May 11: MI, LO jobs; AI consulting, UAD 3.6, CRA mining, non-Agency search tools; rate cross currents but Fed probably sitting 'til '27

“My friend asked me to help him round up his 37 sheep. I said, ‘40.’” There will be a lot of numbers (and topics) flying around the upcoming MBA's Secondary & Capital Markets Conference, in New York with over a thousand registered including a portion of the Chrisman LLC team heading there later this week. There are many other topics, some of which, like AI in capital markets and the recapture impact on rate sheets, will be on this Wednesday’s Capital Markets Wrap, sponsored by Polly. The cost and future of “pulling” credit will be brought up. Just like the easiest way to lower your monthly food bill is to have your family “clean their plates,” the easiest way to lower a lender’s costs of all kinds is to improve pull through. Adoption of having borrowers pay up front has been slow, and the focus is on the hard costs. Artificial intelligence is on everyone’s conference agenda, and a Stanford report highlights the growing disconnect between AI insiders and everyone else in the world. (Today’s podcast can be found here and this week’s ‘casts are sponsored by nCino, and its Mortgage Suite that supports a modern homeownership journey. This week at nSight 2026, mortgage leaders will explore how AI, intelligent automation, and connected experiences are reshaping lending operations and borrower engagement. Hear an interview after 6AM PT with Eris Innovations’ Geoffrey Sharp on how to hedge non-QM production.)

Employment and transitions

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National MI welcomes Brayden Frank as Account Manager for Oklahoma and the Dallas–Fort Worth territories. He brings a strong career track record supporting loan officers and real estate professionals. You may know him as a board member of the Fort Worth Mortgage Bankers Association. “Brayden is a true community builder. His local market knowledge and customer-first mindset make him a resource our partners can count on,” said Mike Pelitere, Regional Managing Director at National MI. “We’re proud to have him on board.” Reach Brayden directly at 510.788.8470, email, or connect on LinkedIn.

You’re invited to learn how Fairway Home Mortgage supports loan officers and branch managers in building successful, sustainable mortgage careers. Tuesday May 12^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 support, real independence, top-of-the-line technology, and game-changing culture 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: Fairway Virtual Fairway Day for May.

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.

Lender and broker products, software, & services

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Today CRA Marketplace and Black Lake Digital Markets announced the launch of GATHER™, a comprehensive end-to-end institutional platform for sourcing, pricing, trading, transferring, and settling CRA-eligible mortgage assets. GATHER™ was conceived and built by Wayne Brown, a career mortgage banking professional with deep roots in community lending, correspondent finance, and CRA program design. Powered by Black Lake’s proprietary auction technology, the GATHER™ platform helps banks manage their CRA obligation, turning a back-office challenge into a capital markets opportunity. GATHER™ supports the full spectrum of qualifying loan types across purchase, refinance, and specialty programs. It features a buy box matching engine built for precision lending decisions. This engine considers assessment area mapping, income and product eligibility, and portfolio gap analyses. GATHER™ is available immediately to qualified institutional participants. If you are a bank looking to discuss your CRA needs, schedule time to meet with Wayne Brown at the upcoming NY Secondary.

“Lenders deserve a choice. Now they have one. VantageScore 4.0 is live for approved lenders on conforming loans and Advantage Partners Solutions, an ASCEND Company, has been ready. We support both VantageScore 4.0 and Classic FICO through our dual-platform infrastructure: Credit Interlink and MeridianLink. For lenders working with thin-file consumers, first-time buyers, or borrowers carrying medical debt, VantageScore 4.0 opens doors that Classic FICO currently closes. The credit report stays the same, but the choice is yours. "Our partnership with VantageScore positions us to help lenders adopt modern credit scoring responsibly and efficiently. The goal is straightforward: give lenders the confidence to grow their business and help more families achieve homeownership." - Patrick Tynan, Chief Sales Officer, Advantage Partners Solutions. Ready to explore what VantageScore 4.0 means for you? Talk to your APS representative today. Advantage Partners Solutions: Your mortgage solutions partner that gives you the advantage. Link Advantage Partners Solutions here.”

Don’t forget to register! Two of the industry’s most influential voices are coming together for a conversation worthy of your time. On Thursday, May 14 (2–3 p.m. ET), the Mortgage Bankers Association will host its 2nd annual State of the Market webinar, featuring Dark Matter Technologies’ CEO Vikas Rao and MBA’s Chief Economist Michael Fratantoni. This session will offer a grounded, data-informed view of what lenders are facing now, from shifting economic conditions to evolving borrower expectations. Attendees can expect practical insight into AI’s growing role, next-generation LOS capabilities and servicing innovations that are reshaping loan manufacturing. More importantly, it’s an opportunity to hear how these two leaders are thinking about what comes next and what lenders should be doing now to stay competitive, operate more efficiently and meet rising expectations without adding friction. Tune in, take notes, and stay ahead of the curve.

