“A boiled egg is hard to beat.” What does $10.06 buy you, on average, in Honolulu? A dozen eggs. (It also buys two gallons of unleaded.) High prices and rates are impacting potential borrowers and voters alike, and there’s nothing our Fed can do about it. On the Fed front it’s been relatively quiet, aside from President Trump’s accusations of criminal wrongdoings by ex-Chair Powell being dismissed. There is, however, a Federal Open Market Committee meeting next week. Did you know that there is a Fed Simulator game you can play online? There’s even a video game that you can buy to have at home… at Christmas for the person who has everything. For others who don’t know what they don’t have, here’s something new: Kukun just launched the quarterly Renovation-HELOC Index that scores every ZIP, county, and state on how likely homeowners are to tap equity next, using renovation permits joined to property value. The takeaway is that HELOC demand is hyper-local: inside most metros, 5-10 ZIPs hold half to two-thirds of all renovation, so blanket home-equity marketing wastes most of the budget. (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 former FHA Commissioner Frank Cassidy on housing affordability and policy approaches to expand housing supply.)
Employment
_________________________________________________
Proven mortgage leaders continue to choose loanDepot. Eric Heath recently joined as Vice President of Regional Production, adding another accomplished leader to loanDepot’s growing Retail organization and overseeing the company’s growth in Tennessee, Arkansas, and Alabama. Heath was most recently with two national lenders and brings extensive experience in production leadership, market expansion, and talent development. More specifically, he grew a multi-state region into one of the company’s strongest performers in volume, units, and profitability. His background also includes recruiting and coaching mortgage professionals, opening new markets and cultivating strong relationships with real estate agents. His decision to come to loanDepot reflects the strength of the company’s platform and the opportunity for proven leaders to achieve more alongside other top performers. Ready to explore what your business could look like at loanDepot? Reach out to Shane Stanton.
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 brokers products, services, and software
_________________________________________________
The ability to move swiftly and confidently through the origination and underwriting process matters more than ever. That’s why Plaid is empowering mortgage bankers to close faster, with more certainty. With Plaid, you can instantly verify an applicant’s assets, income, and employment, all straight from the source. Applicants get a quicker way to share their financial data, and your teams get a simpler way to act on it. That means fewer rejections, fewer delays, and more confident approvals. Discover why top mortgage lenders partner with Plaid to help close more with less friction.
Vendor management is the one process in mortgage that lenders and vendors hate equally. The lender sends 150 questions. The vendor answers the same 150 it answered last month for a different lender. The answers go into a folder and never come out. Vensight, the only vendor management platform built just for mortgage, fixes both sides. Vendors answer once; AI agents fill in most of every questionnaire after that. Lenders set policy once, and Vensight keeps the whole relationship in one record, from NDA to offboarding, every contract, scorecard, invoice, incident, and SLA in between. Ask “what did we spend with them last quarter?” and get the answer in seconds, not a week of emails. Finally, something lenders and vendors agree on. See it in 20 minutes.
Every originator in your market is calling the same 40 real estate agents. The referral pool isn’t small, it’s just crowded. Financial advisors sit on the other side of the same client, talking retirement income and net worth while nobody asks them about the mortgage underneath it. Join HomeQB and MaxClass for “Stop Chasing The Same Referrals: Find Your Blue Ocean” on Tuesday, October 27 at 12PM ET / 9AM PT. Gibran Nicholas, creator of the CMPS certification, and Kelly Hendricks, CEO of MaxClass, will show brokers and originators how to open an advisor conversation, prove their value fast, and surface opportunity inside the database they already own, including homeowners guarding a low first-mortgage rate. Your next referral partner is someone your competition never called. Register here. The crowded pool can wait.
Real-time, intelligent, automation. Elevate your People. Elevate your Process. The future of mortgage underwriting is already here, and Gateless is leading the way! Gateless Smart Underwrite® combines mortgage expertise, production-proven AI, and real-time orchestration to deliver underwriting outcomes lenders can trust. Smart Underwrite® processes loan files in minutes, not hours, automating the vast majority of underwriting analysis and related LOS updates required for an initial underwriting decision with an unparalleled level of accuracy. The proof is undeniable: 1.2M+ applications processed, 250K+ loans closed, with ZERO buybacks, 5-day reduction in time to approval, and a 2-3x gain in underwrites per day. Gateless has been recognized with AZP Insurance’s Platinum AI Mortgage Technology Certification which represents the highest level of AI certification available to vendors seeking to insure their mortgage AI technology solutions. Gateless and AZP Insurance Brokers bring together mortgage technology, independent risk assessment, and insurance expertise. Gateless outcomes are insured, providing an added layer of financial protection against the unlikely event financial loss results from reliance on such an outcome. Automate intelligently. Scale confidently. And realized tomorrow’s future, today.
