Mar. 11: SoFi LO jobs; fraud guard, cap. mkts. data, QC, POS products; PHH & OptiFunder name news; non-Agency product changes

Most passwords that are suggested to me by a computer look like a cat walked over the keyboard. Technology is a two-edged sword. Have you ever heard of “surveillance pricing?” “Big brother” knows a lot about you. Ridesharing companies like Uber, for instance, can charge users more when they have lower battery life on their phone. “Democrats in Pennsylvania have introduced a bill that would stop retailers from changing the price of essential goods and services in a given 24 hour period.” I’d like to know what “essential” means. When computers and data go awry, look out. And when you combine that with regulators and the U.S. Government, problems can be all-consuming. “Credit Bureaus Are Leaving More Mistakes on Frustrated Consumers’ Reports Under Trump’s CFPB” is making its way around our biz. Credit, and the companies that report that information, will certainly be a topic on today’s Mortgage Matters at 2PM ET, presented by Lenders One, featuring Matt Van Fossen. (Today’s podcast can be found here and this week’s ‘casts are sponsored by Floify, an industry-leading point of sale platform. The Dynamic Apps 2.0 AI-powered enhancement lets lenders tailor application flows by loan type, leading to higher completion rates, less operational back-and-forth and specialty lending without the one-size-fits-all compromise. Hear an interview with Floify’s Jason Mapes on automating tasks like data extraction, document validation, and 1003 completion within the POS, enabling lenders to deliver faster, cleaner, and more compliant loan files without introducing risky borrower-facing AI interactions.)

Employment, company available, and transitions

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“Purchase Is the Strategy. Scale Is the Advantage. Every market cycle reshapes the leaderboard. As margin compression exposes weak platforms, top producers need more than a place to hang a license… They need a competitive edge. SoFi Home Lending (NMLS #696891) is selectively recruiting experienced, purchase-focused Loan Officers to expand our footprint in key markets. We pair your relationship-driven production with a nationally recognized brand and a multi-million member base. Our model is designed to complement your agent relationships with scalable infrastructure and deep product depth. We are seeking self-sourcing professionals with a documented history of execution. While others defend volume, SoFi is investing in growth. Align your career with stable capital, operational consistency, and a long-term commitment to retail mortgage. Explore opportunities at sofi.com/careers by searching ‘Home Lending.’”

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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“Remember when everything in the ’90s came in one size: oversized blazers, baggy jeans, and apparently, loan applications? If it wasn’t a purchase or a refi, it got tossed into “Other” and called a day. Dynamic Apps 2.0 from Floify moves point-of-sale well beyond that one-size-fits-all era. Lenders can configure custom loan purposes (HELOCs, construction, ag, cash-out and more), each with its own tailored application flow. Borrowers see only the questions and sections relevant to their loan type, with disclosures triggered automatically behind the scenes. No squeezing specialty products into generic buckets. No manual follow-up to fix what the application missed. Just a cleaner borrower experience that increases completion rates, reduces operational friction and supports a wider range of products, all within one scalable platform. Stop by booth 713 or schedule a private meeting in our suite to See Dynamic Apps 2.0 at ICE Experience, March 16–18. This time, ‘Other’ isn’t the answer.”

As OptiFunder expands its warehouse lending ecosystem, including the launch of Greyhound for warehouse lenders, the company is unveiling a new name for its legacy originator platform. Previously known simply as OptiFunder, the platform will now be called Genesis by OptiFunder, distinguishing the software from the company itself. The change gives the platform a distinct identity that reflects its role within OptiFunder’s growing ecosystem. Genesis serves mortgage originators, while Greyhound by OptiFunder serves warehouse lenders, two solutions built around the same mission of seamless connectivity. Though they support different stakeholders, Genesis and Greyhound were intentionally designed to work together. When originators use Genesis and their warehouse lenders use Greyhound, both benefit from a unified experience from funding through repayment, advancing OptiFunder’s vision for a truly connected warehouse ecosystem. The name Genesis honors the platform that started it all, marking the beginning of a more connected future.

Logan Finance is raising the bar for high-balance Non-QM lending with the launch of Open Road Elevated, a premium product tier designed for borrowers who’ve outgrown conventional limits. With loan amounts up to $5.0M and a 740 minimum FICO, Open Road Elevated offers four qualification pathways: Full Doc (Roam), Bank Statement (Overland), Asset Qualification (Beyond), and DSCR (Autobahn, up to $4.5M). All programs feature up to 65% LTV, interest-only options on 30-year terms, and eligibility across primary, second home, and investment properties. Whether your client qualifies on documented income, business deposits, liquid assets, or rental cash flow, Logan has a premium solution ready. Open Road Elevated is now available exclusively through Logan Finance's Wholesale and Wholesale Commercial Broker channels. Contact your Logan AE today or visit loganwholesale.com to get your high-balance pipeline moving. Logan Finance Corporation, NMLS ID 127722, Equal Housing Opportunity Lender.

