3.28.25 Tax Legislation Priorities; Bank of Tennessee's Tammie Gravlee on Leadership; Fed-Favorite PCE

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 discuss MBA's priorities on tax legislation. Plus, Robbie sits down with Bank of Tennessee’s Tammie Gravlee to talk about navigating career growth within banks, the differences between lending at banks versus IMBs, strategic servicing decisions, and career advice for young women in the industry. And we go through the latest PCE inflation figures.

Thank you to this week's podcast sponsor, ICE. The mortgage landscape has never been more competitive. Stand out in a crowded market with configurable technology, extensive data and comprehensive analytics that span the entire loan life cycle. ICE offers an interconnected digital mortgage ecosystem to help clients improve productivity, reduce costs and deliver a meaningful customer experience.

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“What is the difference between the government and organized crime? Only one of them is organized.” (Suitable for any administration.) Government policy, economics, and technology have been the three big topics at mortgage conferences for many conference seasons, and this MCT event in San Diego is no exception. “Rob, are you seeing an increase in optimism, despite many lenders’ costs not going down?” Yes. Costs have been trimmed somewhat and volume has picked up, there is certainly enough tech out there to do anything lenders want, and vendors are in a great position to add value, help you solve problems, and save money. The MBA is certainly doing its part in trying to impact tax policy in Washington DC. One of MBA’s top three agenda items this year for Congress will be to extend the industry’s favorable tax provisions that are set to expire at the end of 2025. “In whatever tax legislation that emerges later this year, key priorities will include preservation of deferred tax treatment of mortgage servicing rights, preserving the Section 199A pass-through deduction, preserving and possibly expanding and indexing of the capital gains exclusion for the sale of a primary residence to unlock inventory and encourage housing movement/market velocity as well as expanding and improving the Low-Income Housing Tax Credit and supporting other housing supply-related tax credits.” (Today’s podcast can be found here and this week’s is sponsored by ICE. ICE offers an interconnected digital mortgage ecosystem to help clients improve productivity, reduce costs, and deliver a meaningful customer experience. Today’s has an interview with Bank of Tennessee’s Tammie Gravlee on navigating career growth within banks, the differences between lending at banks versus IMBs, strategic servicing decisions, and career advice for young women in the industry.)

Jobs & transitions

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“Evergreen Home Loans® is growing. We’re looking for Loan Officers and Branch Managers who are ready to take their careers to the next level with a company that values relationships, fosters growth, and encourages creativity. With strong leadership, innovative technology, and a culture that puts people first, we provide the support you need to thrive. Ready to join a team that is committed to your success? Visit DiscoverEHL.com. For more information, contact: Todd Miles, EVP of Production Growth (360.606.2232).”

Successful loan officers aren’t just closing loans… They’re building businesses. That’s why so many are moving to Canopy Mortgage. With a transparent P&L model and proprietary LOS technology, Canopy gives you full visibility, higher margins, and the tools to grow, without the weight of bloated corporate overhead. If you're looking for more control, more freedom, and more of your own revenue, it’s time we talked. Call 385-273-0404 or email us HERE to schedule your confidential P&L review. Canopy Mortgage – Lower Rates. Better Tech. Real People.

Waterstone Mortgage announced the addition of Margie Hennessey as Vice-President – Eastern Region Sales. In her new role, Margie will be responsible for driving growth within the East Division by spearheading talent acquisition initiatives. She has more than 21 years of experience in the mortgage lending industry.

Usherpa, developers of the real estate and mortgage industry’s first Customer Relationship Engagement Platform (REP) platform, announced that Laila Stout, an experienced marketing strategist with over 13 years of experience, has joined the company as Senior Marketing Manager. Stout was formerly the Mortgage Marketing Manager for Independent Financial in Dallas. Congratulations!

(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.)

Software, programs, services, and products for lenders

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“Essex Mortgage is excited to announce a new financing product for homebuyers. The Link Loan allows originators to work with consumers who do not qualify for traditional financing and still get them into a home with the opportunity to obtain equitable title and enjoy all the benefits of ownership today. It allows your real estate agent partners to close their sale immediately as part of the process. We expect this product to do a significant volume, as it can tap into 10's of millions of underbanked or otherwise underserved consumers including those with ITINs, Alternate Income Documents for Self-Employed, and customers just out of BK or Foreclosure that lack the 15-20% down typically needed. The typical downpayment for this product is 3.5%. Please reach out to our head of Correspondent Sales, Kim Schenck, for more information on this exciting new opportunity!”

