Apr. 14: AE, Ops Mgr. jobs; MERS review, TPO, virtual LO, digital ass't, HELOC, warehouse products; Policy moves for LOs to watch

“A tax versus a fine? A fine is a tax for doing something wrong. A tax is a fine for doing something right.” Yes, the traditional tax deadline is tomorrow, with our tax dollars funding a plethora of government programs and payrolls. Money for the government can come from individual income taxes, payroll taxes, and corporate income taxes, and it collects revenue from excise taxes, estate taxes, tariffs, and fees, which together finance public services and programs. It’s hard to believe that it’s been 14 months since President Trump set up Elon Musk to cut government spending, evidenced by Elon waving a chainsaw at an event, but in fact our budget deficit has continued to grow tremendously… It was $1.8 trillion last year alone. The deficit’s potential impact on mortgage rates may be a conversation topic in today’s Capital Markets Wrap at 11AM PT, powered by Polly, where topics will include new agency pricing dynamics and how they are reshaping execution and hedging strategies, volume trends, and ways to pick up basis points here and there. And on tomorrow’s L1 show, the temperature of the industry will be taken by Rebecca Seward with Ocrolus. (Today’s podcast can be found here and this week’s ‘casts are Sponsored by Truework. Replace costly, error-prone verification waterfalls with a single, fully automated VOIE solution that delivers faster, more accurate, GSE-ready reports. So, your team can close more loans with less effort and lower cost. Today’s has an interview with attorney Barry Levine on borrower behavior during delinquency, and how mortgage professionals can keep borrowers engaged, reduce panic, and prevent costly mistakes.)

Employment and transitions

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A national wholesale mortgage lender located in Southern California is seeking an Operation Manager to lead end-to-end operations across processing, underwriting, and closing for third-party originations. This role drives pipeline efficiency, ensures regulatory compliance, and partners closely with sales management to support broker relationships in a fast-paced environment. The company has Wholesale, Retail and Correspondent channel and offers FNMA, FHLMC, GNMA and Non-QM products. For confidential consideration, please email Anjelica Nixt.

Deephaven is actively hiring talented Wholesale Account Executives nationwide. If you're ready for your next chapter, reach out to Tom for a confidential conversation. The non-Agency market is the opportunity of 2026. Reach out directly to Tom Davis, Chief Sales Officer.

AI pre-underwriting platform Friday Harbor has added two mortgage industry veterans to its team: 13-year veteran Kate Schilling as director of sales and Melina Stayton, with her 15+ years of experience, as customer success manager. Melina’s “background as a licensed loan originator gives her a practical understanding of real-world lending environments, allowing her to collaborate with lenders across sales and operations to help translate complex initiatives into actionable solutions.” Congratulations to both!

WFG National Title Insurance Company, a full-service provider of title insurance and real estate settlement services for residential and commercial, announced that Shaun Gonzales has been appointed Chief Operations Officer for WFG National Title’s Direct Operations, Noah Blanton will transition into the role of Chief Growth Officer, focusing on driving strategic expansion, market development, and long-term value creation across WFG National Title, and Josie Hyde will increase her scope in the Northeast. Congratulations to all.

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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Meet the Axos Warehouse Lending and WCPL teams at MBA’s Secondary & Capital Markets Conference, May 17–20, 2026, at the Marriott Marquis New York. Axos Warehouse Lending helps mortgage lenders fund efficiently with a streamlined process and reliable execution, built for clarity, consistency, and confidence across market cycles. Axos WCPL (Wholesale, Correspondent, and Portfolio Lending) helps lenders broaden solutions for complex borrower profiles with experienced underwriting, broad asset acceptance, and support across occupancy types. Attending MBA Secondary? For warehouse lending, contact Bobby Martini or Eric Nelepovitz. For WCPL, contact J Shoop to schedule a meeting.

Non-QM. Equity Solutions. Digital HELOCs. RTL. Deephaven Mortgage does It All. $400 billion in non-Agency originations are coming in 2026 and 1 in 5 loans won't fit the agency box. Most investors can cover one or two categories and call it a day. Deephaven covers them all. That means every non-QM deal, every equity play, every residential transition loan your borrowers bring you has a home with one partner, one relationship, and one point of contact. The non-Agency market is the opportunity of 2026. Don't face it with half a product lineup. Get approved with Deephaven today. Reach out directly to Tom Davis, Chief Sales Officer, or visit Deephaven at Become A Partner | Deephaven Mortgage. Deephaven is also actively hiring talented Wholesale Account Executives nationwide. If you're ready for your next chapter, reach out to Tom for a confidential conversation.

For too long, mortgage lending has been slowed down by legacy systems that can’t keep pace with today’s market or today’s borrowers. Rigid workflows. High costs. Slow updates. Limited flexibility. If this sounds familiar, it’s time for a change. In this on-demand webinar from MeridianLink® Mortgage, see how forward-thinking lenders are modernizing their origination platforms to drive more volume, cut costs, and deliver a faster, better borrower experience. You’ll learn what’s driving lenders away from outdated technology, how modern platforms unlock automation, real-time insights, and efficiency, and why banks, credit unions, and IMBs are choosing MeridianLink Mortgage. Don’t let outdated systems hold your business back. Click here to watch the webinar and see what’s possible when your technology works as hard as you do.

Most AI in mortgage automates individual tasks, but doesn’t change how work actually moves between roles, keeping costs high and transformation stagnant. The bottleneck isn't inside any one step, but is in the handoffs, the exceptions, and the decisions that span the entire loan process. JazzX AI digital assistants don’t just automate steps, they coordinate complex decisions end-to-end across processing, underwriting, QC, and servicing. Every finding is reasoned against your guidelines and overlays, continuously reassessed as new information arrives, and cited to the specific policy that produced it. Meaning your team stays in control. The result: lower cost per loan, faster decisions, and higher loan quality. Book a demo to see how JazzX AI optimizes mortgage execution from end-to-end.

Studies consistently show that borrower satisfaction in mortgage lending correlates more strongly with feeling understood than with getting the lowest rate; J.D. Power has tracked this pattern for over a decade. The loan officers who ask the right questions, uncover real needs, and match them to the best available program aren't just closing more loans… They're building lasting books of business. LoanCraft is putting that insight to work with its Virtual Loan Officer feature, now built into its Optimizer pricing tool. Loan Officers can follow a variety of customized scripts to inquire about borrower needs, hopes and dreams, and the tool will analyze offers from a variety of lenders and loan types, providing AI recommendations for the best program. LoanCraft continues to add new TPO rate data, including UWM, Penny Mac, Acra Lending, PRMG, NewFi and Spring EQ. For more information, go to https://www.loancraft.net/contact or email info@loancraft.net.

“eLEND: Something New is Coming…We’ve been hard at work behind the scenes, and something new is on the way at eLEND. Our team is preparing to roll out a new program designed to better support today’s evolving borrower needs and real-world deal scenarios. This upcoming launch reflects eLEND’s continued focus on flexibility, efficiency, and helping our partners navigate an ever-changing market. At the same time, our technological enhancements aren’t slowing down. From process improvements to system updates, we’re continuously evolving to deliver a smoother, more streamlined experience. Be sure to check out eLEND’s latest release notes to stay up to date on all the improvements happening across our platform. We’re excited about what’s ahead and look forward to sharing more details soon. Stay tuned. Visit elendtpo.com, call 1-800-375-6071, or email sales@elend.com (NMLS 2826) Want in on this action? Partner today.”

Spring is here and it’s bringing fresh faces and fresh deadlines! Speaking of deadlines, they say April showers bring MERS flowers, but for many lenders, April just brings the realization that MERS annual audit season is officially here. If you had 1,000+ MINs as of March 31st, your MERS audit clock is officially ticking. Don’t let administrative storms wash away your spring growth. As a MERS-approved third-party reviewer, MQMR handles the heavy lifting, ensuring your operations stay compliant while your team focuses on production. Audits must be completed by December 31st. Beat the year-end flood and get prepared by downloading our white paper: "8 Tips to be MERS audit ready"! And as for those fresh faces? Please join us in giving a warm welcome to MQMR’s new Marketing Director, Jennifer Lyness!

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.

Brian Vieaux on the policy signals LOs should watch

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Policy headlines are loud, but their real impact on housing finance is often far quieter and more nuanced. Brian Vieaux unpacks how today’s policy signals, from targeted MBS interventions to debates around institutional ownership and credit regulation, are shaping mortgage spreads more than benchmark rates. It challenges common narratives, showing why many proposals are politically compelling but economically limited, and why local dynamics often matter more than national rhetoric. For lenders and market participants, understanding these subtleties is critical to navigating volatility without overreacting. Read the full analysis.

Capital markets: information undercurrents continue

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“Rates are trading with less conviction than the fact-checker on Truth Social,” says dataQollab’s Adam Quinones. Markets are effectively in a holding pattern, with futures pricing in no change to Fed policy through year-end as investors grapple with the now-familiar mix of geopolitical uncertainty and to-be announced (TBA - see what I did there) economic fallout. While higher energy prices could push inflation higher, there is a credible counterargument that they may also dampen demand, making the Fed hesitant to tighten policy in response to what is fundamentally a supply shock.

As a result, markets are looking past recent softer core inflation and instead focusing on (the now-familiar mix of) oil prices, geopolitical developments, and whether consumers can absorb higher costs. The uncertainty is reflected in subdued Treasury movements, range-bound yield curves, and cautious positioning, leaving rates anchored, volatility muted, and investors waiting for clearer direction on growth, inflation, and the Fed’s next move. Have you forgotten that Fed Chair Powell is no longer the Fed Chairman in a month’s time?

Yesterday mortgage-backed securities and U.S. Treasuries began the week with modest gains across the yield curve as the market maintained some overall optimism even though U.S.-Iran negotiations over the weekend failed to produce a peace deal. The lack of volatility once again helped embedded optionality outperform yesterday. The improvement in sentiment was owed to intraday reports that President Trump remains open to diplomacy with Iran, though the U.S. Navy is now engaged in a blockade of Iran's ports.

On the data front, existing home sales decreased 3.6 percent month-over-month in March to a seasonally adjusted annual rate of 3.98 million (below 4.01 million expectations) from an upwardly revised 4.13 million in February. Sales were down 1.0 percent on a year-over-year basis. Sales were pressured at the start of the traditionally strong spring home buying season by higher mortgage rates, higher prices, limited inventory, lower consumer confidence, and softer job growth.

For those of you who want to dig into the details, Agency MBS have continued their steady recovery of late, adding another 6-basis points of excess return last week and fully erasing losses tied to the onset of geopolitical tensions in the Middle East, a notable feat following the prior week’s strong rebound. The move has been aided largely by a sharp decline in rate volatility that has improved carry and stabilized valuations.

Treasury demand has remained firm, particularly for short-duration exposure, as investors lean into capital preservation amid ongoing uncertainty. 15-year paper has been lagging and is now screening as the cheapest on an OAS basis, while most other sectors tightened and current coupon spreads have compressed, but are staying within familiar ranges. Valuations don’t seem stretched, and in fact, MBS appear fairly valued versus investment-grade corporates and somewhat rich to Treasuries, with higher coupon, lower pay-up specified pools continuing to offer relative value. The combination leaves investors focused on carry, liquidity, and disciplined positioning as “macro” risks remain unresolved.

Today’s economic calendar kicked off with the NFIB optimism index for March (at 95.8, much lower than expected and its lowest level in a year). We’ve also received PPI (the Producer Price Index was +4.0 percent y-o-y, +.5 percent m-o-m, surprisingly under expectations) and Core PPI (ex-food and energy, +.1 percent m-o-m), both for March. As long as oil prices stay high (and even current prices seem overly optimistic), inflation will likely remain elevated, which puts upward pressure on interest rates and makes it hard for Treasury yields to fall much lower; at the same time, growing concerns about a slowing economy are keeping rates from rising too much either, so unless the economy proves stronger than expected, interest rates are likely to stay stuck in a middle range rather than moving sharply up or down. Later today brings some short-duration Treasury auctions, and remarks from several Fed speakers (Governor Barr, Boston President Collins, Richmond President Barkin, and Philadelphia President Paulson). After the inflation data we begin Wednesday’s trading day with Agency MBS prices roughly unchanged from Monday’s close, the 2-year yielding 3.78, and the 10-year yielding 4.29 after closing yesterday at 4.30 percent.

It's tax time! Monopoly is fun but it has some really old stuff that isn’t valid anymore.

There are free parking, a luxury tax, and rich people can actually go to jail.

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.)