Apr. 21: VOA, processing, DPA, non-QM, broker products; Lender 2025 volume rankings; attorneys & legal risk; assessing AVM risk

Thank you to everyone who wrote to me yesterday, celebrating “420 Day,” synonymous with marijuana. Celebrate "Surprise Drug Test Day” to you all today. If you’re looking for something to celebrate tomorrow, how ‘bout a press conference with HUD Secretary Scott Turner and U.S. Federal Housing Director Bill Pulte announcing “a significant development in the U.S. housing finance system” at 12:45PM ET. Let’s hope it’s not about 50-year or assumable mortgages, or about legally pursuing someone on the U.S. Federal Reserve. (I am sure the announcement will be a topic to discuss with Greg Sher on the L1 show tomorrow at 11AM PT.) Speaking of the Federal Reserve, and its Open Market Committee, it is back in the news. U.S. Federal Reserve Chair Jerome Powell has expressed concern about the rapid rise of U.S. government debt, which has reached $39 trillion, or 125 percent of GDP. Powell warns that the debt's growth, outpacing the economy, is unsustainable and could lead to a crisis where the safety of U.S. assets is questioned. Is anyone in Washington DC listening? (Today’s podcast can be found here and this week’s ‘casts are sponsored by Experian Verify, a comprehensive income and employment verification solution for mortgage lenders. By uniting instant payroll data, permissioned access, and research verification in one seamless experience, Experian Verify helps lenders reduce friction, accelerate decisions, and confidently verify every U.S. worker. Today’s has an interview with Cardinal Financial’s Brian Hurd on builder sentiment this spring, the push for attainable housing, key affordability challenges, and the market forces and development trends likely to shape housing in the coming months.)

Wholesale and correspondent product & corporate news

_________________________________________________

Homebridge Financial Services, Inc., one of the nation’s largest privately held non-bank mortgage lenders, has officially signed an agreement to merge with an affiliate of Saluda Grade, a premier independent alternative investment firm (founded in 2019 with approximately $4.4 billion in assets under management). This powerful partnership marks a major leap forward, positioning the combined platform for explosive growth, particularly across the rapidly expanding Non-QM and HELOC space. The executive and management team at Homebridge are continuing with the company. Homebridge and REMN Wholesale will keep their full teams intact, ensuring continuity while unlocking next-level scale, innovation, and market leadership. Introducing HELIX, The Future of Digital Mortgage Lending! As part of this transformation, Homebridge and REMN Wholesale will be launching HELIX, a cutting-edge Digital mortgage lending platform that is miles ahead of anything currently in the market. Built directly from client feedback and engineered with a relentless focus on speed, automation, and elite customer experience, HELIX isn’t just an upgrade—it’s a complete reinvention of the digital mortgage process. This powerful new platform integrates home equity and first lien lending into one seamless ecosystem, dramatically improving both the borrower and MLO experience while driving unprecedented efficiency and scalability.

What Makes HELIX a Game-Changer? Proactive Risk Intelligence – Instantly identifies vesting complexities, undisclosed liens, and potential deal issues at application—before they become problems. Next-Level Workflow Automation – Streamlined, intuitive processes that accelerate deal flow, simplify documentation, and enhance collaboration. Seamless Integrations: Built-in connectivity for tax services, bank statement verifications, communication tools, and customer service platforms. Enhanced Transparency – Greater visibility into all loan data, automated valuation, income calculations, and full view to all communications for smarter, faster decision-making. Digital Debt Payoff – Fully integrated for an instant payoff experience for the borrower. With HELIX at the core, Homebridge & REMN Wholesale are primed to supercharge HELOC & Non-QM production, opening the door to new borrower segments, faster turn times, and significant volume growth. This is more than expansion… It’s a strategic move to dominate one of the fastest-growing sectors in lending. This merger + HELIX technology = a massive competitive advantage for our broker and lender partners. Contact your Homebridge Wholesale or REMN Wholesale Account Executive today to get ahead of the curve and experience the future of digital mortgage lending.

