3.18.25 Fannie Condos; Experian's Ken Tromer and Ted Wentzel on Verifications; Busy Calendar

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 Fannie Mae's condo requirements. Plus, Robbie sits down with Experian’s Ken Tromer and Ted Wentzel to talk about why price transparency is important in the verification process, and how Experian Verify ensures it.. And we look toward Federal Reserve events.

St. Patrick’s Day is this week, but you don’t need to rely on luck to find business! You can easily retain and recapture your customers as rates dip with Precision Marketing by CoreLogic. Precision Marketing alerts you to your client’s home shopping activity and provides a highly accurate estimate of their current equity, leveraging outstanding liens and CoreLogic’s powerful Total Home Value X AVM.  Whether it’s using cash to purchase a home, debt consolidation, or a straight cash-out refinance, Precision Marketing’s data-driven insights pinpoint your best opportunities to retain and recapture your clients. Originators who leverage Precision Marketing have seen their pipelines increase by up to four times when compared to traditional lead generation methods. This is just one of several innovative marketing and data solutions delivered on the ARAYA Smart Data Platform. Find out whether your clients are shopping for a home or ready to cash out today! Visit corelogic.com/chrisman to learn more or to schedule a free demo.

Transcript

The calendar pages flip. We’re in mortgage conference season again in hotels around the nation, and why not have a little fun leaving your quarters (especially when the hotel room is registered under someone else’s name, cuz you probably won’t be welcomed back)? Yes, time flies. It’s been two years since Silicon Valley Bank declared bankruptcy, leading plenty of pundits to suggest the U.S. banking system was going to crumble. Of course, they were wrong, and our banking system did not crumble because of it, which is certainly a good thing. But in terms of crumbling, remember when Florida’s Surfside Condos collapsed four years ago? In condo selling and financing news, the talk is about “the blacklist maintained by Fannie Mae and includes condo associations that the mortgage finance giant thinks don’t have adequate property insurance or need to make critical building repairs… According to lenders and real-estate agents, Fannie Mae greatly expanded the list after the condo collapse killed 98 people. Compounding the problem, a nationwide insurance crisis is making it more expensive for condo associations to afford adequate coverage.” (Today’s podcast can be found here and this week’s is sponsored by CoreLogic. Whether it’s using cash to purchase a home, debt consolidation, or a straight cash-out refinance, CoreLogic’s Precision Marketing’s data-driven insights pinpoint your best opportunities to retain and recapture your clients. Today’s has an interview with Experian’s Ken Tromer and Ted Wentzel on why price transparency is important in the verification process, and how Experian Verify ensures it.)

Employment & transitions

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“Exciting Career Opportunity: Senior Financial Analyst / FP&A Manager! A leading nationwide retail lender is seeking a highly skilled Senior Financial Analyst or FP&A Manager to join its dynamic Finance Team. This is a fantastic opportunity for someone with experience in branch performance analysis, mortgage financial planning, modeling, pricing, and secondary marketing. The ideal candidate will have at least four years of experience in the mortgage industry, specifically in financial analysis, branch-level P&L analysis, and financial planning. You’ll need to be proficient in Excel and PowerPoint and be a self-starter with strong organizational skills and the ability to thrive in a fast-paced environment. While project management experience is a plus, it’s not a requirement. This role offers competitive salary and bonus opportunities, along with the chance to grow within one of the most stable and respected lenders in the industry. If you’re ready to take the next step in your career with a company that values your expertise, we’d love to hear from you. If interested, please send your resume to Anjelica Nixt for forwarding and specify this opportunity.”

“At Homestead Funding, we believe in empowering our teams’ success. Last week, we brought our sales teams together for our annual Sales Summit, a dynamic event where collaboration meets innovation. Our Branch Managers and Loan Originators had the opportunity to connect with executives, industry experts, and peers to explore cutting-edge technology, enhance their workflows, and refine sales strategies. This is one of the many ways we bolster our team with the tools, knowledge, and support they need to build sustainable partnerships and deliver an exceptional customer experience. When you join us, you’re not just starting a job. You’re becoming a part of a culture that empowers and supports you as you grow your personal brand! Contact Dave Stagnitti for more information on how to accelerate your career with Homestead Funding, 518-390-5960.”

Congratulations to Carl Holman who Foundation Mortgage has appointed as its new Director of Marketing. With over 20 years of experience in mortgage industry marketing and public relations, Holman has led award-winning campaigns at A&D Mortgage and Carrington Mortgage Services, driving brand growth and market expansion. “Carl’s expertise in strategic marketing and brand positioning will be invaluable as we continue to grow,” said Marc Halpern, CEO of Foundation Mortgage Corp. In his new role, Holman will oversee branding, digital marketing, and communications, strengthening Foundation Mortgage’s presence in the industry.