Spring EQ (NMLS #1464945) has introduced enhanced DSCR guidelines designed to help mortgage professionals capture more investor opportunities and close more deals. DSCR loans continue to gain traction as a flexible solution for real estate investors who don’t rely on traditional income, creating a growing opportunity for originators to expand their pipelines. Learn all about it in their upcoming webinar on Tuesday, May 12 at 2PM ET. In the session, New at Spring EQ: Enhanced DSCR Guidelines to Help You Close More Deals, attendees will learn what’s new, how DSCR loans work, what today’s investors are looking for, and how to structure deals while avoiding common pitfalls. Register today! Visit EMMA to price, process, and manage your loans. Not a partner? Join here: Wholesale or Correspondent.

“Your product leader, Bayview’s Silver Hill Capital, has enhanced its Agency Investor Plus product, now offering up to 90 percent LTV on investor properties, giving borrowers the ability to put less money down while helping originators win more loans. Agency Investor Plus is an Agency Automated Underwrite that offers 90 percent LTV, vest in an LLC, 10+ properties, and IO and prepayment options. Sign up for an upcoming training on May 21st from 2-3PM EST highlighting our AIP product enhancements. We’ll also be hosting meetings during the MBA Annual at the W Hotel in Times Square from May 17–19. Schedule time with our team to connect and explore new opportunities for your business.”

HomeLend delivers a scalable lending solution designed to strengthen execution, expand liquidity access, and improve performance and efficiencies without disrupting existing operations. In today’s market, where margins remain compressed and borrower needs continue to evolve, lenders need the flexibility to respond faster, support more scenarios, and create more opportunities across the organization. HomeLend provides a centralized platform that simplifies access to more than 20 investors and over 60 programs across Agency, Non-QM, DSCR, Bank Statement, Jumbo, ITIN, and second liens. By streamlining execution and improving product availability, HomeLend helps lenders move faster, improve pull-through and margins, and match more borrowers to the right financing solutions without increasing operational complexity. Teams can support a wider range of borrower scenarios while maintaining operational consistency and responsiveness in changing market conditions. Meet HomeLend during the MBA Secondary, May 17-20. Contact Gerry Walker, Doug Potolsky, Page, or Tom Mierkiewicz. View HomeLend's Loan Program Overview.

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.

You probably don’t need another AI demo. You need someone to tell you what matters. The AI world is moving from chatbots into agents that can read files, use tools, write code, navigate browsers, connect systems, and reason across complex workflows. For mortgage executives, the challenge is not finding another vendor with an AI slide. The challenge is knowing where this technology can actually reduce costs, improve execution, and create an advantage inside your business. Automatic Lender offers executive AI advisory sessions for mortgage companies that want a clear view of the landscape without the sales theater. We help lenders evaluate practical opportunities across underwriting, document intelligence, guideline assistants, compliance automation, LOS-connected workflows, sales, marketing, and internal operations. No pressure. No generic platform pitch. Just a focused 30-minute conversation about what your company should do next. Schedule a free 30-minute discovery call. Learn more here or contact nick@automaticlender.com.

Today’s Now Next Later at 1PM ET, sponsored by Relcu, has Jeremy Potter and Eric Lapin joined by Jonathan Glowacki of Milliman to discuss the future of mortgage credit decisioning. The conversation explores VantageScore, lender choice, tri merge credit, and the broader risks and implications of credit modernization.

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.

Capital markets: decent jobs market vs. deteriorating sentiment

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Carrington Mortgage Services announced a strategic partnership with Valon Technologies, builder of a world-class AI-native operating system for mortgage servicing. To advance the next generation of Ginnie Mae servicing technology; under the agreement, Carrington will adopt ValonOS as its core servicing platform and, in collaboration with a private equity partner, will acquire Valon Mortgage, expanding Carrington’s servicing portfolio by approximately 800,000 loans.

