Non-QM, Hedging, Verification Products; Training Webinars; Title Insurance Stats
Lots of people who bought cars during the pandemic are deeply underwater on those vehicles, meaning the amount they owe is considerably higher than the actual value of the vehicle. Among car buyers who traded in a car to buy a new one, 30 percent had negative equity on their trade-in, owing an average of $7,200. One thing that may have caused the surge is the emergence of the 84-month (seven year) car loan; 42.6 percent of underwater buyers had an 84-month loan, about double the level of a decade ago. (Today’s podcast can be found here and this week’s ‘casts are sponsored by Truework, the one verification solution to replace in-house waterfalls. Verify any borrower with a VOIE solution that automates the entire process to quickly deliver the most accurate and complete reports with broad GSE coverage. Hear interview with National Consumer Reporting Association’s Eric Ellman on the nomination of Brian Johnson to lead the Consumer Financial Protection Bureau, based on his extensive experience in financial services regulation and his understanding of how to balance consumer protection with access to credit, mortgages, and housing.)
Broker and Lender Products, Software, and Services
Borrower outreach isn't broken. The experience is. Most servicers have no shortage of communication channels. The challenge is creating a connected experience that helps borrowers understand their options and the next steps. Clarifire’s latest blog explores where communication breaks down during default servicing, why early delinquency engagement matters, and how workflow automation can reduce confusion, improve responsiveness, and drive better outcomes for both borrowers and servicing teams. Discover how connected workflows, intelligent intake, and self-service tools can improve borrower engagement and servicing outcomes. Read "Closing the Borrower Communication Gap" at eClarifire.com, where Brighter Automation® creates better outcomes.
Looking for ways to grow correspondent volume beyond traditional agency production? Planet’s non-Agency delegated and non-delegated pricing is now available directly within LoanNEX, making it easier to evaluate expanded credit, alternative income, SFR, DSCR, and RTL opportunities. Backed by flexible delivery options, competitive execution, and hands-on support, Planet helps sellers expand confidently into non-Agency lending. And because Planet also sub-services non-Agency loans on a rated specialty platform, sellers gain a partner with specialized expertise in supporting complex loans after closing. Log in to LoanNEX to explore Planet’s Non-Agency pricing, contact your Regional Sales Manager or Jason Mac Gloan, or call (843) 625-6869 to learn more.
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% 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.
Verus Mortgage Capital is built for brokers who need more than niche products… They need a non-QM partner engineered for consistency at scale. As a repeat, active MBS issuer, Verus delivers the execution certainty and market credibility brokers can rely on in an environment where many lenders continue to shift guidelines and pricing. That stability matters in today’s evolving market. With rates normalizing, rental demand remaining resilient, and investors recalibrating around cap rate compression, brokers need dependable solutions for borrowers who don’t fit agency boxes. Verus continues to lead with programs designed for foreign nationals, sophisticated real estate investors, self-employed entrepreneurs, and high-net-worth borrowers with complex financial profiles. Because Verus has maintained disciplined underwriting and reliable execution through changing market cycles, brokers can build pipelines with greater confidence – not just react to market volatility. To learn more, contact Joel Veenstra, Head of Correspondent Sales, at (202) 534-1822.
Yesterday, Kevin Warsh chaired his first FOMC meeting, holding rates steady at 3.5–3.75 percent while navigating the Fed's most contested inflation environment in years, with CPI at 4.2% and the dot plot tilting toward a potential hike. In MCT's blog post, How Does the Federal Reserve Affect Mortgage Rates?, readers will find a clear breakdown of why the federal funds rate doesn't move fixed mortgage rates directly, how the Fed's MBS purchases have historically shaped spreads, and why every word out of a Fed press conference functions as a predictor of rate movement even when no action is taken. For a more granular understanding of MBS pricing context, rate trajectory, and secondary market implications, subscribe to MCT's daily market commentary, to get ahead of the day's market moves.
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.
Sponsored Webinars Approaching
Miss the recent webinar on AI in mortgage? JazzX AI had a candid conversation with lenders from PRMI and Revolution Mortgage on what it really takes to move from pilot to production. Hosted and moderated by JazzX AI, the discussion highlights how lenders are moving beyond point solutions to drive real results across the loan lifecycle. Think real talk on ROI, cost per loan, and what’s actually working versus hype. If AI is on your roadmap, this one’s worth a watch. See it now.
The regulatory landscape for credit union mortgage lending is constantly evolving. Keeping your compliance program current, without overwhelming your team, can feel like trying to build on shifting sands. Join MQMR on Tuesday June 30th at 1PM CT for an exclusive ACUMA Inside Track Webinar designed to help credit unions adapt to constant regulatory changes. In this strategic session, Scott Weintraub will break down the most pressing regulatory updates and mortgage compliance trends happening right now. Be ready to walk away with practical, actionable strategies to streamline your Regulatory Change Management process! Learn how to translate endless compliance updates into actionable frontline strategy and proactively stress-test your internal systems. Turn compliance chaos into a rock-solid foundation that protects your institution and satisfies examiners. Register today to secure your spot!
