Compliance, Surveys, eGuides and Webinars; Agency Updates; Spector Q&A

The industry is talking about their earnings: Fannie Mae had $3.7 billion of net income, Freddie Mac had net income of $3.6 billion. Regular and frequent information like this is critical to make informed decisions, whether you’re thinking about buying stock or buying a home. I recently received this note. “Rob, occasionally I am asked by my clients, and friends, if there is a ‘common way’ for the public to track real estate. Got anything up your sleeve?” Sure, and of course First American puts out some very usable information. There’s also Reventure. “Enter your city, zip, or state to track the 2026 housing market with analytics...” Borrowers are more informed than at any point in the industry’s history. That reality exposes a deeper truth: mortgage production is not just math, it is math plus human behavior, and the lenders who recognize that will operate differently. In a market where the next refinance wave may be more competitive and technology is simultaneously improving efficiency and expanding risk, success will belong to organizations that stop waiting for a rate-driven rescue and instead focus on operational discipline, borrower trust, and retention strategies that treat the customer relationship as the most valuable asset on the balance sheet. (Today’s podcast can be found here and this week’s ‘casts are sponsored by FirstClose, which provides fintech solutions to HELOC and mortgage lenders nationwide. Their home equity lending platform accelerates the home equity lending process, reducing application to closing times from 45 days to less than ten. Hear an interview with AnnieMac’s Joe Panebianco on helping borrowers compete like cash purchasers, how affordability pressures are shaping borrower demand and new lending strategies, how global risks ripple into mortgage markets, and what key signals could drive a meaningful market shift through the rest of 2026.)

Lender and Broker Products, Software, and Services

More than half of homeowners say they don’t have plans to sell their homes anytime soon. At the same time, the percentage of homeowners that can identify their servicer dropped from last year and satisfaction with servicer communication has fallen 10 points year-over-year. These findings from the ICE 2026 Borrower Insights Survey signal that it is more important than ever for servicers to address this growing engagement gap by being in tune with homeowner expectations and crafting relevant and timely outreach that aligns with those preferences. ICE helps servicers close that gap by offering the kind of personalized, data-driven communication that keeps borrowers informed and connected across their preferred channels. Read the ICE 2026 Borrower Insights Survey for more insights into how servicers can cater to borrower expectations to help foster long-term customer loyalty.

What do borrowers want from their mortgage lender? Usually not a robot, a 47-step portal, or an after-hours scavenger hunt for updates. They want fast answers, clear next steps, and a loan team that feels informed without being buried in backend work. LenderLogix’s free eGuide, What Today’s Mortgage Borrowers Expect and How AI Is Closing the Gap, looks at how lenders are using AI to reduce friction, support loan teams, and create a more responsive borrower experience without losing the human touch. Download the free eGuide from LenderLogix to see how technology can work quietly in the background while your team stays front and center.

“Built on Trust. Driven by Client Success. Clients are the heart of our business. We’re proud to serve over 100+ financial institutions, including banks, credit unions, IMBs and MSR investors… organizations of every size that rely on us. As a true extension of our clients’ brands, we do not compete for their loans. That commitment is why many of our partnerships span decades. Our longevity and sheer breadth of client experience of every kind enables our talented team of mortgage servicing professionals to deliver custom, flexible, quality subservicing solutions, time and time again. By investing in advanced technology, rigorous cybersecurity, and robust operational controls, we deliver a level of service that truly sets us apart in the industry. Our success is simple: we are successful only when our clients are. To learn more about how Cenlar can be your trusted partner, please reach out to Senior Vice President of Business Development Matt Detwiler.”

