4.25.25 CFPB Staffing; Friday Harbor’s Theo Ellis and Jesse Collins on Startup Life; New Normal Volatility

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 some staffing issues at the CFPB. Plus, Robbie sits down with Friday Harbor’s Theo Ellis and Jesse Collins to discuss raising funds for
mortgage technology in the current climate. And we close with a look at how traders are coming to grips with the new normal of volatility.

Today's podcast is brought to you by nCino, makers of the nCino Mortgage Suite for the modern mortgage lender. nCino Mortgage Suite's three core products -- nCino Mortgage, nCino Incentive Compensation, and nCino Mortgage Analytics -- unite the people, systems, and stages of the mortgage process. See how nCino can support a homeownership journey that your borrowers and your team will love at nCino.com.

Transcript

What if your client called the CFPB about a servicing issue, or any issue, and no one answered? Things are changing, but for a thorough write up on the current situation, check out Debra Gaveglio & Donna Schmidt’s “Harmonizing Regulatory Compliance and Industry Perspectives: Leveraging Consumer Protection and Mortgage Servicing Loss Mitigation.” At its peak, the Consumer Finance Protection Bureau had about 1,700 staff. Talk in recent months of a reduction in force of 1,500 takes the number down to about 200, with authorities saying the focus of those 200 will be on “actual harm done to consumers.” It was originally envisioned that the CFPB would see harm, create a solution, and then plan it out using industry consensus. Depending on who has been in charge of the CFPB, this may or may not have happened. In fact, the CFPB has followed politics in swinging from one extreme to another, not really helping borrowers or reducing lender’s compliance costs. It is rumored, with anecdotal tales, that many CFPB employees have already gone to work at the state level, which is interesting in that the states regularly come to the CFPB for interpretations of regulations. What if Texas or California or Florida have a question about the Ability to Repay verbiage, call the CFPB, and there is no one there to pick up the phone? (Today’s podcast can be found here and this week is sponsored by nCino, makers of the nCino Mortgage Suite for the modern mortgage lender. nCino Mortgage Suite's core products unite the people, systems, and stages of the mortgage process. Hear an interview with Friday Harbor’s Theo Ellis and Jesse Collins on raising funds for mortgage technology in the current climate.)

Employment

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“Earlier this month, SWBC Mortgage celebrated our 17th annual President’s Club trip in beautiful Laguna Beach, California. It was a week filled with sunshine, laughter, and well-deserved recognition for our top producers. Being together made it clear just how special our culture is, one built on collaboration, gratitude, and genuine support for one another. We’re so proud of every one of our winners who made this celebration possible. Your hard work, dedication, and passion for serving our customers inspire us daily. A special congratulations to our Top Performer, Kelli Broadbent from Colorado… What an incredible accomplishment! Thank you to our entire SWBC Mortgage family for making this trip so memorable. Here’s to celebrating success, building each other up, and looking ahead to even greater things! Interested in learning more about being part of our team? Reach out to Scott Brown, EVP - National Retail Sales, at (615) 260-2382.”

“Evergreen Home Loans Is Looking for Leaders. Is That You? Evergreen Home Loans® is actively hiring experienced Branch Managers and Loan Officers who are ready to make an impact. With tools like our Security Plus Seller Guarantee, proprietary coaching programs, and marketing support that actually supports you, we’re a company built for those who want to lead. If you’re tired of being just another number and want to be part of a company that actually invests in your future, reach out. We’re growing fast and we want you on the journey. Join us at DiscoverEHL.com. For more information, contact: Todd Miles, EVP of Production Growth, 360.606.2232.”

“Deephaven Mortgage, a trailblazer in non-QM lending, is growing! We’re on the lookout for experienced wholesale account executives across the country to help fuel our expansion. At Deephaven, we offer a proprietary suite of non-QM products that includes investor products, a robust second lien offering for primary and investments, and access to ground-up construction/fix and flip/bridge loans through our sister company Anchor Loans. Competitive pricing, comprehensive webinar support, a best-in-class scenario desk, a fully integrated platform, and superior customer service all add to the success of our account executives. Great benefits and an unmatched company culture means you’re joining a winning team! If you have a proven track record in non-QM, an active book of business, and the ambition to thrive, we want to meet you. There are many unsaturated territories still available for you to build out. Take the leap—watch your career soar with Deephaven!”

