7.22.25 Mixed Bag of Data; EPM's Phil Mancuso on Winning Business; Scant Headlines

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 review mixed economic data. Plus, Robbie sits down with EPM’s Phil Mancuso for a discussion on his journey in mortgage, winning business in this environment, and lessons in leadership. And we close by looking at what to make of a quiet week of economic data.

Thank you to Wholesale Mortgage Direct (WMD) for sponsoring today's podcast. Their mission is to deliver high demand, innovative products unique to the wholesale industry, including MyEQNow, which is one-of-a-kind TraDigital HELOC platform. Looking for innovative HELOC, NonQM and/or Reverse options? WMD is your trusted partner. For more information, contact dk@mcmholdingsinc.com. 

Transcript

You may not believe in climate change, but your insurance company and mortgage servicer certainly do. It is a fact that warmer air can hold more moisture, and a new peer-reviewed study published in the Journal of Catastrophe Risk and Resilience found that insured losses from hurricanes could rise 50 percent if global atmospheric warming hits the 2 degrees Celsius threshold. A lot of those losses come from the areas affected by hurricanes expanding well northward along the Eastern Seaboard, with places that had been considered relatively safe from the monster storms suddenly now well in range of tropical storms. Lenders are well aware that Florida still sees the largest absolute increase (its already high losses are projected to rise another 44 percent if the 2-degree threshold is broken) but areas that had relatively low risks are poised to see a higher percentage increase. New York’s insured hurricane losses are projected to rise 64 percent, and Massachusetts’ poised to rise 70 percent annually. (Today’s podcast can be found here and this week’s podcasts are sponsored by Wholesale Mortgage Direct (WMD), whose mission is to deliver high demand, innovative products unique to the wholesale industry, including MyEQNow, which is one-of-a-kind TraDigital HELOC platform. WMD is your trusted partner for innovative HELOC, NonQM and/or Reverse options. Today’s has an interview with EPM’s Phil Mancuso on his journey in mortgage, winning business in this environment, and lessons in leadership.)

Employment and transitions; TPO group available

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Darin Hunter is living proof that the right platform can change everything. As a seasoned branch manager, Darin made the move to MortgageRight’s true P&L model, and the results have been game-changing. By eliminating corporate layers and unnecessary overhead, Darin gained full control of his comp, pricing, and branch operations. He now earns significantly more per loan, offers ultra-competitive rates, and has the freedom to grow his team without red tape. With support from MortgageRight’s dedicated ops staff and efficient closing team, Darin spends less time managing files and more time building relationships and scaling his business. Best of all, he’s doing it his way, with real ownership, real support, and real profitability. Darin’s story is one of many. If you’re a self-sourced producer ready to grow without limits, call Alvaro or Mike at (866) 228-7703 or visit BranchRight.com to learn how you can build your own success story.

Wholesale opportunity: Unlock immediate growth. Are you a retail lender seeking a new production channel? Or a wholesale lender eager to expand your reach? A Wholesale lender with a national footprint offers a unique, profitable opportunity that allows you to enter the wholesale business and start producing from day one. Interested parties (principals, serious inquiries only) should send me a confidential note for forwarding.

Agentic AI mortgage startup Tidalwave announced two key new hires! John Stephenson joins as Head of National Sales, bringing deep industry expertise and a proven track record in driving lender adoption at scale, and Frank Pastirchak joins as Account Executive, further strengthening the company’s go-to-market team with his experience in SaaS sales and mortgage automation. Their hires comes on the heels of Chris McLendon who joined Tidalwave as Chief Revenue Officer. Congratulations to all three!

The Chrisman Job Board is the go-to platform for employment opportunities across the mortgage industry. For employers, adding a job listing is easy. Simply create an account and drop in your existing application link, or forward the details to our team and we’ll take care of it for you. For job seekers, joining our Talent Community is completely free. Upload your resume to be visible to hiring companies across the industry and stay connected to new opportunities as they go live.

Products, services, and software for lenders and brokers

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Your AI Command Center for HELOCs! NFTYDoor just launched its most powerful platform yet: an AI-powered HELOC experience built to help you move faster, communicate smarter, and scale with ease. 1-Minute Application: Whether it’s you or your borrower, get instant PreQual results… Some “Fast Pass” loans close in as little as same day. Built-In Chat + SMS: No more email chains. Instantly message our team or your borrower… everything in one place. Designed to Scale: Add your assistant, customize your notifications, and streamline how you manage your pipeline. This isn’t just a LOS. It’s your all-in-one task manager, communication hub, and real-time visibility engine. Built with transparency. Designed for maximum conversion. Now live on NFTYDoor—digital HELOCs made fast, simple, and profitable. Want to see it in action? Register for our live demo this Wednesday at 1pm ET.

