In Connecticut, a portion of the formal and informal talk here is about how builder news touches on lenders. (As an aside, Home Depot’s earnings, reported this morning, are solid.) Plenty of building materials come from Canada and Mexico, and the letter from the National Association of Homebuilders (NAHB) to President Trump asking for tariff exemptions on building materials caught people’s attention. But overall, builders seem to be doing just fine… Why should builders be in a rush to build more homes? Bill Pulte, part of the builder family, has been nominated to run the FHFA, conservator for Freddie & Fannie. PulteGroup grew closings by 9% and home sales revenue by 11% during a record-setting fiscal 2024. For the full year, the home builder generated home sales revenue of $17.3 billion, home closings of 31,219, and profit of $3.1 billion, or $14.69 per share. Drees Homes, the No. 41 company on the 2024 Builder 100 list, is acquiring the assets of San Antonio-based Monticello Homes. The acquisition grows Drees’ portfolio to 11 metropolitan areas nationwide, including the four major Texas markets. Empire Communities, the No. 56 company on the 2024 Builder 100 list, has expanded its presence in the Carolinas through the acquisition of Charlotte-based SouthCraft Home Builders. (Today’s podcast can be found here and this week’s is sponsored by Sagent. Sagent brings the modern experience customers now expect from loan originations to loan servicing, where lifetime customer relationships are managed and grown. Hear an interview with Sagent’s Omer Farooque and Perry Hilzendeger on key milestones one year after the launch of Dara, AI-driven innovations, real-time data solutions, and how their cutting-edge servicing technology is reshaping the mortgage industry.)

Training and Webinars Into Next Week

“Master Non-QM Condo Financing & Close More Deals! Condo financing is often seen as complex and frustrating, but it doesn’t have to be. With the right knowledge, you can turn tricky financing scenario into big opportunities and stand out from the competition. Join Kind Lending’s Non-QM Condo Training and gain the confidence to structure non-QM condo deals, understand key eligibility factors, and help more buyers secure financing when traditional guidelines don’t fit. You’ll learn key eligibility factors & borrower benefits, how to structure non-QM condo deals for success, and strategies to expand your pipeline & boost your business. The training is on Thursday, February 27 from 11:30 am - 12:00 PM PST. Save your seat today! Register for our complimentary training session by clicking here. Kind Lending keeps brokers ahead of the curve with continuous training… because when you win, we win! Let’s grow your business in a one-of-a-KIND way! Not a partner with Kind? Learn more and get started by here!”

Are you ready for the new Uniform Appraisal Dataset (UAD)? The upcoming UAD changes from the GSEs will significantly impact you, your loan origination system, and your appraisal management software. Join Fannie Mae, Freddie Mac, Reggora and ICE Mortgage Technology on March 6, at 11:00 AM PST / 2:00 PM EST for a live webinar where we’ll break down these changes and help you prepare for a smooth transition. Register now.

Today, and all Tuesdays at 11am PT, two veteran LOs discuss all things mortgage with Industry Leaders: Mortgage Pros 411 with Audrey Boissonou and Kevin Casey. Today the show features Linda and Andrew Conner discussing education and NMLS.

Looking for more in-depth commentary on weekly mortgage news? Register here for Wednesday the 26th’s 11AM PT "Mortgage Matters: The Weekly Roundup” presented by Lenders One. This week is John Hardesty, Vice President, Mortgage Division, Argyle.

Join Freddie Mac and Fannie Mae (the GSEs) for one of four joint webinars to help lenders prepare for the UAD 3.6 and Forms Redesign. These sessions are intended for lenders preparing for the UAD 3.6 and Forms Redesign but are open to other impacted parties (Appraisal Software Vendors, UCDP Direct Integrators, Appraisal Management Companies, etc.). Webinar dates: Thursday, Feb. 27 – 1 p.m. ET, Tuesday, Mar. 4 – 2 p.m. ET, and Thursday, Mar. 13 – 3 p.m. ET. Registration is on a first come, first served basis. If a session is filled, a waitlist will be enabled and waitlisted registrants will be notified if a slot becomes available.

