So, you drive across town to a gym to walk on a treadmill? There are always interesting and strange things going on out there. Huh? The Florida’s governor wants to eliminate property tax? Yes, the state currently runs a budget surplus, but with no income tax, and no property tax… Huh? KFC is leaving Kentucky for Texas?! Yup. Huh? HUD is cutting 50 percent of its workforce? Join the crowd. Huh? Totally freezing the CFPB in place would mean that all of Cordray’s and Chopra’s work will be frozen in place, right? Even my cat Myrtle would have known that and warned against a total freeze. Of course we have the report/letter that the CFPB sent to all of the states about being more aggressive in enforcing consumer financial protection laws. Most lenders adhered to rules and regulations before the CFPB came along. Most. Huh? Homeowner’s insurance in some areas is more expensive than principal and interest? Yup. “Rob, have you heard that lenders are actually watching the ratings of insurance companies, and may go to borrowers saying ratings have dropped, and requesting the borrower obtain new insurance or else…” Yes, I have. (Today’s podcast can be found here and this week’s is sponsored by nCino. 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 Part two of an interview with Rocket’s Bill Emerson, with questions provided by the Institutional Risk Analyst’s Chris Whalen, on the lending landscape in the digital age of mortgage.)
Lender and Broker Services, Products, and Software
There’s excitement in the halls at Down Payment Resource, the OG of DPA, as it gears up for a busy conference season. DPR will be at ICE Experience (Mar. 10-12 in Las Vegas, kiosk 15) to demo its integration with the Encompass® LOS platform, available on the Encompass Partner Connect (EPC) integration platform via API. The integration embeds operational support for DPA programs directly into core loan production systems, arming lending staff with the information they need to confidently offer and manufacture these programs and communicate selections downstream to underwriters. Using a different LOS platform? That’s cool. DPR’s software can connect lenders of any stripe to its national database of 2,400+ programs. Ready to start a conversation? Grab a spot on the calendar now!
“Ready to simplify your home equity processes AND hang out with some furry friends? FirstClose is gearing up for next month's ICE Experience and we’re not coming alone. We’re proud sponsors of the Dog Park! Swing by booth 515 to learn how our integration with ICE’s Encompass LOS can save you time and elevate your home equity lending operations. Let’s talk tech… or dogs… or both! Schedule a meeting here.”
Struggling to retain borrowers in today’s competitive market? LoanCare® can help. Its newest eBook, “UNLOCKING DIGITAL RECAPTURE: How LoanCare Drives Customer Retention and Growth,” explores the innovative strategies and technology behind the company’s industry-leading solutions. Discover how LoanCare keeps homeowners connected to your brand with proactive digital tools designed to boost customer engagement, improve borrower retention, and drive portfolio growth. Don’t let refinancing platforms take your customers—discover the key to extending homeowner relationships and thriving in a competitive rate environment. Download the eBook today and start unlocking your potential! Reach out to David Vida to learn more about LoanCare servicing solutions and meet with the team in person for MBA Secondary this May in NYC.
Are you looking for texting with your CRM provider? Usherpa, the leading Smart CRM, ensures your mortgage texting is fully legal, secure, and built to meet A2P 10DLC regulations. Usherpa has worked diligently with Twilio to ensure that our texting program designed to the letter of the law, keeping our clients safe and demonstrating our commitment to compliance and excellence. Noncompliance can lead to serious penalties… Does your CRM protect you? Real-time updates reduce anxiety and keep customers and referral partners informed about their application's status, helping them make timely decisions. With strict TCPA regulations, now is the time to ensure your texting is compliant. CEO of Usherpa, Chris Harrington, has a texting webinar available for you to learn more about the latest rules and how to safeguard your business. Plus, download our essential 10DLC compliance infographic to keep your team informed!
"Pre-approval letters shouldn’t take longer than the home tour. QuickQual delivers an interactive self-serve experience where borrowers and agents generate letters in seconds while staying inside the boundaries their LO sets. Less admin work, more deals closed. See it in action."
Snapdocs has become the first to achieve compliance with MISMO’s eVault System Standards, underscoring its commitment to advancing secure, compliant, and seamless transactions involving electronic promissory notes (eNotes). The certification, awarded after a rigorous third-party evaluation1, confirms that the Snapdocs eVault meets all operational and technical requirements for the secure storage, management, and transfer of eNotes, ensuring that the integrity, transferability, and enforceability of eNotes are protected. Designed specifically for the mortgage industry, the Snapdocs eVault was built from the ground up without leveraging third-party source code. This investment has enabled Snapdocs' customers to achieve eNote adoption at 2x the industry average, with the company now powering 1 in 6 eNote originations industry wide. This milestone follows Snapdocs’ previous achievements of becoming the first provider to receive MISMO’s eClosing System Certification in 2022 and receiving MISMO’s RON Certification in 2020.
