Feb. 20: Marketing, LO jobs; fraud, retention, marketing tools; thoughts on assessing income; STRATMOR & org. structure; non-Agency updates

“I asked my pen why it never moves. It wrote, ‘Sorry, I'm stationary.’" (It’s cutting-edge humor like that which keeps readers coming back!) Pens? Mail-related check fraud never seems to go away, and the FBI reminds us that blue gel pens certainly help in reducing check fraud. “Rob, are you hearing that the increase in the popularity of artificial intelligence has led to an increase in mortgage fraud?” Yes, I have. It can be insidious… it may not show up until months or years have passed. Investors are becoming more and more wary. AI proponents say, however, that AI can be very good at detecting fraud. So, you decide. Few mortgage court cases ever make it to a jury to decide anything, but the industry is watching a class action lawsuit that alleges Rocket Companies and its subsidiaries illegally steered homebuyers to its in-house mortgage and title services. (Today’s podcast can be found here and this week’s ‘casts are sponsored by Optimal Blue. The only end-to-end capital markets platform built to power performance, precision, and profitability. Modern. Proven. Optimal Blue. Hear an interview with MAXEX’s Tom Pearce on the partnership with Tradeweb to create a more centralized, transparent, and scalable institutional marketplace for U.S. residential mortgage loans.)

Employment and transitions

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Gershman Mortgage is hiring a remote CRM Marketing Specialist. Are you a CRM specialist ready to do more than maintain a platform? If so, this one’s for you. You’ll own campaigns from strategy to execution, develop unique customer journeys, and help take our CRM to the next level. We’re a 70-year-old company with the energy of a team that’s still building something, entrepreneurial, people-first and growing. You’ll also write compelling content, manage digital and print collateral and contribute across a collaborative marketing team where your ideas actually matter. Besides CRM expertise, the ideal candidate is detail-oriented and self-motivated with a strong understanding of both traditional and digital marketing; and brings a creative mindset to the role. Mortgage experience required. Total Expert or Surefire experience is a major plus. Full benefits. Remote, Central Time Zone. If you’re a CRM rock star ready to make an impact, apply today. NMLS#138063.

loanDepot welcomes Scott Lucier to open and lead the company’s first Retail branch in Montana, expanding loanDepot’s Retail footprint across the Pacific Northwest. Lucier brings more than 25 years of industry experience and a performance record that has earned statewide recognition, including a Top Originators honor from Scotsman Guide. With deep ties to local businesses and real estate partners, and a visible presence in the Missoula housing conversation, he is already accelerating loanDepot’s growth in the area. The company’s new Missoula branch targets a market with strong home values, long-term appreciation and steady rental demand while extending loanDepot’s Retail branch presence to more than 40 states.

Evergreen Home Loans™ is supporting loan officers by launching BuildersEdge, a new product suite designed to strengthen builder relationships and elevate how construction lending gets done. BuildersEdge gives loan officers smarter construction-focused financing tools, clearer processes, and a more collaborative experience from start to finish, making it easier to build lasting relationships with builders. This suite helps loan officers show up as a true partner, not just a lender, with tools that create confidence for both builders and buyers. Evergreen continues to invest in loan officers to help them stand out in a competitive market. If you are looking for a place to scale your business with intention, visit discoverehl.com or contact Todd Miles, EVP of Production Growth.

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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Truework is a comprehensive income and employment verification platform that fully replaces manual in-house waterfalls and provides mortgage lenders with a single automated solution to run their verification processes. With Truework, lenders see up to 50% cost savings on verifications while increasing speed, accuracy, and R&W relief. We also offer free pre-approvals to help you qualify borrowers faster… only pay when we complete a file. Trusted by 4 of the top 5 lenders in the U.S., Truework is built to deliver results. Learn more.

OptifiNow is a powerful marketing engine designed specifically for wholesale mortgage lenders. From product flyers and rate sheet campaigns to webinar promotions and event follow-up, OptifiNow’s integrated email marketing system makes execution fast and scalable. Secondary can instantly post updated pricing and trigger campaigns with our Rate Sheet Manager, while marketing can upload tradeshow lists, auto-tag contacts, and launch segmented outreach in minutes. Our White Label Flyer tools let brokers download personalized materials while automatically notifying the assigned AE for timely follow-up. Plus, with My Touchpoints, AEs can create and send compliant marketing emails on demand, without waiting on marketing. Discover how OptifiNow helps wholesale lenders turn marketing into growth.

