Broker, UAD 3.6, Property Tax, MISMO President's Observations; BSI's Larry Goldstone Interview
Here at the ACUMA event in Las Vegas, credit unions are definitely on the march for market share in a decreasing residential volume environment, given their place in the consumer’s financial landscape (“food chain”). Some of the conversation is focused on “builder biz.” Builders have been using capital to temporarily buy down rates or offer 30-year rates permanently 1 percent below prevailing market rates… they don’t want to cut prices and de-value other properties in the same subdivision as recent sales. Along those lines, Lennar delivered a sobering report, not only about missing earning estimates, but also the general residential industry. (Today’s podcast can be found here. This week’s ‘casts are sponsored by Spring EQ, the home equity experts. See why Spring EQ is the clear choice in home equity, helping over 150,000 homeowners access almost $15 billion in equity. Today’s has an interview with BSI's Larry Goldstone on the servicing landscape, industry consolidation, and lessons learned from previous market cycles.)
Broker and Lender Products, Software, and Services
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.
This Fall, chase Pumpkin Spice, not paystubs. The leaves are turning, the lattes are back, and there are a hundred better things to do this fall than track down a borrower's old W-2s. Fetch & Close from Kind Lending does the fetching for you, automating income and employment verification on eligible fixed-rate conventional loans with W-2 earners when you run LPA through Kwikie. No paystubs to request, no W-2s to track down, and no verbal VOE, just check your findings for eligibility. Eligible loans may also receive waived VOI/E fees, helping save up to $200 per loan. The time you'd spend chasing paperwork goes back to the borrowers, agents, and referral partners who keep your pipeline warm all season long. Contact your Kind AE to find out more! Not an approved broker? Join the Kind movement and discover why more brokers are choosing Kind. *Not all loans are eligible. Eligibility is based on LP AUS findings.
PlainsCapital Bank National Warehouse Lending, a subsidiary of Hilltop Holdings (NYSE: HTH), is committed to providing mortgage lenders with a sustainable funding source in an uncertain market. With over 30 years’ experience, a well-capitalized, diversified financial holding company, PlainsCapital Bank National Warehouse Lending provides confidence to meet our mortgage lending partners funding needs. With exceptional operational performance, and a focus on relationship-driven business geared towards long-term success we do not dwell on unnecessary fees. With PlainsCapital Bank National Warehouse Lending there are NO non-usage fees, NO application or renewal fees, NO third party due diligence fees or Third Party Doc Custodians and NO interest charged on the day of loan settlement. If you are interested in learning more about PlainsCapital Bank National Warehouse Lending please contact Deric Barnett, (469)955-6786.
Fee cures rarely happen because of bad data. They're often caused by inaccurate inputs like the wrong property type, an outdated closing date or a missed exemption, and they're often hard to catch until the cure has already occurred. For instance, a misidentified property type in New York can trigger a $45,000 Mansion Tax discrepancy. A missed closing date change in Maine can create an $11,000 fee cure. An incorrect page count default in Maryland can add up to $1,200 per loan in rework. See how early detection and trend analysis can help lenders catch these patterns before they become recurring losses. Read ICE’s whitepaper: Actionable fee intelligence for enhanced accuracy and profitability.
“The 4 Cs of lending aren’t going away. So where will AI go to learn them? Cotality is the industry’s go-to source for fiduciary-grade lending data and solutions. Our clients rely on us for credit reports, home price performance, appraisal QC, income verification, flood certs, and fraud prevention…just to name a few. We also collect information and pay property taxes on 49 million homes. Cotality is where the mortgage industry goes for the data behind the 4 Cs and where AI agents will go to find the most current, accurate, and defensible data. So, whether you’re optimizing legacy systems, implementing new AI features, or deploying state-of-the-art MCP servers and agentic workflows, Cotality is here for you. Visit us at MBA Annual to see how AI-ready data changes the game.”
“November 2 is the UAD 3.6 mandate, but between appraisal turn times and LOS testing cycles, most lenders are really working against an October 1 deadline. Reggora is UAD 3.6 ready now, GSE verified, and processing 3.6 orders end to end, which means our clients are already seeing live reports rather than planning for hypothetical ones. We built a UAD 3.6 resource center with the full timeline, a breakdown of what changes from 2.6, and answers to the questions lenders keep asking, from disappearing form numbers to the underwriter training lift nobody budgeted for. If your team is unsure where you stand, we will walk through your readiness with you, client or not. See it here or contact Dan English, VP of Account Management.”
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.
“Switch to Rocket Pro in just 10 days. Your business deserves a better home, which is why we made switching your wholesale lender to Rocket Pro easier than ever. Visit Rocket Pro and meet The Moving Squad, our expert team that will do the heavy lifting so you can make the switch without slowing down. The Moving Squad will have you ready to register your first loan in 10 days. Make the move. No disruptions. Visit Rocket Pro to get started. Already a Rocket Pro partner? Learn how you can get paid $10,000 to help a friend join you at Rocket Pro. Get the details now.”
