3.14.25 MBA on Conservatorship; Milo's Josip Rupena on Crypto Lending; Rate Direction

Welcome to The Chrisman Commentary, your go-to daily mortgage news podcast, where industry insights meet expert analysis. Hosted by Robbie Chrisman, this podcast delivers the latest updates on mortgage rates, capital markets, and the forces shaping the housing finance landscape. Whether you're a seasoned professional or just looking to stay informed, you'll get clear, concise breakdowns of market trends and economic shifts that impact the mortgage world.

In today’s episode, we look at MBAs thoughts on Fannie and Freddie conservatorship. Plus, Robbie sits down with Milo's Josip Rupena to discuss the latest happenings at the intersection of crypto and mortgage lending. And after yesterday's PPI report, he closes by going through the direction of mortgage interest rates.

This week’s podcast is sponsored by TransUnion. TransUnion offers thousands of B2B solutions designed to address the unique needs of mortgage lenders, especially for their identity-focused, data-driven mortgage insights and solutions. 

Transcript

Time flies. We’re at “pi day” (3.14), two weeks until the end of the quarter, one month before our taxes are due. Tax returns for individuals are private (I think) but those filed by nonprofit organizations are public records. The Mortgage Bankers Association of America taxes, for example, are here; no one is immune from the downturn. Speaking of the MBA, it has a lot on its plate. Setting up relationships with Scott Turner (HUD) and Bill Pulte (confirmed for FHFA this week) is important since having a say in ending the conservatorship of the GSEs (Fannie Mae and Freddie Mac) matters greatly. (Would they still be government sponsored?) “16 years of hands-on conservatorship by FHFA has created inefficiencies, blunted some of their competitiveness, and led to challenges in retaining and attracting the best talent in the housing finance space.” The MBA has identified four over-arching principles it believes should frame the release of Fannie and Freddie: an explicit backstop via a federal guarantee, the two maintaining a level playing field for lenders of all shapes and sizes, a “Bright Line” between primary and secondary mortgage functions that must be clearly defined and rigorously enforced by FHFA to ensure a stable and competitive market, and, lastly, FHFA regulatory enhancements to regulate the GSEs’ rate of return and market conduct. Go MBA! (Today’s podcast can be found here and this week’s is sponsored by TransUnion. TransUnion offers thousands of B2B solutions designed to address the unique needs of mortgage lenders, especially for their identity-focused, data-driven mortgage insights and solutions. Hear an Interview with Milo’s Josip Rupena on the latest happenings at the intersection of crypto and mortgage lending.)

Employment & transitions

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Orion Lending, a leader in the DPA, Agency, and Non-QM TPO space, is thrilled to welcome Katherine Gardner as the Western Divisional Vice President of Sales. As a highly respected figure in Wholesale Lending, Katherine brings exceptional leadership and dedication aligned to Orion’s mission. "Orion is truly unique. Its leaders are serial entrepreneurs committed to a long-term, infinite-game approach, continuously investing in and evolving the organization. The company’s maturity, technology, and culture resemble those of an established institution, yet its agility, tech forward approach and customer-centric mindset reflect the passion of a start up! We see it. We own it. We solve it.,” said Katherine Gardner. If you’re ready to join the best team in the galaxy, contact Katherine!

“At Evergreen Home Loans®, we believe in building more than just successful careers. We build a community rooted in integrity, family, fun, growth, and creativity. Our team thrives in an environment where we support each other, challenge the status quo, and celebrate wins together. If you’re looking for a company that values people as much as performance, it’s time to make your move. Join us. For more information, contact: Todd Miles, EVP of Production Growth, 360.606.2232”

(As a reminder, anyone searching for employment can post their resume at no charge at www.lendernews.com, and potential employers can view all resumes for several months for only $75.)

