June 14: CEO's thoughts on credit proposals (there are faults); conference humor; vendor news; cities growing again; Saturday Spotlight: ProxyPics
Are the changes in the news cycle trying to keep up with the Trump Administration, or vice versa? “There's something happening here. But what it is ain't exactly clear. There's a man with a gun over there, telling me I got to beware.” In a lighter vein, some guy scored 120 free flights by posing as a flight attendant before being busted. (He probably got seats I wanted!) Today, with paid airline ticket, I head to Hawai’i for the MBAH conference on Oahu that draws participants from as far away as Florida, Wisconsin, and New York. On a different island, the remains of the fires that devastated Hawaii two years ago are only just now being collected, and Maui County is transporting the debris to the Central Maui Landfill located in the center of the island. Fifty trucks will spend five months hauling the debris to the landfill, enough to fill five football fields five stories high. In total, the debris from the fire is expected to weigh 400,000 tons, being lightly wetted before loading onto trucks to control dust. The Islands are in the Pacific Ocean, and as the dollar has moved away from being the world’s reserve currency due to Trump Administration activities, the question is, “What will replace it?” The answer is vague and uncertain… perhaps it’ll be one of the countries bordering this ocean.
Saturday Spotlight: ProxyPics
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“Photos on Demand”
Describe your company:
ProxyPics was founded in 2016 to solve a problem our founder, Luke Tomaszewski, first encountered in 2009 while providing REO appraisals during the Great Recession. He often needed current photos of properties nationwide, an issue that required hours of driving or relying on outdated data. Inspired by the rise of crowdsourcing platforms like Uber and Lyft, Luke envisioned a way to tap into a distributed network of users to capture property photos quickly and affordably. What started as a solution for real-time photo delivery has evolved into a powerful platform used across lending, insurance, and valuation. In 2025, ProxyPics was honored as #59 on the Inc. 5000 list, achieving 4,794% growth over three years.
How does your company give back?
ProxyPics is proud to support the MBA Opens Doors Foundation, the Gary Sinise Foundation, and programs focused on empowering women in underserved communities. Beyond formal giving, we hear countless stories from users across the country who use ProxyPics to supplement their income—especially during financially demanding times like the holidays. It’s a simple tool with powerful impact.
How do you support employee development?
At ProxyPics, we believe that growth happens when people are empowered to explore their full potential. We actively encourage employees to sharpen their skills through online courses, mentorship, and cross-functional opportunities. When we discover hidden talents, whether it’s a customer service team member with an interest in AI or a support specialist showing leadership potential, we create pathways for them to explore new roles. For example, we’ve had employees split their time between departments to gradually transition into positions that better align with their skills and passions. We’re committed to keeping our team challenged, engaged, and continually evolving.
How do you maintain company culture in a hybrid or remote setting?
ProxyPics operates in a hybrid environment with staff located across the U.S. and internationally to support our 24/7 operations. Despite the distance, we stay closely connected through daily Slack conversations, spontaneous video calls, and bi-weekly company-wide meetings where leadership shares updates and priorities. Our “open mic” culture encourages anyone to share ideas, ask questions, or speak up. One of our most active Slack channels is called “Random,” where employees post everything from Proxy-submitted photos to fun facts and memes, keeping the energy light and the team spirit alive.
What are you most proud of (outside of sales)?
We’re most proud when we see real lives impacted. One of our long-time Proxies, Marybeth Zahorchak, shared how her ProxyPics earnings were helping her save for a wheelchair-accessible van for her son, Patrick. Our team organized a GoFundMe campaign to support her, and when it fell short, ProxyPics covered the remainder. It was a moment that reminded us that our platform isn’t just about data collection… it’s about people.
Fun fact:
While ProxyPics is known for delivering fast, reliable property insights to our clients, there's a whole other side to the story: the people behind the photos. Our network of Proxies helps power the platform, and anyone can join in. Whether you're out walking the dog, taking the kids on a bike ride, or just enjoying a stroll around the neighborhood, you might find a photo request just around the corner. Snap a few pics, submit through the app, and get paid. Who knows, your next scoop of ice cream or morning coffee could be on ProxyPics!
(For more information on having your firm’s extracurricular activities, employee growth, and your charitable side featured, contact Chrisman LLC’s Anjelica Nixt.)
Running credit: more problems than solutions?
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MBA President and CEO Bob Broeksmit, CMB, published a new blog post that addresses the jump in credit reporting costs and previews MBA’s early review on the feasibility of moving to a single credit report model for GSE and government-backed mortgages.
