Verification, Non-QM Corresp., AI/POS Products; Upcoming Webcasts; Non-Agency Product News

Remember when talk of a “re-IPO” of Freddie and Fannie dominated residential lending news? That has certainly quieted, Pulte’s attentions are diverted, and you can certainly buy stock in them now: share prices for both are down about 30 percent this year so maybe they’re a bargain. For those new to the biz, the FHFA oversees F&F, and the FHFA’s Director is Bill Pulte who is not without his critics and videos why. Meanwhile, in more constructive videos and interviews, housing affordability dominates the conversation, but Pennymac CEO David Spector argues the real solutions extend far beyond mortgage rates. In a candid interview with Robbie Chrisman, Spector shares his views on housing supply, homeowner lock-in, regulatory reform, and how technology could fundamentally reshape the mortgage experience. Hear from a couple veteran LOs about how the lowest rate isn't always the best mortgage advice and how the best mortgage solution isn't always the obvious one. (Today’s podcast can be found here and this week’s ‘casts are sponsored by JazzX, the first true end-to-end AI platform built for mortgage. From application to underwriting, JazzX is a new operating model that helps you scale growth, boost productivity, and transform how your team performs. Hear an interview with Littler’s Colton Long on how employers are increasingly responding to employee departures with legal action over alleged non-solicitation, confidentiality, and trade secret violations.)

Lender and Broker Products, Software, and Services

ABNB Federal Credit Union in Chesapeake, Virginia, made a strategic decision to move its HELOC program into the consumer lending department with one goal in mind: get members to the closing table faster. When the CU partnered with FirstClose to rebuild the workflow, the difference was immediate. “Being able to close fast helps our members keep their projects on track, and that’s huge,” said Julie Baker, loan center manager at ABNB. Today, the credit union regularly funds in roughly 10 days and has closed members in as few as four business days, all while handling more volume without adding staff. If your home equity process is stretching timelines and limiting what your team can realistically close, the full story is worth your time: See the ABNB case study.

“See why the industry is taking notice! LoanStream, alongside OCMBC, Inc. and its DBAs, was ranked #2 in non-QM and #3 in Wholesale Lending in the 2026 Scotsman Guide Rankings, and now you can discover the non-QM products and strategies helping brokers succeed in today's market. Join our Non-QM Advantage Webinar and explore powerful lending solutions, including seven DSCR programs designed to help you reach more borrowers, expand your investor business, and build a stronger pipeline this summer. Don't miss this opportunity to learn from one of the nation's top-ranked non-QM lenders, reserve your spot today and invite your entire team before registration fills up. Register now.”

Is your balance sheet carrying loans that won’t sell? Western Alliance Bank’s Correspondent Mortgage Solutions team operates a dedicated scratch-and-dent trading desk, actively bidding on all tape sizes, from single loans to large pools. Whether performing or non-performing, newly originated or seasoned, our experienced team buys across the credit spectrum, accepts eNotes and prides itself on meeting month- and quarter-end closing settlements. As an added benefit for existing mortgage warehouse lending clients, Western Alliance offers the ability to coordinate an advance at the expected purchase price upon trade commitment. You also benefit from synchronicities between Western Alliance and Western Alliance subsidiary AmeriHome, the nation’s largest bank-owned correspondent lender.* Please send scratch-and-dent bid requests to SnD@westernalliancebank.com. Other tailored solutions include MSR financing, note financing, customized cash management tools and corporate credit cards. To learn more and experience Western Alliance Bank’s elevated, personalized client service, contact the Western Alliance team. Member FDIC. *According to Inside Mortgage Finance, 5/1/2026.

Ever notice how “AI in mortgage” sometimes feels like a magic trick where the rabbit is just more work for your operations team? LenderLogix is taking a more practical approach with LiteSpeed Intelligence, AI built directly into its Encompass-native POS, LiteSpeed. Instead of asking lenders to chase another disconnected tool, LiteSpeed Intelligence helps loan officers and teams work smarter inside the process they already know, surfacing loan insights, identifying potential refinance opportunities, organizing documents, and helping create borrower-ready narratives that make outreach easier. It is AI designed to reduce friction, not add another tab to your day. Learn more about LiteSpeed Intelligence here.

