2.26.26 Mailbag Time; Yardi’s Doug Ressler on Affordable Housing; Domestic Data

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 dive into some mailbag questions I've been receiving from around the mortgage industry. Plus, Robbie sits down with Yardi’s Doug Ressler for a discussion on the post-pandemic structural shifts driving affordable housing construction to outpace overall apartment development, how regional differences reflect policy and migration trends, and what distinguishes metros that successfully deliver projects from those that stall. And we close by looking at the strains impacting the domestic economy.

This week’s podcasts are sponsored by FirstClose. FirstClose Equity gets you to closings faster by empowering borrowers with vital property decisioning data. It is the only end-to-end digital HELOC & HEL solution built specifically for home equity.

Transcript

Let’s check the ol’ mailbag. “Rob, I know that the May MBA’s National Secondary is in Manhattan, as it has been for years. Have you heard that it is moving for 2027?” It is best to ask the MBA, but I believe that this could be the last year of the contract with the Marriott for that site, and it wouldn’t surprise anyone if 2027’s was in a major city, in the Central Time Zone, with a couple baseball teams. “Rob, have you heard that during Trump II, we’ll see less regulation and an increase in the capital requirements at banks, leading to more bank consolidation, and banks merging could, in turn, lead to fewer warehouse banks?” Yes, I have heard that. Stay tuned. “Rob, do you think the trend of servicers, lenders, and vendors dealing with borrowers ‘upstream’ will continue?” Absolutely. The latest example is ICE Mortgage Technology launching its new Homeowner Portal, powered by LERETA’s tax tracking data, “giving homeowners real-time visibility into their property tax and insurance payment information. The integration enhances transparency for borrowers while helping servicers improve efficiency and reduce inbound customer inquiries.” (Today’s podcast can be found here and this week’s ‘casts are sponsored by FirstClose, a leading home equity technology platform that combines digital application, automated workflows, integrated vendor management, and seamless LOS connectivity, to turn home equity into a scalable, predictable growth engine. Hear an interview with Yardi’s Doug Ressler on the post-pandemic structural shifts driving affordable housing construction to outpace overall apartment development, how regional differences reflect policy and migration trends, and what distinguishes metros that successfully deliver projects from those that stall.)

Employment & transitions

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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.

Jet Mortgage, a national wholesale mortgage lender and a division of Home Mortgage Alliance Corporation (HMAC), today announced the appointment of 20-year vet Greg Austin as Executive Vice President, Wholesale where he will lead Jet Mortgage’s wholesale originations and be responsible for broker relationships, sales leadership and expansion initiatives nationwide. “At Jet Mortgage, Austin will focus on accelerating wholesale growth, deepening broker engagement and supporting the company’s continued investment in products, technology and service.”

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 brokers and lenders

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Less back-and-forth. More first-time-right verifications. Truework replaces manual verification waterfalls with a single automated platform, so underwriters, LOs, and ops can cut down the document chasing, conflicting numbers, and last-minute corrections. Lenders see up to 50 percent cost savings on verifications, with faster turn times, higher accuracy, and stronger R&W relief. Trusted by 4 of the top 5 lenders in the U.S., Truework gives your team verification results they can rely on. Learn more.

Are you positioned for what’s next in mortgage finance? In a volatile marketplace, strategic partnerships and tailored solutions matter more than ever. In a recent interview, David Bernard, senior managing director of Western Alliance Bank’s Specialized Mortgage Services Group, outlines how the bank’s relationship-driven approach helps lenders navigate market shifts and scale their businesses: “I would call us a leader in listening, being creative, following through and forming long-term strategic partnerships… The biggest compliment is when a client says, ‘We’re expanding products/markets or raising capital. Be part of our think tank.’” That philosophy shapes Western Alliance’s comprehensive funding and treasury solutions for today’s mortgage landscape. From mortgage warehouse lending and MSR financing to note financing and cash management tools, the team brings deep industry experience to help lenders optimize processes, manage risk and respond to change with confidence. Read the full interview, then connect with the Specialized Mortgage Services team to explore solutions grounded in strategic insight. Western Alliance Bank, Member FDIC.