PlainsCapital Bank National Warehouse Lending, a subsidiary of Hilltop Holdings (NYSE: HTH), offers funding for multiple mortgage products and programs with little to no additional requirements. FNMA HomeStyle, FHA 203K Full, Limited, and USDA Rural Housing renovation loans. Mortgage Revenue Bond and DPA loans with extended dwell times. Sub Limits for lower FICO scores, manufactured homes, renovation, construction and other unique mortgage products and programs. With over 30 years’ experience and a well-capitalized diversified financial holding company we provide our customers with confidence to meet their loan funding needs. If you are interested in learning more about PlainsCapital Bank National Warehouse Lending please contact Deric Barnett, (469)955-6786.

Don’t miss the opportunity to connect with TMS Correspondent and Servbank Subservicing at the CMBA Western Secondary Market Conference in Palos Verdes, CA, on 8/11 and 8/12. Learn about TMS Correspondent’s unique advantages, including their agency-style direct credit box, builder forward, DSCR product, and a suite of DPA programs to help you close more loans. Meet with Servbank Subservicing to explore their exceptional borrower experience scores, first-call resolution, and compliance ratings. Make sure to visit TMS and Servbank’s meeting space at the Terranea Resort. Mark your calendar for Monday, August 11, and Tuesday, August 12, and schedule a meeting today with: TMS Correspondent: correspondent@themoneysource.com; Servbank Subservicing: partner@servbank.com

Imagine walking into a library, but when you search for a specific book, you realize there is no organizational system at all. Books have been placed on shelves without reference to author name or genre. Or where there are some classifications, it’s not consistent with other libraries you’ve visited. This scenario plays out in servicing organizations every day, but instead of a pleasure read, it’s critical documents that are nearly impossible to find. ICE is solving this filing challenge with ICE Servicing Vault. The cloud storage application provides a single source for naming, storing, and managing servicing documents and related media assets with confidence. And a standardized naming convention makes it easier for back-office teams to move faster when accessing what they need. Watch Dana Federspiel, senior director of servicing product strategy, talk about how ICE is transforming digital document storage.

As you walk through a forest, a vast mycorrhizal network (sometimes called the ‘wood wide web’) stretches beneath your feet. Made of roots, fungi, and bacteria, it connects trees and plants, distributing nutrients, sharing resources, even relaying distress signals. There are actually global maps of these hidden connections. Tropos brings that same quiet intelligence to lending. In most environments, siloed systems create disjointed borrower experiences. Tropos changes that. It adapts to your tech stack and loan products, weaving a unified flow that connects every step of the journey. The result? Fewer gaps, more guidance, and a process borrowers can actually follow. Help borrowers thrive with Tropos. Help borrowers thrive with Tropos.

New trigger lead rules are changing how lenders can reach borrowers, but the right partner makes all the difference. With Total Expert, lenders can respond faster and remain compliant while delivering personalized communications that generate opportunities. Our platform helps you connect when the time is right and keep contacts engaged without being annoying. It’s a smarter, more respectful way to build relationships. Check out our latest blog to learn more about the proposed HPPA’s trigger lead rules and how Total Expert helps you stay compliant. Grab some time with to see how we can set you up for success!

The Chrisman Marketplace is a centralized hub for vendors and service providers across the mortgage 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.

STRATMOR, the customer experience, and revenue growth

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Ever try to cut your own hair to save a few bucks? STRATMOR Customer Experience Director Mike Seminari did once—and let’s just say the results were…memorable. In his latest CX Tip, Mike compares that DIY haircut to what happens when lenders try to cut corners on customer experience. Spoiler: it usually costs more in the long run. Mike outlines seven ways smart lenders are leveraging their CX to drive real revenue growth—without adding headcount or blowing up the budget. Better pull-through, more referrals, higher LO retention. Turns out, doing CX right actually pays off. Check out 7 Ways Smart Lenders Are Leveraging CX to Grow Mortgage Revenue.

Why Loan Officers Can't Afford to Stay Off Camera

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Over the weekend I received an “MLO VieauxPoint” from Brian Vieaux, CMB, President & COO of FinLocker & Founding ‘Expert’ of MLO Live, suggesting that LOs need to be visible, and a very viable way is on video. “Spend enough time in one industry and you’ll likely see just about every shiny object come and go. But I can tell you with confidence: video is not one of them. This isn’t a trend. It’s a transformation. Loan officers who win in this market, and the next, are the ones who show up on camera. Not to go viral. But to stay visible. And most importantly, to build trust.

“In a recent Loan Officer Life podcast episode, I sat down with Kyle Draper and Mike Faraci to talk about their new Blue Book, Rethink Everything: The Power of Video for Business and Sales. Our conversation boiled down to this: Video isn’t content. It’s communication. You don’t need a script, studio, or editing software. You need a habit. Send three one-to-one videos per day. A quick check-in. A thank-you. A status update. These short, simple videos create real connection, and keep you top of mind long after the transaction.