“Less to Manage and More to Gain! Choose a subservicing partner that frees you to focus on what matters most: growth. With industry‑leading infrastructure, decades of proven performance and innovative AI technology, Cenlar is the trusted partner across the industry. We never compete with our clients. Instead, we strengthen your brand with a subservicing experience you can rely on. To learn more about how Cenlar can partner with you, reach out to Chief Client Officer Tom Donatacci and SVP, Business Development Matt Detwiler.”

Three things nobody asked for: another vendor demo on a Friday afternoon, a "quick" investor bulletin that's eleven pages, and a helpful footnote that says, "see Section 4.3.1, subsection b, footnote ii." Non-QM correspondent shouldn’t feel like assembling IKEA furniture in the dark. Black Lake Digital Market’s Non-QM Correspondent-in-a-Box turns every investor's matrix, overlay, and bulletin into one version-controlled rule set driving eligibility, pricing, lock, and audit. New overlay at 4 p.m.? Live in your stack by 4:05. No more PDF spelunking. All guidelines integrated - instantly. Pricing: one rate sheet, built-in margin across every investor, almost all of them within at least x bps of investor pricing. Eligible products, best price, hit-or-miss reasons… one screen. Guidelines become code. Eleven rate sheets become one. Non-QM correspondent becomes one workflow. To learn more, book a demo here, or connect with the BLDM team at the upcoming Non-QM Conference at Dana Point.

Less back-and-forth. More first-time-right verifications. Truework replaces manual verification waterfalls with a single automated platform, so underwriters, LOs, and ops can cut down the document chasing, conflicting numbers, and last-minute corrections. Lenders see up to 50 percent cost savings on verifications, with faster turn times, higher accuracy, and stronger R&W relief. Trusted by 4 of the top 5 lenders in the U.S., Truework gives your team verification results they can rely on. 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.

Non-Agency/Product Lending News

One out of every four loans in 2026? One out of every five? Take your pick: While the Agencies have lagged in adopting to changes in borrowers and properties, non-Agency routes have been only too happy to step in. Who’s doing what?

Pennymac updated non-QM LLPAs effective for all Best-Efforts Commitments taken on or after Monday, April 13, 2026. View Announcement 26-37 for details.

Pennymac updated non-QM LLPAs effective for all Best-Efforts Commitments taken on or after Thursday, May 28, 2026. View Announcement 26-55 for details.

For all loans sold to AmeriHome Mortgage, Sellers must comply with the requirements of the Interagency Guidance on Response Programs for Unauthorized Access to Customer Information and Customer Notice (Section 501(b) of the Gramm-Leach Bliley Act (GLBA). View AmeriHome 20260504-CL Operations Announcement for additional details.

Newrez Correspondent updated its Disaster Policy to reflect Non-QM Loan Property Inspection Requirements. Complete details are located in Ch 7A, Disaster Policy, and 7A.9 Non-QM Loan Property Inspection Requirements.

Pennymac updated non-QM LLPAs effective for all Best-Efforts Commitments taken on or after Tuesday, April 28, 2026. View Announcement 26-44 for details.

Effective with new loan applications dated on or after May 8, 2026, Pennymac is updating eligibility requirements for certain property types and removing specific requirements for DSCR transactions. See Announcement 26-51 for more information.

In Announcement 26-52, Pennymac updated Jumbo LLPAs and will remove the State Adjustments effective for all Best-Efforts Commitments taken on or after Friday, May 15, 2026.

Pennymac updated non-QM LLPAs effective for all Best-Efforts Commitments taken on or after Friday, June 5, 2026. See Announcement 26-60 for details.

Citi Correspondent Lending is making changes to Non-Agency Jumbo State Geographic adjusters for several states, effective with Best Efforts locks completed Monday, June 8, 2026. Citi’s complete announcement includes details regarding impacted states and the new adjuster values.

AmeriHome Mortgage announced an update to the Non-QM DSCR Program expanding the types of prepayment penalty structures eligible for delivery subject to state eligibility and other restrictions. See AmeriHome 20260502-CL Product Announcement for details.

Newrez, a leading homeownership company, announced the launch of Rezi Mortgage Assistant, making Newrez the first major mortgage lender with an AI-powered, consumer-facing mortgage guide built directly into ChatGPT. Designed around how today's borrowers search for answers, the custom GPT delivers instant, plain-language mortgage and home equity responses drawing on Newrez's own lending requirements and educational content.

