Mar. 13: CFO, LO jobs; Jumbo construction investor sought; UAD 3.6, AI, processing tools; the undercurrents moving mortgage rates

I will be forever disappointed that a group of squids is not called a squad. There’s really no name for that particular group (versus crows, or flamingos, or rhinos), but there is a name for a lack of privacy and raising prices for people in trouble. Let’s open the mailbox. “Rob, you mentioned ‘surveillance pricing’ where companies like Uber can change their pricing based on how desperate a consumer is. Can you imagine the backlash lenders would face if they changed prices whenever someone had their moving van in the driveway?” Yes, I can. “Rob, the war in Iran has eliminated the public’s attention on tariffs. But have tariffs helped mortgage rates? It is hard to say, given everything else the markets are watching. Economist Milton Friedman, who I met one time, said, “We call a tariff a protective measure. It does protect; it protects the consumer very well against one thing. It protects the consumer against low prices.” President Trump, however, argues that high tariffs will spark a renaissance in U.S. manufacturing… but not yet. Factories have been in a slump for most of 2025, shedding 108,000 jobs, per the BLS. Trump's taxes on foreign imports have allowed some U.S. factories to raise their prices but the vast majority of factory managers, many of whom rely on foreign components, say tariffs have been a drag on their business. "Morale is very low across manufacturing in general," one unnamed factory manager told the Institute for Supply Management in December. (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 Logan Finance’s Paul Jones on how brokers avoid common self-employed borrower mistakes and simplify the process from application to closing to make non-QM accessible and efficient.)

Employment, partnership sought, and transitions

_________________________________________________

A Mortgage Boutique (AMB), a division of First Community Mortgage, is pleased to announce that Farzad “Fuzz” Heidari has joined the company as VP of NonQM Strategy and Agency AE. Widely regarded as one of the industry’s top Account Executives, Fuzz brings deep NonQM expertise, agency experience, and a proven track record of building strong, high-producing relationships. His addition marks a significant step forward in AMB’s growth strategy, strengthening the company’s NonQM platform and expanding opportunities for its broker partners nationwide. As AMB continues to scale, the recruitment of top-tier talent like Fuzz reinforces its commitment to innovation, execution, and long-term partnership success. Thinking about making a move? Contact Retta Gardner for a confidential discussion.

Chief Financial Officer: Confidential Search, National Mortgage Lender. A nationally recognized mortgage lender is seeking a Chief Financial Officer to serve as a strategic and operational partner to the COO, CEO, and executive team. This organization operates at scale, competes nationally, and has built its reputation on disciplined execution and a strong culture of care. The CFO will play a critical role in protecting the long-term financial health of the company while helping position it for sustained growth through changing market cycles. This is a visible executive role requiring both strategic perspective and operational depth. The organization is well-capitalized, nationally respected and committed to disciplined growth, operational excellence, and enhancing the lives of coworkers, clients, and the community. If interested, please send your resume to Chrisman LLC’s Anjelica Nixt and specify this opportunity.

“Evergreen Home Loans™ has expanded our footprint into Wisconsin, and we are actively seeking motivated Loan Officers and Branch Managers. We are looking for Loan Officers who want flexibility, strong back-end support, and a collaborative culture that puts clients first. With Evergreen, you gain access to proven systems, leadership support, and a brand built on integrity. If you are ready to grow your career while helping Wisconsin families navigate homeownership with confidence, we would love to connect. Visit discoverehl.com or contact Todd Miles, EVP of Production Growth.”

An established lender/depository is seeking additional investors for its Jumbo Custom Construction product. Strong credit, attractive returns, proven performance. Interested principals can contact me to forward their note of interest to the head of mortgage for the depository.

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

_________________________________________________

Increase Your Business with Renovation Loans! Renovation lending is one of the biggest opportunities for brokers looking to expand their pipeline in today’s market. When inventory is limited, renovation financing helps turn fixer uppers into closed loans and creates new opportunities for buyers. Join TPO Go on March 19th at 2 PM EST for a live webinar focused on how brokers can confidently originate FHA 203(k), HomeStyle, Choice Reno, VA, and USDA renovation loans. Learn how to structure renovation deals, overcome common challenges, and position yourself as a trusted resource for buyers and referral partners. If you are looking to grow your business and add more solutions for your clients, this is a session you will not want to miss.

