HFA, Broker, AI Appraisal Review, LO Directing, AI Title Search Tools; STRATMOR on M&A
Why am I a sucker for stories like, “What Do the Twins in the Shining Look Like Now?”? Is the American public a sucker for not being more concerned that no politician seems concerned about the burgeoning deficit? Will there be any “fiscal conservatives” in Congress, or the White House? Here in Dallas, one of the topics, of course, is the election. Yesterday stocks rallied and rates both dropped, reminding us that they don’t have a consistent inverse relationship, mostly on removing the uncertainty about the election. Where do we go with reducing regulatory burdens for credit-worthy borrowers, a mandate for the CFPB, FHA/VA, or banking regulators? What might happen to TRID, RESPA, Truth in Lending, or ATR? Will ink signature requirements go away? Perhaps. What about credit and appraisal policies? Will we see an expanded role for Federal Home Loan Banks? Lots of questions for a Thursday; see below for the MBA’s communication plan. (Today’s podcast can be found here. This week’s ‘casts are presented by FirstClose, which helps financial institutions grow a successful home equity business with innovative solutions that minimize application drop-off, automate time-consuming processes, and reduce time to close from weeks to days. Today’s has an interview with True Footage’s Jeremy Potter on how technology and structured property data are transforming home appraisals by streamlining data collection, improving valuation accuracy and lender risk assessment, and allowing licensed appraisers to focus more on expert analysis and complex properties.)
Lender and Broker Products, Services, and Software
In 2022, banks and credit unions held 85 percent of home equity lending. Three years later, they held 66 percent, and nonbanks had more than tripled their share of subordinate-lien originations, from 8 percent to 29 percent. Nonbanks gained that share with a faster process and a smoother borrower experience, booking loans in far less time than banks and credit unions. At a bank or credit union, much of the extra time goes to ordering title, flood, tax and income reports and following up on each one. When an order stalls, the file sits while someone tracks down a status. Andria Lightfoot’s recent FirstClose blog post covers what Order Management Services and the XpressEquity point of sale change in that process, and what lenders in a MarketWise Advisors study reported those changes were worth. Read the blog here.
Still relying on fragmented county websites and manual title searches? Stellar Innovations’ TitleDex.ai is an AI-enabled title search platform designed to consolidate public-record research across recorder, court, judgment, lien, and tax sources into one streamlined workflow. With 600+ counties automated end-to-end across 27 states, the platform can deliver title searches in as little as 10 minutes in automated counties, helping title and mortgage organizations reduce manual research, improve turnaround times, and scale operations efficiently. Whether you're modernizing an internal search team or managing higher search volumes, this technology-enabled solution brings greater speed, consistency, and structure to title search operations. Ready to simplify title searches? To learn more or schedule a demo, contact Andrew Michelson, Chief Strategy Officer, or visit stellaripl.com.
Home equity demand is surging, and the lenders who verify fastest are the ones winning that volume. Truework, a Checkr company, automates income, employment, and asset verification across every source in one platform, so you can verify 97 percent of U.S. workers faster and more accurately, at up to 50 percent lower cost. Don’t let manual verification processes cost your borrowers while they wait. Learn more.
With the midterms just behind us and a new policy landscape taking shape heading into Q4, capital markets teams are weighing what comes next. Those questions set the stage for MCT Exchange 2027, and its theme, "Intelligent Liquidity." MCT will host its annual client conference from March 1-3, 2027, at the InterContinental Hotel in San Diego. Lenders, investors, and industry experts will gather to discuss technology advancements, forward market expectations, candid peer roundtables, and specialized learning tracks on execution, hedging, and AI-driven development. With 500-plus attendees, nearly half at the VP/Director level and roughly 10 percent C-suite, it's also where sponsors put their brand in front of the institutions that power the secondary market. MCTclients can reserve a seat today, and partners can explore a 2027 sponsorship.
Advice you can defend at every desk. When LOs wing the conversation, you inherit the risk: inconsistent guidance, recommendations nobody can trace and borrowers who say no one explained their options. MortgageCoach changes that. Every LO presents the best options based on the borrower’s needs and circumstances, in a consistent format that shows why a recommendation fits. Live pricing from Optimal BlueTM and accurate fees from LodestarTM and SmartFeesTM keep the numbers right, and it all runs inside ICE Encompass®, so rollout takes days, not months. Want to see how advice-led selling protects your borrowers and your brand? Book your 1:1 today.
