Feb. 23: LO jobs; exec avail; DSCR, BI, retention, processing tools; correspondent & wholesaler product news; UAD 3.6 interview

Anyone out there who believes that storms aren’t becoming more severe is in the minority. The latest examples are the blizzard that hit the mountains in the West and the one that is currently hitting the Northeast. (Those heading to the Hurt No Mor Ski Trip next week in Park City, Utah, are pleased with the snow dump.) The current storm, and news of Homeland Security suspending TSA PreCheck and Global Entry security programs, and then apparently not suspending the programs, has put a good percentage of travelers into a state of confusion. Some in our biz are confused by “document driven origination” versus using PDFs, and on today’s Now Next Later at 10AM PT, sponsored by Relcu (an “agentic CRM),” Mike Yu, CEO of Vesta, examines the shift from document driven origination to data first lending, whether lenders are still reliant on PDFs, what realistic timelines look like for phasing them out, and whether the industry will truly see the last PDF in its lifetime. There is also confusion in the capital markets about tariffs with the Supreme Court ruling against the Trump Administration. Industry experts Mike McAuley and Joe Garrett note, “Tariffs are a means of protecting favored industries and businesses from foreign competition, but with less competition, our protected industries don’t need to be as innovative, efficient, or price competitive. In addition, if we put big tariffs on other countries, it’s only logical that they will cut trade deals and do more business with China, which has smaller tariffs. Canada is already doing this.” (Today’s podcast can be found here and this week’s ‘casts are sponsored by FirstClose. FirstClose Equity gets you to closings faster by empowering borrowers with vital property decisioning data. It is the only end-to-end digital HELOC & HEL solution built specifically for home equity. Hear an interview with Clear Capital’s Dan McAlister on why UAD 3.6 is already creating real operational pressure for lenders, how readiness gaps are showing up as appraisal friction and downstream conditions, and what teams need to fix now to adapt their review workflows and avoid slower turn times as the mandate approaches in 2026.)

Employment; C-Suite executive available

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You’re invited to learn how Fairway Home Mortgage supports loan officers and branch managers in building successful, sustainable mortgage careers. Tuesday February 24^th at 12est/11cst, join us for an anonymous virtual meeting that takes you behind the curtain with Fairway’s executive team and other leaders. You’ll get an inside look at what makes Fairway a thriving independent mortgage bank, and how its platform, technology, culture, and leadership are designed to help professionals succeed on their mortgage journey. This is a unique opportunity to listen, learn, and ask questions in a confidential setting. We hope you’ll join us. Feb 24 Fairway Day.

“The Future of Mortgage Needs Different Leadership! There's a fundamental disconnect happening in our industry right now. The technology, customers, and products exist to transform mortgage from transactional nightmares into seamless, concierge experiences. AI will only amplify existing inefficiencies… broken processes at scale remain broken. Yet most companies continue executing the same strategies, deploying the same tech stacks, and wondering why growth stalls. I don't operate that way. As Founder, President, COO, and Executive Consultant, I've delivered what others discuss: Complete AIM/D1C execution, AI gains, 4x sales growth, 50 percent tech stack reductions with double-digit EBITDA gains, recaptured and additional revenue channels at scale without extensive hiring. Vendor contracts include performance-based incentives that protect delivery schedules and ROI. I've built an operational playbook for fundamental transformation, not incremental improvements. Seamless systems integration eliminates human error. Long-term competitive advantage drives every decision. I'm seeking a C-Suite position where this difference matters. If reimagining your business model interests you, email Anjelica Nixt to be connected to this changemaker.”

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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When every basis point counts and staffing doesn’t magically scale with volume, servicers need automation that works as hard as they do. That’s exactly how Dark Matter Technologies delivers Elevate, a loan servicing solution designed for real-world operators who need more than a system that simply “generates reports.” Elevate automates scheduling, file delivery, and interim servicing workflows, reducing operational strain and helping teams manage more loans without adding headcount. With nearly four decades of servicing experience, a modern borrower portal, and seamless integration with the Empower  LOS platform, Elevate focuses on consistency, confidence, and control. Servicing matters more than ever. The question is whether your technology is working as hard as your team. Download the new whitepaper to see how Elevate is built for today’s demanding workload.