(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, products, and services for lenders & brokers

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Are you looking to take your home equity lending operations to the next level? Are you attending MeridianLink LIVE next month? Let’s connect! Corporate Settlement Solutions is fully integrated within MeridianLink Consumer’s LOS, making it easier than ever for home equity lenders to order valuation, title, flood and recording services, all without leaving the MeridianLink platform. Stop by our booth or schedule a meeting to learn how seamless ordering and real-time data can help you close loans faster and improve the borrower experience. Let’s talk about how CSS can help you streamline your home equity lending process.

Capital markets say, “Welcome back, Maryland.”

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Remember in mid-January when all lenders doing business in Maryland, and compliance people in general, took note of the new licensing requirement that not only applied on a forward-looking basis but also to all holders of Maryland loans, even if those loans were acquired and held prior to the issuance of the Initial Guidance? Remember that the Initial Guidance did not differentiate between or specify the types of secondary market assignees that were subject to licensing, meaning that even securitization trusts and other passive trusts were ostensibly subject to the difficult and time-consuming licensing process, which the trusts are uniquely unsuited to fulfill.

And remember that a number of lenders responded by suspending mortgage operations in Maryland or by otherwise indicating that they might cease doing business in that state. Maryland loans also saw less liquidity overall, including being excluded from certain securitizations and being deemed ineligible assets on certain warehouse facilities.

Well, that’s all over with. Maryland Governor Wes Moore signed the “Maryland Secondary Market Stability Act of 2025,” (the “Act”) into law, effective immediately. Importantly, the Act nullifies and reverses the guidance that was initially issued by the Maryland Office of Financial Regulation on January 10, 2025 (“Initial Guidance” and “OFR,” respectively), with respect to passive trusts that hold Maryland residential mortgage loans.

Columbia & Pacific Premier… beyond the headlines

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Yesterday the Commentary noted that, “Out of Washington and California comes news that Columbia Banking System, Inc., the parent company of Umpqua Bank, and Pacific Premier Bancorp, Inc., the parent company of Pacific Premier Bank, National Association, have entered into a definitive merger agreement, pursuant to which Columbia will acquire Pacific Premier in an all-stock transaction but with no premium for existing stockholders. The combined company will have approximately $70 billion in assets.”

One industry vet wrote to say, “Pacific Premier Bank (California) just announced its sale to Columbia Bank (Washington) and people are wondering why they sold it so cheaply, essentiality at tangible book value with almost no premium. The question is why? Was it a fire sale where they needed to sell? Maybe we’ll learn more in the days and weeks to come.”

Conferences ahead: time to book flights and check the LTV ratio

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What? You’ve never heard of the “Lender to Vendor” ratio at a conference? 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!

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.

NRMLA announced the agenda for the Western Regional Meeting on Tuesday, April 29, in Irvine, CA. is now posted. Join for a full day of timely and informative sessions that include Industry veteran Alissa Prieto leading a loan originator roundtable with Lisa Moriello, Tom O’Donoghue, and Ernie Severson — and other LOs in the audience — to share tips we can all use to succeed. Representatives from Longbridge Financial, Finance of America and Smartfi Home Loans discuss the growing importance of proprietary reverse mortgages. Real estate broker and renowned podcaster Bill Gross offering tips that can help enhance your customers’ reverse mortgage experience and generate more business for you; and much more.

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. 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. Our agenda 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.”

Register for OMBA's 2025 Annual Convention, May 5 - 6, 2025 at Renaissance Columbus Westerville Polaris Hotel. Join this in-person event as we discuss topics that are important to your business and your clients.

The Mortgage Innovators Conference is May 7 – 8 in Huntington Beach, CA. Co-Chairs Kevin Peranio, PRMG, and Ike Suri, Funding Shield welcome all California MBA lender members free of charge! Texas MBA lender members and MISMO lender members also receive complimentary registrations! For non-lenders, you can use the coupon code MIC25-SALE to receive 25% off your registration through April 25th. Thank you to our Premier Sponsors Cotality (formerly CoreLogic) and ICE Mortgage Technology. This conference will not only cover technology and product innovations in mortgage, but we’re also featuring a session of private equity and venture capital companies discussing factors that go into investing in technology.