Earn up to $8k on your next HELOC, and close in days! Mortgage brokers and loan originators looking to boost earnings and close HELOCs faster won’t want to miss the REMN Digital HELOC Training Webinar on April 2. This session will showcase how originating digital HELOCs with REMN Wholesale is as easy as 1-2-3. Attendees will get an in-depth walkthrough of REMN’s streamlined portal, learning how to access instant pricing and leverage key platform benefits. The webinar will cover the simple and fast sign-up process, key selling points to attract more borrowers, and how originators can generate more business with no broker credit pulls required. Additionally, participants will learn how to get a personalized Pre-Qual Application Page featuring their company logo and headshot. With an average of just six days from Application to Close, this is a must-attend event for professionals looking to streamline their HELOC process and maximize revenue. Click here to register!

“The lending landscape is shifting, and traditional loans aren’t cutting it for every borrower. The brokers who understand non-QM will win more deals and expand their business. Are you one of them? Join Kind Lending on April 10th at 11:30 AM PST for our exclusive broker training: Understanding the Non-QM Borrower. Why This Training Matters: Expand Your Reach: Capture more business by serving self-employed borrowers, real estate investors, and high-net-worth clients who don’t fit the traditional lending box. Outshine the Competition: Gain insider knowledge on why conventional loans fail and how non-QM solutions can bridge the gap for underserved borrowers. Increase Your Closings: Learn strategies to identify, qualify, and convert non-QM clients with confidence. The demand is growing. The opportunity is now. Are you ready to dominate the non-QM market? Reserve your spot today! (And if you're not yet a Kind Lending partner, it's time to change that—get started here!)”

“Citi Correspondent Lending understands homeownership remains a cornerstone of the American dream. We remain dedicated to helping turn those dreams into reality while also remaining firmly committed to responsible, sustainable growth. Citi offers an expanded product suite, including our proprietary HomeRun and Non-Agency Jumbo products, Best Efforts and Mandatory Desk platforms, a robust set of CRA pricing incentives as well as Delegated and Non-Delegated loan delivery executions. Ready to learn more? We’ll be at the upcoming Secondary and Capital Markets conference and would love to set aside time to discuss the opportunities Citi Correspondent Lending offers! Reach out to your Citi Account Executive to set up some time to chat or complete and return our Prospective Client Questionnaire.”

Training, webinars, and in-person events today and next week

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Why not learn more about your profession from the comfort of your favorite chair at home?

In today's episode of Last Word, Brian Vieaux, Christy Soukhamneut, Kevin Peranio, and Courtney Thompson discuss the recent decision by the Federal Housing Finance Agency to end Fannie Mae and Freddie Mac's down payment and closing-cost assistance programs for first-time homebuyers. They'll explore the potential impact on affordability, the housing market, and the future of government-backed homeownership support.

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!

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

Tuesday, April 1 at 2PM ET we have “Unpacking the Future of Mortgage Tech: Key Insights from STRATMOR’s 2024 Study” moderated by Sue Woodard and featuring Nicole Yung and Garth Graham. “STRATMOR Group Senior Partner Nicole Yung will reveal some of the key findings from the 2024 Technology Insight® Study Digital Innovations survey, STRATMOR's annual deep dive into the latest digital trends and advancements transforming the mortgage industry. From trends in automation to digital capabilities and their perceived benefits and barriers, Nicole, along with STRATMOR Senior Partner Garth Graham and Senior Advisor Sue Woodard, will discuss how mortgage lenders can harness these innovations to enhance efficiency, reduce costs, and improve customer experiences.”

Tuesday the 1st at 11AM PT, origination concerns and issues are the focus with Mortgage Pros as Audrey B. and Kevin C. address issues facing residential originators.

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

Looking for more in-depth commentary on weekly mortgage news? Register here for Wednesday the 2nd at 11AM PT "Mortgage Matters: The Weekly Roundup” presented by Lenders One!

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.

Q2 Economic Outlook webinar is 2PM ET on April 3. As we move deeper into 2025, the economy remains in flux. Consumer spending habits are shifting, and the evolving economic landscape makes it more important than ever to stay informed. On April 3rd WFG’s Patrick Stone will offer an expert perspective on the factors influencing the economy and what you can expect in the months ahead on the complimentary October Research webinar Q2 Economic Outlook. Join us to learn the latest on the trajectory of mortgage rates and their impact, trends in refinance and resale activity and much more. Register today to gain a clear understanding of the economic outlook for Q2 and discover strategies to adapt and thrive in a changing market.