Lender and broker products, software, & services

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“Q Consulting Group (QCG) is a premier financial consulting and capital advisory firm specializing in mortgage banking, real estate finance, and structured debt solutions. With deep expertise in mortgage lending, servicing, and capital markets, QCG assists mortgage lenders in securing warehouse lines, term debt, and liquidity facilities to drive growth and maximize profitability. Beyond mortgage banking, QCG provides strategic financial consulting, including treasury management, M&A advisory, and operational efficiency improvements. Our team leverages decades of experience in financial services to help businesses navigate complex financial challenges, optimize balance sheets, and secure tailored capital solutions. Whether you need assistance in structuring debt, managing financial risk, or enhancing profitability, QCG offers customized solutions to meet your goals. Visit here to learn more or schedule a call with Majed to explore how QCG can provide strategic financial leadership tailored to your needs.”

Is your profitability being undermined by inaccurate pricing and product mismatches in your PPE? Real-time pricing and industry-leading accuracy offered in the Optimal Blue® PPE ensure your PPE is a source of net gains, not a cost center. Enhance your operational efficiency and profitability with seamless integrations and access to secondary marketing tools. Generative AI tools and automations in the Optimal Blue PPE, like Originator Assistant and Rules Optimizer, streamline processes and support strategic growth. Our AI assistants and automations are specifically designed and intentionally architected not to make decisions, but rather to assist and enable our customers to make better decisions, faster. Leveraging our extensive expertise and proven implementation processes, Optimal Blue helps you confidently navigate market fluctuations, secure more affordable loan products, and maximize profitability on every loan transaction. Download our latest white paper, “6 Essential Considerations When Choosing a PPE,” to optimize your advantage.

Bill Ashmore is back to break down a major opportunity in the second mortgage market. With real estate investors holding onto low-rate first mortgages, demand for Closed-End Second (CES) loans is rising. On the next NMP DealDesk, Bill and his team from Brokers Advantage Mortgage will discuss their CES DSCR loan that lets investors access equity without refinancing. The DealDesk is a live, interactive forum where mortgage brokers and loan officers bring real deals and scenarios to product experts. Join them on Wednesday, March 19, at 2 PM ET / 11 AM PT, as Bill, along with Rachel To, EVP, and Pete Lunetto, Chief Credit Officer at Brokers Advantage Mortgage, explains how to qualify borrowers using market rent, secure loan amounts up to $750K, and keep investors’ first liens in place. Bring your questions and scenarios: register here!

Struggling to retain borrowers in today’s competitive market? LoanCare® can help. It’s newest eBook, “UNLOCKING DIGITAL RECAPTURE: How LoanCare Drives Customer Retention and Growth,” explores the innovative strategies and technology behind the company’s industry-leading solutions. Discover how LoanCare keeps homeowners connected to your brand with proactive digital tools designed to boost customer engagement, improve borrower retention, and drive portfolio growth. Don’t let refinancing platforms take your customers… Discover the key to extending homeowner relationships and thriving in a competitive rate environment. Download the eBook today and start unlocking your potential! Reach out to David Vida to learn more about LoanCare servicing solutions and meet with the team in person for MBA Secondary this May in NYC.

M&A isn’t confined to lenders

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Recently we’ve had Union Home Mortgage and NRL, Rocket and Redfin, and now… The Wall Street Journal reported that Compass is in “advanced talks” to acquire HomeServices of America, the real estate wing of Warren Buffett-owned conglomerate Berkshire Hathaway.

In-person events for planning your air travel

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As a quick note, today on The Last Word, Brian Vieaux, Christy Soukhamneut, Kevin Peranio, and Courtney Thompson dive into Rocket’s acquisition of Redfin and its potential impact on consumers and loan originators, discussing how it could reshape the housing market and real estate tech. They'll also explore trends in this week's mortgage rates, and key takeaways from the recent ICE Experience.  

A good place for longer term conference planning is to start is here for in-person events in the future; and organizers can post their event!

Next week The Mortgage Collaborative members head to Dallas for its twice-yearly gathering.

April 1-3 will be the Great River MBA in Memphis, TN.

Logan Finance is offering up a Non-QM Road Show at the Omni Hotel in Frisco, Texas from 9:30am to Noon CT, on April 9th. Stop by and say hi if you’re in the Dallas area.

