Dec. 26: LO jobs; non-QM, DSCR, pricing engine products; investor's conv. conforming news flow continues
Did you know that the average age of a real estate agent, per the NAR, is 87? Okay, I’m just kidding. (Hey, the day after Christmas, before the weekend… there are probably 18 people reading this, so I could have gotten away with that one.) It’s in the 60’s. But for those originators or sales people who want to know their customer and who’s out there buying, the NAR has some decent stats for you to peruse. Are there Rocket Mortgage billboards promoting free Redfin leads any time Cleveland beats the Suns? (JK again.) But welcome to the future of mortgage origination, where companies that control the “top to the bottom of the funnel” rule the United States lending market! First lender to engage the borrower wins. All it takes is awesome APIs, seamless automation, great marketing, and a few capable LOs willing to earn 50bps comp. If that doesn't work... Just buy servicing and then buy more servicing. Low-cost recapture will determine who does the consolidating and who gets consolidated. And there's gonna be consolidation. (The podcast will be taking a short break; Wednesday’s can be found here and this week’s are sponsored by Gallus Insight, which is transforming employee analytics into actionable insights. Gallus’ ROI tool for learning and development activity is the most powerful in the world, and also the easiest to use. Hear a talk between Robbie and me on the holiday spirit, industry seasonality, financial modeling, inflation, and tales from Christmas past.)
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“Evergreen Home Loans™ is growing… and so is opportunity. We began 2025 licensed in 10 states. By year’s end, we’ve expanded into 24 states, adding 14 new markets and continuing to bring Evergreen’s people-first, relationship-driven lending model to more communities nationwide. And we’re not slowing down. Big plans are already in motion for 2026, with targeted expansion into Utah, Oklahoma, Missouri, Iowa, Minnesota, Michigan, Wisconsin, and Indiana. If you’re a loan officer or branch manager looking for a company that invests in growth, support, and long-term success, now is the time to connect. Discover what’s possible with Evergreen. Visit discoverehl.com or contact Todd Miles, EVP of Production Growth, to start the conversation.”
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.
Lender and broker services, products, and software
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In an open letter reflecting on a landmark 2025, Polly Founder and CEO Adam Carmel shares a powerful message of gratitude and strategic evolution. The company has spent the past year leading the market in enterprise innovation and Generative AI, continuing to demonstrate that the era of stagnant, legacy tech is over. This is more than a milestone report; it's a call to action for an industry at a crossroads. Carmel reflects on the profound impact and shared success achieved alongside Polly's customer partners, and looks ahead to a 2026 centered on intentional innovation and new product frontiers. Whether you're a long-time partner or industry observer, this letter offers a transparent look at the future of capital markets technology. Read the full open letter to explore Polly's 2025 milestones and their bold vision for the year ahead.
52 percent of non-QM securitized loans are DSCR. Is your process keeping up? With Asurity’s Propel™, lenders generate complete DSCR loan packages in minutes: fast, compliant, and scalable. Propel handles DSCR-specific fields, calculations, and disclosures while staying aligned with changing state regulations, so your team can close more deals without adding operational complexity. Built on deep regulatory expertise, Propel helps lenders accelerate approvals, stay compliant, and win more investor business. Get the DSCR solution sheet.
“As 2025 comes to a close, eRESI would like to extend our sincere appreciation to our sellers, partners, and employees for an incredible year of growth. Together, we surpassed major milestones, including purchasing over $16 billion in loans. We became the first major non-QM Investor to integrate with Encompass Investor Connect and the exclusive non-QM Investor on the Chrisman Marketplace. Building on this momentum, we’re more committed than ever to helping lenders gain the EDGE to succeed in 2026, with ongoing support from our product, credit, and pricing teams, plus sharpened strategy tools and new marketing-driven growth sessions with our sellers. eRESI is here to help you capture non-QM market share as the housing landscape evolves. We’re your EDGE today and tomorrow. Contact us.”
Have you noticed that the loan officers who consistently rise to the top usually have one thing in common? They stay personally connected. In a business full of platforms and shiny new tech, the real advantage is still the human touch. Borrowers remember the LO who checked in, followed up, and acted like a real partner. The right technology should make it easier to reach out, not harder. It should surface the right people at the right time so you can have real conversations, the kind that leads to applications, referrals, and long-term loyalty. That’s the idea behind Usherpa. Instead, Usherpa prides itself as being a Relationship Engagement Platform built to help LOs stay visible, relevant, and genuinely connected. If you want to sharpen your daily rhythm, Usherpa has a guide on Top Producer Habits in 2026. It’s worth a look.
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.
Conventional conforming news from investors never ceases
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Yes, large investors and wholesale buyers follow agency guidelines. They’ve felt market share pressure from the non-QM and non-Agency sector in terms of prices and guidelines. Yet the market still follows Freddie and Fannie with their gfee hits (https://www.fhfa.gov/document/gfee-report-2024.pdf or https://www.fhfa.gov/reports/single-family-guarantee-fees/2024).
Fifth Third Correspondent Lending Communiqué Edition 2025-6-12.3.25 has the following topics: 2026 Loan Limits, Overnight Rate Protection Change, Early Payoff Policy Update for Principal Curtailments, Agency VLIP Expiration, and Final Documents Delivery Address Reminder.