QC works as an early warning system, but it only creates value when findings are recognized, validated, and turned into action. As agency expectations continue to shift, lenders are being asked to show not just findings, but proof of a thoughtful response. Join Indecomm in March for a QC Fireside Chat with Alicia Gazotti, Chief Risk and Compliance Officer at Genway Mortgage, as she shares how QC supports proactive risk management across the organization. The conversation will cover how to turn QC data into actionable remediation plans, align pre-fund and post-close findings, maintain consistent taxonomies, and use calibration, reporting, and trusted QC partnerships to drive accountability. Designed for QC, risk, and compliance leaders, this session focuses on strengthening what QC already does best and ensuring the right signals lead to the right decisions. Register to join today!

Travel the 2.4 miles between Alaska’s Little Diomede and Russia’s Big Diomede and you’ll jump ahead 21 hours in a matter of minutes thanks to the placement of the International Date Line. Mortgage markets can shift just as quickly when rates cross a threshold. Optimal Blue’s Market Advantage report shows that when mortgage rates moved decisively below 6 percent in February, borrowers responded. Total lock volume was up 9 percent month over month and nearly 40 percent year over year. Purchase locks rose 14 percent from January, reclaiming some ground (although refinances still represented 41 percent of all locks). Lenders also adjusted quickly on the secondary side, with wider pricing spreads and more hedged loan sales moving to the agency cash window. Published monthly, Market Advantage delivers direct-source lock and capital markets data lenders can use to guide pricing, production, and hedging decisions. Get the February Market Advantage report today.

“Protect Home Equity Lending Without Slowing Production. FraudGuard® Home Equity from First American Data & Analytics helps lenders detect and prevent fraud in HELOCs and second mortgages, while keeping loans moving. As risks like identity theft, inflated property values and occupancy misrepresentation continue to rise, your team needs reliable intelligence to close quickly without increasing exposure. FraudGuard Home Equity delivers advanced fraud detection and automated data verification to streamline underwriting and focus attention where it matters most. Real-time alerts flag potential misrepresentation, while property valuation insights help you avoid overvalued collateral and last-minute closing delays. Backed by comprehensive property-centric data and a fraud index dating to 2003, FraudGuard helps reduce risk, protect borrower trust and maintain production momentum. Visit our website, or call 800-333-4510 to learn more.”

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.

Remember PHH? Think… Onity

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Onity Group Inc. (NYSE: ONIT) announced that it expects to rebrand and formally change the name of its subsidiary, PHH Mortgage Corporation (“PHH Mortgage”), to Onity Mortgage Corporation (“Onity Mortgage”) effective March 23, 2026.

Non-Agency, non-QM, DSCR… keeps evolving

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Loan officers and brokers will tell you about the noticeable shift to products other than Freddie Mac, Fannie Mae, FHA, and VA. Who’s doing what out there?

PennyMac Financial Services, Inc. announced that it has launched a comprehensive suite of non-qualified mortgage (Non-QM) products in its third-party origination (TPO) division. These products are designed to help TPO partners solve complex borrower scenarios (like self-employed, entrepreneurs, and business owners) expand their addressable market and close more loans. “Pennymac TPO’s Non-QM offerings are built with flexibility at their core, offering a wide array of income documentation options and loan features tailored to real-world borrower scenarios.”

“PennyMac’s new Non-QM suite comprises a broad range of tools, including Debt Service Coverage Ratio (DSCR): A product designed for real estate investors that qualifies a loan based on a property’s cash flow rather than personal income, Full Documentation: A product for borrowers with excellent credit but non-traditional income sources, Bank Statement Programs: A product offering an alternative to tax returns, with income calculation based on deposit averaging and expense factors, Asset Qualifier/Depletion: A product allowing the use of verified liquid assets to qualify, ideal for retirees or high-net-worth individuals, and Additional Non-QM programs, including Written Verification of Employment (WVOE) and 1099 options.”

Logan Finance Corporation announced the launch of Open Road Elevated, a new premium tier within its Open Road product series, available now through its wholesale channel. For more information, visit loganwholesale.com. “Designed for borrowers who have outgrown conventional and standard Non-QM loan limits, Open Road Elevated delivers loan amounts up to $5M across four specialized programs, giving mortgage broker partners a powerful new tool for their customers.

“Open Road Elevated arrives as demand for high-balance Non-QM solutions continues to grow, driven by affluent self-employed borrowers, high-net-worth individuals, and experienced real estate investors whose financial profiles require a more sophisticated lending approach.

Programs include Full Doc (Roam) (loans up to $5.0M for strong credit borrowers with documented income), Bank Statement (Overland) (loans up to $5.0M using 12- or 24-months of business, personal, or combined bank statements, designed to reflect the true cash flow of self-employed borrowers that tax returns often obscure), Asset Qualification (Beyond) (loans up to $5.0M using a 120-month asset depletion rate to convert liquid assets into qualifying income. Ideal for retirees, investors, and high-net-worth individuals), and DSCR (Autobahn) (loans up to $4.5M for investor and business-purpose properties, with a minimum 1.25 DSCR, flexible 1-5 year prepayment options, and no cap on cash in hand.) Contact the team at bizdev@loganfinance.com with questions.

Looking for a new approach to non-QM lending? NewPoint Mortgage Wholesale is a 100 percent non-QM lender that can close loans most lenders can't. View the website for all of their product offerings.

