Non-QM, Default Support, DSCR Products; Events; Which Lenders are Refinancing; Interview on Compass

One of the conversation topics late last week in Deer Valley is the weather and climate, and more specifically that Salt Lake City had received virtually no snow this winter, which means that places like Atlanta and Charlotte have received more snow than a city at 4,300 feet elevation. Syracuse, New York has received nearly 5 feet of snow so far this year. Ever heard of Commonspace in Syracuse? As another affordable alternative, it’s a “cohousing” community in a restored 19th century office building made up of 25 mini apartments help affordability and that remind me a lot of my college dorm life, which was pretty cool and fun. The “Bull Moose Project” launched a new housing affordability hub examining why homeownership is increasingly out of reach for working families, and, per the site, outlining specific policy levers the Trump administration could use to restore competition and affordability in the housing market. (Today’s podcast can be found here and this week’s ‘casts are sponsored by Floify, an industry-leading point of sale platform. The Dynamic Apps 2.0 AI-powered enhancement lets lenders tailor application flows by loan type, leading to higher completion rates, less operational back-and-forth and specialty lending without the one-size-fits-all compromise. Hear an interview with Rocket's Austin Niemiec on the three-year strategic alliance with Compass aimed at expanding home listing inventory to create a significantly enhanced and affordable home buying and selling experience for American families.)

Products, Services, and Software for Brokers and Lenders

LoanStream, a DBA of OCMBC, Inc., delivers three strategic updates designed to help you CLOSE MORE and grow your pipeline. First, LoanStream will be live on the ARIVE platform starting tomorrow 3/10, providing approved brokers with seamless access to products and competitive pricing. Second, LoanStream’s March Slam Dunk Specials offer significant pricing advantages, including up to 75 BPS on Non-QM Select (25 BPS without Select, including DSCR 5–8 Units and Jumbo), 37.5 BPS on Non-Select VA IRRRLs and FHA Streamlines, 12.5 BPS on Select VA IRRRLs and FHA Streamlines, and LLPA improvements on Closed End Seconds, including a 25 BPS price improvement. Learn More. Third, LoanStream is launching an improved HELOC program alongside a new technology-driven portal that delivers a faster, fully digital origination experience with real-time loan updates, enhancing efficiency from submission to funding. Interested in Getting Approved with LoanStream, now’s the time.

The Union Bank Co. uncovered manual steps slowing down its lending workflow and used Encompass workflow automation tools to increase operational efficiencies and produce meaningful results for their business. By analyzing processes across teams, the bank identified repetitive tasks that could be eliminated by leveraging exception‑based workflows, automating conditions, and streamlining disclosure management. Within months, the automation reduced error rates, accelerated underwriting reviews, improved file completeness, and freed employees to focus on higher‑value work, without any custom development required. The Union Bank Co.’s transformation shows how thoughtful workflow analysis and smart use of Encompass tools can drive meaningful efficiency for lenders of any size. See how they did it, and how you can, too. Read the full blog now.

With the real estate investor market rapidly growing, brokers have a huge opportunity to expand their production with financing solutions designed for today’s market. Spring EQ (NMLS #1464945) is helping partners capture that opportunity with the launch of 1st lien DSCR loans, allowing investors to qualify based on property rental income rather than personal income documentation. And don't forget, Spring EQ also offers 1st lien HELOC solutions, including in Texas, giving brokers more flexibility and a stronger pricing advantage. Want to learn how DSCR and home equity solutions can help you? Join Spring EQ’s upcoming webinar, Winning Investor Business with DSCR and Home Equity Solutions on March 10 at 2:00 p.m. ET. Register today to reserve your spot. Visit EMMA to price, process, and manage your loans today. Not a partner? Join here: Wholesale or Correspondent.

It’s easy these days for lenders to find AI tools. What’s hard is keeping them from wandering into places compliance officers would rather they didn’t. Dark Matter Technologies is the first LOS provider to support AI agents interacting securely with its Empower® platform via the open-source Model Context Protocol. This lets lenders deploy AI agents that answer natural-language questions about pipeline status, tasks, or closings, without giving the robots the keys to the vault. All requests pass through Dark Matter’s gateway, where security and compliance controls are applied before results are returned. It’s AI working inside the rules, not around them. In a regulated industry, that’s the kind of AI innovation we need. ​​​​Empower LOS customers can enable the capability now through the Dark Matter Developer Platform with support from Dark Matter’s implementation team. Read Dark Matter’s whitepaper to learn more.

