As we prepare to enter a new year, and a new era defined by artificial intelligence, interoperability, and accelerating change, it’s a privilege to welcome the 2026 MISMO Board of Directors . This Board reflects the depth, diversity, and leadership required at a pivotal moment for our industry. MISMO exists by the industry and for the industry . Its work quietly supports every loan, every day, across origination, servicing, capital markets, and the technology ecosystem that b

What this year actually taught us about mortgage, momentum, and what matters next. I’ve been around this industry long enough to know the difference between a “tough year” and a turning year. 2025 was the latter. Not because rates suddenly got friendly. Not because volume magically returned. But because the rules of engagement finally changed in plain sight. This was the year where pretending the old playbook still worked became harder than rewriting it. The year the middle d

If you spent 2025 waiting for the market to “come roaring back,” you probably left disappointed. This was not 2020 or 2021. It also was not 2022’s hangover. But it was not the free-fall mood of 2023, either. 2025 was the year the industry proved it can operate in a normal-rate environment, even if “normal” now means a 30-year fixed that starts with a 6. As of last week, Freddie Mac had the average 30-year fixed at 6.21% . ( AP News ) The market did not need a miracle to impro

This week marked another decisive step in the mortgage industry’s structural reset, led by United Wholesale Mortgage’s agreement to acquire Two Harbors in a $1.3 billion all-stock deal. While framed publicly as an MSR and portfolio-loan play, the transaction fits squarely into a broader consolidation wave reshaping the mortgage value chain. Following Rocket’s acquisition spree and Bayview’s combination of servicing, origination, and technology platforms, UWM’s move advances i

Then UAD 3.6 Should Already Be on Your Agenda. Do you want more appraisal waivers? Do you want appraisals completed faster, with better accuracy and quality? Do you want less liability and risk tied to appraisal data flowing through your organization? It’s hard to imagine anyone in mortgage answering “no” to any of those questions. And yet, many lenders are still treating the Uniform Appraisal Dataset (UAD) 3.6 as something to deal with later. A future compliance task. A dist

Stop me when this sounds familiar: There's a disconnect between the Federal Reserve’s official projections and the economic signals policymakers themselves emphasized. Stop? Okay. Despite the Fed delivering a third consecutive 25-basis-point cut and launching $40 billion per month in T-bill purchases, investors largely ignored the near-term easing in favor of the 2026 “dot plot,” which predicts only one cut next year. That outlook looks increasingly fragile: Chair Powell open

In HousingWire, Flávia Furlan Nunes described what originators have been feeling in their P&Ls: the math on credit reporting is breaking. Credit report prices have been rising sharply, and resellers are signaling as much as another 50 percent increase in 2026, which would mark the fourth straight year of higher costs. That spike lands on top of an already expensive production base. Freddie Mac’s latest Cost to Originate study, reported by National Mortgage Professional, shows

Investors continued rotating into MBS as an alternative to increasingly expensive corporate debt, especially with tech firms gearing up for another wave of bond issuance to fund AI infrastructure. With investment-grade supply projected to top $800 billion in 2026, mortgage bonds look comparatively attractive, and analysts expect the sector to post its best returns in twenty years. These demand dynamics, combined with stable issuance, kept spreads firm even as global rate vola

It’s the final month of the year… whew, where did the time go? Funny thing is, science tells us that you aren’t just imagining it… time is indeed passing faster, not physically, but relatively. Why? If you think back to childhood, we were hyper-focused on the present moment. With every event seeming like the MAIN event, time felt slower. Today, as adults, we are instead focused on what’s happening beyond this moment, often multitasking, planning, and constantly thinking ahead

Every industry has its invisible infrastructure, the stuff that quietly works in the background but keeps everything running. In retail, it’s the barcode. In utilities, it’s the grid. In financial services, it’s the payment rails. In mortgage?That quiet, essential infrastructure is MISMO . And at the heart of MISMO’s infrastructure there are two concepts that sound similar but operate very differently: The MISMO Model MISMO Standards In conversations with lenders, investors,