Expand Your Reach with Pennymac TPO’s non-QM Suite! Pennymac TPO’s new Non-QM Product Suite (DSCR, A+, A, & A-) offers flexible solutions to help capture business that traditional Agency guidelines leave behind. For self-employed entrepreneurs to first time and seasoned investors, our programs empower you to say “yes” more often. Our expanded lineup includes: DSCR, 12- or 24-months Bank Statements, 1- or 2-years Full Documentation, WVOE, 1-year 1099, and two Asset Based programs: Asset Depletion and Asset Qualifier. Grow your pipeline and provide modern lending solutions to a wider range of clients. Contact your Pennymac TPO Account Executive or become a partner today to get started. (Equal Housing Lender, NMLS #35953)

In today’s market, lenders need practical ways to grow volume, expand borrower access, and strengthen their competitive position. Click n’ Close offers one of the industry’s most comprehensive DPA platforms to help lenders reach more borrowers, increase approval rates, and close loans more efficiently. Featuring a diverse mix of grant, forgivable and repayable DPA options, the platform empowers lenders to customize financing strategies that improve affordability and support a wider range of borrower scenarios. If you’re attending the MBA Secondary & Capital Markets Conference in New York City, schedule a meeting with the Click n’ Close team onsite to learn how DPA can support your production strategy: DJ Ziggas, Susan Malpocker, or Felicia Wells. Whether your focus is growth, accessibility or gaining a competitive edge, their team can guide you through practical solutions tailored to today’s lending climate.

Products, services, and software for brokers and lenders

_________________________________________________

Lenders focused on efficiency last year, but the true opportunity lies in merging intelligence, speed, and trust for better results. With tighter margins and higher borrower expectations, the key is not just speed but a smart process. FirstClose’s upcoming webinar, “How MeridianLink Lenders Close Faster with FirstClose,” dives into how leading lenders are rethinking workflows, leveraging automation, and improving data visibility to stay competitive. From reducing cycle times to enhancing borrower experience, this session explores practical strategies you can apply today. If you’re a MeridianLink LOS user evaluating your current tech stack or looking for ways to scale without sacrificing quality, this conversation is worth your time. Register now.

Smart travelers don’t wait for issues mid-road trip. They check the tires before they start. The same preparatory approach is reshaping mortgage workflows, as more lenders realize that you can sometimes clear income and employment conditions before you even order a VOE. By starting the process with verification of assets, lenders gain valuable insight early. Using AccountChek®, direct-source bank and direct deposit data helps establish a clearer picture of the borrower upfront. The result: fewer follow-ups, lower verification costs, and loans that move more efficiently toward approval with cleaner data from the start. One client even found that more than 15% of the time, one AccountChek report satisfied both VOA and VOI/E requirements. Paired with GSE-accepted reports and automated delivery into underwriting systems, AccountChek helps lenders begin with confidence and keep loans moving. Explore how early asset verification with AccountChek can accelerate approvals.

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.

Risk is part of residential lending… how to manage it

_________________________________________________

Today we have Mortgage Law Today presented by Polunsky Beitel Green. MBA's Justin Wiseman and Loan Depot's Joe Grassi join Brian Levy, Loretta Salzano, and Peter Idziak for an inside look at the Legal Issues Committee (its mission, membership, and decision-making) plus a preview of LIRC in Miami, current hot topics (from AI-related inquiries to CFPB engagement), and how the MBA shapes policy and amicus efforts on issues like fair lending, HMDA, and LO compensation.

AVMs are everywhere, but the real friction is not the models; it's the confusion around how to trust them. Different confidence scores, different languages, and a lot of hidden complexity. Brian Vieaux outlines how MISMO’s Common Confidence Score introduces a simple, universal way to read that risk. One number, clearly understood. It seems like a small shift, but it has big implications for speed, cost, and decision-making across the mortgage ecosystem. Read the full article to see why it matters.

Who doesn’t like rankings?

_________________________________________________

Who is going to disagree that it is more important to be the most profitable… but that is tougher to measure. Overall, these volume rankings highlight a market where scale leaders drive massive volume, banks skew toward larger loan balances, and specialized lenders carve out distinct segments within the broader mortgage ecosystem.