Have you seen MSP ® lately? ICE has delivered a modern, intuitive interface in its MSP servicing system that can help servicers drive efficiencies and scale operations. With easy navigation, dynamic loan search capabilities and efficient task management, this enhanced user experience is designed to simplify the work of back-office teams. Plus, whether staff are veterans or new to mortgage, the user-friendly interface can boost productivity and reduce training times. If you haven’t seen MSP in a while, you haven’t seen MSP. Get a sneak peek at the enhanced user experience and learn why more servicers choose MSP.

“If you are still competing on who has the best Realtor data, you are already behind. The industry is flooded with platforms that collect and display numbers, leaving your team to do the hard work of figuring out what to do next. CANDID’s proprietary AI Insights changes that. We decode every agent’s Personality DNA to give you a custom blueprint for relationship building, a proprietary Transaction Velocity Index, and an AI-driven Social Intelligence engine that instantly creates stunningly personal, 1:1 marketing opportunities that looks as human as it is high-tech. In a market where everyone has the data, the advantage no longer belongs to whoever has the most information. It belongs to the team that uses intelligence to create a better, more personal experience for every partner.”

Fraud isn’t slowing down in 2026, and neither can you. On March 4 at 10am PT, join industry leaders at the Cotality Fraud Summit, a must-attend virtual event designed for mortgage lenders, servicers and risk professionals who need practical strategies to detect, prevent and respond to evolving fraud threats. From synthetic identity and income manipulation to emerging AI-driven schemes, today’s risk landscape is more complex and costly than ever. The Cotality Fraud Summit brings together experts across data, analytics and operations to share real-world insights, actionable best practices and technology-driven solutions that help you stay ahead of risk without slowing down your pipeline. Attendees will gain perspective on current fraud trends, regulatory considerations and how advanced data and intelligence can strengthen decisioning across the loan lifecycle. If protecting margins, preserving borrower trust and safeguarding your organization are priorities in 2026, this event belongs on your calendar. Register here.

Newfi is Open for Non-Delegated Correspondent Business! Looking for a more reliable way to deliver Non-QM loans? Newfi is accepting Non-Delegated Correspondent deliveries for our most popular programs: Full Doc non-QM, Bank Statements, Asset Utilization/Depletion and DSCR. As an affiliate of Apollo, we provide the competitive pricing and the operational support you need to source and win more deals. Get started today: Reach out to Zeenat Zonte, VP of Non-Delegated Correspondent (818-331-3481).

ARIVE, an LOS and lender marketplace built for independent mortgage brokers, and HomeXpress Mortgage Corp., a wholesale mortgage lender specializing in non-QM and investor-focused financing, today announced HomeXpress’ official launch on the ARIVE platform. “Through this integration, approved brokers can access HomeXpress products and pricing directly within ARIVE, allowing them to evaluate loan options and pricing without leaving the workflow they already use to run their business.”

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: hustle isn’t the same as disciplined momentum

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Running with Purpose: STRATMOR’s Latest Mortgage Leadership Insights! Approach 2026 with strategy, not speed. STRATMOR’s latest article, “Running with Purpose: Mortgage Leadership in the Year of the Horse,” offers a clear roadmap for mortgage leaders navigating a turning market. Drawing on the symbolism of the Year of the Horse, this issue emphasizes disciplined momentum, strategic clarity, and sustainable growth… not just hustle. In the article, you’ll find practical guidance on aligning people, processes, and technology to build endurance and operational strength before volume returns, plus ideas for pruning outdated practices and focusing on measurable outcomes that matter. Read the full February Insights Report.

Capital markets, AI, and Jamie Dimon

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By now, many of you have likely heard JPMorgan Chase CEO Jamie Dimon warning that intense competition and loosening credit standards are pushing some firms to take imprudent risks in pursuit of higher profits, echoing the complacency seen before past downturns, including the 2008 financial crisis. He cautioned that elevated asset prices, rapid growth in private credit and fintech, and the disruptive effects of AI could mask vulnerabilities, leaving markets exposed when the credit cycle inevitably turns. While the trigger is unknowable, the message is that when everyone appears to be winning, that’s often when risks are quietly building beneath the surface.