Managing Opportunity Across Mortgage Relationships. The value of a mortgage relationship extends well beyond a single transaction. Relationships with prospects, customers and referral partners provide opportunities today and for years to come, including purchases, refinances, home equity, referrals, and other future needs. MortgageHalo helps mortgage professionals strengthen those relationships through done-for-you communications that are personalized, compliant, and consistent, while capturing current and future intent, feedback, and referrals. Built with recapture and portfolio growth in mind, MortgageHalo works behind the scenes to deliver opportunities as they develop, including market alerts for property listings and applications when there is still time to act. With integrations available, the system makes doing business easier and creates more time for the conversations, judgment, and professional expertise that mortgage professionals bring to their customers. To learn more, activate an account or schedule a demo, visit MortgageHalo.com, or call 248-669-6900.
Every lender knows friction exists somewhere in their mortgage process. Now there’s a free, easy way to find out exactly where. LenderLogix’s new Mortgage Friction Audit walks you through 20 quick questions across seven stages of the mortgage process, from the first click to closing. In about five minutes, you’ll get a friction score and a stage-by-stage breakdown showing where your process is costing you borrowers, time, and margin, and where to start fixing it. Have your LOs, processors and leadership each take it, and compare notes: Take it here!
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 partnered to develop 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
What is your company worth?
_________________________________________________
Do you know your number… and can you defend it? You’ve built your mortgage business. Now understand what it could be worth… and what a buyer will scrutinize. Developed by a mortgage executive with 20 years of IMB ownership experience, this comprehensive valuation tool helps owners move from a number in their head to a confidential, structured assessment of their company’s value. A select group of CEOs and CFOs at small to midsize IMBs and mortgage brokerages is invited to evaluate the model at no cost. Complete a short questionnaire and receive a confidential valuation range to help assess a sale, merger, succession plan, or your next strategic move, without launching a sale process or bringing an investment banker to your door. For owners further along, the assessment also offers a view into what a buyer will examine during due diligence, helping you prepare for the questions that matter. Your identity and financial information remain private. Know your value. Prepare for scrutiny. Take control of your next move. Contact Rob Chrisman for forwarding your note to be considered.
Executive order garners some attention
_________________________________________________
Think back to civics class. The President of the United States manages the operations of the Executive branch of Government through Executive orders. After the President signs an Executive order, the White House sends it to the Office of the Federal Register (OFR) where it is published. It is not a law. It is a way for presidents to let the public know what they are thinking, and guide parts of the government toward that end.
President Trump has signed an executive order aimed at “lowering mortgage and housing costs.” It directs Fannie Mae, Freddie Mac, and federal agencies to cut specific homeownership expenses. NAMB notes that, “earlier draft reporting also described a review of loan-level price adjustments (LLPAs), appraisal requirements, and the use of AI by the GSEs. The White House fact sheet does not mention those items. Until the full order text is published, treat those as unconfirmed rather than part of the signed order.”
NAMB’s President Michael Farrell points out that, “… A signed order is a starting point, not the finish line. What matters now is how FHFA, USDA, and VA carry it out. NAMB will be at the table to make sure these changes actually lower costs for borrowers, stay within the law, and protect the broker channel that keeps this market competitive. Our advice to members is simple: watch for the agency guidance, and do not change how you do business until it arrives.
“The order directs Fannie Mae, Freddie Mac, and several federal agencies to take steps to lower mortgage, refinance, and homeownership costs. Because the order mostly directs agencies to build programs and set new terms, its real-world effect will depend on the guidance those agencies issue next.
“According to the White House fact sheet, the order directs four main actions. Proactive mortgage insurance cancellation. FHFA must create a pilot program that proactively cancels borrowers’ mortgage insurance once they meet equity requirements based on current market value, removing a monthly cost for qualifying homeowners. Permanent title insurance waiver. FHFA must expand the existing title insurance waiver pilot into a permanent program, letting more borrowers use lower-cost alternatives to title insurance and reducing refinance closing costs. Lower USDA and VA loan rates. The Secretaries of Agriculture and Veterans Affairs must reduce interest rates on the single-family home loans made directly by their departments. No target rates were given. Manufactured housing task force. The order establishes a Task Force on Manufactured Housing Innovation to improve quality and lower the cost of factory-built homes eligible for federal housing programs.”
Seth Appleton, President of U.S. Mortgage Insurers (USMI), said, We commend the President’s focus on lowering costs for future homeowners, and the private mortgage insurance industry is proud to already be delivering on that goal… Private MI is one of the only costs of homeownership that has declined, with premium rates falling 25 percent since 2017, driven by robust competition in the market and tax policies enacted in President Trump’s first term.
“Private MI is designed to be temporary, and the system already works much the way the order envisions, because when MI is cancelled, a borrower’s monthly payment goes down. This is why we supported Director Pulte’s recent action aligning the GSEs’ policies to allow mortgage servicers to proactively contact current mortgagors who may qualify for MI cancellation through home price appreciation.