Mortgage lenders know they need automation and AI, but most are doing it wrong. JazzX can help. Most mortgage automation and AI tools today focus on individual tasks, not the full loan process. Basic tools may eliminate small inefficiencies, but they rarely lower cost per loan or accelerate credit decisions at scale. JazzX AI delivers true end-to-end intelligent automation with digital assistants that work alongside your existing LOS, streamlining operations across the loan lifecycle to lower costs, accelerate decisions, and improve quality without adding headcount. Want to learn more? Book a demo with the JazzX team.

A mechanical watch can contain more than 100 tiny gears moving in precise coordination. Individually, each gear performs a small task. Together, they create remarkable precision. Mortgage technology is beginning to operate the same way. At ICE Experience 2026, nCino will demonstrate how its AI brings the moving parts of lending into alignment. From DOC VOI (powered by Argyle), which uses automated data extraction and analysis to replace manual reviews of paystubs and W-2s, to AUS Smart Tasks, a feature that translates automated underwriting findings into clear next steps for loan teams, nCino is helping lenders make informed decisions faster and with fewer bottlenecks. Visit booth #208 to see how nCino can get your mortgage operation running like clockwork.

The New Math of Mortgage: Spring Forward Without Expanding Staff! The market has shifted. After years of boom-and-bust cycles, mortgage volume is stabilizing, creating a rare window to modernize. At the same time, technology has matured, paving the way for automation built on trusted, verifiable data. Now is the moment to act. Gateless Smart Underwrite® helps lenders grow volume without hiring, automating document review, verifying borrower data, and clearing conditions in hours, not weeks. Eliminate bottlenecks. Remove manual labor. Increase capacity without adding a single desk. This isn’t just a better process. It’s a self-scaling way to lend. Our clients are reporting significant capacity increases in operations and decreasing processing time. “Automate Intelligently, Scale Logically.” Book your demo.

With UAD 3.6 on the horizon, the real estate valuation is evolving. If your AMC hasn't enhanced its offerings to leverage modern tools like AI-powered machine learning and optical character recognition, you're missing out on distinct advantages to streamline the appraisal process. Your AMC shouldn't be playing catch-up but rather leading the shift to UAD 3.6. With 45 years of experience under our belt, PCV Murcor is already there and built for what's next! Experience innovation-powered precision and time-tested excellence by visiting 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.

The Last Word is today at 1PM ET. This week on Last Word, the panel breaks down market signals, agency developments, and where the industry succeeded and failed over the past week. The conversation focuses on separating real insight from reaction as the market continues to shift.

Capital markets: a deep dive into market undercurrents

_________________________________________________

Markets spent yesterday recalibrating for the possibility that tensions around the Strait of Hormuz persist longer than initially expected, keeping geopolitical risk (and energy prices) at the center of price discovery. Crude oil surged toward $100/barrel, pushing gasoline prices higher and reinforcing inflation concerns, which in turn pressured both equities and rates. Treasury yields drifted higher throughout the day, with the 10-year hovering around the mid-4.20 percent range and struggling to attract safe-haven demand even as stocks weakened, an unusual dynamic that underscores how inflation and energy risks dominate the "macro" narrative.

Mortgage-backed securities followed suit, with spreads widening and lower coupons underperforming as volatility tied to energy markets tends to discourage spread tightening. While trading volumes remained solid, conviction was limited as desks stayed cautious amid the fluid geopolitical backdrop. One bright spot came from the Treasury market’s successful digestion of a $22 billion 30-year bond auction, where demand exceeded expectations, suggesting long-end buyers remain willing to step in at current yield levels. It made for a good finish to this week’s mediocre auction slate.

Economic data, including steady jobless claims and stronger housing starts (up 7.2 percent in January due to a nearly 30 percent surge in multifamily, while single-family starts declined by 2.8 percent), did little to alter the broader narrative, leaving markets focused squarely on geopolitics, energy prices, and the inflation implications if disruptions in the Strait of Hormuz continue. 