“Warning signs are flashing. Overall mortgage delinquency rates topped 4.6% in Q4, driven primarily by FHA defaults that hit 11.5%, according to the MBA. Stubborn rates, higher taxes, insurance, and energy prices are only exacerbating the cost-of-living challenges that many homeowners are facing. Meanwhile, new, post-pandemic rules are giving servicers fewer options to modify loans. Is your servicing organization ready for this shifting, less forgiving environment? Covius offers a wide range of default support options, including a compliant template library for all loss mitigation documents, scalable document composition and management solutions, and comprehensive title and compliance services. Reach out to see how we can help you be ready. With ICE Experience 2026 around the corner, many lenders are taking a closer look at how their point of sale works with Encompass and supports both borrower experience and operational efficiency. LenderLogix will be onsite at booth #626 showcasing LiteSpeed, an Encompass-native point of sale designed to streamline borrower applications, document collection, eSignatures, and loan communication directly inside the LOS environment lenders already use. If you will be attending ICE, stop by the booth or schedule time with the team to see what’s new from LenderLogix.”

Non-QM is no longer a fallback product! Now, it’s a core production strategy for originators positioning themselves for 2026 and 2027. The brokers gaining market share are the ones who understand where the capital is coming from, which products are gaining traction, and how to consistently reach self-employed borrowers and real estate investors. Join NMP Webinar: Non-QM Town Hall – Biggest Opportunities in 2026 on Thursday, March 12 at 1:00 PM ET / 10:00 AM PT for an unscripted conversation with non-QM experts Aaron Leffler (Brokers First Funding), David Pahwa (Sun West Mortgage Company), and John Wise (Newfi Lending). We’ll cover capital market trends shaping non-QM, which products like DSCR and bank statement loans are gaining momentum, and practical ways brokers can market to business owners, gig workers, and investors to grow production. Reserve your spot here.

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.

Events and Training

Book those flights in advance… they’re not cheap and going up given the war in the Middle East. Lenders and vendors are casting a critical eye on ROI (return on investment) given how much it costs to send an individual thousands of miles away, week after week. 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.

If you go, say hi! The ICE Experience 2026 is in a week. Join thousands of mortgage professionals for three days of learning, networking and innovation at the Wynn Las Vegas, March 16–18. This year features a new format for pre-conference training with smaller classes and more hands-on learning, plus three 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.

In California, be the “Voice of Change” with your Legislators on the Hill. Register for Spring CAMP Expo and Legislative Conference, Monday, March 16th - Tuesday March 17th at The DoubleTree by Hilton, Sacramento.

MBA of New Jersey is offering conversation. Ideas. Connection. All of it. Conference registration is officially open for MBA of New Jersey’s 42nd Annual Regional Conference, March 22-24 at Ocean Casino & Resort.

Join Central Chapter of FAMP for Table-Top Trade Show on April 8, as they time-travel into tomorrow’s lending landscape. From exhibitors with cutting-edge programs to speakers with trendsetting strategies, this is your chance to future proof your business.

Register for MBA’s National Advocacy Conference (NAC) April 14-15, the industry’s largest advocacy event and the most effective way to represent your state at the national level. “There’s no better moment to stand alongside hundreds of industry advocates and claim your seat at the table! Your presence at NAC ensures the 119th Congress understands how its decisions shape your business, your customers, and the communities you serve. NAC is your opportunity to drive meaningful outcomes and champion the future you want for our industry. This is our once-a-year moment, and we need you there.”

(FirstHome IQ is collaborating with the Mortgage Bankers Association to mobilize local loan officers from across the country to advocate for housing affordability at MBA’s National Advocacy Conference on April 14–15. The nonprofit’s goal is at least one loan officer from every U.S. state on Capitol Hill, with professional video content created for each attendee.

Loan officers can sign up at firsthomeiq.com/mbaadvocacy.)

Registration is now open for the 2026 Forum by Asurity, presented in collaboration with premier sponsor RiskExec, and taking place April 20–22 at The Roosevelt New Orleans. The 2026 Forum brings together leaders in Fair and Responsible Banking, CRA, compliance, and financial crimes for two days of practical, real-world insight. The conference features dynamic panels of regulators, legal experts, and practitioners, along with hands-on sessions covering CRA modernization, fair lending, AI governance, and emerging supervisory priorities. Attendees can earn CRCM and CERP continuing education credits, with CLE credit anticipated pending state approvals. Reserve your place today!