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 percent, increased productivity by 40 percent+, 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.

The mortgage difference: examining traditional vs. specialized business intelligence tools. Where does runoff volume actually go when lenders fail to retain their borrowers? New analysis from RETR shows the answer is not random. Billions in mortgage volume are migrating to a concentrated group of institutions, with Rocket, U.S. Bank, Wells Fargo, PennyMac, and Freedom Mortgage leading in captured runoff dollars. The data reveals a systemic transfer of market share across banks, IMBs, and brokers, driven by servicing-based recapture engines, trigger marketing, and scaled refinance infrastructure. In today’s compressed market, retention is not just a loyalty metric, it is a volume acquisition strategy. If you want to understand where your runoff is landing and how your institution ranks, RETR’s Loan Loss Report can show you.

Many mortgage professionals use some type of business intelligence or reporting tool to transform raw data into analytics. However, many of these tools are not built with mortgage in mind; therefore, they may require significant customization. This forces organizations to rely on internal analysts or IT teams who may not have the deep mortgage expertise needed to effectively analyze the data. This dependency not only slows decision-making but also introduces risk, as misinterpretation of data can lead to compliance challenges and missed opportunities for growth. Luckily, there is a solution to address these challenges: ICE Business Intelligence (BI). Read how leveraging a BI tool built specifically for mortgage can provide significant benefits for both lenders and servicers.

Hear How Brokers Are Using Kind Lending’s DSCR Suite To Win Real Estate Investor Business on the next NMP Webinar. This fast-paced, 30-minute live DealDesk is built for originators who want to ask direct questions to company execs, pressure-test scenarios, and uncover the opportunities their peers see in working with investor loans in today’s market. The DealDesk happens on Wednesday, March 4 at 1:00 PM ET / 10:00 AM PT. DealDesk is about real conversations, real brokers, real deals, not a product pitch. You’ll hear how Kind Lending works with long-term rentals, short-term rentals and AirBNB properties, Foreign National borrowers, and No-Prepay DSCR options. See how they prevent files from stalling in underwriting. If you want to understand why some originators consistently say “yes” to investors while others hesitate, this is your room. Save your seat and join the discussion 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.

Wholesale and correspondent product news

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“IT’S ENOUGH WITH THE B.S. (BANK STATEMENTS, THAT IS.) Your self-employed clients have the income. They just can't prove it the traditional way. Kind gets it. And we make it dead simple. 12 or 24-month bank statements: your choice! Automatic expense factor as low as 15 percent: maximize buying power! Up to 90 percent LTV: competitive terms your clients actually want. Loan amounts up to $3M because their business doesn't stop at conforming limits. No more losing deals to outdated underwriting. No more watching your self-employed borrowers walk because legacy lenders can't keep up. We take your B.S. seriously so you can close more deals. Ready to qualify borrowers the smarter way? Contact your Kind AE today for Non-QM Bank Statement program details. Not an approved partner? Let’s change that! Join the Kind movement here.”

Spring EQ (NMLS #1464945) continues to expand its investor solutions with the launch of 1st lien DSCR loans, designed to help partners tap into one of the fastest-growing segments of the market. By qualifying customers based on rental cash flow rather than personal income, Spring EQ’s DSCR program offers a streamlined application process, competitive pricing, and the flexibility real estate investors need to scale. To learn more, join Spring EQ’s upcoming webinar, How to Win Investor Business with DSCR and Investment Property Equity Solutions on March 10 at 2:00 p.m. ET. Adam Warren, VP and Head of Capital Markets, and Reno Heine, SVP, TPO Sales, will highlight market trends, strategies for capturing investor demand, and more. Register today to discover how Spring EQ can help grow your investor pipeline. Visit EMMA to price, process, and manage your loans today. Not a partner? Join here: Wholesale or Correspondent.