At “Penny” now, incidental cash-back requirements for rate-and-term refinance transactions are being updated to provide greater flexibility for the AUS Jumbo program. View Pennymac Announcement 26-15 for details.

Pennymac updated Non-QM LLPAs & Conventional LLPAs effective for all Best-Efforts Commitments taken on or after Thursday, March 5.  View announcement 26-24.

Capital markets: prepayments help drive supply and demand

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No investor wants to pay 105 for something that pays off at 100 two months later. Mortgage prepayment activity accelerated in February, with Fannie Mae 30-year speeds rising 21 percent month-over-month to a 9.0 CPR, driven largely by falling mortgage rates and a growing share of borrowers with refinancing incentives.

The increase, however, was modest relative to the 88 percent jump seen compared to a year earlier. Lending rates declined across conventional, VA, and FHA products, pushing the share of borrowers with refinance incentive to about 20 percent of outstanding balances, the highest level since early 2022 for conventional loans, which has already boosted refinance activity and is expected to keep lenders busy as favorable seasonal trends approach. The strongest prepayment gains occurred in higher coupon pools (particularly 5.5 percent and 6.0 percent), while shorter-term mortgages were mostly flat, and with both seasonal factors and borrower incentives continuing to build, analysts expect another meaningful increase in prepayment speeds in the next report.

Continuing in that vein, aggregate Fannie Mae 30-year mortgage prepayment speeds rose sharply in the February report (March 2026 factor date), climbing more than 20 percent month-over-month to a 9.0 one-month CPR. That is the fastest pace since October, even as day counts fell 10 percent. The increase reflects a normalization of refinance incentives across the market, with about 20 percent of conventional borrowers now holding rates low enough to benefit from refinancing. Servicer performance varied widely, with Freedom Mortgage emerging as the fastest servicer across most 30-year coupons while Citigroup and Guild Mortgage more frequently appeared among the slowest. In the 15-year universe, Truist Financial led most coupons in speed, while Rocket Mortgage (typically a top performer) temporarily lagged as it integrated the recently acquired Mr. Cooper Group servicing portfolio.

Traders continue to scale back expectations for Federal Reserve rate cuts ahead of upcoming inflation data that is expected to show price pressures remain well above the central bank’s target, even before the latest geopolitical escalation. The February CPI report was expected to run cool (more on that in a second) as tame housing costs offset the effects of tariffs. The rise in Treasury yields reflects what many traders describe as a broader deleveraging phase, with investors unwinding long positions as they adjust to a market that is increasingly pricing in fewer Fed cuts and a higher risk of persistent inflation.

The bond markets experienced renewed volatility yesterday as geopolitical uncertainty and shifting monetary policy expectations drove selling pressure across the yield curve. Conflicting signals from the Trump administration about the motivations behind the conflict with Iran and how it might end unsettled markets, while a weak $58 billion 3-year note auction added to the negative tone early in the session. Selling intensified late in the day after a report that U.S. officials had evidence Iran was deploying naval mines in the Strait of Hormuz, raising concerns about potential disruption to global energy flows. 

Housing affordability improved in February to its most favorable level since 2022 as slightly lower mortgage rates, stable income growth, and modest price gains helped support demand. Existing home sales rose 1.7 percent to a 4.09 million annual pace, with most regions posting modest gains even as the Northeast slipped, while inventory edged up to 1.29 million homes, keeping supply relatively tight at 3.8 months. The median home price increased just 0.3 percent year over year to $398,000, suggesting price stability even as affordability gradually improves. Taken together, the data points to a slowly stabilizing housing market heading into the spring selling season, though limited inventory continues to constrain activity and broader geopolitical uncertainty could weigh on buyer sentiment in the months ahead.

Today’s economic calendar kicked off with mortgage applications from MBA, which increased 3.2 percent from one week earlier, according to data from the Mortgage Bankers Association. The increase was driven by a 7.8 percent rise in purchase applications and steady refinance demand that remains 81 percent higher than a year ago despite market volatility and mortgage rates trending upward since the war with Iran began. We’ve also received the all-important February CPI report (+2.4 percent y-o-o, +.3 percent m-o-m, both as expected; core +.2 and +2.5 percent also as expected). Later today brings some Treasury auctions that will be headlined by $39 billion reopened 10-year notes at 1PM ET, the February budget statement from the CBO, and remarks from Fed Vice Chair for Supervision Bowman. We begin Wednesday with Agency MBS prices worse a few ticks from Tuesday’s close, the 2-year yielding 3.61, and the 10-year yielding 4.18 after closing yesterday at 4.14 percent.

Irish Confession

I went into the confessional box after many years of being away from the Catholic Church.

Inside I found a fully equipped bar with Guinness on tap. On one wall, there was a row of decanters with fine Irish whiskey and Waterford crystal glasses. On the other wall was a dazzling array of the finest cigars and chocolates.

When the priest came in, I said to him, "Father, forgive me, for it's been a very long time since I've been to confession, but I must first admit that the confessional box is much more inviting than it used to be."

He replied, "You moron, you're on my side."

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.)