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

Join Acuma on May 11–12th for the FOCALpoint Workshop and experience powerful industry education set against one of the most beautiful cities in the country. This is more than a conference. It is an opportunity to learn, connect, and experience San Diego at its best.

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? It is a fine event.

From May 31 to June 2, Insellerate is bringing together lenders and vendors in San Juan Capistrano. (Reach out to Josh Friend for details.)

June 14-16 will be the Ohio Mortgage Bankers Association annual conference near Columbus, Ohio.

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.

The Louisiana Mortgage Banker Association’s Annual Conference August 16th-18th 2026 at the Hilton Capitol Center Downtown Baton Rouge.

In September we have, in Hood River, Oregon, the PNMLC yearly conference from 9/13-9/15 as well as, in Dallas from 9/15-16, the LoanVision Innovation conference. (Watch for details.)

10/4-10/6 in Ypslanti, near Detroit, the Michigan Mortgage Lenders Association is having its annual fete.

10/11-10/14 is the MBA “Annual”, this year in Chicago.

On 11/18, in St. Louis, we have the Mortgage Bankers Association of St. Louis annual luncheon, along with other events throughout the year, and on 11/19, in Kansas City, is the annual MBAKC luncheon. (Watch for details.)

The MBA has announced the 2027 IMB Conference, set for 2/25-2/27, once again in Florida, this time in Tampa.

Capital Markets

Executive summary of what investors are watching: U.S. stocks, especially small-cap stocks, are facing pressure from rising Treasury yields, with the Dow Jones Industrial Average falling 1.6 percent and the Russell 2000 dropping almost 2 percent. Investors are growing skeptical about the likelihood of multiple interest rate cuts this year, as higher energy prices and inflation persist. President Donald Trump's nominee for Federal Reserve chair, Kevin Warsh, is expected to still favor cutting interest rates even as the Iran war pushes oil prices higher and raises inflation concerns. Warsh has argued that inflation is driven primarily by fiscal policy and the money supply rather than by energy shocks, suggesting he may pursue lower rates once confirmed, despite rising crude prices.

February’s employment report showed the economy shed 92k jobs and the preceding two months were revised lower by a combined 69k. This resulted in a rolling three-month average of only 6k jobs added per month. The unemployment rate increased slightly to 4.44 percent, though this movement was partially attributable to statistical revisions in population estimates and labor force size. January retail sales declined by 0.2 percent, but the control group, which more closely aligns with GDP, saw a 0.4 percent increase. Leading indicators, including credit card transaction data and the impact of winter weather, suggest the forthcoming February retail sales data may show minimal improvement. Both the Services and Manufacturing ISM surveys remained in expansion territory in February, reflecting increases in new orders and production.

The closure of the Strait of Hormuz is an ongoing risk factor, with the impact on overall inflation uncertain, particularly as Brent crude trades near $90 per barrel. The market's initial reaction to the conflict was to delay expectations for any rate cuts until later in the year. However, the FOMC's focus will remain acutely on the strength of the labor market

Across major mortgage sectors, modest declines in rates could meaningfully expand the pool of borrowers with refinance incentives, though the impact varies by loan type and servicer. In the conventional 30-year market, a month-end rate near 5.90 percent puts roughly $153 billion of borrowers with rates between 6.25 to 6.375 percent on the cusp of refinancing, with a drop to 5.75 percent increasing the incentive pool by about 2.9 percent of total UPB, particularly benefiting servicers such as Rocket, Lakeview, and Pennymac. The sensitivity is greater in the FHA 30-year universe, where similar rate declines could expand refinance eligibility by about 6.5 percent of UPB, with Freedom, NewRez, and Pennymac seeing the largest incremental gains. In the VA 30-year segment, already lower prevailing rates mean a 5.5 percent level opens roughly $34 billion to refinancing potential, while a move toward 5.25 percent could unlock an additional $64 billion, again disproportionately benefiting servicers like Freedom and Pennymac, while others with large portions of low-coupon servicing books see more limited upside.

This week’s economic calendar includes NFIB Small Business Optimism, Existing Home Sales, CPI, housing starts and building permits, personal income and spending, PCE, and Q4 GDP. Treasury activity will be headlined by auctions of 3-year and 10-year notes. With nothing of note on today’s economic calendar, we begin the week left with oil price escalation to move the market, and Agency MBS prices are down/worse .125-.250 versus Friday, the 2-year is yielding 3.60, and the 10-year is yielding 4.17 after closing last week at 4.13 percent, up 17-basis points over the course of the week.