Pricing Product; 2026 In-Person Events Kick Off Soon; Fraud Continues, Take Your Own Exams!

Some percentage of readers reading today’s Commentary are doing so from an airport in the Northeast, waiting for their delayed flight to depart. Whether manmade or natural, climate change and weather “occurrences” are a fact of life, and can’t be corrected with technology, but data is certainly used in predicting weather. Vendors and lenders think about data collection versus data verification versus data analysis. Is your organization doing all three, two, one, or none? (Technology: just because you can do something doesn’t mean that you should… Tired of sliding your finger over a screen, especially in a car? Here’s some welcome news.) Lenders try to use technology to combat fraud, with mixed results. CrossCountry has made headlines by seeking $2.1 million from Christopher J. Gallo who is battling 18 federal charges. (Unsubstantiated chatter has Gallo and his team allegedly focusing on DSCR loans and originating $1.4 billion of allegedly fraudulent loans.) “Don’t do the crime if you can’t do the time” … more below. (Today’s podcast can be found here and this week’s are sponsored by the Refi Recapture Engine from LO Autopilot. Did you know lenders lose 80 percent of refi recapture? The Refi Recapture Engine triples recapture volume and delivers refi-ready borrowers to your LOs on a silver platter. They're so confident in the ROI they let you try before you buy. Contact them for a demo. Hear an interview with marketer Bri Lees on statistics and findings from an audit on the Chrisman Commentary reach and distribution, which is a must-listen for advertising partners.)

Lender and Broker Services, Products, and Software

In an open letter reflecting on a landmark 2025, Polly Founder and CEO Adam Carmel shares a powerful message of gratitude and strategic evolution. The company has spent the past year leading the market in enterprise innovation and Generative AI, continuing to demonstrate that the era of stagnant, legacy tech is over. This is more than a milestone report; it's a call to action for an industry at a crossroads. Carmel reflects on the profound impact and shared success achieved alongside Polly's customer partners and looks ahead to a 2026 centered on intentional innovation and new product frontiers. Whether you're a long-time partner or industry observer, this letter offers a transparent look at the future of capital markets technology. Read the full open letter to explore Polly's 2025 milestones and their bold vision for the year ahead.

The Chrisman Marketplace is a centralized hub for vendors and service providers across the mortgage 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.

Quick Look at Fraud Attempts

Companies like FundingShield, ACES, Firstline Compliance, or Tena and are on the vanguard of monitoring and protecting against fraud. There’s no time to let your defenses down: A recent report on mortgage fraud calculated that risk increased 8.2 percent YOY according to Cotality. “Undisclosed real estate was once again the fraud segment with the highest increase.”

As mortgage rates start to inch down and more homeowners consider refinancing, a new national study shows a surprising (and largely invisible) financial threat: fraud and forgery tied to mortgage refinances now account for more than 40 percent of all title insurer losses and expenses, and the average claim cost has soared to more than $207,000 per incident.

Unlike traditional title issues, these fraud risks can’t be caught through public records searches, meaning lenders and homeowners often don’t see them coming until it’s too late. Commissioned by the American Land Title Association (ALTA) and conducted independently by Milliman, the study analyzed nearly 162,000 claims across the industry, representing about 80 percent of all title claims from 2014–2023.

Per the report, fraud + forgery now represent almost half of refinance-related losses, refinance fraud claims are 7x more expensive than all other refinance claims, defending against fraud (especially cases involving elder financial exploitation) is a rapidly rising cost, and lender title policies most often protect against three now-common threats (fraud, 23 percent, forgery, 16 percent, and lien priority issues, 15 percent).

How about the temptation of having someone else take your originator licensing exams? Don’t try it. A mortgage loan originator has received serious sanctions and fines after settling with 21 state financial regulatory agencies that accused him of directing another person to take required education on his behalf and taking the credit for himself.

“Under the settlement, Patrick Terrance Donlon (NMLS ID 785311), who worked for Trusted American Mortgage LLC (NMLS ID 1329867), is barred from practicing in most of the states, is restricted from practicing in others, and is required to pay fines totaling $31,000.

“Mortgage loan originators are licensed through the Nationwide Multistate Licensing System (NMLS), which is owned and operated on behalf of state financial supervisors by the Conference of State Bank Supervisors (CSBS). Donlon was licensed to practice as a mortgage loan originator in 19 states and had pending license applications in two additional states that participated in the settlement.

“By allegedly claiming credit for the education classes he did not take, the state financial regulators claim Donlon violated the SAFE Act, which Congress enacted to enhance consumer protection and reduce fraud through minimum standards for the licensing of mortgage loan originators. The law calls on the states to implement and enforce these standards, and every state has enacted its own version of the SAFE Act that requires mortgage loan originators to have at least 20 hours of pre-licensing education and an annual eight hours of continuing education.”

In-Person Events to Start 2026

Historically mortgage conferences take a breather from November through January, and things kick back up again in February. This year things pick up in January. Every conference has an LTV ratio: the percent of “Lenders to Vendors.” Cutting edge mortgage stats aside, a good place for longer term conference planning and for organizers to post their events is to start is here for in-person events in the future.

MISMO has its Winter Summit January 12-15.

Join MBA of Eastern PA, January 21, 2:00 PM - 3:00 PM (EST), for a high-impact webinar based on Pat Sherlock’s Mortgage Manager Mastery, the go-to blueprint for building elite, high-performance mortgage sales teams. We’ll break down the leadership systems and daily disciplines that top managers use to attract talent, elevate performance, and run consistently profitable branches.