Attend MBA’s National Advocacy Conference (NAC) on April 8 and 9, at the Capital Hilton in Washington, D.C. Join hundreds of industry advocates to meet with and educate policymakers on issues impacting your businesses and customers. MBA offers special rates for members of MBA’s young professionals’ network (mPact), the Certified Mortgage Banker (CMB) Society, and group rates for MBA member companies as well. Yup, if you’d like to spend some time advocating for our biz in early April, here’s the MBA’s NAC25 registration!

Credit Union Lending Leadership Conference! CU:REALM is heading to San Diego on April 14th and 15th for our most dynamic event yet. Join industry trailblazers like Selma Hepp and Peter Benjamin, and Rob & Robbie Chrisman for an agenda packed with networking, collaboration, and thought-provoking discussions tailored for Credit Union Mortgage Leaders. Don’t miss this opportunity to elevate your expertise: contact Jim Labbé to learn more and secure your spot!

Join TMBAs' 109th Annual Convention, a transformative experience that will ignite your passion and propel your career to new heights. From April 27-29, at the luxurious Loews Arlington Hotel, immerse yourself in a world of innovation, inspiration, and unparalleled networking opportunities.

The Mortgage Bankers Association of Georgia (MBAG Live) fabled event will be held May 4-7 at One Ocean Resort in Atlantic Beach, FL. Register here; Early bird registration available until March 11. Hear from the likes of Laura Escobar and Bill Bodnar!

“Sagent Customer Conference preview: At our annual user conference Ignite, our customers are the celebs, and attendees are a tight-knit, highly engaged bunch: 100 percent of last year’s attendees said they intend to return. This year, our agenda (based on customer input, as always) includes featured speakers, unforgettable networking events, and tailored training. Attendees will also see Dara’s end-to-end capabilities up close, including Dara Core, which offers all the essential tools for daily servicing operations. Demonstrations of the platform continue to be exclusive, so if you’re a Sagent customer who’s eager to see Dara for yourself, register here for Ignite (May 5-7, Dallas, TX) today. Until then, check out this recent episode of Chrisman Commentary for the latest updates on Dara Core.”

The NALHFA Annual Conference is coming to Minneapolis, May 12-14. From forward-thinking development to a thriving arts and dining scene, Minneapolis offers the perfect backdrop for meaningful discussions. Engage in expert-led sessions on policy, single-family and multifamily housing, and financing strategies, plus keynotes on the future of housing and homelessness solutions. Gain actionable insights, build valuable connections, and be part of the conversations shaping the industry.

If you like Times Square, on May 18-21 there’s the MBA’s National Secondary & Capital Markets Conference which attracts plenty of non-secondary and capital markets folks.

There’s the National Settlement Services Summit (NS3) from October Research, LLC on June 16-18 in Pittsburgh, PA. NS3 offers three days of unmatched networking and invaluable education, where you’ll connect with your industry partners, earn CE & CLE credits, and stay current on regulatory updates and business strategies. Register today! Do you want to speak at NS3? Visit NS3TheSummit.com to submit your proposal.

In Honolulu, MBA Hawai’i is attracting nationwide talent in attendance and speaking! Watch for details about the June 17-18 event.

“The 2025 Loan Vision Innovation Conference is where mortgage finance leaders come to connect, learn, and innovate. Join us in Atlanta, GA, from September 22-24 for three days of expert-led sessions, real-world strategies, and networking with the best in the industry. From cutting-edge technology to efficiency-boosting insights, LVIC25 is designed to help you drive profitability and stay ahead of the curve. Don’t miss your chance to be part of the premier event for mortgage banking professionals! Register now! Rob Chrisman is back on the main stage at the 2025 Loan Vision Innovation Conference! Connect with top lenders and financial leaders shaping the future. Register now!”

The 2025 MBA Annual Convention & Expo will begin October 19 in Las Vegas.