“New J.D. Power data shows that borrowers who engage with a lender early in the journey report: 71 points higher satisfaction, 80 points higher trust, and 133 percent greater likelihood of doing business again. Video is how you earn early engagement. It’s also how you stop being a stranger in your own database.

“As Mike said on the podcast, ‘If you can send a text, you can record a video.’ If you only take one thing from this article, let it be this: The next time you think, ‘I should follow up with that client or partner…’ Don’t send a text. Don’t write another email. Hit record. Say their name. Be human. You don’t need viral. You need to be visible. Questions about getting started with one-to-one video? Happy to share what I’ve learned. Thank you, Brian! #VieauxPoint”

Nature bats last

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A disaster declaration from FEMA triggers procedures and polices from lenders and servicers. I haven’t heard anyone argue that storm damage dollar amounts are decreasing. Who’s doing what?

Flooding in Texas (DR-4879-TX), have a mortgage closing date before the Incident Period start date of July 2, 2025, and become EPDs between August 1, 2025, and January 31, 2026.

FHA issued a limited waiver of its policy regarding Early Payment Default (EPD) review requirements found in the Single Family Housing Policy Handbook 4000.1 (Handbook 4000.1), Sections V.A.3.a.i.(C) and V.A.3.a.iv.(B)(2). This waiver applies to FHA-insured mortgages located in the Presidentially-Declared Major Disaster Area (PDMDA) for the recent Texas severe storms, straight-line winds and flooding. The current policy is being waived for FHA-insured mortgages that are in the PDMDA for Texas Severe Storms, Straight-Line Winds and

On 7/6/2025, with DR-4879, FEMA declared federal disaster aid with individual assistance to Kerr county Texas affected by severe storms, straight-line winds, and flooding from 7/2/2025, and continuing. For inspection requirements, view AmeriHome Mortgage Disaster Announcement 20250702-CL. 

On 7/10/2025, with Amendment No. 1 to DR-4879, FEMA declared federal disaster aid with individual assistance has been made available to 5 additional Texas counties affected by severe storms, straight-line winds, and flooding from 7/2/2025, and continuing. View AmeriHome Mortgage Disaster Announcement 20250703-CL for details.

PHH Mortgage posted Disaster Alert Announcements regarding DR-4879 Texas flooding. View the PHH company library to view.

Capital markets: not much news to move rates

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Recent economic data paints a mixed picture of momentum. Imports are slowing sharply, with inbound container volumes at major U.S. ports falling for the second consecutive month, highlighting the growing impact of Trump’s trade war. New home sales rebounded in June, but the broader market remains sluggish due to high mortgage rates, poor affordability, and rising insurance costs. While listings are up in booming Sunbelt metros, putting mild downward pressure on prices, they remain constrained in much of the rest of the country.

Without much in the way of news to open the week, we can look ahead to later this week, which is expected to show early July business sentiment surveys (PMIs) ticked higher on optimism around the 2026 tax cut, though they also suggest that input cost inflation continues to run hotter than in recent years. Durable goods orders likely fell back in June after a temporary boost from aircraft demand in May.

Today’s economic calendar kicked off with Philadelphia Fed non-manufacturing surveys for July, and will be followed by Redbook same store sales, Richmond Fed manufacturing and services for July, some short-duration Treasury auctions, and remarks from Fed Chair Powell and Fed Vice Chair for Supervision Bowman. Today is 48-hour notification for Class D MBS. We begin the day with Agency MBS prices unchanged from Monday’s close, the 2-year yielding 3.85, and the 10-year yielding 4.37 after closing yesterday at 4.37 percent.

Thank you to Ira S. who wrote to say that he and his wife Allison attended a funeral last weekend for a fellow who was hit with a tennis ball on the head.

Ira said it was a lovely service.

Visit www.ChrismanCommentary.com for more information on our industry partners, access archived commentaries, or subscribe to the Daily Mortgage News and Commentary. You can also explore the Chrisman Marketplace, a centralized hub connecting mortgage professionals with trusted vendors and solutions. If you’re interested, check out my periodic blog on the STRATMOR Group website. This month’s piece is titled, “The Tax and Spending Bill: The Impact on Borrowers.” The Commentary’s podcast is available on all major platforms, including Apple and Spotify.

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(Market data provided in partnership with MBS Live. For free job postings and to view candidate resumes, visit the Chrisman Job Board. This newsletter is intended for sophisticated mortgage professionals only. There are no paid endorsements by me. For the latest mortgage news, visit Mortgage News Daily. For archived commentaries, or to subscribe, go to www.ChrismanCommentary.com. Copyright 2025 Chrisman LLC. All rights reserved. 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.)