7.28.25 Seasonal Technicals; ABA's Rod Alba on Disparate Impact; All Quiet on the Western Front

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 the what's going on with the weather around America as it pertains to mortgage. Plus, Robbie sits down with the American Bankers Association’s Rod Alba for a discussion on disparate impact and how we can get to a place of better regulation. And we close by looking ahead to this week's economic calendar.

Today's podcast is brought to you by nCino, makers of the nCino Mortgage Suite for the modern mortgage lender. nCino Mortgage Suite's three core products -- nCino Mortgage, nCino Incentive Compensation, and nCino Mortgage Analytics -- unite the people, systems, and stages of the mortgage process. See how nCino can support a homeownership journey that your borrowers and your team will love at nCino.com.

Transcript

“Since it started raining, all my husband has done is look sadly through the window. If it gets any worse, I'll have to let him in.” (My son Robbie finds himself today in Hudson, Wisconsin, where there is indeed a chance of rain in 90 degree heat.) At what point does “extreme” weather become “commonplace,” and the public immune? The roller coaster of weather within the nation continues, just ask the rain-drenched East Coast, now roasting, sunbaked West, and flood-impacted Texas, all impacting lenders and servicers. The same with real estate values. Places like Florida, Phoenix, and Las Vegas are subject to violent swings in supply and demand, and price roller coasters, impacting LTVs. Unfortunately for homeowners in Las Vegas, it appears that they’re in a downdraft. Meanwhile, investors are snapping up a growing share of U.S. homes, including in Las Vegas, as traditional buyers struggle to afford one. (Today’s podcast can be found here and this week’s are sponsored by nCino, makers of the nCino Mortgage Suite for the modern mortgage lender. nCino Mortgage Suite's three core products - nCino Mortgage, nCino Incentive Compensation, and nCino Mortgage Analytics - unite the people, systems, and stages of the mortgage process. Hear an interview with American Bankers Association’s Rod Alba on disparate impact and how we can get to a place of better regulation from Washington D.C.)

Jobs & transitions

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Arch MI is hiring an Account Manager for Northern California! Arch MI is seeking an experienced Account Manager to lead mortgage insurance sales across Northern California, from LA County north to the California border. This remote role focuses on building lender relationships, expanding market share, and delivering tailored MI solutions. Candidates must have a background in mortgage sales, underwriting, or origination, and be comfortable with frequent travel and CRM tools like Salesforce. Remote, 75–85 percent travel, competitive compensation.

In the Northwest and California, Banner Bank is searching for Mortgage Loan Officers looking for a diverse product group to create lasting client, Realtor and builder relationships. At Banner you have Portfolio lending, Construction to Perm financing, Fannie, Freddie, FHA, VA, and USDA along with equity products for HELOC, bridge financing and Lot Loans to serve your clients. Banner has opportunities for lenders looking to create or build onto their career with support for homebuyer education, CRA lending (state bond and Portfolio) as well as access to internal and external DPA to add value to your eligible clients and make more loans possible. Banner is the right fit for an established team, or the individual looking to grow their business and take the next step in their career. Please send resumes to Aaron Miller.

“Curious what your income could look like on a true P&L model? MortgageRight’s P&L Roadmap makes it easy to see exactly how much more you could earn by running your business on our platform. With our simple Profit & Loss Worksheet, you can compare your current comp, expenses, and margins side-by-side with MortgageRight’s structure. Most branch managers and originators are shocked to see the difference. With no corporate bloat or unnecessary layers, our model puts more basis points in your pocket, without raising borrower rates. You’ll also get the freedom to build your team, set your own comp, and scale with full backend support. It’s not just a spreadsheet. It’s a blueprint for building real wealth. Check your pricing, calculate your margins, and start mapping out your future. Call Alvaro or Mike at (866) 228-7703 or visit BranchRight.com to start your roadmap today.”