It’s Thanksgiving week where many of us will get ready for family members will converge under one roof… This year, that roof will be mine…  Some may come packing rolls and green bean casserole… others will come packing fridge opinions, poorly timed critiques, and unfilled thoughts… but hey, what’s a family Thanksgiving without a little drama… and I don’t know about you, but I personally look forward to Uncle Joe telling the same story over and over about how kids these days a

According to NAR’s 2025 Profile of Home Buyers and Sellers , first-time buyers now have a median age of 40 , and their share has fallen to 21% , a record low. That is a historic shift that changes how we coach renters and near-ready clients. Quick history for context. In the 1980s , the typical first-time buyer was in their late 20s . From the early 1990s through the late 2010s , the median age sat in the 30 to 32  range. Even in 2020  it was 33 . Then, in only a few years,

MBS spreads widened modestly this week and volatility climbed to a one-month high, though still near multi-year lows. Treasury and mortgage-backed securities remained range-bound despite global risk-off sentiment driven by concerns around AI investment, valuations, and slowing growth. With the Fed signaling that future balance-sheet expansion (to combat reserves nearing scarcity) would be aimed at market functioning rather than stimulus, much hinges on next month's FOMC meeti

Our first official post-shutdown jobs number was delivered, and the market has spoken. The headline was 119k new jobs added in September, basically double what the market expected. However, not so fast. August was revised down to 6k, and the unemployment rate ticked still higher to 4.44%, the highest since October 2021.   The first place we look is from the Fed vantage point. A stronger jobs headline does give them breathing room (even if unemployment ticked higher). The futu

To paraphrase one of my favorite movie quotes (from Tommy Boy): There are less orthodox ways to get a good look at a T-bone, but I’d rather take a butcher’s word for it…   Over the past month, we’ve been given the daunting task of deciphering employment and inflationary data points through less conventional sources. Now that the government has reopened, we’ll soon get the opportunity to hear about the T-bone straight from the butcher’s mouth.   This Thursday, we’ll finally re

When I stepped into the role of MISMO President just ahead of the 2025 MBA Annual Convention, I already understood MISMO’s reputation. But it wasn’t until I got behind the curtain that I truly appreciated the depth of collaboration, volunteer leadership, and shared purpose that has kept this organization going strong for more than 25 years. And if there’s a single theme that stands out from my early weeks in the role, it’s this: MISMO’s impact is everywhere, especially in the

One word for you: "uncertainty," across both policy and markets, as the shutdown-delayed flow of economic data left lenders, investors, and regulators operating in a fog. The Federal Reserve reiterated that it cannot commit to further rate cuts until it can review labor-market and inflation data that have been missing for weeks. That wait-and-see stance kept Treasury yields confined to a familiar, narrow range despite mixed auction results: the 10-year note stopped through ex

A recent topic with the agencies was on using cryptocurrency as a viable, qualifiable asset for mortgages. Another proposal on 50-year mortgages. If the narrative isn’t already loud enough, here’s the plain question: How do we get more Americans (especially younger ones) into homes?   It’s a worthwhile venture (the sentiment, not the 50-year mortgage), especially when the average mortgage 30-year rate remains stubbornly above 6.5%. Ongoing pressures from the recent government

For our Clients, Colleagues, and Friends, All of you know a lot about mortgages, but not too many of you know much about mortgage REITs. These are publicly traded companies that own pools of mortgages or mortgage-backed securities. Throw in some leverage and you get eye-popping dividend yields. But there are reasons to be cautious about this, so give us a call if you want to discuss. Last week I mentioned some of my assistants. One of the most interesting assistants was Chloe

Zillow appearing inside ChatGPT changes where discovery begins. It does not mean agents and lenders should lean on Zillow. It means more buyers will describe what they want in a general assistant first, then see results that may flow through a portal. Your advantage comes from meeting consumers before that first portal touch and making your expertise the easiest next step. What Shifts and What to Do About It 1) Conversation Is the New Search Box Publish short, plain-English a