Mar. 14: ARM biz; DOJ/Fed, IMB/Trump, CrossCountry, Better in the news; Thoughts on staff retention; Saturday Spotlight: Flyhomes

I am soon heading to Las Vegas for the ICE Experience, along with hundreds, or thousands, of others. But let’s bask in today… nicknamed “pi day,” as in 3.14… Pi, often represented by the mathematical symbol “π,” represents the ratio of a circle’s circumference to its diameter. (Today is also, coincidentally, Albert Einstein’s birthday.) Pi’s numbers never repeat, and its value has been calculated out to over a trillion figures. That’s a lot! Something else that is “a lot” are the price increases being seen everywhere. Lettuce is up 12 percent and tomatoes up 6 percent in the latest consumer price index report. With oil prices shooting higher, we are quickly reminded of the products that oil impacts, such as cosmetics, plastic, fertilizer… and the shipping of nearly everything. Nothin’ our Federal Reserve can do about that! Inflation means higher rates, and with those comes interest in adjustable-rate mortgages. While 30-year fixed rates are in the 6.1 percent range, the 5/1 ARM is currently hovering around 5.3 percent, according to Cotality, which is proving enough of a spread to save a buyer about $500 a month on a $1 million loan. That may help explain why by December 2025, nearly half of all mortgage originations exceeding $1 million were ARMs, according to Cotality. In California, 31 percent of mortgage originations in 2025 were ARMs, followed by 28 percent in Washington, D.C. and about 24 percent in Massachusetts. The takeaway here is that ARM activity tends to be higher in more expensive markets. The MBA’s figures show about 8 percent of apps are ARMs.

Saturday Spotlight: Flyhomes

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“Power up homebuyers—bigger budgets, winning offers, only one move.”

Flyhomes is the industry leader in solving one of the biggest challenges in real estate: how to buy your next home without having to sell your current one first. As the #1 Buy Before You Sell solution provider in the U.S., Flyhomes DREAM Solutions helps top loan officers unlock more opportunities for their borrowers through:

·      D- DTI Buster

·      R- Retire & Downsize

·      E-  Equity For Down Payment

·      A- All-Cash Advantage

·      M- Move With $0 Out of Pocket

We operate on a wholesale-only model, empowering loan officers and real estate agents with a variety of Buy Before You Sell solutions available in all 50 states. More than 5,000 buyers have already used Flyhomes to move seamlessly. With $2.2B in funded loans and a growing partner network of 160+ lenders and 30,000+ MLOs, we’re expanding quickly and are proud to offer our solutions now nationwide.

Our products give borrowers real advantages: buy with $0 down, reduce their DTI by up to 50%, and make cash-equivalent offers that close in as little as 10 days. And because we’re wholesale-only, there’s no competition with loan officers or agents. We exist to help them win more deals and build stronger client relationships.

Another key difference? Low costs. We’re proud to offer the most affordable Buy Before You Sell solutions in the market. Our programs start with a tiered flat fee, and our loan product pricing is tied to the loan amount, not the departing home’s sale price. This structure keeps costs fair and transparent, giving borrowers access to the tools they need without creating an extra financial burden. It’s a true win-win for both families and the professionals who serve them. Join our live session on March 18 (Wed) or March 20 (Fri). We’ll walk through Flyhomes’ newly launched Cross Collateral Bridge Loan, a solution that enables borrowers to buy their next home with $0 out of pocket. This program allows borrowers to:

• Buy with $0 out of pocket (up to 105% LTV on the new home)

• Close in as little as 10 days with an all-cash advantage

• Leverage both the existing home and the new home as collateral

• Delay payments until the departing home sells

• Borrow up to $3M with no prepayment penalty

Save your seat today (Mar 18/ Mar 20) or book a call to learn how Flyhomes solutions can benefit your borrowers and help you close more deals today.

(For more information on having your firm’s extracurricular activities, employee growth, and your charitable side featured, contact Chrisman LLC’s Anjelica Nixt.) 

Better’s results & plans for its future

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Underwriting a loan in 47 seconds is very impressive. Indeed, as Better’s Tinman platform brings conversational AI to mortgage underwriting. Some in the market didn’t find Better’s financial results impressive, however, although in Q4 2025, funded loan volume grew 56 percent year over year (to $1.5 billion) “versus industry growth of 4 percent, while revenue grew 77 percent year over year.” The company posted a $40 million net loss in the fourth quarter, a slight increase in loss from the prior period but a 32% improvement from losses in the final quarter of 2024. While revenue was flat over the past two reporting periods at $44 million, it was an improvement from $25 million from the year ago period.