Citi Correspondent Lending published Bulletin 2026-02, information includes credit policy updates on rental income from ADU, multiple financed properties, and agency 7/6 and 10/6 SOFR ARM Note Rate Limitation.

Fifth Third Correspondent Lending Communique includes the following topics: Agency VLIP Extension, and Final Documents Delivery Address Reminder.

Newrez is not currently participating in Uniform Appraisal Dataset (UAD) version 3.6 with either Fannie Mae or Freddie Mac. Therefore, they will not purchase loans with appraisal reports in the UAD 3.6 format for all product offerings. Newrez will provide an update as to when they will begin to accept the recent version once it is available.

Newrez Correspondent issued an announcement regarding the $2500 VLIP Grant for the HomeReady PLUS and Home Possible PLUS products extension through February 2027. The Newrez Income Requirements and Limits section of the product summaries have been updated with extended timeframe.

Pennymac issued a reminder in Announcement 26-10, that they are not currently participating in Uniform Appraisal Dataset (UAD) version 3.6 with either Fannie Mae or Freddie Mac. Pennymac will not purchase loans with appraisal reports in the UAD 3.6 format for all product offerings. This includes transferred appraisal reports.

Citi Correspondent Lending is making changes to two Best Efforts loan level pricing adjusters, effective with locks completed on/after Monday, February 2, 2026.

AmeriHome General Announcement 20260104-CL summarizes previously published changes made during January, additional changes made with this announcement, and recent Agency and regulatory news.

Capital markets forecast: clear but cooling

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The U.S. economy continues to show resilience beneath the surface, but clear signs of cooling momentum. Weekly jobless claims remain low at 206k and consumer spending advanced at a solid 2.4 percent annualized pace in Q4, driven largely by services such as healthcare, utilities, and financial services. Yet softer hiring and new orders, a wider trade deficit, sluggish retail activity, and declining pending home sales point to mounting headwinds, particularly in housing and external demand. Q4 GDP was held to 1.4 percent, depressed in part by the prolonged government shutdown that shaved nearly a full percentage point from growth, while core PCE at 3.0 percent year over year signals stalled disinflation and keeps the Fed’s focus squarely on price stability.

Treasury yields have climbed back toward 4.10 percent on the 10-year amid firmer data, weak auction demand, higher oil prices, and hawkish FOMC minutes, even as markets price roughly 62 basis points of cuts later this year. In housing, lower mortgage rates are reviving refinance activity, though purchase demand remains uneven and affordability constraints linger, particularly in higher-coupon FHA segments. Meanwhile, business investment shows early signs of broadening, with core capital goods orders and shipments improving, suggesting the expansion may be entering a more balanced phase.

This month-end week’s data includes previously delayed updates on factory orders, wholesale inventories, PPI, and construction spending. The regularly scheduled releases are of the second-tier variety, including Fed surveys, house prices, consumer confidence, and Chicago PMI. Treasury supply includes $183 billion in 2-year, 5-year, and 7-year notes and $28 billion reopened 2-year FRNs to be auctioned over tomorrow to Thursday. Today’s economic calendar has the previously delayed Chicago Fed’s National Activity Index for December and January, delayed December factory orders, Dallas Fed manufacturing for February, some short duration Treasury auctions, and remarks from Fed Governor Waller. We begin the week with Agency MBS prices a few ticks better than Friday afternoon, the 2-year yielding 3.48, and the 10-year yielding 4.07 after closing last week at 4.09 percent.

My neighbor was working in his yard when he was startled by a late model car that came crashing through his hedge and ended up in his front lawn.

He rushed to help an elderly lady driver out of the car and sat her down on a lawn chair. He said with excitement, "You appear quite elderly to be driving."

"Well, yes, I am," she replied proudly. "I'll be 97 next month, and I am now old enough that I don't even need a driver's license anymore.”

She continued, "The last time I went to my doctor he examined me and asked if I had a driver's license. I told him yes and handed it to him. He took scissors out of the drawer, cut the license into pieces, and threw them in the waste basket, saying, 'You won't need this anymore,' so I thanked him and left!"

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.)