Staff at Ohio’s Go Mortgage were told today that Michael Isaacs was no longer the CEO, and that majority owner Jordan Hansell is the interim CEO, per HW.

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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Simplify your operations and grow your business effortlessly with Encompass® by ICE Mortgage Technology®. Designed to connect and accelerate every stage of the lending process, Encompass allows mortgage lenders to streamline workflows and save valuable time on every loan. Click here to learn how GMFS Mortgage leverages the platform to help her team boost productivity and scale with confidence.

Flyhomes just expanded its Buy Before You Sell solutions to 7 new states: Michigan, Nevada, New Hampshire, New Mexico, Arkansas, Louisiana, and the District of Columbia, giving your borrowers in those states a powerful way to buy their next home without having to sell the current one first. With Flyhomes, your clients can now buy with $0 down, make stronger, cash-like offers, unlock equity upfront with no monthly payments, and reduce DTI and qualify for up to 50% more. This program is now available in 30 states, and it’s helping loan officers like you to close 1.2 more loans per month on average. For the past 10 years, Flyhomes has been a pioneer and leader in providing innovative financial products, helping 5,000+ buyers purchase their next home. Book a call today to learn more!

AI can extract data from documents, calculate income and flag inconsistencies with the application, but it can’t replace the human touch and empathy required to guide a first-time homebuyer. Dark Matter Technologies gets this. Dark Matter makes strategic, enduring investments in the Empower Platform to fuel measurable productivity gains, like investments in AI. Dark Matter is a model for how to apply advanced technologies with precision and purpose. The AIVA® suite of AI powered tools, which operate seamlessly with the Empower® loan origination system (LOS) or as stand-alone solutions, tackle tedious, error-prone tasks like document classification, data extraction, income and asset review and loan quality assessments, leaving complex decision making to humans. It’s this balance of machine efficiency and human insight that gives lenders a competitive edge. A free whitepaper explores how Dark Matter’s AI strategy is shaping the future of loan origination.

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.

Warehouse and financing products

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In today's challenging rate environment, mortgage servicing rights (MSRs) offer a strategic hedge against declining origination volumes. Flagstar’s MSR Financing group provides specialized expertise and capital solutions to unlock this value for businesses. The team, with a combined 50 years of experience, recently arranged and syndicated a $950 million senior secured revolving credit facility for Nationstar Mortgage LLC, serving as sole arranger, sole bookrunner, and administrative agent. Flagstar delivers tailored financing solutions across the full spectrum of MSR assets, including FNMA, FHLMC and GNMA servicing rights. The team's deep expertise spans mortgage servicing operations, regulatory compliance, and escrow deposit optimization strategies. As part of Flagstar's expanding Specialty Lending group, they are uniquely positioned to meet the evolving capital needs of today's mortgage industry. Contact Michael Shea or Paul Tirella to learn more.

“Headed to the CMBA Western Secondary Conference in Rancho Palos Verdes, CA on Aug. 11- 13? The Axos Bank Warehouse Lending Team will be there too. While many mortgage banks are expanding their product offerings, we're proud to be scaling ours, including lines of credit from $15MM to $350MM, extended funding cutoff hours to 6:15 p.m. ET, access to over 100 takeout investors, and diverse product offerings, including reverse, second liens, and non-QM loans. So, let's set up a time to talk about fast and flexible lending solutions to maximize your origination opportunities. Contact our Warehouse Lending team to secure a meeting: Eric Nelepovitz, VP; Bobby Martini, SVP; and Justin Castillo, AMP. Won't be at the conference? Not a problem. We're always here to answer your questions and inquiries. Contact our team or visit Axos Bank Residential Warehouse Lending.”