According to Prime Lending’s Andrew Stringer, “In this current environment, price targets age about as well as leftover milk. If there were a chart metric for panic locking, the benchmark would be the heart rates of LO’s and real estate agents watching rates forge higher. Meanwhile, the 10-year Treasury yield might as well be correlated to a herd of cats with a garden hose. Forget fundamentals, the only thing the market cares about right now is the belief or disbelief in the word ‘transitory.’ The timing of all this is all but impeccable (cue sarcastic eye roll). In less than a week, the FOMC committee will cast their votes on future fed policy.

Meanwhile, Fed Chair Powell will take center stage and undoubtedly field questions about how oil prices may impact forward guidance. Keep in mind that it’s not the actual verdict that markets will latch onto, it is the word choice, tone, and emphasis he uses while interpreting recent events. Putting the recent geopolitical events aside for a moment, one cannot help but wonder how this meeting might have gone without the market impact of the war. In the past month we received a meaningful drop in payrolls, improvement in Treasury inflows, and CPI showing the most encouraging signals since 2021, especially given the seasonality when prices normally rise. This would have been a strong signal for bonds to improve if there were not a significant market derailment underway. I think it goes without saying that the only certainty we can rely on is the likelihood of more uncertainty. In times like these, pipeline defense is prudent and reprices can happen in very short order. The market is still searching for a floor sturdy enough to stand on.”

New FHA loss-mitigation rules introduced late last year are putting significant pressure on distressed borrowers and are driving a sharp rise in severe delinquencies across the Federal Housing Administration (FHA) loan universe. The policy limits borrowers to one home-retention option every 24 months and requires a three-month trial payment plan, ending the pandemic-era practice of repeatedly extending relief and causing delinquencies to “catch up” quickly. As a result, severe delinquency rates among FHA loans have climbed markedly: from about 5.1 percent at year-end to 6.1 percent by February, far outpacing trends in Department of Veterans Affairs (VA) mortgages, where borrowers tend to have stronger credit profiles. The shift is creating a growing pipeline of deeply delinquent FHA loans within Ginnie Mae securities, particularly among 2022-vintage loans and lower-coupon pools, which could lead to increased servicer buyouts as delinquency thresholds are breached, an outcome that may create opportunities for investors as affected loans are repurchased at par.

Mortgage rates rose in the latest Primary Mortgage Market Survey from Freddie Mac as oil prices surged following the US-Israel attack on Iran. For the week ending March 12, the 30-year rate rose 11-basis points to 6.11 percent, while the 15-year rate increased 7-basis points to 5.50 percent. Rates are still 54-basis points and 30-basis points lower than a year ago. The U.S. economy (read: the average annual growth rate of real personal consumption expenditures) is less sensitive to higher energy prices than it once was. 

Today’s economic calendar brings a host of first-tier data, much of which was previously delayed due to the government shutdown(s). Markets have already received January personal income and spending (spending was +.4 percent versus +0.3 percent expected), PCE and core PCE (core was +.4 percent, as expected, +3.1 percent y-o-y), the second look at Q4 GDP (+.7 percent, cut in half!), and durable goods orders for January (flat, ex-transportation +.4 percent). Later today brings (delayed) JOLTS job openings for January, and the first look at March Michigan sentiment. After this bevy of economic news, we have Agency MBS prices little changed from Thursday’s close, the 2-year yielding 3.70, and the 10-year yielding 4.25 after closing yesterday at 4.27 percent.

A man stumbles up to the only other patron in a bar and asks if he could buy him a drink. “Why of course,” comes the reply.

The first man then asks: “Where are you from?”

“I’m from Ireland,” replies the second man.

The first man responds: “You don’t say, I’m from Ireland too! Let’s have another round to Ireland.”

“Of course,” replies the second man.

Curious, the first man then asks: “Where in Ireland are you from?”

“Dublin,” comes the reply.

“I can’t believe it,” says the first man.

“I’m from Dublin too! Let’s have another drink to Dublin.”

“Of course,” replies the second man.

Curiosity again strikes, and the first man asks: “What school did you go to?”

“Saint Mary’s,” replies the second man.

“I graduated in ’72.”

“This is unbelievable!” the first man says.

“I went to Saint Mary’s and I graduated in ’72, too!”

About that time, in comes one of the regulars and sits down at the bar. “What’s been going on?” he asks the bartender.

“Nothing much,” replies the bartender. “The O’Malley twins are drunk again.”

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.

qoɹ

(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.)