In a quick overview, the latest mortgage production landscape is led by United Wholesale Mortgage at $164.3 billion, followed by Rocket Mortgage at $116.2 billion, with a notable drop to JPMorgan Chase at $59.4 billion and CrossCountry Mortgage at $49.1 billion, highlighting a clear bifurcation between the top two players and the rest of the market.

A second tier of large originators includes Bank of America ($35.7B), Pennymac Loan Services ($35.4B), U.S. Bank ($32.1B), Guaranteed Rate ($29.2B), and Wells Fargo ($28.4B), followed closely by a dense middle tier of nonbanks and banks such as Mortgage Research Center and CMG Mortgage (both ~$27.5B), Guild Mortgage ($26.9B), and loanDepot ($25.7B).

Beyond the top cohort, production becomes more fragmented, with firms like Fairway Independent Mortgage ($24.5B), Freedom Mortgage ($24.1B), DHI Mortgage ($23.4B), and NewRez LLC ($22.0B) anchoring the upper-middle segment, while a long tail of lenders (from regional banks and credit unions to IMBs and specialized platforms such as Morgan Stanley Private Bank ($11.7B), PNC Bank ($13.7B), Truist Bank ($11.8B), AmeriSave Mortgage ($3.5B), and Better Mortgage ($4.4B)) illustrates the breadth and diversity of today’s origination ecosystem.

Overall, the updated figures reinforce a market defined by scale concentration at the very top, a highly competitive and compressed middle tier, and a deeply fragmented lower tier where volume quickly tapers but participation remains broad across business models.

For those who just like the numbers… United Wholesale Mortgage ($164.3B), Rocket Mortgage/Quicken Loans ($116.2B), JPMorgan Chase Bank ($59.4B), CrossCountry Mortgage ($49.1B), Bank of America ($35.7B), Pennymac Loan Services ($35.4B), U.S. Bank ($32.1B), Guaranteed Rate ($29.2B), Wells Fargo Bank ($28.4B), Mortgage Research Center ($27.5B).

After the top 10 we have CMG Mortgage ($27.5B), Guild Mortgage ($26.9B), loanDepot ($25.7B), Fairway Independent Mortgage ($24.5B), Freedom Mortgage ($24.1B), DHI Mortgage ($23.4B), NewRez LLC ($22.0B), Citizens Bank ($20.9B), Lennar Mortgage ($19.9B), Movement Mortgage ($19.9B).

After that group are Navy Federal Credit Union ($18.5B), Citibank ($16.5B), New American Funding ($16.5B), The Loan Store ($14.3B), PNC Bank ($13.7B), Truist Bank ($11.8B), Morgan Stanley Private Bank ($11.7B), Union Home Mortgage ($11.4B), Kind Lending ($11.2B), Huntington National Bank ($11.1B).

Then Nationstar Mortgage ($10.0B), Paramount Residential Mortgage ($9.2B), TD Bank ($8.8B), American Pacific Mortgage ($8.7B), PrimeLending ($8.2B), Pulte Mortgage ($8.1B), Prosperity Home Mortgage ($8.0B), Fifth Third Bank ($8.0B), Mutual of Omaha Mortgage ($7.8B), Kiavi Funding ($7.8B).

Once again, a big thank you to the CFPB’s HMDA data as well as InGenius CEO Jeff Walton for this information. If you have questions or concerns, please email him.

Capital markets: let’s hope for Fed independence

_________________________________________________

Looking at the markets and macro trends, and supply and demand, life insurers and annuity providers are moving more retirement savings into higher-yielding private-market assets as firms such as Blackstone, KKR, and Apollo expand their influence. While the shift has boosted returns and competitiveness, regulators and industry leaders warn that it increases exposure to opaque, illiquid risks that may not be fully reflected in ratings. US insurers have been at the forefront, with holdings of riskier assets reaching $685 billion by the end of 2024.