Overall, safe-haven demand tied to AI-related volatility and trade tensions has steadied Treasuries near the bottom of their recent range, with the near-term tone hinging on incremental data and policy signals rather than any decisive shift in fundamentals. AI is eroding the scarcity premium on human intelligence that underpins labor markets, credit models, and tax systems. As labor’s share of income falls and government revenues weaken, traditional policy tools (e.g., rate cuts, liquidity injections, etc.) are predicted to prove insufficient against a real-economy engine driven not by tight financial conditions, but by technological substitution. The risk is not merely recession but a prolonged adjustment in which institutions built for a human-centered economy struggle to adapt to machine-led productivity. While collapse is not inevitable, many brighter minds than mine say the transition demands new frameworks for income distribution, credit risk, and public finance as the feedback loops between labor displacement, financial stress, and political uncertainty tighten.

Capital markets: the economy is not as good as some say

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What if you could evaluate every possible MBS execution path in real time? MCT debuted its next-generation MBS Pool Optimizer at MCT Exchange. The upgraded software is powered by a CUDA GPU framework, the same processing technology behind leading AI and large language models and dramatically increases the speed and scale of optimization runs. The upgraded architecture evaluates millions of iterations per cycle across dozens of variables, including non-MBS delivery options, to identify the most profitable pool allocations. As COO Phil Rasori noted, “CUDA GPUs let us compute at a scale that simply wasn’t available before. The depth of optionality this unlocks changes what’s possible for MBS execution.” Incorporating client-supplied spec pool pay-ups, cash window execution, and agency, aggregator, and co-issue options, the redesigned Pool Optimizer is built to handle greater volume, more execution variables, and faster turnaround on complex runs. Read the press release to learn more or register for the upcoming webinar scheduled for March 19, 2026.

Uncertainty is growing, with concern around housing affordability and job losses (to say nothing of inflationary pressures) keeping consumer confidence subdued. Households with sufficient income and wealth continue to drive most of the consumer spending, while pressure continues to build for other households under strain from higher costs, longer unemployment spells, and high consumer credit balances. There was some improvement in global risk sentiment yesterday, which dovetailed with growing speculation about a steeper rate hike path from the Reserve Bank of Australia.

Bond yields “pulled back across the curve” after the U.S. Treasury followed Tuesday's soft 2-year note sale with a much weaker 5-year note offering. The government was still able to sell all the bonds it offered, but demand wasn’t as strong as average. Investors asked for slightly higher yields than expected, and overall bidding was a touch lighter than normal. Large institutional and foreign buyers (the “indirects”) showed up about as usual, but direct bidders participated less than average, which meant primary dealers had to take a bigger share of the bonds than they typically do. Going into the auction, rates had already moved slightly higher, and after the results came out, yields edged up a bit more. That’s a typical market reaction to a “soft” auction: when demand is lukewarm, investors require higher interest rates to step in.

No one has a crystal ball, but investors, who drive demand in the capital markets, are likely to see U.S. interest rates remain stuck in a broad range until there is more clarity on government trade policy, particularly as the Trump Administration works to rebuild its tariff framework following the Supreme Court’s ruling last week. Ongoing uncertainty around future import tax levels (and the possibility of slow, complex tariff refunds) has reinforced the Federal Reserve’s decision to keep rates on hold while policymakers assess the impact on inflation and employment. However, prolonged policy unpredictability potentially poses greater risks to growth and hiring than to inflation, helping support demand for Treasuries as markets weigh the economic fallout of renewed trade tensions.

Today’s economic calendar kicked off with weekly jobless claims (212k, about as expected; 1.833 million continuing). Later today brings KC Fed manufacturing for February, Treasury activity that will be headlined by $44 billion 7-year notes, Freddie Mac’s Primary Mortgage Market Survey, and remarks from Fed Vice Chair for Supervision Bowman, who will testify before a Senate Banking committee. We begin the day with Agency MBS prices unchanged from Wednesday’s close, the 2-year yielding 3.46, and the 10-year yielding 4.04 after closing yesterday at 4.05 percent.

Hospital regulations require a wheelchair for patients being discharged.

While working as a student nurse, however, I found one elderly gentleman already dressed and sitting on the bed with a suitcase at his feet. He insisted he didn’t need my help to leave the hospital.

After a chat about rules being rules, he reluctantly let me wheel him to the elevator.

On the way down I asked him if his wife was meeting him.

“I don’t know,” he said. “She’s still upstairs in the bathroom changing out of her hospital gown.”

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, “Helping Borrowers in a Market Defined by Complexity and Change.” 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 2026 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.)