(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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Rocking the mortgage servicing industry…The mantra for servicing may shift from “constant change” to “uncertain change” as the landscape becomes increasingly unpredictable. It’s not about transparency or direct costs; it’s about the realization and internal analysis of indirect savings achieved when spending dollars on the right technology. If the path to creating a strategy for this environment feels rocky to you, read our current blog, “Unlocking Efficiency and Profitability in Mortgage Servicing.” It discusses how operational choices in approach are essential. Securing a strategic advantage is within reach with intelligent workflow automation, such as CLARIFIRE®. Enact a changed mindset today to position your organization for profitability tomorrow. Find out how you can think differently and implement new ways to manage your bottom line with BRIGHTER AUTOMATION® - a brighter approach that delivers brighter results.

Fee cures are more than a minor inconvenience for mortgage lenders. They’re a costly and largely preventable expense. A recent cost analysis by ICE Mortgage Technology highlighted this previously undetected aspect of loan production eating away at lender profit margins. With the right solution, lenders can streamline and automate fee management processes, ultimately helping to avoid fee cures from taking place. Want to learn more on how to overcome fee cures? Read the article, The hidden cost of fee cures: A recent cost analysis on uncovering and preventing fee cures, by Richard Lombardi, Executive Vice President of Property Data Solutions at ICE Mortgage Technology to discover valuable insights from the study’s findings, including the quantified costs fee cures have on the average loan produced and the steps needed to reduce fee cure expenses.

“TMS is now purchasing DSCR loans: Fast, Easy, Funded. Stop settling for slow lenders when you need speed and scale to close your deals. With loan amounts up to $3.5M, same-day review, and table funding, your next deal just got done. Contact us. The Money Source Inc., NMLS #6289, 3138 E. Elwood Street, Suite 200, Phoenix, AZ 85034. This is intended for the exclusive use of mortgage professionals only and is not intended for distribution to or use by consumers. This information is not considered an advertisement for consumer credit pursuant to Regulation Z, 12 C.F.R. 1026.24.”

Partner with Plaza, not compete. Some investors have retail lending arms and servicing retention platforms that compete with their own clients. Plaza Home Mortgage’s National Correspondent Lending Division doesn’t do that. When our correspondent partners sell to us, they are confident that we won’t solicit their borrowers down the road. When you work with Plaza, you can count on a true partnership-first approach, competitive products and pricing, and an unwavering respect for your borrower relationships. Your success is our success, but your borrowers are yours. If you want to learn about Plaza Home Mortgage’s National Correspondent Lending Division, ask us here.

New Maxwell Report: Is the American Dream in Jeopardy? Rising taxes and soaring insurance premiums are pushing nearly half of U.S. homeowners to the edge. Maxwell's latest report reveals how climate disasters and escalating insurance costs are becoming overwhelming financial burdens, leaving many questioning their ability to stay in their homes. The findings are staggering: 50% of homeowners fear they won’t be able to afford their homes much longer, and nearly 60% are considering selling within the next 5 years if rates keep rising. Curious about how these rising costs are influencing homeowner choices, and what it means for the housing market? Don’t miss out! Click here to get your copy of Maxwell’s Homeowners Insurance Data Report and discover the hard truths behind the numbers.

Loan officers shouldn’t double as debt collectors. Fee Chaser makes it easy to collect fees upfront without the awkward follow-ups. Fully integrated with Encompass® by ICE Mortgage Technology™, so payments flow as smoothly as your pipeline. Book a 10-minute demo with the team to see it in action.

Events, training, and webcasts keep us educated

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Today there’s a webcast for originators (Mortgage Pros at 2PM ET) and regulation and compliance (Regulation Central at 3pm ET).

Skipping ahead, on Thursday, May 15th, at 10:30 AM PST, Garris Horn LLP’s Senior Litigation Partner, James Brody, in collaboration with The Mortgage Collaborative (TMC) will present a webinar, titled: “Annual Regulatory Roundup: Invaluable Tips for Maintaining Compliance in 2025 & Beyond.” Click here to register; registration is free. In this co-sponsored Regulatory Roundup webinar, Mr. Brody will leverage his decades of experience as a financial services litigator and compliance attorney to ensure your organizations remain compliant during a time of upheaval all across the mortgage banking industry. Specifically, Mr. Brody will address compliance topics involving LO Comp, RESPA, Cyber, TILA, UDAP, M&A, MSAs, and more. For any registration related questions, please contact Mr. Brody (415-246-3995).

Learn how you can help struggling borrowers avoid foreclosure from liquidation through retention. Check out Fannie Mae’s on-demand webinar which provides an overview of its workout hierarchy along with real-world scenarios.  

Today the 11th at 11AM PT, origination takes the focus with Mortgage Pros as Audrey B. and Kevin C. address issues facing residential originators.

Looking for more in-depth commentary on weekly mortgage news? Register here for Wednesday the 12ths 11AM PT "Mortgage Matters: The Weekly Roundup” presented by Lenders One! Tomorrow’s features Adam Quinones with SymphonyAI.