Fannie Mae announced Selling Guide changes addressing multiple topics including representation and warranty relief for undisclosed non-mortgage liabilities, single-closing construction-to-permanent loans, and minimum credit score requirements. See AmeriHome Mortgage Product Announcement 20251201-CL for details.
AmeriHome Mortgage issued Product Announcement 20251202-CL reminding Sellers that the Fannie Mae and Freddie Mac (GSEs) Very Low-Income Program (VLIP) credit will expire on February 28, 2026. The last day for AmeriHome to purchase a Mortgage Loan with a VLIP LLPA credit will be January 15, 2026.
Effective December 8, 2025, PHH Mortgage began accepting new locks for both Mandatory and Best-Efforts delivery that meet the Federal Housing Finance Agency (FHFA) 2026 loan limits. View the PHH company library to view the announcement.
Effective for all Best-Efforts Commitments taken on or after Friday, December 12, 2025; Pennymac updated Conventional LLPAs and non-QM LLPAs. View Announcement 25-128
for details.
National MI announced updates to the TrueGuide® reflecting the following changes and clarifications: minimum credit score requirements, GSE Conforming and High Balance/Super Conforming loan limit increases, Jumbo and Medical Professional Program loan limit increases, Delegated Authority Limit, and AUS and Non-AUS Loans.
PHH Mortgage announced updates to self-employed tax transcript requirements for Conforming and Government Products. View the PHH company library to view the announcement details.
Pennymac updated Conventional LLPAs effective for all Best-Efforts Commitments taken on or after Wednesday, December 17, 2025. View Announcement 25-130.
Pennymac announcement 25-133 is a reminder of the deadline submission for Fannie Mae HomeReady and Freddie Mac Home Possible temporary down payment assistance ($2,500) for very low-income purchase borrowers (VLIP).
Citi Correspondent Lending Bulletin 2025-13 describes 2026 Conforming loan amount changes new Community Lending Matrix notice.
Newrez Correspondent added new product codes to the Smart Edge and Smart Self products to support Texas 50A6 loans. Updates are effective immediately, including pipeline loans.
Newrez Correspondent is retiring $2500 VLIP Grant for the HomeReady PLUS and Home Possible PLUS products. In order to meet the agency delivery deadline, all loans with a VLIP Grant must be purchased by Newrez on or before January 30, 2026. The Income Requirements and Limits section of the product summaries have been updated with the final purchase date.
Capital markets: do we believe in any government #’s anymore?
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Before Wednesday’s early close, we learned that third-quarter GDP surprised to the upside at 4.3 percent, supported by resilient consumer spending and an improved trade balance, even as both residential and non-residential investment weakened under the weight of elevated inventories and soft pricing. Inflation measures also reaccelerated, with core PCE rising to 2.9 percent, keeping price pressures uncomfortably above the Fed’s target.
With front-end rates expected to drift lower as policy normalizes and the Fed maintains flexibility amid data distortions from the shutdown, risk assets remain supported, particularly for higher-income households benefiting from the wealth effect. Thin holiday liquidity has amplified price moves, while global bearishness in other developed bond markets has capped Treasury rallies, even as a persistently positive term premium continues to support demand for longer-dated Treasuries.
The policy debate has shifted to focus on labor conditions as the decisive input for monetary policy and expectations coalescing around a cautious Fed that is likely to hold rates steady in January while reassessing the path forward. And labor market indicators are diverging: initial jobless claims fell to 214k, well below expectations, but continuing claims climbed to 1.92 million and the unemployment rate rose to 4.6 percent, its highest level since the pandemic.
Rising unemployment is pushing recession indicators closer to warning levels, underscoring a growing disconnect between asset-market strength and the pressures facing large segments of the household sector as investors look ahead to 2026. Stability has been reinforced by the Treasury Department’s reliance on bill issuance, expectations that future auction increases will remain front-end focused, and evidence of solid demand such as this week’s well-received $44 billion 7-year note sale.
Freddie Mac released its Primary Mortgage Market Survey for the week ending December 24, with the 30-year rate falling 3-basis points to 6.18 percent, also within 1-basis point of the year-to-date low, and the 15-year rate rose 3-basis points to 5.50 percent. From a year ago, rates are 67-basis points and 50-basis points lower, respectively.
As markets return today after Christmas, there are no data or events scheduled. We begin this post-Christmas Day Friday with Agency MBS prices unchanged from Wednesday’s Christmas Eve close, the 2-year yielding 3.50, and the 10-year yielding 4.13 after Wednesday's early close at 4.14 percent.
Did you ever wonder why there are no dead penguins on the ice in Antarctica? Where do they go?
Wonder no more!
It is a known fact that the penguin is a very ritualistic bird which lives an extremely ordered and complex life. The penguin is very committed to its family and will mate for life, as well as maintain a form of compassionate contact with its offspring throughout its life.
If a penguin is found dead on the ice surface, other members of the family and social circle have been known to dig holes in the ice, using their vestigial wings and beaks, until the hole is deep enough for the dead bird to be rolled into, and buried.
The male penguins then gather in a circle around the fresh grave and sing:
"Freeze a jolly good fellow."
"Freeze a jolly good fellow."
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, “Artificial Intelligence in Mortgage Lending.” 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 2025 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.)