CRA Sourcing, Correspondent, Internal Audit, AI Content Tools; Pulte, Credit Scores, and Social Media
Many years ago, it seemed like people bragged about how late they stayed up at conferences. Now they brag about how early they went sleep. Today I head to San Antonio, in the Great State of Texas, for a private mortgage event. We’ve plunged into the mortgage conference season, and there are dozens of them in the next month or two. I hope that some people are staying at their desks to work! The talk in the conference hallways? Consumer Direct channels, not sensing a higher volume environment, appear (through my email traffic and signing up for this Commentary via home email addresses) to be scaling back, personnel-wise. There is a heightened focus by originators on where the servicing is going. Interest rates certainly aren’t helping anyone, and the continued war with Iran and its impact on oil prices continues to impact inflation numbers and therefore rates. So, lenders are focused on products and service… and technology of course. (Today’s podcast can be found here. This week’s ‘casts are sponsored by NFTYDoor, the fully branded or private label HELOC platform for banks, credit unions, and brokers. Close in zero days with warehouse funding. Power your home equity lending with NFTYDoor. Today’s has an interview with PCV Murcor's David Schiffmayer on the significance of UAD 3.6, who needs to prepare, where organizations should invest, its impact on appraisal efficiency and complexity, and the key misconceptions.)
Broker and Lender Products, Software, and Services
OptiFunder is proud to be recognized on the 2026 Inc. 5000 list for the fourth consecutive year, reflecting the industry's growing adoption of connected, secure, and automated warehouse funding technology. Through its suite of platforms, OptiFunder is helping reduce friction across mortgage finance by integrating the organizations that power the funding lifecycle. Genesis for mortgage originators enables automated warehouse funding processes, improve visibility, and streamline interactions with lending partners. Greyhound helps warehouse lenders enhance operational efficiency, strengthen risk controls, and provide a better experience for their originator clients through workflow automation and real-time reporting. OptiExchange extends secure integrations between originators, warehouse lenders, investors, custodians, settlement providers, and other industry participants, making it easier to exchange information, eliminate manual touchpoints, and reduce operational risk. This recognition reflects not only OptiFunder's growth, but the industry's move toward greater integration, automation, and security.
Automating individual tasks isn’t the same as transforming mortgage operations. JazzX AI digital co-workers coordinate complex decisions end-to-end across processing, underwriting, QC, and servicing. Every finding is reasoned against your guidelines and overlays, continuously reassessed as new information arrives, and tied to the specific policy, document, and data that produced it. Lenders are using JazzX to drive 8x higher processor output, reduce defects by 80 percent, and move 75 percent of loans through touch-free. Book a demo to see how JazzX delivers lower cost per loan, better quality, and faster closing.
The best originators don’t have more hours in the day than the rest of us, they find a way to create time by finding smarter ways to hand off work that’s not the highest and best use of their time. On Tuesday, September 15 at 1:00 PM ET / 10:00 AM PT, the NMP Webinar “OriginatorTech Demo Day: Four Tools Changing How You Work” puts four platforms on display in one fast-moving session that will help originators focus on the activities that are the highest and best us of their time.
Kyle Raineri of Realestatecontent.ai, Mike Williams of Aduvo, Angel Sumlin of AngelAi, and Chuka Ekeledo of Jupiter will demonstrate AI-powered content creation, automated client retention, conversational AI that accelerates the path to CTC, and a free all-in-one LOS with document collection, MCR reporting, e-signing, and borrower portal access. If marketing, database follow-up, processing activities, getting loans ready to be CTC is eating into your day, see what you can hand off by registering here.
Despite financial challenges, younger generations are buying homes. For example, Gen Z borrowers accounted for 1 in 5 purchase mortgage rate locks in the second quarter of 2026. Their distinct financial profiles, which include lower credit scores, smaller down payments and a need for clear guidance throughout the process, present challenges and opportunities for lenders and servicers. Encompass®, ICE's loan origination system, supports a guided borrower experience at scale, including a mobile homebuyer app designed to lead first-time buyers from application to closing. After the loan closes, ICE Servicing Digital gives digitally savvy borrowers quick, simple access to loan details, payment tools and equity tracking. Read this article by Matt Dowd, Vice President of Product Management, to learn how ICE technology can help organizations serve the next wave of homeowners.
