Apr. 1: LO, AE jobs; Community dev., non-del non-QM, hedging products; credit news runs the gamut

(Yes, this is the non-April Fool’s edition.) Research suggests that by the time your child turns 18, you will have spent approximately 95 percent of the time you will ever spend with them in your lifetime. (Don’t worry, I am not going to break into Harry Chapin’s “Cat’s in the Cradle.”) Time flies, Apple turns 50 today, the first quarter is in the books, and here in Northern Nevada, like everywhere, lenders are watching trends and technology. There are all kinds of lists out there, but for those who prefer the CFPB’s data, there’s HMDA Market Share Dashboards for Origination Statistics. In terms of technology, there’s always something new in the AI lender world, and there are firms that specialize in it including Ocrolus, TRUE, Aiva AI & Automation, Marr Labs, TrustEngine, Friday Harbor, AiCR, Guideline Buddy, JazzX AI, and MOZAIQ listed in the Marketplace. “Credit” is a hot topic. Many are watching the FICO Score 10T (the “T” is for “trended”), and acceptance is growing in the primary and secondary markets. CrossCountry, for example, has embraced the scoring. Think of the old FICO scores as a snapshot of a borrower whereas the 10T is purported to be a video of the borrower. (Today’s podcast can be found here and this week’s ‘casts are sponsored by RelCu. RelCu is the all-in-one agentic platform driving conversion, retention, and cross-sell across mortgage and deposits. Today’s features an interview with Bloomberg’s Erica Adelberg on MBS investor sentiment, spread movements, and changes in prepayment characteristics with volatile rates.)

Employment and transitions

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Pete Zaft is back at Movement Mortgage, and the numbers speak for themselves. The Nashville-based loan officer closed $175 million in 2025, was just named the No. 1 producer in the Nashville market and ranks in the top 0.1 percent of loan officers nationally. He previously spent five years at Movement, surpassing $1 billion in total production before his departure. Zaft has been the dominant force in Middle Tennessee mortgage for nearly 30 years, sitting atop Nashville's loan officer rankings and outpacing the next closest competitor by tens of millions. He took a brief detour before returning, over which time he was billed as the #1 ranked loan officer in Middle Tennessee. Now he's home. Read the full announcement on Movement’s Blog.

JMAC Lending is expanding nationally and recruiting Account Executives who want a stronger platform, broader credit box, and real earnings upside. JMAC is on a technology driven trajectory to support its wide product range, a true differentiator: industry-leading non-QM, including DSCR and Bank Statements, FHA FICOs from 500 and No-FICO options, VA, USDA, Jumbo, ITIN, and Down Payment Assistance programs. JMAC’s platform is backed by competitive compensation, responsive underwriting, modern technology, and a culture built for producers. JMAC equips AEs to win and retain meaningful broker relationships with open territories and accounts nationally. If you are growth-minded and want a platform that matches your ambition, please contact JMAC’s EVP John McElhone for a confidential discussion. www.jmaclending.com 29 years in business and growing.

Foundation Mortgage has strengthened its sales platform with senior leadership hires and an expanded AE support team! Congratulations to Kenny Peskin and Marc Schwaber who have been appointed as Senior Vice Presidents of Sales, further strengthening Foundation’s national sales leadership team, as well as Foundation adding three Account Executive Assistants: Sean Sepe, Suzette Garen, and Bella Milana. “The additions reflect Foundation Mortgage’s continued focus on expanding its sales platform through experienced leadership and common-sense decision-making. #FoundationMortgageCorp #FoundationMortgage”

NFTYDoor, the end-to-end home equity origination platform for lenders, banks, credit unions, and embedded finance partners, announced the appointment of 25-year vet Leo Loomie as Chief Revenue Officer (CRO) where he will spearhead the company’s full revenue growth engine, integrating Sales, Marketing, and the "Concierge" partner experience function into a unified organization focused on expanding NFTYDoor’s national distribution network. We are at an inflection point as we expand our products and partner ecosystem, and we’re ready to harness the demand in front of us.