Average reported mortgage interest rates are a bit like retail pricing: by the time they reach the market, they reflect more than the starting point. Vice Capital Markets’ new Par Note Rate is designed to show that starting point. This daily benchmark, built using agency MBS pricing, shows lenders the underlying market level before points, credits, LLPAs, borrower characteristics, or lender margin are factored in. Existing rate metrics reflect the borrower-facing reality, and that’s valuable. The Par Note Rate is the backdrop. Together, they tell a more complete story of where the market actually is. To learn more, read the full press release, or if you’ll be at MBA Secondary in New York, May 17–20, reach out to Troy Baars to chat in person. Do you want to receive the Par Note Rate in your inbox each week? Subscribe here.

For anyone who cares about rates, as geopolitical tensions in the Middle East continue to threaten energy markets and fuel concerns about a renewed inflation shock, investors increasingly believe the Federal Reserve will remain firmly in “wait-and-see” mode through the summer rather than risk shifting policy amid extraordinary uncertainty. The effective closure of the Strait of Hormuz (and accompanying rise in oil prices) strengthens the case for higher headline inflation, meaning little near-term chance of additional tightening. Futures pricing suggests a small but notable probability that the Fed’s next move by 2027 could ultimately be a hike rather than a cut. Until then, the bond market remains highly sensitive to incoming labor-market data and Treasury supply, with investors monitoring key technical levels in Treasuries. 

That investor positioning reflects both caution and fatigue. Based on recent survey data, there’s an unusually low willingness to chase a Treasury rally, with many participants instead preferring to sell strength. This reflects a healthy skepticism that yields can sustain a meaningful decline in the current environment. Despite what I wrote in the preceding paragraph, most still expect the Fed’s next move to eventually be a rate cut and believe 10-year yields are more likely to revisit 4.0 percent rather than 5.0 percent, even as inflation risks tied to energy remain elevated. There’s also increasing focus on the future structure of Fed communication under a Warsh-led central bank; the eventual removal of the Fed’s dot plot guidance has been floated even with concerns that doing so could increase volatility and term premiums.

The latest labor market data showed U.S. employers added more jobs than expected for a second straight month (+115k jobs were created last month), and the unemployment rate stayed at 4.3 percent, reinforcing the Federal Reserve’s view that the labor market remains stable enough to justify keeping rates unchanged for now. The resilience in employment is increasingly colliding with deteriorating consumer sentiment, as Americans grow more concerned about inflation, rising gasoline prices, and the broader impact of the Iran conflict on household finances. The prevailing narrative is one of an economy that still appears fundamentally solid on the surface but faces mounting pressures from persistent cost-of-living strains that could eventually weigh on consumer spending and growth.

Ahead of the release of existing home sales this week, we learned last week that March new home sales ran at a 682k annualized pace, up 3.3 percent year-over-year, with builders successfully driving demand through incentives and price cuts. This pushed the median new home price down 6.2 percent to $387,400 and helped maintain turnover, which supports forward Agency MBS supply. Regionally, volume gains were broad-based except in the West, where higher prices weighed on activity, while the Midwest and South benefited from stable-to-lower pricing; at the same time, April purchase loan production dipped slightly overall, dragged by a decline in Freddie Mac volume despite gains at Fannie Mae and Ginnie Mae.

Credit characteristics remain largely uniform nationwide, but loan size continues to be the key differentiator, rising 5.1 percent year-over-year to $357,000, with the strongest growth in the Midwest and Northeast. Importantly, that growth is beginning to moderate, signaling a potential easing in home price pressures that could improve affordability and stabilize origination trends going forward.

The week ahead is packed and has already kicked off with April existing home sales. Attention will be on tomorrow’s highly anticipated April CPI inflation report, where headline inflation is expected to ease slightly year-over-year to 3.4 percent while core inflation is seen accelerating on a monthly basis, alongside Treasury’s quarterly refunding.

The rest of the week includes multiple Fed speeches, producer price inflation (PPI) data, April retail sales, import/export prices, regional manufacturing surveys, industrial production, capacity utilization, and manufacturing output data. The big question remains, “is economic momentum strong enough to keep the Federal Reserve cautious on rate cuts?” Ahead of a $58 billion Treasury auction of 3-year notes later today, we begin the week with Agency MBS prices down/worse from Friday’s close by almost .125, the 2-year yielding 3.92, and the 10-year yielding 4.39 after closing last week at 4.36 percent, roughly unchanged from the week before.

I got $50 from my mom.

She told me to take my brother to the movies, but not to bring him home before 6, so they had time to prepare his surprise birthday party.

That's the day I realized he was the favorite twin.

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, “Mortgage Rates Are Not Random.”  The Commentary’s podcast is available on all major platforms, including Apple and Spotify.

qoɹ & ǝᴉqqoɹ

(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.)