“NexBank is the lending partner that helps you succeed in this evolving market, with a range of services including Wholesale and Correspondent Lending, Warehouse Lending, Treasury Management, and Escrow Management. We are solely focused on being a value-added partner, and we don’t compete with our clients for retail originations or refinancing business. Along with exceptional customer support, we offer unique products and competitive rates. In addition, we continuously improve our products and services to help our clients succeed. We recently launched Initial Disclosures Automation for Non-Delegated Correspondents to make their experience simple, fast, and efficient so they can focus on their business. And as part of our continued commitment to support TPOs nationwide, we are excited to announce Jason Gillespie joined NexBank as SVP, Head of Warehouse Lending. Contact us to learn more. Restrictions apply. Subject to change. For mortgage professionals and not intended for general public. Equal Housing Lender NMLS672886.”

Training and webinars this week from your La-Z-Boy

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Last call webinar signup for anyone keeping an eye on compliance. Pre-approval letters often get treated like routine paperwork, but they can be a minefield. Inconsistent LO habits and a patchwork of state rules make it easy to overlook the risks. Ed Miller from Conforma Compliance Group is joining LenderLogix this Thursday, July 31st, at 1PM EST to break it all down and show how lenders are tightening things up without slowing down borrowers or agents. Register now to save your seat!

Have borrowers shop with the confidence of a cash buyer, and never again be left wondering if a deal will fall through at the closing table. On the next OriginatorTech Deep Dive, Grow Your Business with TRUTH, TRUST and AngelAi’s TRU Approval on Tuesday, July 29 at 1 PM ET / 10 AM PT, discover how AngelAi’s TRU Approval® and Exclusive Trusted Warranty are giving loan officers an unbeatable edge in a market that demands certainty. In this NMP Webinar, Sun West Mortgage CEO and AngelAi founder Pavan Agarwal teams up with Mark Dimas, Co-Founder of Realty of America, to show how truth, not guesswork, is what truly separates top originators. A TRU Approval® isn’t a pre-qual; it’s a fully underwritten loan backed by verified income, credit, and assets. Plus, it comes with a warranty backed by Sun West. See how Angel Twin keeps you connected without compromising your data. Register now by clicking here.

Introducing Next Level Education: A Fresh Approach to Mortgage Industry Training! Next Level Education is ready for CE season. Co-founded by seasoned mortgage professionals J.R. Huber and Debbie Gadberry, CMB, the company brings over 70 years of combined industry experience to a bold mission: to empower loan officers and elevate the mortgage workforce nationwide. By combining their expertise with a passion for accessible, meaningful education, the founders aim to support both new entrants and seasoned pros in advancing homeownership across the country. Built on a foundation of innovation and engagement, Next Level Education delivers a dynamic learning experience through cutting-edge technology and a variety of course formats, including in-person classes, webinars, and self-paced modules. Their offerings include CE, exam prep, professional development, and personal growth, all enhanced blogs, licensing support, and more. With Adobe Learning Manager at its core, the platform creates a fun, modern environment that adapts to different learning styles and keeps professionals motivated, informed, and inspired.

On today's episode of Now Next Later at 10am PT, Sasha and Jeremy sit down with Craig Ungaro, COO of Annie Mac, to explore how lenders are adapting to a shifting market landscape. They’ll discuss Annie Mac’s strategic response to 2025’s volatility, the role of tech partnerships, and what the future holds for retail mortgage lending.

Tuesday the 29th’s episode of MortgagePros411, at 2PM ET, Audrey and Kevin focus on originator’s topics.

Looking for more in-depth commentary on weekly mortgage news? Register here for Wednesday the 30th at 11AM PT "Mortgage Matters: The Weekly Roundup” presented by Lenders One and features Garreth Long with Altisource.

Learn how the re-activation of the Hawaii Hurricane Relief Fund is impacting the insurance landscape. Register for MBAH’s seminar HHRF update and rollout on July 30, at 1:00 PM HT. Scott Saiki and Sue Saio will share information on HHRF’s new role in helping their condo associations.

MGIC’s webinar, “Understanding Mortgage Ineligibility in Condominiums & Cooperatives, is Wednesday, July 30th, 10AM PT. Join special guests from CondoTek for an in-depth exploration of the key factors that lead to mortgage ineligibility for condominium and cooperative properties and what can be done to restore eligibility.

