“There’s a cohort of American males who believe that, with 1-2 years of dedicated practice, they could win the Masters golf tournament. As a marketer, it is important to understand that you can sell these people anything.” Advertising is not the same as marketing (it’s a component of it) and artificial intelligence is a part of it, especially for lenders. Many will say that any AI Agent should proclaim, “I am an AI Agent,” and anything from a bot should proclaim, “I am from a bot.” Would you let an “AI Agent” manage your money? Or move money in escrow? After Muse launch, U.S. Banks are saying “hell no to AI agents moving money. “Some U.S. banks are, thankfully, blocking their clients from letting Meta’s Muse AI bot root around in their accounts.” AI governance is a big topic out there, and with good reason. (Today’s podcast can be found here. This week’s ‘casts are presented by Experian. Experian Verify’s integration with Workday gives mortgage lenders broader access to reliable, up-to-date income and employment data, streamlining verification, enhancing efficiency, and delivering a smoother borrower experience from application to closing. Today’s has an interview with AngelAi’s Pavan Agarwal on automating mortgage loan manufacturing, from document review and income calculations to loan approvals, and challenging traditional lenders to modernize their origination processes.)
Lender and brokers products, services, and software
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“Good news: your QC checklist is automated. Bad news: the audit still gets done. Twice. Once by the software, and once by the auditor making sure the software got it right. If you can’t trust your AI QC platform to deliver a complete audit, we have one you can. Indecomm’s AuditGenius | ai automates the full 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. Each finding arrives with its severity and the page that supports it, and AuditGenius | ai’s Glassbox shows exactly how it was reached. Your auditors stay in control, confirming findings instead of redoing them. With AuditGenius | ai, our own prefunding QA review times dropped from up to 2 hours to about 15 minutes. One review instead of two. Revolutionary, we know. Request a demo of AuditGenius | ai.”
Most originators on mLOOP see their first lender match in under 24 hours. Anonymous, free for LOs, and no recruiter calls unless you say so. Try mLOOP.
One theme dominated ICE’s conversations at this year’s MBA Annual Convention and Expo in Chicago: how can mortgage teams process more loans with less manual oversight? MSP® has helped answer that question for decades, with proven, end-to-end servicing capabilities that help boost productivity, manage risk, and scale portfolios as market needs shift. Taking it a step further, ICE Aurora’s AI-assisted voice and chat agents give borrowers more self-service options, freeing customer service teams to handle more calls and resolve complex inquiries with focus. Let ICE help you evaluate how your servicing technology could work harder for you. Sign up today to connect with the team and get started.
“Thank you to everyone who connected with Planet at MBA Annual. One theme we heard repeatedly was that lenders are focused on identifying new ways to increase volume and improve profitability. Built around the way lenders do business, Planet’s Non-Agency Correspondent program provides operational support from underwriting through servicing with flexible delegated and non-delegated delivery options, pre-submission scenario guidance, forward commitments, and specialized expertise for complex lending scenarios. Planet also offers co-issue solutions that provide access to liquidity, execution flexibility, and the support of an experienced servicing partner. Together, these capabilities help lenders confidently expand their reach, serve more borrowers, and capture more opportunities across every market cycle. Contact your Regional Sales Manager or SVP Correspondent Sales Jason Mac Gloan or (843) 625-6869 to learn more.”
“Your AI governance policy is only the beginning. When AI acts inside a mortgage workflow, your team still needs clear answers: Was it authorized? What was it allowed to do? Which authority applied? And where is the proof? Crittora controls AI at the moment it acts. Crittora’s CAAB solution evaluates whether an AI action is within defined authority before it reaches a tool, API, or mortgage system. Crittora Mortgage GSE Governance aligned Packs help turn those decisions into audit-ready proof. Control AI before action. Evidence after action. Less time chasing proof at audit. Crittora is the only AI security company with 100 years of combined mortgage experience. We are FRAME certified by MISMO, and ready to help you move your governance policy to production. Learn more here.”
Your borrower relationship shouldn’t end at the closing table. Homeowners’ financial needs continue long after they get their first mortgage, but the lender relationship often does not. That creates an opportunity for mortgage professionals to support needs throughout the homeowner lifecycle. Finance of America co-authored a white paper that explores why growth may require looking beyond purchase and refinance. Download it to learn how serving the other half of the borrower journey could strengthen customer lifetime value and create growth. Download the white paper. Finance of America | NMLS 2285
Agency lending has automated underwriting. Non-agency and portfolio lending now have LoanPASS AUS. Complex lending deserves more than manual underwriting. LoanPASS AUS brings deterministic, rules-based automated underwriting to loans outside the traditional agency credit box: DSCR, non-QM, Bank Statement, Bridge/RTL, Construction, Portfolio, Multifamily, Reverse, Specialty, HELOC, and Physician. With more than 1,000 daily active users and over $60 billion in annual client lending volume, LoanPASS brings pricing, eligibility, and automated underwriting together in one lender-controlled decisioning platform, turning complex credit policies and guidelines into predictable, explainable, and auditable decisions. AI is for intelligence. Rules are for decisions, and production credit decisions require consistency, traceability, and accountability. LoanPASS AUS uses deterministic, lender-controlled rules to execute the approved credit policy: your guidelines, your credit box, your decisions. For lenders still relying on manual underwriting, spreadsheets, guideline interpretation and fragmented workflows for non-agency and portfolio lending, there is now a better way. Contact Bill Mitchell, CRO, Derek Long, COO, or Nomi Smith, SVP, to schedule a private demonstration at LoanPASS.io.
