4.2.25 Rising Bond Prices; Rate’s Sergio Murer on Mortgage and Life; Tariff Day

Welcome to The Chrisman Commentary, your go-to daily mortgage news podcast, where industry insights meet expert analysis. Hosted by Robbie Chrisman, this podcast delivers the latest updates on mortgage rates, capital markets, and the forces shaping the housing finance landscape. Whether you're a seasoned professional or just looking to stay informed, you'll get clear, concise breakdowns of market trends and economic shifts that impact the mortgage world.

In today’s episode, we discuss why bond prices have risen of late. Plus, Robbie sits down with with Rate’s Sergio Murer to talk about tips for having a long and successful career in the mortgage industry, as well as tidbits he has learned while riding his bicycle.). And, it's Tariff Day!

Want to remove home sale contingencies in 48 hours or less? It’s easy with Calque’s newest ‘buy before you sell’ product – the Contingency Buster. The Contingency Buster is your fastest and most affordable path to non-contingent financing. Calque provides a binding backup offer on your borrower’s departing residence to clear the existing mortgage balance and closing costs in 48 business hours or less. You become a loan hero that saves deals and helps clients win bidding wars. Best yet? It costs less than other ‘buy before you sell’ solutions. Visit www.calqueinc.com to learn more.

Transcript

Does anyone use the term “elderly” anymore? Websters defines elderly as “anyone past middle age,” “middle age” being 45-64. Prepare for a fight if you call anyone 65 “elderly” especially when places like The Villages exist. That aside, want to help your older clients? Pass along this list of discounts, for various ages, on items like airline tickets, hotels, restaurants, or car rental companies. And a way for companies to increase their revenue is right in front of their noses. Homeowners 62 and older saw their housing wealth decrease by one percent in Q4 2024 to $13.95 trillion, according to the latest quarterly release of the NRMLA/RiskSpan Reverse Mortgage Market Index. Still, roughly $14 trillion, and roughly 10,000 a day are turning 62, or 65, depending on where you look. Does your company have a HECM (reverse) mortgage department? (More below.) (Today’s podcast can be found here and this week’s is sponsored by Calque. Calque provides a binding backup offer on your borrower’s departing residence to clear the existing mortgage balance and closing costs in 48 business hours or less. Today’s features an Interview with Rate’s Sergio Murer on tips for having a long and successful career in the mortgage industry, as well as tidbits he has learned while riding his bicycle.)

Employment and transitions

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“Your success is our priority at Logan Finance. We take care of the back-end tasks so you can focus on closing more deals and delivering top-notch service to your clients. With cutting-edge tools, expert marketing, and dedicated operational support, you’ll have everything you need to maximize your potential. We’re looking for driven Non-QM Account Executives nationwide. Interested? Contact us today and discover how Team Logan can take your sales career to the next level!”

“Want to know why Fairway is a great place to build your mortgage career? In forward, reverse, or BOTH? Now’s your chance! Join us for an inside look at Fairway’s Reverse products, platforms, training, and coaching. You’ll hear directly from David Lazowski, President of Growth, and Dan Ventura, President of Reverse, along with other top execs. Learn how Fairway equips you with everything you need to grow your business and close more deals. The support you need with the independence you love. 100% anonymous participation, as only the presenters are visible. April Reverse Fairway Day.”

Synergy One Lending promotes JJ Jerotz & Eric Kulbe as loan volume surges 89 percent YOY! Synergy One Lending is pleased to announce two senior leadership promotions coming on the heels of the company’s 89% loan production growth in Q1 ‘25 v the same period last year. Eric Kulbe has been named Chief Growth Officer and JJ Jerotz has been named Chief Production Officer at the San Diego-based lender. Kulbe has led the company’s nationwide expansion over the past year as Synergy One has broken into the top 40 rankings for retail IMB’s. Jerotz has been pivotal in optimizing production, improving branch profitability, and driving adoption of Synergy One’s modern platform for originators. “Great companies grow because of great leaders,” said Aaron Nemec, President. “JJ and Eric’s persistence in telling our story and creating a smarter, more efficient lending experience has fueled our success and positioned us for even greater growth.” For more information, visit S1L.com or reach out.