“NFTYDoor is built to be the best home equity partner an MLO can have, because our job isn’t simply to fund the loan. It’s to support you and your borrower every step of the way. Every NFTYDoor partner has a dedicated Client Success team that treats your volume goals as our own, from processing to funding, you get dedicated end-to-end service designed to scale your HELOC business. This is a platform built around exceptional service, not just speed and technology. Our goal is simple: to become the partner you can’t imagine growing without. nftydoor.com.”
The President of MISMO Weighs In
Brian Vieaux, CMB and President of MISMO, has been racking up the frequent flyer miles. His pets don’t remember him. His family wonders where he is. Maybe I have that backwards. Regardless, he’s been able to look at what lenders are encountering out there, and the questions they have.
“Rob, is everyone on the same page when counting mortgage manufacturing costs? I encountered mortgage manufacturing cost claims ranging from $125 to $12,500. Before anyone celebrates that hundredfold difference, we need to ask whether those numbers measure the same work.
“This matters beyond benchmarking. Lenders compete for borrowers and recruit loan officers, often using efficiency claims to support promises about pricing, compensation and service. Both audiences deserve to understand what those claims actually include.
“The MBA reported average production expenses of $10,936 per loan for independent mortgage banks and bank mortgage subsidiaries in the second quarter of 2026. For retail-only lenders, including consumer direct, the figure was $11,754. Those comprehensive benchmarks belong in a different category from claims measuring selected pieces of production.
“Examples of differences abound in our industry. Sales, marketing, third-party expenses, benefits, technology, and other categories seem subject to interpretation. When I think about manufacturing cost, I include everything required to acquire a borrower and deliver a funded, saleable loan: sales compensation, fulfillment, technology, services and overhead. Technology development and maintenance count, too.
Standards matter, and the MBA deserves credit for its established expense definitions and peer comparisons. Loan officers should ask recruiters, ‘Can you show me your fully loaded cost to manufacture per funded loan, including sales compensation, and explain what is excluded?’ Consumers use the standardized Loan Estimate to compare loan offers. LOs should bring that same discipline to evaluating employers.” Read the full post here.
Mr. Vieaux also has some advice about not missing the session at a conference. “We are in fall conference season, and I don't remember this many events competing for calendar space. Each invitation requires weighing time away from home and the office against what we expect to bring back. In recent years, I've attended more sessions to learn how peers are managing, where they're making progress, and what they're still figuring out.
“Some learning comes from the microphones. A surprising amount comes from sitting alongside everyone else. Watch the reactions. Listen to the questions. Notice what gets people nodding and what leaves them looking at one another. A raised eyebrow doesn't explain someone's thinking, but it gives you a reason to ask afterward. At MISMO, these exchanges help me discover or validate industry priorities and understand the practical concerns behind them. A full day with familiar contacts would limit the perspectives I hear.
“Individual meetings still matter. But reserve time for content with the same intention you bring to booking client appointments. Choose a session about a challenge your company faces and another outside your responsibilities. Stay for questions. Leave time afterward to compare notes with someone, then bring those observations home to your team. (Read the full article here.)
Capital Markets
Vice Capital Markets’ platform now includes VantageScore® credit scores on bid tapes, with no separate submission required. The move follows FHFA’s Sept. 4 announcement that Fannie Mae and Freddie Mac would approve all lenders to use VantageScore 4.0, a shift every lender is still sorting through. President Troy Baars and Executive Vice President of Strategic Growth Terry Aikin, CMB, will be at MBA Annual, Oct. 11-14, in Chicago, ready to talk with lenders about what putting VantageScore on the bid tape means for execution. Reach our to Troy Baars or Terry Aikin to get on their calendar before Chicago. Not making the trip? Read the release on what changed and why it matters to your next bid tape.
The Federal Reserve's hawkish pivot has somewhat restored market faith in its political independence and inflation-fighting credibility. Supported by a “dot-plot” signaling higher-for-longer rates, the central bank is expected to implement at least two more quarter-point hikes to remove “lingering economic accommodation.” The next FOMC meeting is scheduled just a week before U.S. midterm elections. Though the optics of that aren't great, economic data will ultimately dictate policy, making an October hike likely unless incoming data demonstrates that underlying inflation is falling toward the 2.0 percent target rapidly. Put another way, the bar for tighter policy remains low and financial conditions are not yet restrictive. Fed Chair Warsh’s restrained communication style may be preferable to excessive Fed transparency, particularly given his skepticism of unreliable frameworks like the SEP and estimates of the “neutral rate.” Instead, he recognizes that excessive money and credit growth ultimately drives inflation. Yet Warsh’s emphasis on money conflicts with the Fed’s continued use of “ample reserves” and an expanding balance sheet. If he wants markets to take his inflation-fighting approach seriously, the Fed would need to prioritize controlling money and credit growth over uncertain forecasts and theoretical estimates of neutral rates. That makes it likely that tactical investors are positioned to fade rallies in near-term fed funds futures ahead of this continued tightening cycle. Finally, a little rally in the bond markets yesterday as oil prices moved lower. The 2s10s spread narrowed five-basis points to 21-basis points.
There was no economic data of note, as is the case today, though today's session will feature a $69 billion 2-year note auction. We begin the day with Agency MBS prices better than Monday’s close by .125-.250, the 2-year yielding 4.72, and the 10-year yielding 4.92 after closing yesterday at 4.96 percent.