“In recent months, we have begun studying the feasibility of a single credit report for GSE and government-guaranteed loans. A single file/single score approach would mirror that of most other consumer finance markets, including home equity loans and auto loans – which have seen success with this structure. This success has been brought about by many factors, including the evolution and modernization of credit data reporting. Gaps in coverage or quality that may have existed decades ago appear to have closed.
“Early indications from discussions with our members strongly suggest that a single report for mortgages would be feasible without posing undue risk to the GSEs. While a tri-merge is required for GSE loans, the GSEs do not use credit scores to make credit underwriting decisions, and there appears to be limited additive value in the data contained in multiple reports. We intend to continue our investigation further.”
Not so fast. A well-known independent mortgage banker CEO shot me a note.
“While there’s no doubt that rising costs in the mortgage process ultimately affect the borrower, the credit report fee is a relatively small portion of total closing costs, typically a fraction of the $12,000 average (or so). The real burden of high credit report pricing is currently falling on lenders, who absorb the cost for applicants that never make it to the closing table. With only about 25% of applicants converting to funded loans, it’s no surprise that lenders are increasingly vocal about this issue.
“Of course, moving to a single-bureau or bi-merge report would lower costs. But that raises critical questions about borrower protection and fairness. How would the industry determine which bureau is to be used? If a single bureau is mandated, it would create significant tension among the credit bureaus. On the other hand, if lenders are given the discretion to choose, how would that affect borrower outcomes?
“We’ve all seen score discrepancies between the bureaus. If one lender pulls Experian and sees a 638, while another pulls TransUnion and sees a 680, that’s not a minor issue: It could affect the borrower’s loan eligibility, product type (FHA vs. Non-QM), and ultimately their interest rate. Even though the GSEs don’t use credit scores to approve loans directly, the LLPAs and product eligibility still hinge on those scores.
“Until our industry has answers around standardization, score variance, and bureau selection protocols, it’s difficult to see how we can confidently move forward. The tri-merge model isn’t just about redundancy. It’s about finding the mid-score and ensuring data accuracy across the board. If we’re ready to say one bureau is enough, then we must also be ready to say which two we’re eliminating… and justify why. Otherwise, lenders will continue pulling all three to ensure they’re offering the most competitive terms.
“Investors, the MBA, and other organizations like mine need to understand that this is a nuanced issue with no easy solution, but it’s essential we keep the borrower’s best interest, as well as lender practicality, at the center of the conversation.”
A humorous look at a recent conference
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Industry consultant, webcast host, Ohio resident, and sports trading card maven Rich Swerbinsky had some thoughts about a recent event. The Commentary included the link yesterday which receive kudos and accolades, so at the risk of repeating myself…
Fed up with The Gathering’s lack of “personal brand alignment,” a rogue group of consultants has broken away to launch their own splinter movement: The Ascension: A Higher Path to Monetized Thought Leadership. In his latest piece, Rich Swerbinsky reports from the Broadmoor Spa, now occupied by LinkedIn influencers and freelance visionaries who’ve traded traditional networking for guided revenue visualization, influencer communes, and the dream of registering as a religion.
LOs stay up on demographics: cities are growing again
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In a reversal of recent trends, cities across the U.S. experienced broad-based population growth from 2023 to 2024, with Southern and Western cities continuing to lead the charge while even long-declining Northeastern locales began to rebound. The standout performer was Princeton, Texas (a rapidly expanding Dallas suburb) which saw its population soar by over 30 percent, more than doubling since 2020. Major cities also made headlines, with New York City posting the largest numeric gain in the country, adding over 87,000 residents. Notably, Los Angeles returned to the top growth rankings for the first time since 2016, while Washington, D.C., nearly doubled its growth rate from the prior year.
Amid this population surge, the nation's housing stock grew by 1.4 million units, though housing development lagged in areas like Hawaii and Alaska. Meanwhile, counties in Texas, Arizona, and the Carolinas posted the most substantial gains in housing inventory, signaling where Americans are most eager, and able, to plant new roots.
Third-party provider tidbits
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What lenders don’t rely on outside parties for their business? Let’s take a random look at who’s up to what.
We’re excited to announce the official launch of the Chrisman Marketplace, a centralized hub for vendors and service providers across the mortgage industry. This initial rollout features a curated selection of companies from our Founding Cohort, offering a first look at the powerful partnerships and solutions driving innovation in the space. We’ll be adding new vendors daily, so check back often to see what’s new. To reserve your place or learn more, contact us at info@chrismancommentary.com.