That quarter saw Better partner up with Intuit’s Credit Karma, joining a prior partnership with Finance of America. Yesterday during the earnings call the now self-described AI-native mortgage platform discussed growth opportunities from bigger deals, including a new partnership with an unnamed, top-5 nonbank originator. Founder and CEO Vishal Garg continued to tout Better’s AI prospects.

Better’s Neo Home Loans retail arm accounted for $462 million of 4^th quarter production. Better’s focus is changing, and begins with refinance offerings, before rolling out home equity and purchase products.

Earlier this month Better debuted its Tinman integration with ChatGPT, where any mortgage player can underwrite and fulfill loans using a custom tool. Better claims the median time to underwrite for ChatGPT originators is a little over 2 minutes. Garg said many banks have shown interest in the tool, particularly given regulatory changes weighed by the Federal Reserve to encourage market participation. And let’s not forget bringing stablecoin to the mortgage landscape, with a secured tokenized credit facility that Garg has suggested could lower funding costs by 100 basis points. He said the company is six months away before the new endeavor will reach Better's bottom line.

Better’s stock price has been down 13 percent in the last three months. But it’s not alone: Finance of America is down 30 percent, as is UWM, Rocket is down 22 percent, and loanDepot is down 35 percent.

CrossCountry Mortgage in the news

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CCM, “the nation's number one retail mortgage lender for the third consecutive year,” announced a significant investment in its newly formed Builder Division, reinforcing the company's long-term commitment to the homebuilder market. The strategic expansion is designed to deepen partnerships with builders nationwide and deliver customized mortgage solutions that support new homebuyers at every stage of the journey.

Ron Leonhardt, Founder and CEO of CrossCountry Mortgage, said, "The Builder Division is a strategic investment in the commitment of giving buyers more ways to get to the closing table. By working more closely with builders, this team will help create stronger partnerships and open the door to more homeownership opportunities for borrowers."

“CCM's Builder Division will position CCM to deliver innovative financing solutions tailored to the needs of homebuilders and their clients. The team will offer a comprehensive suite of residential lending programs, along with commercial lending solutions. These offerings include builder construction loans, small balance commercial loans, bridge loans, and fix-and-flip financing. Builders can also take advantage of traditional forward commitments.”

XINNIX on staff retention

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There is no sign that mergers, acquisitions, and personnel moving around within the industry will abate. With that in mind, I thought it prudent to publish a note from Adam “Badger” Dyrek at XINNIX, known for its training and people development, asking, “What if, tomorrow, your top performer handed in their two-week notice?”

“You’d feel it in your numbers, your team’s energy, and your own inbox within days. Because when a star leaves, they don’t just take deals. They take momentum, morale, and the confidence of the entire floor. And yet, most leaders don’t see it coming.

“They don’t quit overnight. They quietly drift. Top producers rarely make a sudden exit. They leave hints (often quiet, uncomfortable, easy-to-dismiss signals) that they’re disengaging long before their goodbye email lands. As a leader, the real danger isn’t the departure. It’s missing the clues.

“Someone may be present but disengaged. Great salespeople don't quit suddenly. They leave subtle clues weeks ahead to watch for. They’re still active, but no longer engaged. You’ll notice they’ve stopped contributing in meetings, coaching teammates, or celebrating wins. Their camera is off. Their Slack messages trail off. It’s like they’re fading into the background, mentally clocked out. And when their pipeline starts going dark? That’s not forgetfulness, it’s detachment.

“Their attention shifts, and it shows. LinkedIn stops looking like a team platform and starts reading like a personal résumé. You’ll see them posting stats, polishing achievements, and suddenly sounding recruiter-ready. That’s not engagement. It’s exit prep. Your rep is “networking” more outside the team, but too busy for team events. Add in a sudden drop in client entertainment or personal expenses, and you’ve got a clear sign they’re preparing to move on.

“They stop building for the future, an ‘innovation halt.’ The ideas dry up. Your once-vocal contributor no longer pushes for better systems, better messaging, or better processes. Why? Because they’re protecting their best thinking… for their next role. And when a rep shifts from helping the team to just hitting their number quietly, leaders should treat that as more than a phase. It’s a pivot point.

“Catching these signs early is critical. But so is acting fast to either re-engage that rep, or start recruiting stronger ones. Managers don’t only need retention… They need a recruiting edge.”