Wholesale and Correspondent News
“The Bayview Non-Agency Product Suite’s Agency Investor Plus product is providing real estate investors with some of the best property cash-flow options in the market. Agency Investor Plus is an AUS underwritten investor program that features an interest-only option, prepayment penalty options, allows for 10+ financed properties and vesting in an LLC. Reach out to our sales team to learn more about getting this exciting new product on your investor menu today.”
A Presidential Deal for Investors: Historic Pricing on Conventional Non-Owner Occupied (NOO) Loans with AFR! Boost ROI with lower conventional Non-Owner Occupied rates & renovation options. Conventional Non-Owner Occupied loan rates are now significantly lower, offering a better alternative to Non-QM DSCR loans with no prepayment penalties and higher ROI potential. Investors can further maximize returns with NOO Renovation financing for both purchases and refinances. Purchase & renovate before renting to increase property value and rental income. Refinance & improve at lease expiration to raise rents and boost cash flow. With far lower rates, flexible terms, and increased profitability, Conventional NOO loans are the smart choice for investors looking to finance strategically and grow their portfolios. Help your clients invest smarter! Learn more today. Reach out: sales@afrwholesale.com, call 1-800-375-6071, or visit www.afrwholesale.com. Can’t wait to hear from you! (NMLS 2826)
“Newrez Correspondent would like to recognize our customers and industry partners who met with us at the IMB Conference and TMBA Southern Secondary. Thank you for sharing ways to improve our relationship and increase market share together. Your time was greatly appreciated. The conference season is still going strong! Meet with Chris Nobile at the CT MBA’s NE Mortgage Summit in Uncasville, CT in late February; and David Pistone, Baird Marble, Mark Plasters and Jeff Haar at the MCT Exchange held at the Hard Rock Hotel (San Diego) in March. We would like to discuss our many loan programs, including competitively priced loan amounts up to $3 million with the option to vest in the name of an LLC. Click here to schedule your meeting.”
“In this competitive HELOC market, Symmetry is teaming up with you to offer lower stand-alone rates. Start rates as low as Prime plus 0.25% margin!! Symmetry HELOC rates. Not only do we have excellent pricing, but our speed and service levels are at the top of the class! Please call, text, or email your Area Manager today. Symmetry loves our partners!”
In-Person Events and Training
A good place for longer term conference planning is to start is here for in-person events in the future; and organizers can post their event!
Next week, 2/25-2/27, the Connecticut MBA is hosting the Northeast Mortgage Summit. See the likes of Steve Richman, MaryKay Scully, and Robbie Chrisman discussing the current market and sales techniques. Yes, the new Northeast Mortgage Summit from the CMBA will take place February 26-27, at Mohegan Sun, Uncasville, CT. Ready to Level Up Your Mortgage Game? Don’t miss out on this powerhouse event, hear from industry experts like Mary Kay, Steve Richman, Stephen Robert, Kevin Stevens, Robbie and Rob Chrisman; Connect, Learn, and Thrive! Register now and attend for 1/2 price; Use discount code NMS-Friend.
In Michigan, there’s the MMLA Southeast Chapter Economic Update Luncheon at the Federal Reserve Bank - Detroit Branch on March 5, 11:00 - 1:30. This enlightening session with senior business economist Martin Lavelle, who will dive deep into the current economic landscape. Discover the key factors influencing our economy and their implications for the mortgage industry, along with a tour of the Federal Reserve Bank after the presentation. Reserve your spot now and empower yourself with the knowledge to navigate the future! NOTE: all registrations need to be made before February 26th for security purposes.
Join your peers at ICE Experience 2025, March 10–12 at Wynn Las Vegas. It’s your chance to dive into 50+ expert-led sessions, hear from inspiring keynote speakers, and network with the movers and shakers of the mortgage industry—all centered on helping more people realize their dream of homeownership.
April 1-3 will be the Great River MBA in Memphis, TN.
Logan Finance is offering up a Non-QM Road Show at the Omni Hotel in Frisco, Texas from 9:30am to Noon CT, on April 9th.
Attend MBA’s National Advocacy Conference (NAC) on April 8 and 9, at the Capital Hilton in Washington, D.C. Join hundreds of industry advocates to meet with and educate policymakers on issues impacting your businesses and customers. Register by February 24, to receive the early bird rate. MBA offers special rates for members of MBA’s young professionals’ network (mPact), the Certified Mortgage Banker (CMB) Society, and group rates for MBA member companies as well. Yup, if you’d like to spend some time advocating for our biz in early April, here’s the MBA’s NAC25 registration!