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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“Cash Out Refinance! Are your borrowers struggling to get needed cash-out from a refinance? Are you trying to limit LLPA’s to make deals work? Symmetry’s Piggyback HELOC can close simultaneously or within 120 days after the 1^st mortgage refinance closes with rates as low as Prime + 0 percent margin up to 89.99 percent CLTV (760+ mid FICO, primary residence, 200K min. draw, 500K max line, 5 year draw term).These game changing options work for borrowers who need extra cash-out or if an appraisal comes in low. Use our piggyback offerings can make a big impact on your borrowers! Symmetry Lending.”

Are you looking for areas to save on loan pipeline hedge costs? Agile’s whitepaper, How (and How Much) Agile Helps Mortgage Originators Save on Hedging Costs, discusses how lenders who use platforms which limit competition to only 4 dealers miss out on improvement in execution. Based on the Agile TBA Execution Data Study, lenders can expect to save 3 basis points on average. "I have Agile and a competing platform side by side. Agile wins about 50% of the time,” said Philip Kukafka, Chief Capital Markets Officer at Towne Mortgage Company. “I rarely execute at screen levels - I almost always trade through." Download the whitepaper to learn how Agile’s request for quote (RFQ) platform is helping improve execution. Ready to save on your hedge costs? Contact Agile or schedule a meeting with them at the upcoming MBA National Secondary in New York to learn more.

“What if you could scale your non-QM without hiring? ClearEdge Lending Non-Delegated gives your organization full banker margins, complete brand control, while we handle credit risk, deal desk support, and same-day scenario answers on non-delegated non-QM. No broker comp constraints. Close and fund under your name and leverage our underwriting, processing, and capital markets infrastructure without adding headcount. Non-QM flexibility. Aggressive pricing. Don’t forget to ask us about the superior pricing versus brokering loans. Let’s talk about your non-delegated strategy. Contact Matt Shaw or visit here.”

Community Reinvestment Solutions (CRS) helps financial institutions, foundations, and organizations design and implement effective community development and reinvestment strategies. With deep expertise in community development, data analytics, and stakeholder engagement, our work helps institutions move beyond transactional outreach to trusted, measurable relationships that strengthen communities, and drive long-term sustainability. The firm brings together seasoned professionals with extensive experience across banking, lending, investments, insurance, and public‑sector collaboration. CRS is known for translating complex data into clear, actionable insights and pairing analytics with meaningful community engagement to inform strategy, policy, and investment decisions. For more information contact us at info@communityreinvestmentsolutions.com.

Today at 11AM PT there’s Mortgage Matters, powered by Lenders One, featuring Tom Davis, Chief Sales Officer at Deephaven Mortgage, for a conversation on sales strategy and growth across Non-QM and Agency lending. With over 20 years of industry experience, Tom shares insights on working with lending partners, navigating evolving product demand, and what originators should be focused on in today’s market.

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.

Strategic partnerships continue

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U.S. Bank has partnered with Built, the leading AI-native platform for real estate and construction finance, to transform how its consumer mortgage borrowers manage the financing of building a new construction home. “With Built now integrated into both consumer borrowing and commercial building experiences at U.S. Bank, projects can be funded faster, and clients have real-time visibility into every stage of construction. By connecting the borrower, U.S. Bank, and the builder in one platform, projects face fewer delays, payments and draws run more smoothly and everyone enjoys a better overall experience.”

“For mortgage clients navigating the homebuilding process, once a construction loan is originated, U.S. Bank activates the project within Built, giving borrowers a centralized place to manage draws (improving draw times by up to 70 percent), inspections, and communication throughout construction. Once the project setup is complete, the client receives an email prompt with the option to use Built to manage their loan during the building process. Built’s cloud-based platform provides a centralized location to efficiently manage all inspection and draw activity, creating transparency for everyone involved.”

Credit news

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Experian® announced that it has enhanced its Experian ConnectSM API platform to offer VantageScore® 4.01 for use in rental screening. This addition will enable consumers, property managers, landlords, and rental screening providers to leverage a more modern credit scoring model when evaluating prospective renters. Zillow is among the platforms now leveraging VantageScore 4.0 through Experian’s Connect API platform to support rental screening. The enhancement follows the Federal Housing Finance Agency’s (FHFA) recent approval of VantageScore 4.0 for use in mortgage decisions, a move aimed at modernizing mortgage credit evaluation and increasing access to homeownership. Making the same scoring model available in rental screening helps create greater consistency across the housing journey.