(Thank you XINNIX. “Our coaching labs are built to help leaders spot subtle red flags and win back their top producers. But we don’t stop at damage control. We equip you with field-tested recruiting plays that land A-players before Q3 gets competitive.)

The Fed, DOJ, banks, lending, IMBs, and Trump’s executive order

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I find it curious when people write to me and say, “Rob, leave all the politics out of your mortgage commentary.” The problem is, they’re so intertwined as to make that request impossible. And economics in general: A judge blocked the DOJ's criminal probe of our Federal Reserve, blasting it as political. It is continually fascinating how people look at the same thing and think two entirely different things. And how some press releases are important for what they don’t say.

President Trump signed two executive orders (here and here) that aim to remove regulatory barriers to housing construction and promote lower costs and increased access to mortgage credit. The first order addresses how the federal government would reduce its own housing regulatory burdens and create incentives for best practices by state and local governments. The second seeks to reduce the regulatory burdens tied to mortgages and to make it easier for small community banks to provide home loans.

Here are the fact sheets: President Trump Removes Regulatory Barriers to Affordable Home Construction and President Trump Promotes Access to Mortgage Credit.

MBA President and CEO Bob Broeksmit, CMB, said, "America's housing finance system is the best in the world because it's competitive. We support efforts to increase bank participation in mortgage lending and servicing, and the goal should be to revise overly burdensome rules for lenders of all sizes and business models. This includes credit unions that support their members and independent mortgage banks (IMBs), who serve most FHA, VA, and Rural Housing borrowers, making homeownership possible for first-time buyers, low- and moderate-income families, veterans, and those living in rural communities. The MBA strongly supports efforts to reform appraisals, ease construction regulations, and encourage homebuilding to help address the structural challenges driving up housing costs."

Today's order aims to make the mortgage process cheaper and more efficient, increase homebuilding, and reduce regulatory burdens. However, the MBA believes it is imperative that these benefits apply to all lenders, including IMBs, credit unions, and banks of all sizes.

Read MBA's white paper on the importance of IMBs' critical role in mortgage lending and servicing.

“The National Association of REALTORS® welcomes efforts to expand access to mortgage credit and ensure that qualified homebuyers are not unnecessarily shut out of the market. Today’s executive action by President Trump highlights the importance of reviewing regulatory barriers that can increase costs for borrowers and limit the ability of lenders to serve their local markets. We look forward to reviewing the executive order in more detail. 

“REALTORS® know that access to affordable and responsible mortgage financing is essential to expanding homeownership and strengthening communities. As policymakers consider changes to the regulatory framework governing mortgage lending, it is critical that reforms both protect consumers and ensure that creditworthy buyers—particularly first-time buyers—have a clear path to homeownership.

And additionally, “America’s housing affordability crisis is fundamentally a supply problem, and solving it requires removing the barriers that make it harder and more expensive to build homes. REALTORS® strongly support efforts to streamline regulations, modernize permitting processes, and reduce unnecessary mandates that slow construction and drive up costs for homebuyers.

“Today’s executive action by President Trump to remove regulatory barriers to affordable home construction is an important step toward making it easier for communities to build the homes Americans need. By directing federal agencies to review and reform rules that delay development—from environmental permitting to housing finance and energy standards—the administration is helping address the regulatory bottlenecks that have contributed to the nation’s housing shortage. NAR looks forward to reviewing the details of the executive order as they emerge and working with policymakers to ensure any changes support responsible development, protect consumers, and expand access to safe, affordable homeownership opportunities.”

The American Banker’s Association wrote, “We applaud today’s White House executive order to expand bank participation in mortgage lending and give more Americans the chance to own a home. The proposed regulatory changes would help remove some of the significant obstacles preventing many banks, especially community banks, from being able to fully participate in the mortgage market. ABA supports policy initiatives that create sustainable and affordable housing opportunities, and we look forward to working with the administration, the regulatory agencies and Congress to implement these ideas and build on other efforts to make homeownership more affordable and accessible for all Americans.”

Pi, whose symbol is the Greek letter π, goes on forever, with computers having calculated over 1 trillion digits past the decimal.

1. Statistics show that 3.14 percent of sailors are pi-rates.

2. What did pi say to its partner? Stop being so irrational.

3. What is the ratio of the circumference of a jack‑o‑lantern to its diameter? Pumpkin pi.

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.)