Turn up the momentum on your pipeline this May with LoanStream’s limited-time specials designed to help you win more deals and close faster. Take advantage of a 25 BPS price improvement on Non-QM Select & Core, including Closed-End Seconds, DSCR 5–8, and Jumbo, plus an impressive 35 BPS on FHA & VA (FICO 620+ Non-Select, excluding DPA), along with 12.5 BPS on FHA & VA Select and Alt Agency. These powerful pricing advantages are available on loans locked from May 1–31, 2026, giving you a competitive edge right when it matters most. Ready to expand your reach? Discover how you can better serve underserved borrowers by joining our Non-QM Core Flex webinar, featuring an innovative program with FICOs down to 500. Register now: Webinar Registration LoanStream Wholesale - Wholesale Mortgage Lending.

“Firstline Compliance is talking about MCD a lot lately. Fair warning: we’re probably not going to stop anytime soon! That’s because the Mortgage Compliance Dataset (MCD) is one of the most significant changes to state mortgage supervision and examinations in years. MCD modernizes examinations through standardization and consistency in examination criteria, ultimately allowing state regulators to rely on and accept examinations conducted by other states. In a time of change at the federal regulatory level, that kind of consistency across state oversight is incredibly important and impactful. Built collaboratively under MISMO by regulators, lenders, compliance, and LOS vendors, and CSBS, MCD is already moving forward, and the operational and compliance implications for lenders are coming soon. If you’re ready to lean in, join today’s MCD panel moderated by Josh Weinberg at the MBA Legal Issues and Regulatory Compliance Conference or reach out to Firstline Compliance to continue the conversation.”

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.

Pennymac’s Spector on Affordability and Elections

In an exclusive Q&A for Chrisman Commentary, Robbie Chrisman interviews Pennymac's David Spector on Washington’s growing focus on housing affordability ahead of midterms, highlighting bipartisan efforts to modernize the mortgage system through regulatory changes, cost-cutting tools like appraisal waivers, and potential adoption of AI and new credit scoring models such as VantageScore 4.0 to expand access and lower borrowing costs. Spector notes that while these initiatives could increase competition, particularly if banks are drawn back into lending, their success hinges on execution, regulatory clarity, and local follow-through on housing supply. He emphasizes that independent mortgage lenders still hold a key advantage due to their speed and flexibility, and that the central policy challenge remains improving affordability without adding complexity or financial risk. Read the full article.

Agency Investor News

Recall that in a joint announcement, HUD Secretary Scott Turner and FHFA Director Bill Pulte announced that the Federal Housing Administration and Fannie Mae and Freddie Mac are implementing their first new credit score models for mortgages in decades. “Fannie Mae and Freddie Mac are also moving forward with VantageScore 4.0 and FICO Score 10T, updating their selling guides with the new scores and immediately accepting Vantage-scored loans from approved lenders. This step advances the full implementation of the Credit Score Competition Act of 2018 as signed by President Trump, bringing greater choice and flexibility to borrowers.”

Freddie Mac announced that the company will begin accepting mortgage loans assessed using VantageScore® 4.0. The move, which is in alignment with U.S. Federal Housing and Fannie Mae, will be initially implemented through a limited rollout with approved lenders to ensure operational readiness before broad availability. In addition, similar implementation efforts are underway for FICO® Score 10T, also an approved credit score model beginning with the publication of historical credit score data slated for this summer.

Freddie Mac Multifamily has launched an integrated conventional small lending product for loans under $10 million. The new offering aims to align small loans with the company’s core conventional platform and equip lenders with a streamlined fixed-rate product.

Fannie Mae Press Release announced upcoming updates to its Selling Guide to allow for the use of VantageScore® 4.0, effective immediately, and the future use of FICO® Score 10T credit scores for loans delivered to Fannie Mae, marking another important milestone in the ongoing credit score modernization initiative led by FHFA. Additionally, publication of historical credit score data for both models is scheduled for this summer. Lenders interested in using VantageScore 4.0 may submit their interest online or contact their Fannie Mae representative. Additional information and resources are available on Fannie Mae’s Credit Score Models and Reports Initiative page and FHFA’s Credit Scores page.

Freddie Mac Guide Bulletin 2026-C announces updated Condominium Project review and eligibility requirements and updates to property insurance requirements.