Everyone's automating. Not everyone's measuring it right. If your mortgage operations ROI conversations still start with headcount and end with a spreadsheet, it's time for a reset. Join Indecomm's Krish Swaminathan for a candid look at what AI and automation ROI really requires in mortgage operations today. Less justification. More judgment. Better decisions. Register to attend The Real ROI of Mortgage Operations: AI, Automation, and Beyond on Wednesday, July 15th, 12:00 PM EST!
Today at 3PM ET, 9AM HI, TrustEngine’s Dave Savage joins The Big Picture to banter about trends among lenders and what successful originators are doing to… succeed.
Title insurance: A Barometer for Lenders?
The American Land Title Association (ALTA), the national trade association of the land title insurance industry, announced that the title insurance industry generated $4.5 billion in title insurance premiums during the first quarter of 2026, according to ALTA’s latest Market Share Analysis and up from $3.9 billion during the same period a year ago.
“The title insurance industry paid nearly $151 million in claims during the first three months of 2026. This is down from about $161 million in claims paid during the same period a year ago.”
People like lists, so, per ALTA, here are the Top 10 Individual Underwriters by Q1 2026 Market Share with percents: First American Title Insurance Co., 24, Fidelity National Title Insurance Co., 14, Old Republic National Title Insurance Co., 14, Chicago Title Insurance Co., 13, Stewart Title Guaranty Co., 11, Westcor Land Title Insurance Co., 5, Title Resources Guaranty Co., 3, Commonwealth Land Title Insurance Co., 3, WFG National Title Insurance Co., 3, and First American Title Guaranty Co., 1.
What states are doing what during the 1st quarter? Texas: $627,534,080, +8 percent, Florida: $493,439,963, +10 percent, California: $370,921,386, +15 percent, New York: $322,796,201, +19 percent, and Pennsylvania: $203,496,810, +46 percent. Go PA!
Capital Markets
The new Chairman of the Federal Reserve edited the original Fed Announcement. Fewer words, less thought, and President Trump, despite months and months of criticizing Jerome Powell over not lowering rates, stated “Whatever” when the Fed left rates unchanged. Federal Reserve Chair Kevin Warsh used his first policy meeting to overhaul central bank communications, stripping forward guidance from the statement and declining to submit his own rate projection. He pledged to bring inflation back to target but avoided saying whether that would require rate hikes, leaving markets to interpret a divided committee and pushing rate-increase odds higher.
Two big headlines from yesterday 1) The United States and Iran have released the text of a “memorandum of understanding” (not a treaty?) that would immediately reopen the Strait of Hormuz, establish a ceasefire, maintain the current status of Iran’s nuclear program, and launch a 60-day negotiation period toward a broader agreement. 2) The Federal Reserve left rates unchanged, but new Chair Kevin Warsh struck a hawkish tone focused on price stability, reinforcing that tighter policy remains a possibility despite a divided outlook among policymakers. Markets responded with higher Treasury yields, while Warsh also signaled a longer-term push to reassess and potentially shrink the Fed’s balance sheet.
Investor focus is split between the resilience of the consumer and the policy outlook under the new Fed Chair. The Fed raised its inflation forecasts and signaled a higher expected policy rate path as markets increasingly price out rate cuts and shift toward the possibility of additional tightening. Chair Warsh used his first meeting to challenge the Fed’s reliance on forward guidance, arguing it is ill-suited to the current environment, and announced multiple task forces to review the Fed’s communications, balance sheet, inflation framework, data usage, and economic research priorities. While there were no immediate policy changes, Warsh made clear that significant institutional and communication reforms are ahead, which will likely reshape how markets interpret and respond to Fed policy under his stewardship.
Switching to housing, beneath the headline data, purchase mortgage volume reveals that loan production remains materially below both pre-pandemic and decade-ago levels. (This helps to explain why mortgage industry employment has contracted alongside origination activity.) Housing conditions remain highly regional, with the Northeast and Midwest showing far stronger builder sentiment than the South and West, while states such as North Dakota, Idaho, West Virginia, and Hawaii (aloha from Waikiki) are posting notable gains in purchase activity despite the broader slowdown. National housing statistics often mask significant local variation, where affordability, home-price appreciation, loan sizes, and prepayment behavior are very market-specific.
After we learned yesterday that retail sales and pending home sales both exceeded expectations in May, while business inventories continued to build, pointing to steady economic momentum, today’s economic calendar kicked off with weekly jobless claims (226k, as expected; 1.81 million continuing claims) and Philadelphia Fed Manufacturing for June (prices paid were up to “53.2”). Later today brings some Treasury activity that will be headlined by a 5-Year TIPS Auction, as well as Freddie Mac’s Primary Mortgage Market survey. We begin the day with Agency MBS prices all over the map based on maturity and coupon, the 2-year yielding 4.18 (yesterday morning it was yielding 4.05), and the 10-year yielding 4.44 after closing yesterday at 4.46 percent.