Meanwhile, in the more public sector, “the Fed” has cut rates seven times (by 175 basis points) since September 2024 and has shifted somewhat from being reactive to proactive. A wide swath of economists, investment bank teams, and analysts believe that no cuts will occur in 2026, so if you like rates where they are, good. Looming over all of this is the U.S. budget deficit: the deficit needs to be funded and hasn’t come down, as was “promised.” Let’s face it: politicians are lousy at overall spending cuts. Just how the deficit is funded (long term or short-term debt) is up to the Treasury.

And now for your daily Middle East update: While Iran has signaled potential retaliation for the U.S. taking a ship over the weekend, and with the ceasefire appearing increasingly fragile, markets have shown notable resilience, treating the developments as a temporary setback as opposed to a fundamental shift in overall trajectory. Treasury yields remained range-bound to open the week, and equities surrendered only a fraction of last week’s gains, reflecting a continued baseline optimism that diplomatic efforts at the negotiating table in Pakistan may still yield progress despite the latest disruptions.

Agency MBS have been on a rally for the past few weeks, with the index gaining seven basis points in excess return last week alone and rebounding sharply from late-March lows. The rally has been supported largely by a continued decline in rate volatility, which is now down 43 percent from recent highs, helping reduce hedging costs and boost performance. Spreads have tightened across the stack, particularly in conventional 30-year and Ginnie Mae sectors, and overall valuations appear roughly in line with investment-grade corporates and slightly rich versus Treasuries; the 15-year sector stands out as relatively cheaper. Performance trends favor mid- and lower-coupon stacks, and despite subdued trading volumes, demand for short-duration assets remains firm, reinforcing a cautious positioning bias toward lower payups and capital preservation amid the ongoing market uncertainty.

Kevin Warsh’s Senate confirmation hearing to replace Jerome Powell as Federal Reserve Chairman is scheduled for today, and will be a tone-setting event in financial markets that helps address uncertainty around how monetary policy could shift under new Fed leadership. Warsh will be grilled on his stated Fed philosophies on a variety of different fronts (central bank independence, inflation and interest rates, balance sheet policy, regulation, etc.) and faces significant political headwinds.

Notably, NC Senator Tillis has threatened to block the nomination unless the administration drops its criminal probe against Powell. The current economy, barring a significant labor market deterioration, suggests that a Warsh-led Fed may not be the dove the Trump Administration wants; monetary policy decisions will remain data-dependent even if the new Chair is more dovish-ly predisposed than the Committee’s current stance. Should the confirmation process stall past the end of Powell’s term, Powell would remain in his seat until a successor is officially confirmed. 

Today’s economic calendar kicked off with March retail sales (+1.7 percent, better than expected, ex-auto +1.9 percent, ex-auto and gas +.6 percent). While expectations were for a modest gain based on recent high-frequency credit card data, the underlying reality is more nuanced. Retail sales are reported nominally, meaning they are not adjusted for inflation. Given that goods prices rose by 2 percent in March, and consumers paid more to fill gas tanks, the headline number will likely reflect higher costs rather than a meaningful increase in consumer demand. Accounting for these price hikes, real consumer spending may be softening; it should be, considering UMich consumer sentiment readings are at all-time lows. Later today brings February Business Inventories and March Pending Home Sales, which likely fell as the war and higher mortgage rates gave some home buyers cold feet. We begin Tuesday with Agency MBS prices slightly worse than Monday’s close, the 2-year yielding 3.76, and the 10-year yielding 4.27 after closing yesterday at 4.25 percent.

(Thank you to Terry R. for this one!)

On the first day of school, the children brought gifts for their teacher.

The supermarket manager's daughter brought the teacher a basket of assorted fruit.

The florist's son brought the teacher a bouquet of flowers.

The candy-store owner's daughter gave the teacher a pretty box of candy.

Then the liquor-store owner's son brought up a big, heavy box. The teacher lifted it up and noticed that it was leaking a little bit.

She touched a drop of the liquid with her finger and tasted it.

"Is it wine?" she guessed.

"No," the boy replied.

She tasted another drop and asked, "Champagne?"

"No," said the little boy… It's a puppy!"

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.)