MBA’s President and CEO Bob Broeksmit sent, “The MBA appreciates the Trump administration’s continued focus on lowering housing costs by reducing unnecessary regulatory burdens, streamlining mortgage processes, and promoting competition across the housing market… We also appreciate the EO’s acknowledgment of the need to balance consumer, taxpayer, and GSE interests and will work with the Federal Housing Finance Agency and Fannie Mae and Freddie Mac on a timely and thorough implementation.”
The Broker Action Coalition “supports the order’s provisions aimed at lowering refinancing costs and establishing a pilot for proactive private mortgage insurance cancellation. The PMI pilot would apply only to eligible Fannie Mae and Freddie Mac mortgages originated after the pilot is established, with cancellation subject to applicable equity and other requirements.
“BAC’s analysis estimates potential closing cost savings of approximately $2,390 on an illustrative $500,000 refinance, depending on borrower eligibility and the reforms FHFA ultimately implements. This is BAC’s estimate, rather than a savings amount specified or guaranteed by the order. Implementation remains subject to FHFA determinations and applicable requirements, and several additional refinancing reforms are directed for consideration. These potential benefits are not available immediately under the order.”
These benefits are not available immediately. The order directs the Federal Housing Finance Agency (FHFA) and the two government-sponsored enterprises to develop or expand programs, subject to applicable law, eligibility requirements, operational considerations, and safety-and-soundness standards. Several additional refinance reforms are for FHFA to consider, rather than changes that take effect automatically.
Mergers and acquisitions don’t take a breather
_________________________________________________
Whether is it related to increasing efficiency, not wanting to go through another business cycle, or “taking some chips off the table,” M&A isn’t going away. The latest example is…
LoanPeople announced that the Ross Mortgage Corp. team is joining forces with LoanPeople, “bringing together a powerhouse group of experienced mortgage executives, originators, and veteran operations professionals. Tim Pascarella will join LoanPeople as President on November 1, 2026, while Max Leaman will continue as CEO. “The combination brings together complementary mortgage expertise, pairing Ross Mortgage’s longstanding strength in government and renovation lending with LoanPeople’s expertise in non-QM, jumbo, conventional and condo lending. Originators joining from Ross Mortgage have the flexibility to continue building under the RMC brand or transition to the LoanPeople brand, while gaining access to LoanPeople’s expanded product suite, technology, operational platform and best-in-class marketing and lead-generation resources.
“United, the LoanPeople + RMC teams are built to grow in any market. With more products, powerful technology, experienced operations and best-in-class marketing and lead generation behind them, originators have the tools and support to build stronger businesses through changing market conditions and whatever comes next. Originators curious about what the LoanPeople + RMC opportunity could mean for their business are invited to reach out to Leaman and Pascarella for a confidential, no-pressure conversation.”
Capital markets: bond and stock prices aren’t tightly correlated
_________________________________________________
The thinking that when stocks rally bonds sell off, and vice versa, is wrong. Just look at the rally bonds saw from 1982 on as prices improved and rates fell, and how stock prices rallied as well. But there is some residual thinking. U.S. Treasuries and Agency MBS rallied sharply on Thursday as technology stocks sold off, pushing bond yields to their lowest levels in at least a month and reversing the late-September to early-October selloff. 5-year yields fell 18-basis points, and 10-year yields dropped 16-basis points to break below the psychologically significant 5 percent level, as weakness in French debt triggered safe-haven flows into U.S. fixed income.
The rally was further fueled by escalating geopolitical concerns surrounding Iran (the U.S. and Israel drew up plans to renew strikes on Iran after the midterms), persistent weakness in highly leveraged AI infrastructure companies, and short covering, reinforcing demand for safe-haven assets amid heightened global market uncertainty.
President Trump’s Executive Order to reduce housing costs appears relatively benign for mortgage and title insurers, with more limited mortgage industry implications than initially anticipated. The order would make the Fannie Mae and Freddie Mac title insurance pilot permanent, but its continued focus on refinancing limits its reach, as refinances account for an estimated 7 percent of industry title premiums. It also directs the FHFA to establish a mortgage insurance cancellation pilot for loans originated after the program’s launch, using automated valuations and other data to identify eligible borrowers and requiring servicers to notify them when coverage can be canceled.
Broader measures include streamlining manufactured-home permitting and directing the VA to reduce rates on single-family mortgage loans, collectively aiming to lower borrowing and transaction costs and expand homeownership affordability, while the prospective-only mortgage insurance provisions limit the immediate impact on existing loans and insurers.
Markets will now assess whether the rally holds into the weekend, with University of Michigan sentiment data and S&P PMI releases due out today ahead of next week’s FOMC meeting. With both of those releases scheduled for later this morning, we begin Friday with Agency MBS prices little changed from Thursday after the fine rally, the 2-year yielding 4.67, and the 10-year yielding 4.99 after closing yesterday at 4.95 percent.
Thinking about 2009 doesn’t seem like THAT long ago, but trying to imagine 2029 seems like a lifetime away
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.)
80,000+ mortgage professionals get this every weekday morning.
By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact