Apr. 16: LO, AE jobs; AOT, warehouse, homebuyer report, , subservicing tools; STRATMOR's "Who Owns the Borrower?" Population trends

“People who cheat on their taxes disgust me. This is not the kind of world I want to raise my 23 dependents in.” While FHFA Director Pulte is caught up in another controversy, this time with Donald Trump’s Jesus meme, wanna know how much your state makes in taxes every year? Here you go. Mortgage loan originators are very concerned with fiscal issues, as well as who their clients are. What better way than… the Census Bureau! The U.S. Census Bureau released a downloadable file containing estimates of the nation’s resident population by single year of age and sex as of July 1, 2025. Nationwide lenders are always analyzing branch locations and market share. America’s post-pandemic relocation surge is losing momentum, with interstate migration falling to a decade low as once-booming Sun Belt markets like Texas and Florida face declining inflows amid sharply reduced affordability. The motivations behind moving are shifting away from jobs and cost savings toward proximity to family, signaling a more cautious and less opportunistic consumer mindset. New migration patterns are emerging: more affordable Midwest states are regaining appeal, Nevada is surging due to its relative value compared to California, and smaller or less obvious destinations like Vermont and New Hampshire are attracting highly educated, homebuying newcomers seeking stability and lifestyle. Gen Z has become the most mobile generation, driving moves based on flexibility and opportunity. (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 Berger Singerman's Geoffrey Lottenberg on navigating the legal implications of AI in mortgage and lending processes.)

Employment; “behind the scenes” partner

_________________________________________________

Movement Mortgage continues to attract experienced originators across the country, with 49 loan officers joining the company in early 2026, including 17 “returning boomerangs.” The momentum reflects Movement’s focus on strengthening its technology while staying true to the culture the company was founded on. Want to see what Movement’s all about? Join a virtual discovery call with members of the company’s leadership team Thursday, April 22 from 1:30–2:30 PM ET. Attendance is anonymous and only presenters will be visible. During the session, leaders will walk through the operational, marketing, and technology resources that support production and help loan officers build long-term growth. Register here to learn more about growing your legacy with Movement.

“Logan Finance just delivered a record-breaking March: over $500M in new business in a single month. Wholesale Non-QM Account Executives with 6+ months of tenure are averaging $19M in submitted volume and $11M in closed volume. The momentum is real, and the platform is built to scale. That’s why Logan is actively seeking established Correspondent and Wholesale AEs with long-standing relationships who are ready to capitalize on a growing non-QM division. With available/assignable accounts, competitive pricing, elite operations, and a newly launched presence in LoanNEX for streamlined non-QM product pricing and delivery, the infrastructure is in place. Additionally, Logan will be partnering with ARIVE, and we expect to be a premier partner on the platform by June. Interested in joining “The Agency of Non-Agency®️”? Send your resume for immediate consideration. Logan Finance Corporation | NMLS #127722”

Mortgage lending remains one of the most effective ways for community banks and credit unions to grow relationships, increase wallet share, and improve profitability. With the right partner, it doesn't have to be risky, costly, or complicated. Gershman Mortgage has worked behind the scenes with community institutions since 1955, providing technology, experienced staff, and a full suite of mortgage solutions (conventional, FHA, VA, USDA, jumbo, and non-QM) without the overhead of building it yourself. Your borrowers stay your borrowers. We just make sure the loans close. Ready to explore what a partnership could look like? Contact Patrick Fox or visit here. NMLS #138063 | For licensing information, go here. | Equal Housing Lender.

ACC Mortgage is expanding its national wholesale team and hiring experienced Non-QM Account Executives who want a platform that can truly support their production. This is a well-capitalized lender with strong leadership, operational depth, and a track record of helping AEs grow real volume in the non-QM space. As the oldest non-QM lender in the marketplace, the company brings unmatched experience and stability to brokers and partners nationwide. The role is fully remote and relationship focused, giving you the ability to build and manage broker partners through calls and email while leveraging a strong CRM and marketing engine that keeps deals moving. Compensation is performance-driven with uncapped earnings, plus transition support designed to help you ramp quickly and confidently. If you are ready to plug into a lender that matches your hustle, reach out today.

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

_________________________________________________

March is supposed to come in like a lion and go out like a lamb. Mortgage rates did the opposite. Optimal Blue’s March Market Advantage report shows the OBMMI 30-year conforming fixed rate starting the month below 6% and ending at 6.35%, yet borrower activity still held up. Total lock volume rose 13% month over month and 26% year over year, driven by a 38% jump in purchase activity as the spring market gained momentum. On the secondary side, lenders adjusted as rates rose, with cash window executions increasing and MSR values moving higher. Get the March report here.

Planet agency sub-servicing delivers performance, control, and consistency. In today’s market, MSR investors need a partner who can protect cash flow, support recapture, and navigate rising default risk. Planet’s platform combines operational certainty with responsive execution, supported by proactive borrower engagement, strong default management, and transparent reporting. The result is clear visibility into portfolio performance, minimal transfer disruption, and borrower relationships that remain intact. When evaluating sub-servicing partners, the focus should be on the servicing factors that support your strategy. We welcome the opportunity to discuss what matters most to your portfolio. Connect with Caitlin Moynihan at (917) 399-5135 or visit here.

Get an inside look at how today’s homebuyers view the market through ServiceLink’s sixth annual State of Homebuying Report. This comprehensive report gives you unique viewpoints from those who purchased a home in the last two years, as well as perspectives from 500+ loan officers surveyed. Providing insight into buyers’ wants, needs, expectations, and motivations when shopping for a home, the report has made clear: borrowers are seeking simplicity, affordability, transparency, and clear communication within the process. To get a more in-depth look into the psychology of today’s borrowers, download the report.

PlainsCapital Bank National Warehouse Lending, a subsidiary of Hilltop Holdings (NYSE: HTH), offers funding for multiple mortgage products and programs with little to no additional requirements. FNMA HomeStyle, FHA 203K Full, Limited, and USDA Rural Housing renovation loans. Mortgage Revenue Bond and DPA loans with extended dwell times. Sub Limits for lower FICO scores, manufactured homes, renovation, construction and other unique mortgage products and programs. With over 30 years’ experience and a well-capitalized diversified financial holding company, we provide our customers with confidence to meet their loan funding needs. If you are attending the TMBA Annual Conference in Austin, TX and interested in learning more about PlainsCapital Bank National Warehouse Lending please contact Brent Amos or Deric Barnett.

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.

A couple webcasts of note happening soon

_________________________________________________

“AI in mortgage is everywhere, but where is it truly delivering results, and where is it still just hype? Join JazzX AI on Monday, April 20th at 1PM ET / 10AM PT for our webinar, AI in Mortgage: From Pilot to Production – How Leading Lenders Are Deploying AI Today. We’ll be joined by industry leaders to explore how they’re prioritizing AI initiatives, measuring ROI, and transforming early pilots into real impact. Expect honest insights on what’s working, what’s not, and how teams are approaching time-to-value as adoption accelerates. Save your spot today to learn how leading lenders are putting AI to work.”

On today’s The Big Picture at 3:00 PM ET, Chase Gilbert, CEO of Built, will discuss the future of construction lending and mortgage infrastructure. The conversation focuses on scaling operations, managing risk, and modernizing lending through technology.

Tomorrow’s Last Word at 1:00 PM ET, Sponsored by TRUE, has a weekly roundtable that breaks down market signals, agency developments, and where the industry succeeded or failed. The discussion focuses on separating real insight from reaction as the market evolves.

STRATMOR on “Who ‘Owns’ the Borrower?”

_________________________________________________

In his latest CX Tip, STRATMOR Group Director of Customer Experience Mike Seminari addresses a theme that continues to surface across the industry: Who owns the borrower? Building on perspectives recently shared by MISMO president Brian Vieaux in the Chrisman Commentary, and by STRATMOR Senior Partner Garth Graham in a recent podcast, Mike points out that control of the transaction, the MSR, or even the data doesn’t equate to lasting loyalty.

Instead, he challenges lenders to rethink their role beyond the moment of origination and focus on delivering consistent, thoughtful value over time. In a market where borrowers are navigating multiple touchpoints and influences, the winners won’t be those who assume ownership, but those who earn it by investing in earning trust, relevance, and engagement at every stage of the journey. Be sure to check out, “The Borrower Isn’t Yours to Own — But the Relationship Is Yours to Earn.”

Capital markets: Beige Book tells a story

_________________________________________________

When bid/ask spreads on TBA trades are elevated and liquidity in certain coupons runs thin, the cost of pairing out of a hedge can quietly erode margin. MCT's blog post, Assignment of Trade (AOT) Executions 101, provides a clear breakdown of how the tri-party process works, how best execution calculations factor in bid/ask savings, and how full automation via MCT Marketplace has made AOTs accessible for lenders of any volume. By exploring how AOT executions affect cash flow in both rising and falling rate environments, from accelerating settlement when trades are in the money to managing mark-to-market thresholds when they're not, the post offers a practical framework for lenders looking to reduce hedge costs and stay competitive. Sign up for MCT's newsletter to stay up to date with the latest secondary market strategies.

Lenders have to do something with those FHA & VA loans, right? Ginnie Mae’s mortgage-backed securities (MBS) portfolio outstanding grew to $2.91 trillion as of March 2026. In addition, Ginnie Mae issued $46.1 billion in total MBS, resulting in net portfolio growth of $4.16 billion. Ginnie Mae facilitated the pooling and securitization of more than 150,000 loans for first-time homebuyers year to date. Key highlights from the March issuance include: $44.5 billion in Ginnie Mae II MBS, $1.5 billion in Ginnie Mae I MBS, including $1.4 billion for multifamily housing loans, and the pooling and securitization of loans for more than 128,000 American households, including over 49,000 first-time homebuyers.

Markets are relatively calm, but for lack of a better term, a bit "strange." The ceasefire is holding, stocks are doing great (the S&P 500 just hit another record, and the NASDAQ has been on a long winning streak), and oil prices are unpredictable. Meanwhile, mortgage rates aren’t really reacting much, sitting on the sidelines watching everything else move. Unlike Tuesday, when rates moved enough to trigger a decent amount of trading activity, yesterday didn’t give investors much conviction to act. The one exception? Ginnie Mae 6.5 percent MBS is becoming expensive and difficult for some traders to buy back, which is creating some unusual pricing dynamics.

The Federal Reserve’s Beige Book reported that Economic activity is growing modestly but unevenly, as uncertainty surrounding the Middle East conflict is keeping businesses cautious about hiring, investment, and pricing. There’s resilient higher-income spending amongst consumers but increasing strain among lower-income households and softer housing demand due to higher mortgage rates. Labor markets remain stable with limited hiring and modest wage growth, and firms are relying more on temporary workers and productivity gains to manage costs, even as inflation pressures persist, led by rising energy prices and broader input costs that are squeezing margins. Economic data released yesterday (import and export prices increased notably in March, while the April Empire State Manufacturing survey showed renewed manufacturing growth) had no meaningful impact on price action.

Today’s economic calendar kicked off with April’s Philadelphia Fed survey, as well as weekly Jobless Claims (207k, continuing with the “low hire, low fire” thinking, 1.818 million continuing). Later today brings March Industrial Production and Capacity Utilization, some short-duration Treasury auctions and buyback operations, and remarks from Vice Chair for Supervision Barr and Governor Bowman. After weekly jobless claims Agency MBS prices are roughly unchanged from Wednesday’s close, the 2-year is yielding 3.76, and the 10-year is yielding 4.28 after closing yesterday at… 4.28 percent.

The Secret to a LONG Life… Whether You Like It or Not!

An 80-year-old man went to the doctor for a checkup, and the doctor was amazed at how fit he was.

He asked, “What’s your secret to such great health?”

The old man replied, “I’m a golfer… That’s the key! I’m up before sunrise every day, walking the fairways.”

The doctor nodded. “That definitely helps… but there must be more. How old was your father when he passed away?”

The old man said, “Who said my father’s dead?”

The doctor blinked. “Wait… you’re 80 and your father is still alive? How old is he?”

“He’s 100, and he was out golfing with me this morning. That’s why he’s still going strong: he’s a golfer too!”

The doctor, now intrigued, said, “Alright… what about your grandfather? How old was he when he died?”

The old man replied, “Who said my grandpa’s dead?”

The doctor sighed. “You’re 80 and your grandfather is STILL alive? How old is he?!”

“He’s 118.”

Now completely frustrated, the doctor said, “Let me guess… he went golfing with you this morning too?”

The old man said, “No… Grandpa couldn’t make it today… he got married.”

The doctor stared in disbelief. “Married?! Why would a 118-year-old man want to get married?!”

The old man shrugged and said, “Who said he wanted to?”

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.

qoɹ

(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.)