CAMP’s webinar for the fix and flip/ground up construction market is tomorrow, Wednesday, March 19th, 1:00 PM - 2:00 PM PDT. Attendees will be walked through the immense market opportunity, and you’ll learn everything you need to start originating new business right away.

Fannie Mae representatives, on Thursday, March 20, 10:00 AM - 11:00 AM PDT, will discuss manufactured home financing options, with an overview of programs and policies that can support your manufactured home financing business.

Join Federal Reserve Bank of Chicago for a webinar exploring rural housing affordability on Thursday, March 20, from 1:30-3:00 pm CT. This virtual event will feature national, state, and local experts and practitioners discussing housing challenges and solutions unique to rural communities. Hear insights on trends in rural housing affordability and availability, housing development and construction in rural areas, and revitalizing rural downtowns with housing.

Join CAMP for a special webinar, Updates on DRE LA Firestorm response efforts from the DRE Commissioner, Chika Sunquist, Thursday, March 20th at 1:00 pacific.

Master FHA & VA Manual Underwriting & Approve More Borrowers! When AUS says "no," manual underwriting gives you a second chance to say "yes!" Don’t let unique financial situations stand in the way… Gain the knowledge to help more borrowers secure FHA and VA loans when AUS falls short. Join Kind Lending’s FHA & VA Manual Underwriting Training and learn how to navigate manual underwriting with confidence, identify eligible borrowers, and streamline the process for faster closings. The event is on March 20, 11:30 AM - 12:00 PM PST. Register for this complimentary training session by clicking here. 

Thursday will be another episode of The Big Picture at 3PM ET. Rich Swerbinsky hosts a variety of guests. You can click here to register for Thursday’s 3 PM ET show with Chris Bennett of Vice Capital, always a fun and informative show.

Friday the 21st join Kevin Peranio, Christy Soukhamneut, Courtney Thompson, and Brian Vieaux on The Last Word! KP, Brian, Christy, and Courtney will discuss This week on The Last Word, our panelists share insights and opinions on the latest trends in the housing market, including rising inventory, longer days on market, and increasing contract cancellations. They also explore the ongoing insurance crisis, focusing on rising premiums, policy cancellations, and the challenges posed by flood zone inaccuracies. (Learn more here.)

Technology and innovation in residential lending are the focus of Now Next Later next Monday at 1pm ET.

Capital markets: the Fed will probably “stay the course” tomorrow

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February’s retail sales and the Empire State Manufacturing Survey both missed expectations yesterday, fueling concerns about economic momentum and inflation. Retail sales rose just 0.2 percent month-over-month, far below the anticipated 0.7 percent, while the Empire State Manufacturing Survey plunged to -20.0, signaling a sharp contraction in business activity. Despite weak overall retail figures, the control group posted a solid 1.0 percent monthly gain, but inflationary pressures persisted, with the prices paid index hitting its highest level in over two years. The data adds to growing stagflation worries, as slowing growth collides with rising costs, complicating the Federal Reserve’s policy decisions.

Speaking of, the Federal Reserve’s policy decision tomorrow is the week’s key economic event. While no rate changes are expected, investors will closely analyze policymakers’ projections and Chair Powell’s remarks for insights into future monetary policy. There is also a possibility that the Fed will announce a pause or end to its balance sheet reduction program, known as Quantitative Tightening (QT). 

Today contains quite a busy calendar of data and supply as the first day of the two-day FOMC meeting gets underway. We’ve already received import and export prices, (imports were +.4 percent) along with housing starts and building permits (+11.2 percent, permits were -1.2 percent). Later today brings industrial production/capacity utilization for February, and Treasury activity that will be headlined by $13 billion reopened 20-year bonds. We begin the day with Agency MBS prices unchanged from Monday evening, the 2-year yielding 4.05, and the 10-year yielding 4.32 after closing yesterday at 4.31 percent.

(Comments from an acerbic anonymous industry source.)

“The mortgage ‘industry.’ I was watching a recent capital markets Zoom call, and heard terms like, “bearish,” “bull steepener,” “inverse floaters,” “long,” “short,” and I chuckled. The mortgage industry from a secondary marketing point of view can best be encapsulated by this scenario: You deny a concession or extension to an LO, the branch manager calls and asks why, you dig in and decline it, they go over your head: “I’ve known X for 25 years…”

So, you get a call on your way home after an 11-hour day and you concede. In the morning you have to tell your lock desk to make the concession and try to convince them that you still have a little power even though you really don’t.

Fast forward 30 days and you’re in the CFOs office because the P/L is off. What you thought you were going to make you didn’t. The long side (locks…see, I can use that term too) shows leakage so they decide to call someone from outside the company to come “and do a review” and while they keep the LO because they do one loan a month you find yourself managing a Taco Bell dealing blow from the drive thru window in Springfield, Illinois, but they catch you and put you away and move up the ranks in some Anglo prison gang hiding dope in your prison pouch, but in the end…in the end, you finally found happiness because you don’t care what the Fed does.”

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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