Credit score modernization has been a long road, and lenders are now facing practical decisions about which models to use and how they’re managed day to day. The Informative Research Credit Platform lets lenders select a model loan-by-loan or even receive more than one score on a single report, without disruption to existing workflows. Clients are already putting that flexibility to work, and IR is prepared for the next milestones as federal agency timelines continue to unfold. For lenders weighing how model choice fits their strategy, IR’s bureau-agnostic solution backed by years of preparation can support the transitions. Explore IR’s Credit Model Evolution Guide to stay up to date on the latest changes.
In 1805, Royal Navy officer Francis Beaufort devised a scale from 0 to 12 for describing wind conditions. Before then, one officer’s “stiff breeze” might be another’s gentle one, making Beaufort’s shared standard a welcome improvement in communicating conditions at sea. Mortgage lenders are learning a new language of their own with UAD 3.6. The overhaul replaces a patchwork of property-specific forms and subjective narrative addenda with a more consistent, data-driven reporting standard. Friday Harbor has expanded its AI appraisal review to help lenders adapt, running more than 350 automated checks and delivering a concise summary of validated information and issues requiring attention. Beaufort gave sailors a common language. Friday Harbor helps lenders make sense of theirs. Request a demo.
The next Chrisman Demo Day is November 19 and 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 Chloe Murray 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.
Correspondent and Broker Products
Quick question for brokers: what has your lender shipped since September? Here’s what Rocket Pro has. September: a 60-bps base price improvement on agency, conventional, FHA and VA. No promotion, no end date. Just a better price. October: Rocket Pro Orbit, an excellence program that rewards the strength of your partnership, not just the size of it. Same-business-day conditional approvals, 12-business-day clear to close on eligible purchases, Padlock Exchange, and EPO protection. November: Rocket Pro Quick Counter. A client calls holding another lender’s refi loan estimate. Instead of “let me call you back,” you build a real loan estimate live and counter before they hang up. The callback is where deals die. Now you don’t need one. Three months. Three Power Plays. That’s not a promotion cycle. That’s a pattern. Follow Rocket Pro to see what December brings.
PRMG® continues to grow down payment assistance programs built to solve a common homebuying obstacle: coming up with cash at closing. The programs offered by PRMG include nationwide options and state-specific programs tied to Housing Finance Authorities, or HFAs. Assistance can be deferred, forgivable after a set period in the home, or start repayment immediately. Some allow financing up to 105 percent of the purchase price, removing the need for a down payment, and often closing costs. “We’re committed to offering programs that are local to the communities we serve and that can assist borrowers who may not have the down payment or means to save for one,” said Lara Rausch, PRMG SVP, director of credit operations. PRMG also offers more than 275 local down payment assistance programs nationwide through nonprofits, counties, cities, or other entities, which can be paired with standard agency and government loans. Contact: Paul Lucido, chief culture and brand communication officer.
STRATMOR on Discipline in M&A
When it comes to mortgage M&A, more buyers don’t necessarily mean a better deal. Taking your company to market too broadly can compromise confidentiality, weaken negotiating leverage and create unnecessary disruption. STRATMOR Group takes a more disciplined approach, connecting sellers with qualified buyers while protecting sensitive information throughout the process. The firm’s market experience and transaction benchmarks help clients avoid common deal pitfalls and negotiate with confidence. Curious what it takes to prepare for a successful transaction? Read STRATMOR’s Mortgage M&A Readiness Assessment: 10 Issues Most Likely to Delay, Reprice or Kill a Transaction. For a confidential conversation, contact Amanda Gibson.
The MBA Election Results
Join MBA President and CEO Bob Broeksmit, CMB, for a post-election MBA Town Hall on Tuesday, November 10, at 3:00 p.m. ET, featuring Chief Lobbyist Bill Killmer for insights on the new political landscape, key policy priorities, and what lies ahead for the industry's legislative and regulatory agenda. Register here. MAA members may attend at no cost using promo code MAA2026 and can submit questions in advance to townhall@mba.org.
Government Product News
Yes, non-Agency loan production has increased as a percentage of overall production. There are other trends occurring as well. For example, adjustable-rate mortgages, with rates around 80 basis points lower than fixed rate loans, are now accounting for 10 percent of applications, the highest it has been in a year. FHA, VA, and USDA products now account for about 30 percent of apps, per the MBA. Who’s doing what out there?