The next Chrisman Demo Day is November 19 and is a free perk for all Chrisman Marketplace members. If you’re a technology or service provider and haven’t joined the Marketplace yet, reach out to Chloe Murray at info@chrismancommentary.com to learn more.
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.
Webinars: learn from the comfort of your home
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Today is Now Next Later at 10AM PT, sponsored by Crittora. Jeremy Potter and Eric Lapin are joined by Dave Savage of TrustEngine for a conversation on mortgage technology, borrower engagement, and the evolving needs of lenders. The discussion explores how lenders can use technology and data to better connect with borrowers, strengthen relationships, and adapt their strategies to a changing mortgage market.
Mortgage Law Today is tomorrow, October 20, at noon PT presented by Polunsky Beitel Green. Brian Levy, Loretta Salzano, and Marty Green are joined by Wilson Freeman and Justin Wiseman to discuss fair lending, the use and potential abuse of disparate impact, and the legal issues facing mortgage lenders and compliance professionals. The conversation examines the issues raised by the Mortgage Bankers Association’s New Jersey case, the role of advocacy in fair lending enforcement, and the broader implications for mortgage industry lawyers, compliance teams, and lenders navigating an evolving legal landscape.
“Ahead of the Curve: Navigating November Appraisal Changes!” Tomorrow, at 2PM ET, Deephaven is pleased to partner with Class Valuation to present this informative webinar. The November 2nd mandate is closer than it looks. Join this session with Class Valuation leaders to cut through the noise, understand exactly what’s changing, and walk away with a clear plan. This session compares the new 3.6 report side-by-side with the current 2.6, to show you what a realistic transition looks like from a systems, team, and appraiser readiness standpoint. It also covers how clients are using tools to reduce the impact of the transition on underwriting review time. Take away a clear picture of what’s different about the 3.6 report, a checklist for building your transition timeline, and information on tools that can reduce manual review during the transition.
Join ALFN on Thursday, November 19th, at 8:00 AM – 6:00 PM CST for its 15th Annual INTERSECT (FC+BK) Conference, where foreclosure, bankruptcy, servicing, investor, and legal professionals come together for one day of practical education, strategic insight, and meaningful industry collaboration.
There are the National MI, ARCH MI, MGIC, Essent, Radian, and Enact training calendars.
Chrisman Commentary is pleased to bring you video shows each day of the week, hosted on YouTube and LinkedIn (we are no longer using Zoom). Take your pick: We have a show focused on technology and innovation (Now Next Later, Mondays at 1pm ET), advisory services (Advisory Angle, first Tuesday of the month at 2pm ET), capital markets (Capital Markets Wrap, second Wednesday of the month at 3pm ET), mortgage legal issues (Mortgage Law Today, third Tuesday of the month at 3pm ET), reaching the next generation of homeowners (Mortgages With Millennials, last Tuesday of the month at 1pm ET), artificial intelligence (The AI Show, first Wednesday of the month at 3pm ET), credit (Credit Committee, third Wednesday of the month at 3pm ET), servicing (Recapture Wars, fourth Wednesday of the month at 3pm ET), mortgage leadership (Mortgage Matters, Wednesdays at 2pm ET), headline news (The Big Picture, Thursdays at 3pm ET), and opinion (Last Word, Fridays at 1pm ET). Please reach out to Chrisman LLC’s Anjelica Nixt to inquire about sponsorship opportunities.
Conventional conforming changes never stop
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Yes, non-Agency volume has eaten into the market share of Freddie and Fannie (the “Agencies”), but what they do, and the changes that investors enact due to them, matter throughout the industry.
Effective November 2, 2026, Sellers must use UAD 3.6 appraisals for all new submissions to the Uniform Collateral Data Portal® (UCDP®) for Fannie Mae and Freddie Mac loans. Currently, AmeriHome Mortgage accepts both the new Uniform Appraisal Dataset, UAD 3.6 and UAD 2.6 appraisals submitted to UCDP through November 1, 2026. See AmeriHome Mortgage 20260907-CL Product Announcement for more details.
Explore Freddie Mac’s latest Single-Family technology enhancements that help you simplify processes, improve efficiency, and stay competitive in a changing market. Visit the Technology Releases webpage for release notes, product updates, and feedback messages, all in one convenient place.