The MBA is putting on the Independent Mortgage Bankers Conference on Amelia Island, Florida February 2-4. “An intimate gathering designed exclusively for IMB leaders from companies of all sizes and business models.”

MCT’s Exchange 2026, MCT’s client conference, is taking place February 12-13 at the InterContinental San Diego. As the Currents of Capital reshape the secondary mortgage market, this premier client conference will help attendees harness the changing flow of opportunity. Immerse in expert market analysis, innovative technology announcements, and collaborative roundtables with industry peers. Attendees can also explore learning tracks tailored to today’s evolving landscape, and connect with lenders, investors, and partners from across the country. From insightful sessions to vibrant networking events, MCT Exchange 2026 is where the future of mortgage capital markets converges.

The MBA has its Servicing Solutions conference in Dallas February 16-19.

The TMBA offers up the Southern Secondary Market Conference, February 22–24, at the Westin Houston Memorial City in Houston, TX.

Join NMBA, February 24–26, at Caesars Palace in Las Vegas for ELEVATE, the ultimate conference for brokers and mortgage professionals ready to explore the world of private lending. This isn’t your average mortgage event. ELEVATE brings together brokers, private lenders, and investors for three days of education, networking, and inspiration all focused on helping you grow from commissions to capital.

The Optimal Blue Summit is taking place February 23 – 25 at Talking Stick Resort and Conference Center in Scottsdale, Arizona. From expert-led sessions and hands-on tech showcases to curated networking with capital markets leaders, every element of the Summit is designed to give attendees a competitive edge and help them maximize profitability. Early bird registration is available for just $199. Secure your ticket today and be first to experience an event where proven mortgage expertise meets modern innovation to shape what's next.

March 1-4, in Ft. Lauderdale, we have the Lenders One Summit.

Registration information will be available soon for the IMBA Spring Mortgage Lending Conference on Wednesday, March 11, 10am - 4:30pm. Confirmed speaker, Joel Kan, Deputy Chief Economist Mortgage Bankers Association, will discuss economic/mortgage market update. Also, concurrent interactive breakout sessions for Sales and Ops will be offered.

Registration for ICE Experience 2026 is now open for ICE clients. Join thousands of mortgage professionals for three days of learning, networking and innovation at the Wynn Las Vegas, March 16–18, 2026. Register now to take advantage of the lowest rates of the year: super early bird pricing is just $995, and if you bring a team of four or more, the rate drops to $745 per person. This year features a new format for pre-conference training with smaller classes and more hands-on learning, plus four focused session tracks designed around ICE solutions and the same high-quality networking events you love. ICE Experience is where ideas spark, connections grow and innovation happens here.

The Texas MBA’s 110th Annual Convention is April 26-28 at the Marriott Austin Downtown, in Austin, Texas: 110th Annual Convention.

Starting in May, NAMMBA’s OPSCON 2026 is a conference built specifically for underwriting and operations professionals in the mortgage industry. In Dallas, Irvine, and Orlando, the event delivers 1.5 days of high-impact keynotes, interactive breakout sessions, and live technology demonstrations. The agenda focuses on operational excellence, workflow automation, compliance, and leadership strategies. OPSCON 2026 is where mortgage operations teams connect, collaborate, and shape the future of efficiency in housing finance.

May 17-20 is the MBA’s National Secondary in Manhattan. Yes, it will be at the Marriott on Times Square… where else would it be?

6/17-6/18 in Honolulu is the MBAH’s annual conference.

August 10-12, the California MBA hosts its fabled Western Secondary, not to be missed.

Register now for the Louisiana Mortgage Banker Association Annual Conference, August 18-20 at L’Auberge Hotel & Casino in Baton Rouge.

Capital Markets

U.S. National Economic Council chair Kevin Hassett, a leading candidate to succeed Jerome Powell as Federal Reserve chair, has criticized the U.S. Federal Reserve for not cutting interest rates swiftly enough, despite robust economic growth driven by the artificial intelligence boom and tariffs. In an interview, Hassett said the US is "way behind the curve" compared with other central banks. This should be a surprise to no one, given the President’s view of “This economy’s never been better but it still needs lower rates.”

In terms of pure secondary marketing news, Splitero, a financial technology company providing homeowners with options to access home equity, announced the closing of a $283.3 million rated home equity investment (HEI) securitization. “This milestone underscores the strength of Splitero’s platform and its growing relevance in today’s market. As homeowner behavior continues to shift, more Americans are choosing to stay in their homes and tap into their home equity rather than sell, using it as a strategic financial tool amid rising economic pressures. Please see press release here.”

Bond market: price up, rates down; price down, rates up. There wasn’t much of either last week, especially the latter half of last week. It was uneventful, to no one's surprise. This week, also unsurprisingly, has a relatively light calendar, kicking off later this morning with pending home sales. Today’s events round out with Dallas Fed Texas manufacturing for December and some short-duration Treasury auctions.

The remainder of the week includes home price indexes for October, Chicago PMI for December, and an early close on Wednesday before markets are closed on Thursday for the New Year’s Day Holiday. Of note, markets will get a break from coupon supply in the first full week of 2026. We begin the week with Agency MBS prices a few ticks better than Friday’s close, the 2-year yielding 3.47, and the 10-year yielding 4.12 after closing last week at 4.14 percent.