Friday the 4th on Last Word, Brian Vieaux, Christy Soukhamneut, Kevin Peranio, and Courtney Thompson discuss the recent decision by the Federal Housing Finance Agency to end Fannie Mae and Freddie Mac's down payment and closing-cost assistance programs for first-time homebuyers. They'll explore the potential impact on affordability, the housing market, and the future of government-backed homeownership support.

The Chrisman Commentary is pleased to bring you a variety of video shows hosted on Zoom throughout the week. Take your pick: We have a show focused on technology and innovation (Now Next Later Mondays at 1pm ET), origination (Mortgage Pros Tuesdays at 2pm ET), big-name interviews (Mortgage Matters Wednesdays at 2pm ET, presented by Lenders One), headline news (The Big Picture Thursday’s at 3pm ET), opinion (Last Word Fridays at 1pm ET), advisory services (Advisory Angle first Tuesday of the month at 2pm ET, presented by STRATMOR Group), capital markets (Capital Markets Wrap second Tuesday of the month at 3pm ET, presented by Polly), regulation and compliance (Regulation Central third Tuesday of the month at 3pm ET), and reaching the next generation of homeowners (Mortgages with Millennials last Tuesday of the month at 1pm ET, presented by The Mortgage Collaborative). (If you don’t see a presenting sponsor, please reach out to Chrisman LLC’s Anjelica Nixt to inquire about opportunities.)

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).

Capital markets: what’s the difference between CPI and PCE?

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Mortgage-backed securities saw some volatility yesterday, with the gap between short- and long-term rates widening significantly, as President Trump stated that upcoming tariffs on imports would be flexible but warned that Canada and the EU could face significant penalties if they retaliate. The 10-year Treasury yield hit its highest level in a month. On the economic front, fourth-quarter GDP growth was revised up slightly to 2.4 percent, driven by increased government spending, though the report had little market impact since it reflects past data. Pending home sales rebounded by 2 percent in February after a sharp decline in January, though they fell short of expectations.

Today’s economic calendar kicked off with the all-important PCE (Personal Consumption Expenditure). It was +.3 percent, as expected. The core PCE Price Index was +.4 percent, +2.8 percent year-over-year, when it was seen +2.7 percent year-over-year. Keep in mind that CPI inflation generally runs about 0.4 percentage points higher than PCE inflation. The indexes are calculated using different mathematical processes. For example, the PCE formula adjusts its weights monthly, while the CPI does so yearly. When grocery shoppers switch to chicken after beef becomes more expensive, as we all would do, that change shows up in the PCE Index first. The PCE report includes purchases made by urban and rural consumers, while the CPI report only tracks spending in urban areas. The CPI includes only out-of-pocket spending made directly by consumers, while the PCE accounts for expenditures made on consumers’ behalf. For example, health insurance expenses made on behalf of employees by their employers or by Medicare and Medicaid are included in the PCE basket, not CPI.

We also received Personal income and spending in February (+.4 percent and +.4 percent) versus expectations of increasing 0.3 percent and 0.4 percent. Later today brings Michigan sentiment (which will be closely scrutinized for inflation expectations), and remarks from Fed Governor Barr and Atlanta Fed President Bostic. After the Personal Consumption Expenditure number we find Agency MBS prices slightly better than Thursday’s close, the 2-year yielding 3.98, little changed from Thursday evening, and the 10-year yielding 4.32 after closing yesterday at 4.37 percent.

(Thank you to Michigan’s Don C. for this tale of mystery and passion.)

After his examination, the doctor said to the elderly man, “You appear to be in good health. Do you have any medical concerns you would like to ask me about?”

“In fact, I do,” replied the old man. "After I have sex with the wife, I am usually cold and chilly; and then, after I have sex with her the second time, I am usually hot and sweaty."

The doctor could not find any explanation for this.

After examining his elderly wife, the doctor said: “Everything appears to be fine. Do you have any medical concerns that you would like to discuss with me?”

The lady replied that she had no questions or concerns.

The doctor then said to her, “Your husband had an unusual concern. He claims that he is usually cold and chilly after having sex with you the first time; and then hot and sweaty after the second time. Do you know why?”

"Oh, that crazy old ba$tard'' she replied. “That's because the first time is usually in December and the second time is in June.”

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, “Mergers and Acquisitions Aren’t Going Away, and In Fact…” , “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.)