Capital markets: the bets are the Fed won’t do anything next week

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Did you see that a collaboration between MCT and Fannie Mae improves pricing for mortgage sellers on select loans? Announced yesterday, the Loan Pricing API integration delivers more granular pricing alongside cash window executions. By combining various price factors and utilizing a broader set of data found in bid tapes, the new API provides greater price transparency on certain loans. “The new Loan Pricing API offers comprehensive pricing and a more streamlined process for obtaining the most up-to-date pricing information that creates a better experience for our industry partners,” said Pete Skarnulis, Single-Family Business Account Management Solutions – VP at Fannie Mae. This new API provides greater transparency into the granular level pricing Fannie Mae provides to sellers on MCT Marketplace, the largest mortgage asset exchange for the U.S. secondary market. Learn more about MCT and Fannie Mae technology collaborations and find them at the upcoming MCT Exchange conference.

For those watching mortgage rates, much like the weather this Spring, there are a lot of mixed messages in the markets right now. Yesterday we all saw another benign inflation report, but there was a poor showing from equities, evidence of ongoing concerns about growth and the impact of tariffs on the economy. Additionally, the U.S. Treasury completed this week's mediocre note and bond auction slate with a weak 30-year bond reopening, though Treasuries continued to fresh price highs in late trading. 

Producer prices, which do eventually influence the price us consumers pay, were unexpectedly flat in February, defying expectations of a 0.3 percent increase, though January’s figure was revised higher. Year-over-year, the PPI rose 3.2 percent, while core PPI (excluding food and energy) dipped 0.1 percent month-over-month but climbed 3.4 percent year-over-year. Despite the positive inflation data, trade concerns are weighing on markets, though investors now see near certainty that the Fed will hold rates steady next week.

Yes, tariff uncertainty is dominating market sentiment, pressuring stocks while creating mixed signals for bonds. While weaker equities typically support Treasuries, tariffs reduce foreign demand since trade-surplus nations often reinvest excess money in U.S. debt. With deficits soaring and trade policy in flux, the Federal Reserve faces a challenging path in balancing inflation control with economic stability as we progress through 2025.

After notable declines over the past six weeks, mortgage rates saw more modest changes in Freddie Mac’s Primary Mortgage Market Survey for the week ending March 13. The 30-year and 15-year rates rose 2-basis points and 1-basis points, respectively versus the prior week to 6.65 percent and 5.80 percent. Those rates are respectively 9-basis points and 36-basis points lower than a year ago.

Today’s lone data point is preliminary March Michigan sentiment, expected to tick down when it is released later this morning. We begin the day with Agency MBS prices slightly worse than Thursday evening, the 2-year yielding 3.97, and the 10-year yielding 4.30 after closing yesterday at 4.27 percent as the price of gold move above $3,000 an ounce due to economic uncertainty.

It was raining hard and a big puddle had formed in front of an Irish pub.

An old man stood beside the puddle holding a stick with a string on the end and jiggled it up and down in the water.

A curious gentleman asked what he was doing.

“Fishing,” replied the old man.

“Poor old fool” thought the gentleman, so he invited the old man to have a drink in the pub.

Feeling he should start some conversation while they were sipping their whisky, the gentleman asked, “And how many have you caught?”

“You're the eighth.”

Visit www.robchrisman.com for more information on our industry partners, access archived commentaries, or to subscribe to the Daily Mortgage News and Commentary. If you’re interested, visit my periodic blog at the STRATMOR Group web site. This month’s piece is titled, “Natural Disasters and Economic Resilience.” The Commentary’s podcast is live and at any place you obtain your podcasts (like Apple or Spotify).

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(Market data provided in partnership with MBS Live. For free job postings and to view candidate resumes visit LenderNews. This newsletter is for sophisticated mortgage professionals only. There are no paid endorsements by me. For up-to-date mortgage news visit Mortgage News Daily. For archived commentaries, or to subscribe, go to www.robchrisman.com. Copyright 2025 Chrisman LLC. All rights reserved. Occasional 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.)