“Abode Alliance (formerly New York Mortgage Coalition) is seeking an experienced, innovative housing industry professional to serve as its next Executive Director. An impactful nonprofit housing agency which has been serving New Yorkers for three decades, Abode Alliance was founded in 1993 as a nonprofit collaboration of financial institutions and community housing agencies focused on expanding the opportunity for responsible and sustainable homeownership in Metro New York. In recent years, we have expanded our focus to include wealth building and economic empowerment for low- and moderate-income communities. Through such programs as financial empowerment education, workforce development, foreclosure intervention, and employer-assisted housing, we work together to overcome the obstacles to homeownership, advocating for limited-wealth households every step of the way. Please submit a resume and cover letter to info@abodealliance.com. This is a New York City-based position; Salary range: $140-$175k.” Confidentially write to me for the complete job description and requirements.

Supreme Lending proudly announces the addition of Sarah Middleton as its Chief Growth Officer & Chief Marketing Officer. “With over 36 years of experience in mortgage leadership, growth strategy, and sales development, Middleton is widely regarded as one of the industry’s most accomplished and respected executives. She brings a proven track record of recruiting, scaling teams, launching brands, and supporting loan officers and branch managers through powerful marketing and coaching platforms.” Congratulations!

UWM Holdings Corporation (UWMC) has named Rami Hasani as its new Chief Financial Officer. Ex-CFO Andrew Hubacker was moved into a senior advisor role and Mr. Hasani assumed the CFO position where he will oversee all financial aspects of the company including accounting, internal and external reporting, financial compliance, tax, treasury and liquidity management, and budgeting and forecasting.

(As a reminder, anyone searching for employment can post their resume at no charge at www.lendernews.com, and potential employers can view all resumes for several months for only $75.)

Products, software, and services for lenders

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A&D Mortgage has completed the acquisition of the wholesale and non-delegated correspondent mortgage business from Mr. Cooper (former Flagstar bank)! Being the recognized #1 non-QM lender, A&D has been strengthened with an expanded team, technical solutions and over 35 years of expertise from one of the top experts in Government & Conventional loans. This merger makes A&D Mortgage even more convenient for mortgage professionals, providing a full portfolio of programs with decades of experience and technology behind them.

In our ever-changing industry, the right expertise can bring significant efficiencies to independent mortgage bankers. Western Alliance Bank, Member FDIC, has provided warehouse financing for over 15 years. The bank recently launched a warehouse program tailored for Non-Delegated Correspondent clients, offering preferential terms for loans purchased by AmeriHome Mortgage, a wholly owned subsidiary of the bank. With products and services that offer synergies for IMBs, Western Alliance Bank and AmeriHome stand out as leaders in the industry. AmeriHome is the nation’s largest bank-owned correspondent investor,* and Western Alliance’s Specialized Mortgage Services Group offers mortgage warehouse financing, MSR financing, note financing, customized cash management tools, corporate credit cards, and a whole loan trading desk focused on purchasing scratch & dent loans (send bid requests), all designed to optimize your operations. Contact the Western Alliance team or the AmeriHome team to discover how they can enhance your business. *According to Inside Mortgage Finance, 12/6/2024.

“Credit unions and regional banks: Expanding into retail mortgage? Usherpa can help. Credit Unions and Regional Banks are embracing CRM technology to streamline operations and enhance member service. Many are also looking to grow by adding mortgage divisions to meet member needs. That’s where Usherpa comes in. Our CRM, designed specifically for mortgage professionals, helps manage relationships, automate marketing, and increase loan production. With unmatched Live Support, you're never navigating growth alone. As Credit Unions adopt new technology, Usherpa ensures they thrive, building stronger relationships and expanding confidently. By 2025, Credit Unions and Regional Banks will continue to fuel growth by leveraging data-driven insights and personalized service, creating a competitive edge in the mortgage market. Ready to grow? Usherpa is the CRM partner that understands the unique needs of the mortgage industry.”