Freddie Mac spread the word that it has begun accepting VantageScore 4.0 and that any lenders interested in using VantageScore 4.0 should contact their Freddie Mac representative or Customer Service at 800-FREDDIE. See the Credit Score Models and Credit Reports Initiative Playbook for more information. Fannie, on its part, recommended seller servicers check out the additional information and resources are available on Fannie Mae’s Credit Score Models and Reports Initiative page and FHFA’s Credit Scores page.

Freddie Mac Multifamily announced the launch of integrated conventional small product for loans under $10 million. Conventional Small loan applications will be considered effective immediately, and applications under the previous Small Balance Loan program will continue to be accepted through a two-week transition period.

Fannie Mae published a Selling Notice about Area Median Income-Based Loan-Level Price Adjustment Waiver Determination. The AMI eligibility determination for LLPA waivers on HomeReady®, first-time homebuyer, and Duty to Serve loans is being standardized. For loans originated through Desktop Underwriter® (DU®), the DU casefile creation date will now be used to determine AMI eligibility instead of the application received date, while non-DU loans will continue using the application received date. This change will apply to all DU-underwritten loans sold to Fannie Mae with a Casefile Create Date on or after January 15, 2027.

Fannie Mae’s escrow reporting integration has opened. Validate systems, ensure reporting accuracy, and confirm readiness before launch. Servicers must complete two consecutive monthly cycles of user interface testing before going live.

Make month‑end processing easier with Fannie Mae’s April Servicing Guide update, which eliminates errors for paid‑off loans after the reporting period has ended. Plus, confidently support homeowners facing hardship or disaster-related foreclosure with the latest guidance incorporated from the Lender Letter published on February 11.

As AI plays a growing role in mortgage operations, clear guardrails support risk management. New guidance outlines a governance framework for Fannie Mae Seller/Servicers’ use of AI and machine learning in origination and servicing activities.

Capital Markets

Elevated energy costs are reinforcing a bearish bond-environment by keeping inflation elevated and sidelining the Federal Reserve. Resilient economic data (i.e., solid growth, healthy consumer demand, and a robust labor market) are causing a tug-of-war between strength and strain: rising yields and firm inflation on one side, with subtle signs of economic softening on the other, raising the risk of a stagflation. Treasury yields have pushed toward the upper end of their recent range, with technical levels suggesting limited room for a sustained bond rally absent a meaningful shift in data or risk sentiment.

Near-term focus will be on the Institute of Supply Management manufacturing report, this week’s April payrolls release, and the Treasury’s refunding announcement. While job growth is expected to slow, the labor market remains firm enough to delay any material rise in unemployment. Low conviction and elevated headline risk are keeping traders' positioning cautious, and persistent inflation, stable growth, and rising fiscal pressures continue to support a bearish bias in the rates market. Risks tied to energy shocks, AI uncertainty, and softer consumption seem to be building.

Looking ahead to this week’s economic releases, market attention will center on Friday’s employment report. The labor market currently sits in a “low fire / low hire” environment; despite high-profile tech layoffs, recent jobless claims and Challenger job cut data remain historically low. Expectations for the April jobs report suggest modest growth following March’s 178k gain. A rebound in the labor force participation could push the unemployment rate slightly higher, particularly as many firms pause additional hiring. While not yet in an official stagflationary environment, the dissenting FOMC members at last week’s meeting expressed concerns that the economy could drift in that direction should the labor market soften and the recent trend in energy costs persist.

This week will also feature several delayed releases, including New Home Sales and Construction Spending reports for February and March. Additionally, Tuesday’s ISM Services report for April is expected to show continued modest expansion, even as the sector deals with rising energy costs, staffing expenses, and subdued employment growth. Today’s economic calendar kicked off with March Factory orders. Later today brings remarks from New York Fed President Williams. We begin the week with Agency MBS prices worse than Friday’s close by .125-.250, the 2-year yielding 3.92, and the 10-year yielding 4.41 after closing last week at 4.37 percent after oil prices continue to sink in.