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 Thursday’s 3 PM ET show featuring industry icon Jim Parrott.

Friday the 28th, listen in to opinions (Last Word Fridays at 1pm ET) from Kevin Peranio, Christy Soukhamneut, Courtney Thompson, and Brian Vieaux! Register here. On this Friday’s The Last Word, KP, Brian, Christy, and Courtney will discuss President Trump's executive orders and their impact on housing and housing finance. The conversation will explore potential changes in mortgage lending, affordability, and government-backed housing programs.

Technology and innovation in residential lending are the focus of Now Next Later next Monday at 1pm ET.

National MI’s upcoming March 2025 webinar sessions include Advanced Underwriting the Self-Employed Borrower - Marianne Collins, March 4th at 1 pm ET. Mortgage Mastery: Perfecting the Process for Referral Success, Rebecca Lorenz, March 6th at 1 pm ET. Mastering LinkedIn for Mortgage Professionals, Session 3 - Brynne Tillman, March 11th at 3 pm ET. Turn Your Pitch into a Success Story - Dr. Bruce Lund, March 13th at 1 pm ET. The 2025 NextGen Homebuyer Report: Key Insights for Winning More Business, Kristin Messerli, March 20th at 1 pm ET.

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!

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 Ron Vaimberg on March 6 at 1 PM EST for a free, 90-minute masterclass, Winning Great Agent Relationships with the Help of AI. Learn how to build stronger agent partnerships and use AI to get more done faster. Don’t miss this chance to gain actionable strategies that drive real results. Register now to secure your spot!

Friday the 7th, listen in to opinions (Last Word Fridays at 1pm ET) from Kevin Peranio, Christy Soukhamneut, Courtney Thompson, and Brian Vieaux! Register here. On this Friday’s The Last Word, KP, Brian, Christy, and Courtney will discuss President Trump's executive orders and their impact on housing and housing finance. The conversation will explore potential changes in mortgage lending, affordability, and government-backed housing programs.

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.

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), regulation and compliance (Regulation Central 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

Setting aside yesterday’s strong $69 billion 2-year Treasury note auction that (precedes today's $70 billion 5-year note offering and) kicked off the Quarterly Refunding, this week’s most important economic releases include the second estimate of Q4 GDP, personal income and outlays for January, the Fed’s preferred measure of inflation (PCE…markets anticipate a 2.5 percent annual increase in headline PCE and 2.6 percent in core), and consumer confidence for February. GDP growth is expected to be revised higher due to stronger residential and nonresidential investment, while January’s personal income and spending likely slowed following December’s gains. The trade deficit may have narrowed after a sharp December increase, but consumer confidence continues to decline amid tariff concerns and federal layoffs.

Before we completely look forward to this week and beyond, it’s important for us to review the ways that housing was in focus last week. New home construction declined to start the year as both starts and permits fell in January. While some of the pullback in starts may have been due to wintery weather throughout much of the country, the decline in permits does not bode well for the pace of construction going forward. Home builder confidence was at its lowest level in the last five months as uncertainty over tariff policy as well as a sharp drop in expectations for sales over the next six months weighed on builder sentiment. Existing home sales fell 4.9 percent to a seasonally adjusted annualized rate of 4.09 million units in January. Home affordability remains a challenge for many would-be buyers as interest rates, home prices, and insurance costs have significantly increased since the pandemic.

Philadelphia Fed non-manufacturing for February kicked off today’s data, and later today brings Redbook same store sales, December house prices from FHFA and Case-Shiller, consumer confidence for February, Richmond Fed manufacturing and services for February, Dallas Fed services for February, several Treasury auctions that will be headlined by $70 billion 5-year notes, and Fed remarks from Dallas’ Logan, Vice Chair for Supervision Barr, and Richmond’s Barkin. We begin the day with Agency MBS prices better by .250-.375 and the 10-year yielding 4.33 after closing yesterday at 4.39 percent due to worries about the U.S. economic outlook.