Click n’ Close announced the expansion of its whole loan trading division, engaging Christy Soukhamneut and Launch Point Advisory Group to grow its secondary market presence across government and specialty loan programs. The move gives correspondent lenders and whole loan buyers broader access to Click n' Close's FHA, VA, USDA, One-Time Close construction, and Section 184 programs backed by the company's direct Ginnie Mae relationships and in-house servicing. Soukhamneut, a nearly 30-year veteran of the secondary market and current member of the Texas MBA board, is leading the effort.

Newrez announced a partnership with digital insurance marketplace Matic to bring real-time homeowners insurance comparison into their HomeHub customer portal. This integration allows Newrez homeowners to instantly compare personalized coverage options and identify potential savings on premiums.

Webcasts Through Wednesday

Now Next Later is today at 10AM PT, presented by CloudVirga. Jeremy Potter focuses on the technology and mortgage banking interface for 30 minutes. Mortgage Matters is Wednesday, June 10 at 11AM PT, presented by by Lenders One. Robbie and Rob Chrisman are joined by Steve Grossman of Luminate Bank to discuss leadership, production strategy, and building high-performing teams. The conversation explores what drives success in today’s mortgage market and how leaders are adapting to changing conditions.

Capital Markets Wrap is Wednesday, June 10 at noon PT presented by Polly. Ira Selwin, James Baublitz, Rob Chrisman, and sales and trading vet Dave Gottfried break down the biggest takeaways from the National Secondary conference. The discussion explores investor sentiment, emerging market themes, and the conversations shaping capital markets strategy behind the scenes.

Capital Markets

We learned Friday that the U.S. labor market significantly outperformed expectations in May, adding 172k jobs and extending the strongest three-month hiring streak in more than two years. This was even as consumer sentiment weakened and borrowing rose at its fastest consecutive pace since late 2022, amid higher energy costs and softer wage growth. Strength was concentrated in leisure and hospitality, alongside non-residential construction linked to AI infrastructure and defense spending, while upward revisions to prior months reinforced the view of sustained labor-market resilience and pushed Treasury yields higher as markets priced in a more hawkish Federal Reserve outlook and the growing likelihood of additional policy tightening by year-end.

Beneath the headline data, markets are increasingly focused on whether the U.S. is settling into a structurally higher-rate regime, supported by resilient growth, persistent inflation pressures, and rising estimates of the neutral policy rate, all of which have helped keep real yields elevated despite episodic risk-off flows. Concurrently, geopolitical uncertainty (particularly related to Middle East tensions and oil supply risks) has become a dominant driver of rate volatility, often outweighing domestic data, while investors begin to reassess the implications of Fed leadership shifts and the broader evolution toward a “higher-for-longer” policy framework, leaving markets to grapple less with whether inflation persists and more with how much economic durability remains under sustained rate pressure.

In the current environment (resurgent inflation, elevated geopolitical risk, and the potential for higher rates), Agency MBS investors may be better served emphasizing shorter-duration exposure without sacrificing cash flow. Fifteen-year agency mortgages stand out in that regard, offering prepayment speeds broadly comparable to 30-year pools while carrying significantly lower duration risk. Within the sector, Ginnie Mae 15-year securities appear particularly attractive, historically prepaying faster than both conventional 15-year and 30-year counterparts despite minimal contribution from buyouts, suggesting the advantage is driven by borrower characteristics rather than technical factors. While the sector's relatively limited supply can make sourcing difficult, its combination of faster cash return, lower interest-rate sensitivity, and stronger underlying credit profiles make it a compelling defensive allocation for investors seeking shelter from a potentially more volatile rate environment.

The week’s focus is the May CPI and PPI reports, which are expected to show continued but moderating inflation pressures, with core CPI projected to rise around 2.9 percent year-over-year and headline inflation accelerating toward 4.2 percent amid an estimated 8 percent monthly jump in gasoline prices. Core readings are expected to remain relatively contained at roughly 0.2 percent month-over-month as tariff-related effects fade and geopolitical disruptions have yet to fully filter through to retail pricing, while shelter inflation is likely to normalize after prior data distortions. Coming on the heels of a stronger-than-expected jobs report, these data releases reinforce a narrative of resilient growth and sticky inflation, leaving markets increasingly convinced that the Fed will remain on hold in the near term with a growing bias toward the possibility of additional tightening rather than rate cuts later this year.

With no real data of note on today’s economic calendar, save for May’s Consumer Inflation Expectations, we begin the week with Agency MBS prices roughly unchanged from Friday’s close, the 2-year yielding 4.15, and the 10-year yielding 4.54 after closing last week at 4.54 percent, up 9-basis points over the course of last week.