Apr. 22: Hedge mgt., LO jobs; MBS execution, AI, DSCR, processing, HELOC products; Hedge funds, Treasuries, & mortgage rates

It’s a dog eat dog world out there. You gotta stay up on the news. Baltimore homes being stolen? Yup. As noted yesterday, today we have 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. Rumors run the gamut from “operationalizing” VantageScore to moving control of the FHA & VA programs under Pulte and the FHFA. Meanwhile, the capital markets have a lot on “their” mind, and I received this note. “Rob, I’ve heard that hedge funds own a record percentage of U.S. Treasuries. Does that impact mortgage rates for my borrowers?” Anything impacting supply and demand of fixed-income securities can impact mortgage rates. Per Apollo, you are correct: $6 trillion, or 8 percent of the outstanding debt of our federal government is owned by companies that use complex trading and risk management techniques. U.S. stocks have reached record highs despite the ongoing war with Iran, an oil shock, and warnings of sluggish economic growth. Perhaps investors view the conflict as temporary and expecting resolution, with investors also showing confidence in tech stocks. The stock market is always trying to price what the world is going to look like months from now. Its dog eat dog among hedge funds, and if they collectively think a profit-making opportunity is disappearing, they’ll move quickly. (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 loanDNA’s Neil Sahota on how the mortgage value chain is being reshaped, from origination through servicing, and what that means for lenders trying to stay competitive.)

Employment

_________________________________________________

An established, well-funded Company is seeking a seasoned mortgage capital markets professional to spearhead the creation and management of an outsourced hedge execution desk, primarily focused on TBA and whole loan trading for mortgage lenders. This is a well-compensated opportunity to design, lead, and scale a standalone business unit serving multiple lender clients and to design and launch an outsourced hedge execution platform delivering hedge recommendations, trade and whole loan execution services, develop the operational framework, trade protocols, and client service model, leverage deep market insight to execute trades, utilize investor relationships, establish, manage and maintain broker-dealer and investor relationships and negotiate efficient execution structures, utilize third-party analytics, dashboards, and risk reporting tools, act as the principal consultant and trading lead for early-stage clients, with potential to expand into a recurring revenue line. For a full job description, contact me, or send a resume and an overview of your preferred engagement structure to me.

Thinking about what’s next in your career? Don’t wait. Loan originators ready to grow and thrive will find the support they need for life at Motto® Mortgage. When you join a Motto office, you get closer control over your deals, access to diverse loan products, and flexibility without the corporate pressure. Now’s the time to plug into a nationally recognized brand and network that empowers your potential with the right tools and supports your career growth, for life. Ready to level up your career? Motto Mortgage brokerages are hiring loan originators across the country. Take the first step.

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.

Lender and broker products & services

_________________________________________________

While some vendors continue to spin their productivity wheels in the past, Floify is fast-forwarding the POS experience with Dynamic AI, a native feature that extracts and pre-fills borrower data from uploaded documents, freeing your LOs to focus on relationships. Smart automation inside keeps loans moving forward without manual intervention while Dynamic Apps 2.0 lets lenders preconfigure their POS for any loan type (HELOC, non-QM, construction, ag) so it’s your way, without a dev queue or vendor delay. No bolt-ons. No workarounds. Just opportunity unleashed. The result? An 84% efficiency increase and loans reaching clear-to-close 7.5 days faster. Plus, unlike rigid POS systems, Floify helps you keep your brand front and center. Meet Floify at Housingwire’s The Gathering or TMBA’s Annual Convention to learn more, or contact Floify today. With Floify, it’s your way, built in.

Think your AI can fix messy market data? AI-driven origination starts with inputs you can trust. Join the webinar, Why Better Market Data Is the Foundation of AI-Driven Origination, to see how lenders use Optimal Blue Data Solutions to normalize market data, benchmark strategy and performance, track competitive pricing, and act in real time, with examples you can apply immediately. Learn what “better” data means, including coverage, accuracy, timeliness, and consistency, and how those fundamentals improve outcomes today and fuel AI decisioning tomorrow. Hear insights from Brennan O’Connell, director of data solutions, and Cory Jones, PPE solutions specialist. April 23 at 2 p.m. CT. See how a single source of truth can reduce reconciliation, strengthen reporting, and give leaders confidence across the enterprise in every decision. Register for the webinar now.