Asurity's fourth annual Fair Lending Forum is taking place May 7-9 in Washington, DC. The Fair Lending Forum is the “can't miss” event for government regulators, lenders, compliance professionals and everyone in between. Attending will help you stay ahead of the curve with the latest trends and regulatory updates. AND... there will be plenty of opportunities to network and build valuable connections. Reserve your spot today!

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.

Technology is transforming every single industry including residential lending. Don’t fall behind on the latest trends and lose out on business. Register for American Mortgage Conference, May 13-14, 2025, in Charleston, SC, focusing on the newest technologies you can use to maximize profitability and streamline operations.

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

From June 10-12, in St. Petersburg, Florida, join MBAF’s 21st Annual Eastern Secondary Conference and 71st Annual Convention! Always well attended and informative!

Credit unions take note: June 16-17 ALM is offering up its 2025 Derivatives Symposium at the Hotel Vin in Grapevine, TX. “Join us for an in-depth exploration of derivative instruments and their critical role in risk management.”

MORTGAGE POSSIBLE: The Awakening, an event mortgage professionals won't want to miss. Join MBAHawaii Annual Conference for a packed 2-day agenda of great speakers, onolicious food and lively networking June 17 and 18 at the beautiful Prince Waikiki. Register by April 30 for Early Bird pricing. MBAH members get discounted tickets. Not a member yet? Sign up on our website here: Mortgage Bankers Association of Hawaii.

August 3-5, in Frankenmeuth, Michigan, the MMLA will host its annual soiree.

August 11-13, who doesn’t want to attend the fabled California MBA’s Western Secondary?

September 7 through the 10th, in Boise, Idaho, is the Pacific Northwest Mortgage conference; watch for details.

Registration is officially open for ACUMA’s 2025 Make Your Mark Annual Conference! Join credit union lending professionals and industry leaders from across the country September 21–24 in Denver, Colorado, for one of the year's most impactful credit union mortgage events. This year’s conference promises dynamic speakers, timely insights, hands-on learning, and powerful networking opportunities. Whether you're returning or attending for the first time, this is your chance to make connections that matter and be part of shaping the future of credit union mortgage lending.

“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

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Don’t mistake this week of détente for some sort of light at the end of the volatility/uncertainty tunnel. And don’t mistake fatigue for optimism, at least when it comes to the hope that tensions from the U.S. trade war with China will ease. Don’t even think you know what to believe: President Trump yesterday said that the respective teams are in conversation, which was rebutted by China. I’ll take the win of no major tariff related surprises (cut to Homer Simpson resetting the clock to zero hours since the last accident at the power plant), though businesses are certainly awaiting clarity on tariff policy. We’re all in “wait-and-see” mode at this point.

Yesterday's batch of economic data featured a larger-than-expected increase in Durable Orders for March (9.2 percent versus 1.5 percent expectations, due almost entirely to a rise in orders for nondefense aircraft), a larger-than-expected increase in weekly jobless claims (to 222k from 216k), and existing-home sales fell 5.9 percent in March to an annual pace of 4.02 million (down 2.4 percent year-over-year), even as the median sales price hit a March record of $403,700 (+2.7 percent year-over-year and the 21st straight month of annual price gains); Inventory rose 8.1 percent to 1.33 million homes, or a 4.0-month supply. Existing home sales declined month-over-month in all regions, while the median selling price increased month-over-month in all regions, signaling the affordability constraints buyers are facing with higher prices and relatively higher mortgage rates. The U.S. Treasury completed this week's mediocre note auction slate with a soft sale of $44 billion in 7-year notes.

Today’s lone data point consists of final April Michigan sentiment, a number of secondary importance (so not in the 8:30AM ET, 5:30AM PT time slot). Household sentiment is expected to be a little less dour in the April final release of the University of Michigan’s Survey of Consumers with the stock market stabilizing at month end. Households’ short and long-term inflation expectations, which soared after the initial reciprocal tariff announcement, were likely slightly lower. We begin the day with Agency MBS prices roughly unchanged from Thursday evening, the 2-year yielding 3.79, and the 10-year yielding 4.28 after closing yesterday at 4.31 percent.

Not all construction work is equally enjoyable.

For instance, drilling a large hole is boring, but fastening two pieces of metal together is riveting.

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, “Love Them or Leave Them? The Ongoing Saga of Fannie and Freddie.” 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.ChrismanCommentary.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.)