Thursday will be another episode of The Big Picture at 3PM ET. Rich Swerbinsky hosts a variety of guests. You can click here to register for this week’s show featuring Vice Capital’s Chris Bennett.

Friday’s episode of Last Word at 10am PT, hosts Brian Vieaux, Christy Soukhamneut, Courtney Thompson, and Kevin Peranio explore recent shifts in the mortgage market, focusing on the spate of economic news that has hit the market and the latest out of the Agencies.

LoanStream Mortgage will help grow your business with new CalHFA program updates on Conventional and FHA for First Time Homebuyers.

There are the National MI, ARCH MI, MGIC, Essent, Radian, and Enact training calendars.

The Chrisman Commentary is pleased to bring you a variety of video shows hosted on Zoom throughout the week. Take your pick: We have a show focused on technology and innovation (Now Next Later Mondays at 1pm ET), origination (Mortgage Pros Tuesdays at 2pm ET), big-name interviews (Mortgage Matters Wednesdays at 2pm ET, presented by Lenders One), headline news (The Big Picture Thursday’s at 3pm ET), opinion (Last Word Fridays at 1pm ET), advisory services (Advisory Angle first Tuesday of the month at 2pm ET, presented by STRATMOR Group), capital markets (Capital Markets Wrap second Tuesday of the month at 3pm ET, presented by Polly), mortgage legal issues (Mortgage Law Today third Tuesday of the month at 3pm ET), and reaching the next generation of homeowners (Mortgages with Millennials last Tuesday of the month at 1pm ET, presented by The Mortgage Collaborative). (If you don’t see a presenting sponsor, please reach out to Chrisman LLC’s Anjelica Nixt to inquire about opportunities.)

Capital markets: all quiet on the Western Front

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The headlines this morning are revolving around the U.S. and European Union agreeing to a hard-fought deal that will see the bloc face 15 percent tariffs on most of its exports, including cars and liquor.

Speculation around Fed Chair Powell’s potential replacement has quieted for now, but this week’s Federal Open Market Committee meeting could reignite the conversation. Especially if markets start pricing in more 2026 rate cuts based on expectations of a dovish Trump-appointed successor. While the Fed ideally bases decisions on data and economic forecasts, the prospect of a more accommodative future Chair could complicate its calculus, potentially pressuring current members to ease policy preemptively to avoid market disruption. For now, the FOMC is expected to keep rates steady, but Powell’s post-meeting comments will be closely watched amid growing political pressure from President Trump to lower rates.

This should be the busiest time of year for the housing market. Instead, simultaneously sales are down and home prices have hit a record high in many parts of the country.

This week is packed, both on the economic calendar and in terms of market-moving potential, featuring a flood of corporate earnings, major economic data releases, and central bank decisions. Investors will parse quarterly results from tech giants like Amazon, Apple, Meta, and Microsoft, alongside reports from nine Dow components. The Federal Reserve's fifth interest rate decision of the year headlines a busy central bank calendar, joined by the Bank of Canada and Bank of Japan (all expected to hold steady, though the Fed may hint at a possible September cut).

On the economic front, key data this week include July’s nonfarm payrolls report, Q2 GDP revisions, June’s core PCE inflation gauge, plus updates on housing, consumer confidence, job openings, and employment costs. Treasury auctions total over $213 billion for the course of the week, while President Trump’s visit to Scotland and meetings with European leaders could carry geopolitical implications.

Today is all about Treasury supply, and will be headlined by auctions of $69 billion 2-year notes and $70 billion 5-year notes. The lone data point is Dallas Fed Texas manufacturing for July, due out later this morning. We begin the week with Agency MBS prices unchanged from Friday, the 2-year yielding 3.92, and the 10-year yielding 4.39 after closing Friday at 4.39 percent.

I hate it when I see an old person and then realize we went to high school together.

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.)