Stop servicers from costing you repeat business! Deephaven Mortgage can help you stay in front of your borrowers with equity solutions that you can close before their servicer does. This retention and recapture strategy starts with our full suite of second mortgage products: Equity Advantage Closed End Second, DSCR Second and our digital HELOC. NOW is the time to revisit your recapture and retention strategy before your servicer solicits your previous borrowers. Contact Chief Sales Officer Tom Davis or visit: Welcome! Grow, Retain and Recapture with Deephaven!

Who actually owns your loan data? If you're on a legacy LOS, the honest answer is not you. Want to add a field? Submit a ticket. Update an integration? Budget for development. Change a screen layout? Get in line. Elphi gives you back control: Manage your own data, workflows, integrations, and page layouts… no tickets, no vendor queue, no waiting. Lenders on Elphi have cut closing times by 50%, increased productivity by 40%+, and saved 8,000+ hours a year. "With Elphi, we are achieving record pull-through rates and cycle times." (Chris Wilhoit, Senior Director of Operations, Lima One Capital) Hear directly from MoFin Lending's President what changed when they took control. Schedule your demo. My LOS. My Rules.

Fraud isn’t slowing down in 2026, and neither can you. On March 4 at 10am PT, join industry leaders at the Cotality Fraud Summit, a must-attend virtual event designed for mortgage lenders, servicers and risk professionals who need practical strategies to detect, prevent and respond to evolving fraud threats. From synthetic identity and income manipulation to emerging AI-driven schemes, today’s risk landscape is more complex and costly than ever. The Cotality Fraud Summit brings together experts across data, analytics, and operations to share real-world insights, actionable best practices and technology-driven solutions that help you stay ahead of risk without slowing down your pipeline. Attendees will gain perspective on current fraud trends, regulatory considerations and how advanced data and intelligence can strengthen decisioning across the loan lifecycle. If protecting margins, preserving borrower trust and safeguarding your organization are priorities in 2026, this event belongs on your calendar. Register here.

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.

Thought leadership: accurately assessing income in 2026

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Underwriting still assumes stable W 2 income, but the workforce has moved on. Wes Costello, EVP of Sales Operations at AnnieMac Home Mortgage, argues that lenders face a structural inflection point as more borrowers rely on layered income from 1099 work, side businesses, and variable cash flow. The tension is not about credit demand but about whether risk frameworks can accurately assess it without creating friction late in the transaction. The growth of non-QM and appraisal assurance signals that the market wants both flexibility and certainty. Leaders must now decide whether to modernize underwriting logic or concede share to those who already have. The implications for access, pull through, and competitive positioning are hard to ignore.

STRATMOR and organizational structures

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Momentum is building among mortgage companies who are proactively strengthening their organization’s leadership team for this new lending environment. STRATMOR has been working with several firms to help them rethink their current org structures. This is a process that is all too often overlooked or ignored, particularly among small and mid-size firms. This process helps clarify individual leadership roles and responsibilities, personal strengths, spans of control and the personal interests. The output and recommendations are designed to help improve alignment, performance, engagement, and communication within the firm, all critical elements of a highly functioning leadership team. Note: this work also helps build a roadmap to support potential succession opportunities and eventual retirements… another topic that is all too often ignored. Investment in tech is important but investment in people is critical. Contact STRATMOR, or connect with David Hrobon to learn more.

Non-Agency news

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With the increase in non-Agency business comes exceptions. Informal chatter has pricing exceptions fewer than guideline exceptions, and those guideline variations tend to be centered more in the “soft” underwriting guidelines. Who’s doing what?

Pennymac updated non-QM LLPAs effective for all Best-Efforts Commitments taken on or after Friday, February 6, 2026. See Pennymac Announcement 26-13: Updates to Non-QM LLPAs for details.

Pennymac updated Non-QM LLPAs effective for all Best Efforts Commitments taken on or after Tuesday, February 3, 2026, posted in Pennymac Announcement 26-11.

Citi Correspondent Lending is introducing a change to suspense fees for Non-Agency Jumbo transactions. Additionally, they are also aligning with recent Agency announcements extending the HomeReady and Home Possible Very Low Income Purchase (VLIP) LLPA credit. 

At the end of January, Citi Correspondent Lending enhanced their Non Agency Jumbo Guidelines taking a more aggressive pricing stance. Additionally, Citi will be reducing Days Late (Cure) Fees for Non-Agency Jumbo deliveries, for All New NAJ Locks.

PHH Mortgage updated the Flex IQ Non-Agency programs and Underwriting Standards. Log in to the PHH library to view the announcement content.