Credit Union Lending Leadership Conference! CU:REALM is heading to San Diego on April 14th and 15th for our most dynamic event yet. Join industry trailblazers like Selma Hepp and Peter Benjamin, and Rob & Robbie Chrisman for an agenda packed with networking, collaboration, and thought-provoking discussions tailored for Credit Union Mortgage Leaders. Don’t miss this opportunity to elevate your expertise: contact Jim Labbé to learn more and secure your spot!
The Mortgage Bankers Association of Georgia (MBAG Live) fabled event will be held May 4-7 at One Ocean Resort in Atlantic Beach, FL. Register here; Early bird registration available until March 11. Hear from the likes of Laura Escobar and Bill Bodnar!
If you like Times Square, on May 18-21 there’s the MBA’s National Secondary & Capital Markets Conference which attracts plenty of non-secondary and capital markets folks.
There’s the National Settlement Services Summit (NS3) from October Research, LLC on June 16-18 in Pittsburgh, PA for the premier event for professionals across the real estate transaction. NS3 offers three days of unmatched networking and invaluable education, where you’ll connect with your industry partners, earn CE & CLE credits, and stay current on regulatory updates and business strategies. Register today! Do you want to speak at NS3? Visit NS3TheSummit.com to submit your proposal.
The 2025 MBA Annual Convention & Expo will begin October 19 in Las Vegas.
Capital Markets
What would you do if you were the Federal Reserve? Inflation is no longer falling, but if other signs of economic weakness persist, the Fed may feel compelled to return its benchmark rate to a neutral stance more quickly. Despite the current pause in rate cuts, the Fed Funds rate remains roughly 75- to 100-basis points above the estimated neutral rate (where monetary policy neither stimulates nor restrains growth). Fed Governor Waller reaffirmed last week that further rate reductions would be appropriate if inflation continues its descent toward the central bank’s 2 percent target, cautioning that any slowdown in progress, such as the one we saw last week, could alter the course of policy easing.
In the primary mortgage market, the outlook remains cautiously optimistic, shaped by the current rate environment and broader financial conditions. Mortgage rates are hovering around 7 percent, limiting the pool of potential homebuyers who can afford buying and current homeowners who can refinance. Although a brief refinancing surge in late 2024 boosted origination volumes, lenders have remained focused on profitability rather than sheer transaction numbers. Meanwhile, in the secondary mortgage market, Agency mortgage-backed securities (MBS) continue to trade at attractive spreads relative to historical norms and comparable assets, suggesting potential opportunities for investors seeking risk-adjusted returns. With core inflation ticking higher for several months and unemployment easing, the risk of upward pressure on interest rates remains.
The broader bond market reflects the cautious sentiment seen across the majority of global financial markets. The 10-year Treasury yield has been range-bound this year, signaling investor uncertainty amid geopolitical tensions and shifting economic indicators. Despite the Fed’s 100-basis-point rate reduction since its pivot in September, long-term interest rates have remained stubbornly high, largely due to persistent inflation and the U.S. government's aggressive deficit spending. Market expectations for future Fed cuts have also diminished, with projections now reflecting only two additional 25-basis-point reductions by the end of 2025, far fewer than consensus estimates to begin the year. Rather than framing rate reductions as a policy shift, the Fed has instead characterized them as a "recalibration," a cautious approach that underscores the lingering risks in the economic landscape.
The first look at February agency prepayments were released yesterday, with FN30 and GNII speeds seen slowing 3 percent to 4 percent on average versus 6 percent in FN15s. Lower day count and decreased refinancing versus the prior month are seen as the primary drivers. Gross issuance, $54 billion, is currently running behind last month’s $98.7 billion, where issuance jumped later in the month.
MBA mortgage applications for the week ending February 14 kicked off today’s economic calendar, decreasing 6.6 percent from one week earlier. Bond yields and mortgage rates were lower during the reporting period, with the 10-year yield 1-basis point lower and the 30-year benchmark rates from Mortgage News Daily and Bankrate respectively 7-basis points and 9-basis points lower (to 6.96 percent and 7.14 percent). We’ve also received housing starts and building permits for January: -9.8 (1.366 million) and +.1 percent (1.483 million) respectively. Expectations were for 1.355 million and 1.450 million starts and permits, respectively, versus 1.499 million and 1.482 million previously. Later today brings Redbook same store sales for the week ending February 15, several Treasury auctions that will be headlined by $16 billion 20-year bonds, and the Fed will release the minutes of the January 28-29 FOMC meeting. We begin the day with Agency MBS prices slightly worse than Tuesday’s close, the 10-year yielding 4.57 after closing yesterday at 4.54 percent, and the 2-year not doing much at 4.31.
Get Rob Chrisman Daily by Email