Repurchase demands rarely stem from a single major error. More often, they result from small data and documentation gaps that compound quietly across the loan lifecycle. A recent blog from ICE Mortgage Technology examines how automated file audits can shift lenders from reactive quality control to proactive risk prevention. Topics covered include the root causes of repurchase risk, how automated documentation and data consistency checks stop defects before they escalate, and why a complete audit trail matters when investors come calling. The piece also explores how the ICE Mortgage Analyzers are helping Encompass® customers reduce cure times and limit buyback exposure. Read the blog now.

SettlementOne: Built for What’s Next in Credit Scoring. FHFA’s approval of VantageScore® 4.0 for loans sold to Fannie Mae and Freddie Mac gives lenders a new credit-scoring option. This is reshaping how lenders think about credit and now is not the time to be caught behind the curve. SettlementOne already supports both FICO® 10T and VantageScore® 4.0, giving clients the flexibility to scale confidently as implementation details unfold. Backed by more than 25 years of credit reporting expertise, SettlementOne delivers faster verifications, streamlined workflows, and the operational depth lenders need to perform at peak efficiency. Contact Cheryl to learn more.

NFTYDoor’s fully digital HELOC platform is now independent and ready to serve you directly. It combines a 600+ FICO / 90% CLTV / $25K–$750K buy box with a fully managed origination model; underwriting, processing, closing, and title all handled for you, with no capital, no tech build, and no ops lift required, allowing brokers to be live the same day. What stands out is its hospitality-grade service on every loan, blending AI-driven speed with real human support to deliver some of the highest conversion rates in the industry. The platform offers a one-minute application, instant decisions, and an average six-day close with same-day funding available for qualifying loans, all within a 100% B2B model so there’s no D2C competition for your borrowers. For correspondent partners, white labeling is available along with a fully embedded warehouse line. For shops waiting to enter home equity, this is as turnkey as it gets. Get started at nftydoor.com/home.

Big spring pipeline? Is your loan processing ready for it? Well, look no further than wemlo, a loan processing provider that is really, really dedicated to delivering a smoother, smarter experience for you and your borrowers. Processors at wemlo handle the behind‑the‑scenes hustle: prepping files, keeping things organized, and moving your pipeline forward. That means you get to spend more time building your business and less time wrangling documents. And with no subscriptions, no minimums, and a processing team that folds seamlessly into your operations, wemlo is there when you need support (and standing by when you don’t). Ready to turn spring volume into closed deals with processing that keeps pace? Book a wemlo demo today. NMLS ID 1853218

Verus Mortgage Capital is helping lenders prepare for growth with confidence as Q2 volume approaches. In a market where timing and alignment matter more than ever, Verus delivers consistency across Investor Lending and DSCR programs, paired with a disciplined approach to secondary market execution. Its focus is simple: give partners the clarity and reliability they need to scale production without second-guessing their takeout strategy. With deep expertise in non-QM and a strong pulse on secondary market dynamics, Verus helps originators stay competitive while managing risk. As the industry looks ahead to renewed opportunity, alignment between origination and execution is key, and Verus is built to support both. If you’re heading to the Secondary Capital Markets Conference in New York next month, reach out to Jeff Schaefer, EVP – National Sales (202-534-1821) to schedule time with the Verus team and start building momentum for the quarter ahead.

Miss the recent webinar on AI in mortgage? JazzX AI had a candid conversation with lenders from PRMI and Revolution Mortgage on what it really takes to move from pilot to production. Hosted and moderated by JazzX AI, the discussion highlights how lenders are moving beyond point solutions to drive real results across the loan lifecycle. Think real talk on ROI, cost per loan, and what’s actually working versus hype. If AI is on your roadmap, this one’s worth a watch. See it now.

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.

Mastermind Summit approaches

_________________________________________________

If you've been in the mortgage industry over the past few years, you already know the market keeps getting tougher, more competitive, and more demanding. The difference between surviving or thriving comes down to the decisions you make right now. If you’re just waiting around for the market to improve, nothing will change. If you attend the Mastermind Summit, you will learn powerful, proven strategies that create real results regardless of market conditions. This year’s lineup of industry experts will show you step by step how to harness AI to generate high-quality leads, turn your database into a consistent revenue stream, build stronger realtor partnerships that last, and develop the leadership needed to scale your team with confidence. Make the decision to attend the Mastermind Summit 2026 in Las Vegas, June 24-26, and change the trajectory of your career and your life.