The Community Home Lenders of America (CHLA) today released its "Analysis of FICO Credit Score Price Increases," as another in a series of periodic Updates to its 2024 White Paper on Credit Score Markets and Pricing. LINK TO UPDATE: ANALYSIS OF FICO CREDIT SCORE PRICE INCREASES. Rob Zimmer, Director of External Affairs at CHLA, said, "CHLA is releasing this analysis of the latest FICO credit score price increases, with a call for action to fix a monopoly that, if unchecked, will continue to extract more and more resources from homebuyers."

“FICO credit report costs (which include credit score costs) incurred to close a conventional mortgage loan for a family have risen from roughly $50 in 2022 to $100+ in late 2023 to $150-$250 in April 2024. According to a recent survey of CHLA members, the 2026 figure is now $540 on average, more than ten times the cost four years ago.

“FICO foundational prices went from $1.80 for a tri-merge in late 2022 to $10.50 in April 2024 (more than a 400% increase, and the Big Three Credit Bureaus tacked on increases as well). Today, FICO charges $30 for a tri-merge, up 1,567 percent from 2022 and a tripling in just the last two years. The scale of these price hikes is unusual in American industry and can only occur when a producer has monopoly or near-monopoly status.

“As written in the original 2024 White Paper, the FICO cost of a credit pull ($10 as of 2026) is applied 3 times (or 6 times for joint applicants) in the current tri-merge model, but then pulled multiple times in the process (because a credit pull is only valid for 120 days, and home searches and mortgage application processes can last for many months.) These costs ramp up quickly.

“CHLA's analysis of the most recent FICO price hikes includes the following. CHLA now predicts that American families will see another round of major price hikes in Fall 2026. CHLA urges no delay in making VantageScore fully available to American homebuyers. CHLA recommends that Fannie Mae and Freddie Mac (the GSEs) be directed to use their massive data and analytics to each establish their own business subsidiaries to evaluate the creditworthiness of borrowers.”

Capital markets: mortgage apps data is meaningful

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Markets yesterday were supported by cautious optimism that tensions with Iran could de-escalate, following encouraging signals from both President Trump and Iran’s leadership. Underlying economic data painted a mixed picture, but markets shrugged that off as they are currently swayed primarily by geopolitical headlines. Consumer confidence held steady (up to 91.8), suggesting limited immediate concern about the conflict, but a sharp rise in inflation expectations (12-month inflation is expected at 6.2 percent) pointed to growing unease about future price pressures. Business activity softened but remained in expansion, home price growth continued to moderate (+0.1 percent month-over-month and 1.2 percent year-over-year), and job openings declined (to 6.882 million), collectively indicating mounting mixed pressures from geopolitical risks, inflation concerns, and a gradually cooling labor market.

Today’s economic calendar kicked off with mortgage applications from MBA, which fell 10.4 percent for the week ending March 27, driven largely by a sharp 17 percent drop in refinance activity, though refinance demand remains 33 percent higher than a year ago. Purchase applications declined modestly week-over-week but are still slightly above last year’s levels, indicating relatively stable homebuying demand.

Although “old” economic news pales in comparison to war news (which in turn drives oil prices), at some point the markets will be back focusing on objective data points. We’ve received ADP employment for March (+62k versus 50k expectations and a reading of 63k in February), and the previously delayed retail sales for February (+.6 percent, about as expected, pre-war). Later today brings final March S&P Global manufacturing PMI, the ISM equivalent, previously delayed business inventories, the NY Fed conducting a buyback for cash management purposes in 1-month to 2-year coupons for up to $15 billion, and remarks from St. Louis’ Fed President Musalem and Fed Governor Barr. We begin Wednesday with Agency MBS prices unchanged from Tuesday’s close, the 2-year yielding 3.78, and the 10-year yielding 4.31 after closing yesterday at 4.31 percent, up 14-basis points in Q1 including 35-basis points in March.

Why did the bald guy get tattoos of easter bunnies on his head?

Because from a distance they look like hares.

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, “Mortgage Rates Are Not Random.” 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.)