Truliant, a top 75 U.S. credit union, announced it successfully utilized DocMagic’s technology to complete the mortgage industry’s first electronic Home Equity Line of Credit (eHELOC) registration with MERS. “Truliant utilized DocMagic's digital lending technology on Friday, June 6, to register the home equity note. It is the first time an eHELOC note has been registered with MERS® national electronic database, which tracks changes in mortgage servicing rights and ownership interests in residential real estate loans, simplifying the transfer process. “Truliant’s pioneering eHELOC registration represents a milestone for the mortgage industry. It shows that HELOCs can be digitized, stored, and transferred as fully compliant electronic assets. The North Carolina Secretary of State’s office, which has been essential to establishing and promoting eClosings, noted Truliant’s work at its forefront.”
Now Available! Ncontracts 2025 Third-Party Risk Management Survey. Financial institutions are facing growing vendor risk challenges, from managing hundreds of third parties with lean teams to keeping up with evolving cybersecurity and AI risks. Those are just a few of the findings of The Ncontracts 2025 Third-Party Risk Management Survey, which breaks down the biggest trends, risks, and strategies shaping third-party risk management (TPRM) at financial institutions today. Packed with real-world insights, it’s your go-to resource for understanding where banks, credit unions, and mortgage companies stand, and how your institution compares. Here's a quick look: 73% of institutions have two or fewer full-time employees managing vendor risk, even though more than half oversee 300+ vendors. Nearly half of institutions experienced a third-party cyber event last year, and AI ranks as the second-biggest TPRM risk heading into 2025. Plus, 85% of financial institutions see moderate to high value from their TPRM programs. Download the full report here.
For secondary market investors, confidence in the integrity and transferability of eNotes is essential, but not always guaranteed. DocMagic® solves this with purpose-built tools to store, manage, and securely transfer electronic mortgage records. SmartSAFE® eVault technology empowers customers to take advantage of automated eNote eCertification processes and validation of SMARTDoc® format and data. Additionally, SmartREGISTRY™ enables compliant servicing, transfer, and delivery operations between eRegistry participants, ensuring trust in every transaction. Together, these tools allow secondary market participants to reduce risk, uphold data quality, and maintain long-term compliance throughout the digital mortgage lifecycle. Visit DocMagic or contact Leah Sommerville, Director of Sales, to get started.
According to the LenderLogix Q1 2025 Homebuyer Intelligence Report, pre-approval activity surged nearly 38% to start the year, with more buyers moving from pre-approval to application faster than ever. In fact, the average time between pre-approval and application dropped by nearly two weeks compared to Q4 2024, signaling growing borrower confidence and a competitive purchase environment. Read the full report.
FREE EBOOK: Helping Borrowers Navigate Loan Products & Pricing: A Loan Officer’s Guide to Winning Trust and Closing More Loans. Today’s borrowers are overwhelmed with fluctuating rates, rising home prices, and a maze of loan options. A loan officer’s ability to simplify the process and offer clear, fast solutions is the ultimate advantage. In Maxwell’s eBook, LOs will learn how to quickly deliver personalized, easy-to-understand loan comparisons that build borrower confidence and set you apart from the competition. Discover time-saving strategies, tech tips, and proven methods to create a seamless borrower experience, and close more deals. Click here to download “Helping Borrowers Navigate Loan Products & Pricing: A Loan Officer’s Guide to Winning Trust and Closing More Loans.”
Docutech is your source for comprehensive, compliant, digital-first document technology. Now, there’s even more to discover from Docutech. As a leader in origination document generation and eClose solutions, and a First American brand, Docutech is expanding its offerings to include document solutions for lien release, servicing, and loan modification. Find out how Docutech is supporting clients at every stage of the mortgage life cycle.
The mortgage industry has been stuck in a time warp: endless document chaos, manual sorting, and data extraction that feel like digging for treasure with a spoon. Enter IDXGenius | AI Indecomm: the game-changer that turns your document headaches into streamlined, automated, AI-powered brilliance. No more drowning in document madness or missing critical documents and data, just smart indexing and versioning, and accurate document-to-data extraction that keeps your team moving forward. With 1,200+ documents pre-mapped, IDXGenius | AI offers 100% accuracy in document classification and 98-100% accuracy in extracted data. While others are still stuck in the past, your mortgage operations just got a modern upgrade. Lenders: leave behind outdated methods and embrace document processing efficiency that doesn’t break the bank. Discover more at idxgenius.ai or request to watch the demo on-demand.
Wisdom: Instagram.
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, “Beyond the Primary Market: How MBS and ABS Impact Lending Strategy.” 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.)