For those who think others have crystal balls, there’s the Q2 Housing Market Forecast: Southeast and Florida Outlook tomorrow, Thursday April 23, from 11:00 AM - 12:00 PM PDT.

Capital markets: the Fed isn’t in a position to cut rates

_________________________________________________

In today’s volatile mortgage market, speed, precision, and transparency aren’t just advantages, they’re necessities. Join Agile on May 1st at 10AM PT for its webinar on How Agile is Powering the Next Generation of MBS Execution to learn how lenders can modernize TBA and MBS pool execution through automation. Greg Vacura, president of Agile, along with a team of panelists will review how automation is delivering improved price consistency and operational efficiency, while Agile’s enhanced TBA bidding interface delivers customizable usability alongside transparency and execution performance. This webinar will also discuss how centralized, automated systems can effectively eliminate settlement errors and streamline workflows from setup through trade award. Register for the webinar or schedule a meeting with Agile at the upcoming MBA Secondary conference to learn more.

Panoramic Capital Academy is nearing the conclusion of its fourth semester, with (all told) 140 students having completed Panoramic’s coursework. (The spring 2026 cohort will graduate our Masterclass in the coming weeks.) Panoramic offers the mortgage industry’s only formal, accredited coursework specifically detailing the nuts and bolts of mortgage capital markets from rate sheet creation through MSR portfolio attribution. The curriculum provides students with the opportunity to learn in detail what is under the hood of lender operations, accompanied by podcasts, learning assessments, detailed projects, discussion questions and more. The next Masterclass begins August 30, and the Executive Course kicks off September 6! We greatly appreciate your referrals and encourage you to reach out with any questions or feedback as we begin to plan for the next semester.

The markets are cautiously optimistic as U.S.-Iran peace talks appear back on track, with Tehran signaling participation and investors increasingly pricing in an extension of the current ceasefire rather than a near-term resolution. Oh wait, that’s old news. President Trump signaled he’s unlikely to extend a two-week ceasefire with Iran that’s set to expire today, while Tehran is yet to confirm it will participate in new talks to end the war. Amid the hoopla, Treasury yields have been stable, resilient risk assets, and oil prices have been holding in a relatively contained $85-$90 range, suggesting confidence that worst-case scenarios have not materialized. While a comprehensive peace agreement remains unlikely in the near term, markets are effectively anchored to a base case of incremental progress and temporary stability, even as the situation remains fluid and subject to sudden shifts.

Treasuries held their ground yesterday in immediate reaction to the March Retail Sales report (up 1.7 percent month-over-month), which beat 1.3 percent expectations, largely “thanks” to higher gas prices. Consumer spending appears supported for now, even amid higher energy costs, with inflation risks tied to fuel prices remaining uncertain depending on whether those pressures persist or fade. Despite resilience in the face of persistent inflation, consumer expenditures may begin to wane should price pressures outpace wage growth.

Fed Chair nominee Kevin Warsh’s confirmation hearing yesterday was one of the more contentious such hearings in decades, with Warsh facing questions on issues including the independence of the Fed, his reputation as an inflation hawk, and the controversial Department of Justice investigation into the central bank’s building renovation project. Warsh repeatedly emphasized that he had made no promises to President Trump on rate cuts and defended the Fed’s independence, while also criticizing the central bank’s past policy framework and signaling openness to significant reforms, including changes to how the Fed communicates policy and approaches inflation. His appointment is unlikely to materially alter the near-term expectation of policy stability (or the recent range-bound nature of rates), though investors will continue closely watching for signals on his longer-term stance, particularly regarding rate cuts and balance sheet strategy. 

Today’s economic calendar kicked off with mortgage applications from MBA, which rose 7.9 percent for the week ending April 17, driven by a 10 percent increase in purchase activity and a 6 percent gain in refinances, with both segments showing strong year-over-year growth. The uptick was supported by declining mortgage rates, as the 30-year fixed fell to 6.35 percent amid easing market concerns tied to a Middle East ceasefire and lower oil prices. Later today brings remarks from Fed Governor Waller and a $13 billion 20-year Treasury bond reopening, though markets will likely remain more focused on geopolitics, Fed expectations, and broader risk sentiment. We begin the day with Agency MBS prices little changed from Tuesday’s close, the 2-year yielding 3.76, and the 10-year yielding 4.27 after closing yesterday at 4.29 percent.

From the East Coast Mike M. asks and answers, “What do you call a fake ziti noodle? An impasta!”

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.)