“With over 40 years of experience in mortgage banking, Richey May knows the industry from every angle. Many of our team members are credentialed industry experts who dedicate significant time to developing other industry experts. From this expertise, we’ve created a wealth of services and products to help lenders stay ahead: audit and tax services, robust cybersecurity solutions designed to protect company assets and sensitive borrower information, business intelligence to enhance your operations...you name it! Whether you're leveraging our innovative platforms or having us work as your extended team for outsourced internal audit or accounting services, get ready to tackle challenges faster with some serious firepower on your side. Everything you need, contact our experts today!”
Two decades in secondary markets. Up to $2 billion a year in loan production. Blake Priest, Click n’ Close’s new director of whole loan trading, has priced, hedged and traded through it all. Formerly president of NTFN Inc., where he led investor relationships, secondary market activities and hedging, Priest will do the same at Click n’ Close while also leading the company’s scratch and dent purchasing, giving correspondent partners another outlet for loans that fall outside traditional investor guidelines. That depth arrives as Click n’ Close offers its widest down payment assistance product set yet, including 7.99 percent repayable second liens, three- and five-year forgivable options and customizable delivery options built for correspondent partners. Meet with one of the fastest-growing DPA providers in the country at The Palm during MBA Annual. Schedule a meeting.
Give Rich Swerbinsky a mortgage industry topic and get out of the way. On Thursday, September 24 at 1 PM ET, LenderLogix CEO Patrick O’Brien sits down with Rich Swerbinsky of Onward & Upward Consulting for Get Rich Quick: 30 Minutes of Hot Takes from Rich Swerbinsky, a fast-moving conversation built around the debates, headlines, and trends everyone in mortgage is already talking about. Pat will keep the topics coming, Rich will say what he actually thinks, and nobody is hiding behind a slide deck. Register here!
Affordability pressure doesn't disappear when the loan closes. It comes back later as repurchase risk. Your borrowers are stretched, leaving less room for errors in the file. Truework, a Checkr company, verifies income, employment, and assets before you close, replacing error-prone processes with fast, automated reports pulled directly from sources. Lenders see up to 50 percent cost savings on verifications, with faster turn times and higher accuracy. Learn more.
Chrisman Demo Day is a free perk for all Chrisman Marketplace members. If you're a technology or service provider and haven't joined the Marketplace yet, reach out to Jake Perkins at info@chrismancommentary.com to 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.
Pulte, Fair Isaac, and VantageScore
Fair Isaac stock crashed 17 percent on Friday, September 4, after FHFA Director Bill Pulte ordered Fannie Mae and Freddie Mac to approve every mortgage lender in the country to use rival VantageScore, effective immediately. Rumors quickly swept the industry that Pulte had told selected parties ahead of time that he would be announcing this on social media. The share price of TransUnion and Equifax, VantageScore’s co-owners along with Experian, fell over 6 percent each after Pulte separately accused the credit bureaus of “overcharging Americans for far too long” and floated bi-merge reporting as an alternative.
Rumors aside, Pulte’s directive builds on a mandate that already existed on paper. The 2018 Credit Score Competition Act, which President Trump signed during his first term, told federal housing regulators to let Fannie Mae and Freddie Mac approve additional scoring models for mortgage underwriting. The Trump administration frames Friday’s expansion as finishing that job: lower costs for homebuyers, more competition in a scoring market FICO has dominated for decades.
VantageScore costs lenders roughly $1 per pull. FICO’s mortgage score runs more than $10. Recall that in April Freddie and Fannie said they would accept mortgages underwritten with VantageScore 4.0. Pulte’s post certainly got attention.