The FHA is extending the feedback period through September 18, 2026, for the draft Mortgage Letter (ML) Reinstatement Advance Payment, posted on the Single Family Housing Drafting Table.
FHA posted proposed policy updates to its Minimum Property Requirements (MPR) in Single Family Housing Policy Handbook 4000.1 (Handbook 4000.1) on the FHA Single Family Drafting Table (Drafting Table) for review and feedback. These proposed updates take into consideration comments received on the Request for Information (RFI), Regarding Single Family Minimum Property Requirements (MPR) (Docket No. FR-6609-N-01), dated May 29, 2026.
USDA Rural Development announced the Multifamily Housing Loan Preservation Pilot and Multifamily Housing Guaranteed Loan Notice of Loan-to-Cost Percentage Change to preserve and produce affordable rural rental housing. The pilot speeds property transfers, reduces duplicate paperwork, and preserves rural affordable housing stock.
USDA Rural Development announced it is proposing to rescind 7 CFR part 1924, an outdated Farmers Home Administration regulation governing certain planning, construction, and development requirements for USDA-financed single-family and multifamily housing.
Ginnie Mae has updated "August 31, 2026, Notes and News".
Veterans can use their VA-guaranteed home loan benefit more than once. Many Veterans and surviving spouses think it’s a one-time benefit, but it isn’t. Learn more about the VA home loan benefits so you can help clients.
The FHA announced that beginning September 14, 2026, new users accessing FHA Connection (FHAC) must undergo a one-time ID-proofing process before system access is granted. This process will require users to submit personal identifying information (PII), a government-issued credential for documentation verification, and a biometric comparison (i.e., selfie) that is used to validate individual user’s identity.
USDA Rural Development reminds that with Fiscal Year (FY) 2027 approaching, please take a few minutes to review the Single-Family Housing Guaranteed Loan Program (SFHGLP) Conditional Commitment process. FY 2027 begins October 1, 2026, and ends at the close of business on September 30, 2027.
Capital Markets
Prices up = yields down. Agency MBS and U.S. Treasuries rallied in price sharply yesterday, pushing 10-year and shorter-term yields to their lowest closing levels since early September, as falling oil prices and shifting political control in Congress fueled expectations of a quicker resolution to the Iran conflict and lower energy costs. The decline in oil prices below $90 per barrel strengthened demand for government bonds, with Treasury yields reaching their lowest levels in eight weeks despite economic data pointing to continued (but moderating) growth. October's ISM Services PMI eased slightly, signaling slower but still expansionary services activity, while ADP employment exceeded expectations with 86,000 jobs added, indicating continued resilience in the labor market ahead of tomorrow’s payrolls report. The trade deficit narrowed slightly to $105.0 billion, driven by increases in both exports and imports, while the Treasury announced $125 billion in upcoming note and bond auctions and indicated that auction sizes would remain steady over the next several quarters.
Rising mortgage rates since the US/Israel-Iran conflict began have nearly eliminated refinance incentives, with just 0.6 percent of 30-year borrowers able to reduce their rate by at least 50-basis points, pointing to further declines in 15- and 20-year MBS issuance, which relies heavily on refinancing. While the 30-year UMBS market has expanded 145 percent since 2019 to $5.35 trillion, outstanding 15- and 20-year balances have contracted 35 percent and 21 percent, respectively, from their May 2022 peaks. Shorter-term borrowers generally have stronger credit profiles, smaller loan balances, and substantially more home equity, and their higher turnover and principal curtailments typically produce faster prepayment speeds than 30-year borrowers, making shorter-duration MBS a shrinking but distinct segment of the market.
Today’s economic calendar kicked off with U.S. employers announcing 43,994 job cuts in October 2026, per Challenger, Gray, and Christmas. The figure was up 2 percent from September but down 71 percent year-over-year, marking the lowest October total since 2023 and the eighth month this year with fewer cuts than the same month in 2025. We’ve also received preliminary Q3 Productivity and Unit Labor Costs (productivity was +3.6 percent), weekly Initial Claims (189k), and Continuing Claims (1.718 million). Later today brings Fed remarks from Richmond President Barkin and Dallas President Logan. We begin the day with Agency MBS roughly unchanged from Wednesday’s close, the 2-year is yielding 4.61, and the 10-year is at 4.90 after closing yesterday at 4.89 percent.