“April Fool’s Day is fun. Rhymes, jokes, pranks… a day to be silly and get away with it. You know what’s more fun? Getting your loans closed on time and retaining your clients’ trust and future business! Symmetry has fun but more importantly, we strive to be the most dependable HELOC partner in the business. Fast turn times, accessible AEs, great rates, with easy guidelines. Don’t be the fool in the LO school, use Symmetry on your next HELOC: Home Symmetry Lending.”

Isn’t it fascinating how honeybees always know exactly what job to focus on at any given moment to ensure the success of the hive? That’s the kind of operational magic happening at Alliant Credit Union. By partnering with Optimal Blue, the team has streamlined mortgage processes to drive top-tier member satisfaction instead of juggling manual tasks. It’s a change that drives cost savings and ultimately sweetens the member experience. Want to get your credit union hive humming along just as efficiently? Join ACUMA’s Inside Track webinar on April 16 at 1 p.m. CT for the latest buzz on driving profitability with innovative mortgage tech. Register today. 

Wholesale lender news from around our biz

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Mortgage brokers have been grappling with rising labor costs and the growing demand for efficient compliance processes. Enter Cardinal Complete™, an all-inclusive processing solution designed to streamline operations from application to closing. An end-to-end loan processing solution for brokers, Cardinal Financial Wholesales’ launch of Cardinal simplifies loan processing for brokers with an expert-managed, transparent, and cost-effective solution powered by Octane®, a custom-built loan origination system. For brokers facing capacity constraints or fragmented third-party services, Cardinal Complete offers a seamless, fully supported workflow. 

Pennymac Announcement 5-31: FHA Info 2025-10 Temporary Waiver of New Construction Flood Elevation Requirements.

PHH Mortgage Announced TPOC Enhancements provides guidance on adding new loans in TPO Connect utilizing ICE Technology enhancements.

Logan Finance has added an information security measure to our external pricing engine. The Lift Product and Pricing Engine will now require credentials to log in and receive pricing indications. This one time set up is simple and can be accessed simply with your phone number for ease of use. Please follow the attached job aid that will walk you through set up step-by-step. For any issues we have multiple support options that can be accessed in the job aid to ensure we provide you with excellent customer service. 

Effective with new Best Efforts locks and Mandatory commitments completed on/after Tuesday, March 25, 2025, Citi Correspondent Lending is removing MSA 27260 - Jacksonville (Duval County) from the Citibank Assessment Area List (Exhibit 18).  

Thought Leadership: vendor partnerships

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Navigating vendor partnerships is more critical than ever in the mortgage industry, with 95 percent of lenders relying on third-party providers for everything from automation to compliance. But not all vendors are created equal, writes John Wines in the latest Thought Leadership piece for the Chrisman Commentary. The right partnerships can drive innovation, efficiency, and cost savings, while the wrong ones can lead to inefficiencies and risk. Learn how to spot high-value vendors, identify red flags, and turn these relationships into long-term investments that strengthen your mortgage operations. Read more to ensure your vendor strategy sets you up for success.

Reverse mortgage news

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What are the benefits of a HECM for Purchase Reverse Mortgage? Someone can purchase a new primary residence using proceeds from the Reverse Mortgage and tap into the equity of their home and convert it to cash. It's an FHA insured loan so certain protections are in place for your borrower

Seeking to align with recent executive orders issued by President Trump, the FHA announced the publication of a mortgagee letter (ML) that restricts qualification for FHA-backed mortgages to U.S. citizens or permanent residents. The measure applies to all Title II single-family mortgage programs, including the Home Equity Conversion Mortgage (HECM) program.

Registration is open for NRMLA's 2025 Western Regional Meeting. It will be a one-day event held on Tuesday, April 29th at the Marriott Irvine Spectrum in Irvine, CA.