Capital Markets
Widen Your CRA Buyer Pool… and Your Pricing. Most lenders selling CRA-eligible loans still rely on the same small circle of buyers. Those relationships matter, but a narrow buyer pool can limit execution. More buyers mean more competition, and more competition can drive better pricing. That’s where technology can make a difference. GATHER connects sellers with a broader network of CRA-focused institutions, expanding competition, improving pricing and execution, giving sellers flexibility to retain servicing or sell released, and adding speed and transparency. CRA trading doesn’t have to rely on emails, spreadsheets, and phone calls. A modern marketplace connects the right buyers and sellers, creating value on both sides. Ready to see what broader market access can do for your CRA execution? Let’s discuss how GATHER can help expand your buyer network and modernize how CRA loans are bought and sold. Reach out to Wayne Brown to learn how GATHER can help you achieve your 2026 CRA goals.
As you’ve probably heard by now, hiring was unexpectedly strong in August. Payrolls far exceeded expectations as employers pushed past uncertainty related to the war in Iran, tariffs and AI, with NFP rising 162k versus 55k expectations, alongside upward revisions to July and stronger private, manufacturing, and government hiring. The household survey also strengthened, with employment up 569k and labor-force participation rising to 61.6 percent. It wasn’t all sunshine and rainbows, as wage growth moderated to 3.1 percent year-over-year (the slowest since May 2021), the three-month average job growth sitting at just 71k, and long-term unemployment rising, suggesting some underlying weakness in the labor market. Overall, the report supports the Fed’s hawkish tilt and pushed Treasury yields again higher, but inflation is likely to remain the decisive factor for the September 16 rate decision. With $40 trillion of Treasury debt, continued pressure on long-term yields, plenty of (potential) AI hype, and a Fed that can’t ignore the dollar’s purchasing power, it’s a tough landscape for mortgage investors. If rates stay higher for the remainder of the year, shorter-duration Agency MBS may be a good place to stash money.
Remember what we learned from 2022: aggressive Fed tightening, the end of QE, and a sharp bear-flattening produced the worst year ever for Agency MBS, while Fannie Mae 15-year MBS held up best thanks to its shorter duration and shrinking supply. Today, Fannie 15-year and 20-year MBS still look attractive versus Treasuries, with durations of just 3.5 years and 5.0 years compared to 5.75 years for the broader MBS index. Their outstanding balances have also fallen sharply as refinancing has stayed muted. A meaningful decline in mortgage rates could unlock more refinance activity than today’s aggregate incentive suggests. This is concentrated in newer vintages: 2019-2022 pools are generally either deeply out of the money or, in the case of 2021-2022, locked into exceptionally low coupons, while 2023-2025 borrowers have higher loan balances, higher original rates, and a demonstrated willingness to refinance when opportunities arise. The 2025 cohort shows an unusually steep early aging/prepayment curve, second only to the extraordinary behavior of 2019-2020 borrowers during the record-low-rate era. Although most borrowers are currently out of the money (only 5.3 percent of FHA, and 1.7 percent of VA borrowers retain refinance incentive), the passage of time has raised the universe’s weighted-average coupon.
U.S. inflation readings (producer on Thursday and consumer on Friday) will be the highlights on this week’s economic calendar and are expected to show a modest pickup in headline prices due to higher energy costs. Other highlights this week include a $39 billion 10-year Treasury note auction tomorrow, August Existing Home Sales (which likely weakened further as elevated mortgage rates continue to weigh on affordability and demand) on Thursday, and preliminary September University of Michigan Consumer Sentiment on Friday. Today’s economic calendar kicked off with the August NFIB Small Business Optimism Index (down 1.1 to “98.7”). Later today brings a $58 billion 3-year Treasury note auction and July Consumer Credit. We begin the shortened trading week with Agency MBS prices little changed from Friday’s close, the 2-year yielding 4.37, and the 10-year yielding 4.80 after closing last week at 4.78 percent, up 6 basis points over the course of last week.