ exposure to mortgage credit risk.
Capital markets: there are lots of big borrowers out there
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The bond market is watching the U.S. Government, foreign governments, and AI companies all wanting money. It began this holiday-shortened week with shorter-term yields little changed while longer-term bonds retained modest gains as rising oil prices once again dominated sentiment. September existing-home sales slightly exceeded expectations at 3.99 million (+1.5 percent month-over-month, but -2.2 percent year-over-year), though sales remained lower year-over-year across all four regions, and September was the slowest month for home sales so far in 2026. Meanwhile, the NFIB Small Business Optimism Index slipped to 97.9 from 98.7 in August, signaling a modest deterioration in small-business sentiment.
Higher bond yields obviously mean tightening financial conditions and pressure on fixed-income markets, with 10-year real (inflation-adjusted) yields up roughly 40-basis points since early September, 30-year real yields at record highs, and mortgage rates near 7.5 percent, yet equity markets and consumer spending have remained surprisingly resilient.
Has the economy become less sensitive to higher borrowing costs, or have the cumulative effects of tighter policy simply not surfaced yet? The economy may be more resilient than in past cycles, but the cumulative effects of higher borrowing costs likely haven’t fully surfaced yet, particularly as consumers refinance debt, businesses roll over financing, and elevated mortgage rates continue to suppress housing activity. Delayed economic strain could eventually catch up with consumers, businesses, and financial markets with global debt reaching $365 trillion, or 311 percent of GDP, persistent fiscal deficits adding pressure to long-term yields, and Fed officials still anticipating potential further tightening before inflation returns toward 2 percent in 2027.
Today’s economic calendar kicked off with MBA mortgage applications falling 2.7 percent for the week ending October 9 (no surprise there), as the 30-year fixed mortgage rate climbed to 7.5 percent, its highest level since November 2023 and more than a percentage point above a year earlier. Purchase applications dropped 4 percent week-over-week and 16 percent year-over-year, while refinance applications slipped 0.4 percent weekly and remained 56 percent below year-ago levels, underscoring how elevated borrowing costs continue to suppress housing demand and refinancing activity.
We’ve also received September CPI (+.6 percent versus 0.6 percent expectations and a prior reading of 0.4 percent, +3.7 Y-o-Y) and Core CPI (+.3 percent versus 0.2 percent expectations and a prior reading of 0.3 percent, +2.6 percent Y-o-Y). Later today brings the Fed’s October Beige Book. After the strong consumer price data Agency MBS prices are down .125-.250 versus Tuesday’s close, the 2-year yielding 4.86, and the 10-year yielding 5.26 after closing yesterday at 5.22 percent.
Why does a Chicago-style hot dog always lose races?
Because it refuses to ketchup.
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.” 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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