Capital markets: any drag on the economy helps rates

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Bonds began April by rallying, as investors learned yesterday that U.S. factory activity contracted in March for the first time this year and prices rose sharply for a second consecutive month with fears of higher tariffs reverberating through the economy. The Institute for Supply Management’s (ISM) manufacturing index declined into contractionary territory and the figure was slightly weaker than economists’ projections. At the same time, the price measure increased to the highest since June 2022 and the highest over a comparable two-month period in four years. On the bright side, total construction spending increased 0.7 percent month-over-month in February and 2.9 on a year-over-year basis. It sounds like a net wash with inflation, but residential spending rebounded after a poor January, which is encouraging for the longer term health of the housing market.

With President Trump signaling new tariff measures this week and global counterparts preparing to respond, investors are bracing for increased market turbulence. Many options traders are wagering that Treasury prices will continue to climb as uncertainty around the administration’s “reciprocal” tariff strategy unfolds. During economic downturns, Treasuries are often seen as a safe haven, with investors anticipating that a slowdown could lead the Federal Reserve to adjust its monetary policy. Recent volatility in the markets, driven by tariff-related concerns, has further fueled demand for U.S. government bonds as economic growth shows signs of weakening.

Market sentiment is reflected in rising bets on lower Treasury yields and growing expectations of more aggressive rate cuts by the Federal Reserve, as indicated by interest rate derivatives. A notable uptick in demand for call options, which are used to bet on higher Treasury prices, suggests that investors are increasingly seeking protection, with the price gap between call and put options reaching its widest point since August 2024. Meanwhile, labor market data to start the year indicates a cooling job market, with job openings falling to 7.57 million in February and the ratio of openings to unemployed workers dropping to 1.07, the lowest level since September 2024. If these trends persist, continued declines in job vacancies could signal deeper economic weakness rather than a simple market correction, raising further concerns about future growth. We will get more clarity with Friday’s March payrolls report.

Today’s economic calendar kicked off with Mortgage applications from MBA, which decreased 1.6 percent from one week earlier. We’ve also received March ADP employment (155k jobs were added, more than expected). Later today brings February factory orders, and remarks from Fed Governor Kugler. President Trump is scheduled to announce reciprocal tariffs at 3:00pm ET. We begin Wednesday with Agency MBS prices a shade better than Tuesday evening, the 2-year yielding 3.85, and the 10-year yielding 4.14 after closing yesterday at 4.16 percent.

The motivational seminar is packed to the gills with people. The speaker starts off the event by asking for some audience participation.

He asks, “How many of you have sex once a day?”

Many people raise their hands.

“Okay, how many of you do it once a week?”

A few more folks raise their hands.

“Okay, how about once a month?”

A few more sheepishly raise their hands.

“Okay, how many of you have sex once a year?”

A little guy in the front row is jumping up and down and raising both hands.

The speaker asks, “Sir, you only have sex once a year?”

The guy replies, “Yes…and tonight’s the night!”

Visit www.robchrisman.com for more information on our industry partners, access archived commentaries, or to subscribe to the Daily Mortgage News and Commentary. If you’re interested, visit my periodic blog at the STRATMOR Group web site. This month’s piece is titled, “Mergers and Acquisitions Aren’t Going Away, and In Fact…” The Commentary’s podcast is live and at any place you obtain your podcasts (like Apple or Spotify).

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(Market data provided in partnership with MBS Live. For free job postings and to view candidate resumes visit LenderNews. This newsletter is for sophisticated mortgage professionals only. There are no paid endorsements by me. For up-to-date mortgage news visit Mortgage News Daily. For archived commentaries, or to subscribe, go to www.robchrisman.com. Copyright 2025 Chrisman LLC. All rights reserved. Occasional paid job & product listings do appear. This report or any portion hereof may not be reprinted, sold, or redistributed without the written consent of Rob Chrisman. The views and opinions in this newsletter are mine alone unless otherwise specifically stated herein.)