PHH Mortgage has revised numerous topics within the Seller Guide and Non-Agency Addendum. Additionally, they are issuing a fee reminder related to Co-Issue trailing documents. Log in to the PHH library to view Announcement “Seller Guide Updates and Co-Issue Reminder.”

Pennymac updates Jumbo LLPAs effective for all Best-Efforts Commitments taken on or after Wednesday, February 11, 2026. View Announcement 26-16.

Pennymac will update Jumbo LLPAs, effective for all Best-Efforts Commitments taken on or

or after Tuesday, February 17, 2026. View Pennymac Announcement 26-19 for more information.

Effective with new locks completed on /after Wednesday, February 11, 2026, Citi Correspondent Lending updated Non-Agency Jumbo state geographic adjusters for 3 states. Geographic adjusters for non-Agency loans are increasing from 0.000 to 0.250 for these states: Colorado, Georgia, and Texas. These changes will be reflected on page 5 of the 2/11/2026 Best Efforts rate sheet.

Capital markets: inflation data as expected

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Data released yesterday fits into the recent narrative of a resilient but uneven economy: jobless claims dropped to 206k, underscoring a stable, but low-firing labor market, and the Philadelphia Fed Index beat expectations, pointing to continued manufacturing expansion, even as new orders and hiring softened. A sharply wider trade deficit and another decline in pending home sales should weigh on economic growth. The Fed’s latest messaging has shifted from labor-driven easing expectations to a more inflation-focused pause; but further cuts now require clearer disinflation evidence.

Turning to rates, the 10-year Treasury’s rally toward 4.0 percent has faded back toward 4.10 percent, as stronger data, weak auction demand, firmer oil prices, hawkish-leaning Fed minutes, and geopolitical tensions with Iran chipped away at bullish momentum. The market appears to be consolidating within a tight range, with 4.10 percent emerging as a key technical pivot and the front-end gravitating toward 3.50 percent. Absent a decisive catalyst (i.e., a sharp labor-market shift or renewed inflation pressure), Treasuries seem biased toward being cautious and bearish. While 2026 may be somewhat muted for purchase-driven Agency issuance, refinance activity is poised to be solid, with nearly one in five conventional 30-year borrowers now holding a rate incentive, the highest share in four years. This week’s Freddie Mac Primary Mortgage Market Survey revealed 30-year and 15-year mortgage rates declined 8-basis points and 9-basis points, respectively, to 6.01 percent and 5.35 percent. The loan rates are respectively 84-basis points and 69-basis points lower from a year ago.

Today’s full economic calendar is kicked off with previously delayed reports on Q4 GDP (+1.4 percent versus +2.7 percent estimates) and December PCE (the Fed’s favorite gauge of inflation was +2.4 percent for the quarter and +.4 percent for the month, about as expected). The core PCE price Index was +.4 percent, +3.0 percent year over year, not good. Later today brings November/December new home sales, preliminary February S&P Global PMIs, Michigan sentiment, Fed appearances from Atlanta’s Bostic and St. Louis’ Musalem, and a chance the Supreme Court will release its opinion on President Trump’s tariffs. We begin the day with Agency MBS prices little changed from Thursday’s close, the 2-year yielding 3.46, and the 10-year yielding 4.06 after closing yesterday at 4.08 percent with overall mortgage rates down to where they were in September of 2022.

(Warning: Parental discretion advised. No complaints please.)

I was a very happy man. My wonderful girlfriend and I had been dating for over a year, and so we decided to get married. There was only one little thing bothering me...It was her beautiful younger sister.

My prospective sister-in-law was twenty-two, wore very tight miniskirts, and generally was bra-less. She would regularly bend down when she was near me, and I always got more than a nice view. It had to be deliberate because she never did it when she was near anyone else.

One day her "little" sister called and asked me to come over to check the wedding invitations. She was alone when I arrived, and she whispered to me that she had feelings and desires for me that she couldn't overcome. She told me that she wanted me just once before I got married and committed my life to her sister.

Well, I was in total shock, and couldn't say a word.

She said, "I'm going upstairs to my bedroom, and if you want one last wild fling, just come up and get me."

I was stunned and frozen in shock as I watched her go up the stairs. I stood there for a moment, then turned and made a beeline straight to the front door. I opened the door and headed straight towards my car.

Lo and behold, my entire future family was standing outside, all clapping!

With tears in his eyes, my father-in-law hugged me and said, "We are very happy that you have passed our little test. We couldn't ask for a better man for our daughter. Welcome to the family."

And the moral of this story is:

Always keep your condoms in your car.

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, “Helping Borrowers in a Market Defined by Complexity and Change.” 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.)