Freddie Mac Bulletin 2026-I announces the refactoring of Guide Chapters 2101 and 4703, which will enhance the Guide’s overall readability and searchability. No Selling or Servicing requirements were changed as a result of this new formatting, although cross-references to the refactored chapters have been updated.
Give your organization additional flexibility to prepare for the upcoming rental income policy changes. The Fannie Mae September Selling Guide announcement has been reissued to revise the implementation date for these changes to Dec. 1, 2026.
Pennymac aligned with Fannie Mae’s update to Lender Letter 2021-10 regarding RefiNow condominium project review requirements, effective August 26, 2026. They ask to implement this change immediately. View Announcement 26-112 for details.
Pennymac updated Conventional and Jumbo LLPAs effective for all Best-Efforts Commitments taken on or after Wednesday, September 23, 2026. See Announcement 26-113 for details.
Fifth Third accepts loans utilizing accumulated assets as income meeting guidelines in Freddie Mac Handbook section 5307.1, Future Revision 02/03/27 as announced in Freddie Mac Bulletin 2026-10, dated 8/05/26.
Fifth Third now permits manual underwriting for Freddie Mac Agency Conforming loans. This update expands underwriting flexibility and aligns with Freddie Mac requirements. Refer to Freddie Mac guidelines and Fifth Third product manuals for additional detail.
Capital markets: last week showed why you can’t predict rates
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Sometimes people wonder why we write, “Agency MBS” in the capital markets section. There are various types of securities backed by the cash flow of people making their monthly payments on home loans. In the last few years, we’ve seen an increase in securities backed by various types of non-Agency mortgages, such as non-QM, DSCR, or jumbo products. These aren’t considered “vanilla,” and the price fluctuations often differ from Agency MBS which usually mimic Treasury securities.
Scratching your head about what’s going on? Me too. Last week delivered a perplexing combination of persistent inflation and weakening consumer resilience, yet it delivered a surprising Treasury rally. Inflation pressures intensified across nearly every report, with September CPI rising 0.6 percent month-over-month, PPI surging 1.3 percent versus 0.5 percent consensus estimates, and import prices surprising to the upside. Underlying demand appears less robust than headline retail sales suggest, with real wages down 0.7 percent year over year. And the Fed’s Beige Book revealed growing consumer resistance to higher prices amid rising fuel, freight, and labor costs. The majority of that data reinforces the case for further Fed tightening, with a December rate hike nearly fully priced and an October move still possible.
Treasuries rallied as technology-sector weakness and concerns about AI infrastructure financing triggered a flight to safety and short covering. The 10-year yield swung from a high of 5.32 percent to a low of 5.04 percent over the course of the week, while the 2s/10s curve bull-flattened 9-basis points to 36-basis points by Friday’s close. Mortgage-backed securities (MBS) weathered the sharp Treasury volatility relatively well, with spreads widening only modestly despite significant intraday price swings. The FNCL current MBS coupon fell 12-basis points to 6.26 percent, and the primary-secondary spread tightened slightly to 91-basis points.
If you really want details, conventional MBS performance (backed primarily with Freddie and Fannie loans) remained more resilient than the broader rate volatility might have suggested: Speculative payups strengthened across most coupons, led by 6.0s and 6.5s, with the largest gains concentrated in lower-loan-balance pools demonstrating continued demand for favorable prepayment characteristics. Loan-level payups also increased broadly, particularly for smaller balances, while high-balance loans continued to trade at substantial discounts.
The rally offered near-term relief but did little to resolve the underlying tension between sticky inflation and deteriorating growth prospects, appearing to reflect positioning adjustments and defensive flows rather than a fundamental improvement in the inflation outlook. Markets are increasingly caught between an inflation-driven case for higher rates and growing concerns that consumers, corporate investment, and equity-market stability may not withstand sustained financial pressure. Consequently, elevated rate volatility and uncertainty around the Fed’s next move are likely to remain central risks for both Treasury and mortgage markets. Lenders are likely to continue consolidating costs, investing in technology, expanding wholesale and strategic-partnership channels, and refining customer-retention strategies to preserve production and profitability. Credit-scoring reform and affordability initiatives will help but only if we keep our eye on consistent risk assessment and broad investor acceptance.
This week is quiet on the domestic data front, with Tuesday’s housing starts the main report; starts likely declined further under pressure from elevated mortgage rates. Highlights from the rest of the week include September Pending Home Sales tomorrow, a 20-year Treasury bond auction on Wednesday, the September Leading Index on Thursday, before the week closes with Flash S&P Global U.S. Manufacturing PMI and Services PMI, as well as final October University of Michigan Consumer Sentiment. Today has the October NAHB Housing Market Index. We begin Monday with Agency MBS prices slightly improved from Friday’s close, the 2-year yielding 4.71, and the 10-year yielding 5.07 after closing last week at 5.10 percent, down 14-basis points over the course of last week.
Mike M. writes, “How do you feel about Roman numerals, and potentially bringing them back? Who thinks we should revive them? I for one.”
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.
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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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