5.16.25 Pre-Manhattan Calm; Kind's Delfino Aguilar on Growing Business; Mortgage 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 what is driving market sentiment before folks head to Manhattan for the MBA Secondary. Plus, Robbie sits down with Kind Lending’s
Delfino Aguilar to talk about his company's steadfast commitment to broker-centric service, a culture that empowers people as the true competitive edge, and forward-looking partnerships that simplify broker success. And we reveal what direction mortgage rates are attempting to head in.

Thanks to today's podcast sponsor, TRUE and its Mortgage Operations Service (MOS) AI background worker, which transforms borrower documents into instant, trustworthy data for real-time decisioning. TRUE helps lenders accelerate decisions, cut costs, and deliver a superior borrower experience, all without a $100M tech budget. 

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This weekend is when many of us head to Manhattan for the MBA’s National Secondary event. For those flying in, check your ticket: NJ Transit’s on strike. Flying into Newark? Transportation Secretary Sean Duffy explains Why He Canceled Wife's Newark Flight. “…not for safety but because I needed her flight to fly. She had to get there.” That’s comforting. Here’s a map of every passenger plane in the skies at this instant. (Page down once or twice.) I am not convinced that we need to slash air traffic controllers. But back to mortgages… I can certainly think of four people who are going to the conference, and on today's episode of Last Word at 10am PT, Brian Vieaux, Courtney Thompson, Christy Soukhamneut, and Kevin Peranio dig into what’s driving a jump in mortgage applications and why acquisitions are starting to cool off. They'll also break down how the latest budget moves in D.C. could shake things up across the housing industry. (Today’s podcast can be found here and Sponsored by TRUE and its Mortgage Operations Service (MOS) AI background worker, which transforms borrower documents into instant, trustworthy data for real-time decisioning. TRUE helps lenders accelerate decisions, cut costs, and deliver superior borrower experience, all without a $100M tech budget. Hear an interview with Kind Lending’s Delfino Aguilar on a steadfast commitment to broker-centric service, a culture that empowers people as the true competitive edge, and forward-looking partnerships that simplify broker success.)

Employment & transitions

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“Newfi Correspondent is thrilled to welcome Jim Stauss as VP, Correspondent Account Executive to our expanding team. Jim is a highly experienced non-QM industry veteran and brings a wealth of knowledge to this role. Newfi Correspondent is launching exciting announcements very soon… Don’t miss us in New York for the MBA Secondary to learn more! Please email EVP, Correspondent, Victoria Clement to set up a meeting.”

“A Company Built on Promises Kept—and Dreams Delivered. Promises matter, especially in this business. At Evergreen Home Loans®, our “On Time and As Promised®” commitment isn't just a tagline. It’s a standard we live by every day, for our customers and for our teams. We know that when you have a company you can trust behind you, you can focus on what really matters: helping families achieve their dreams of homeownership. With strong operational support, innovative loan programs, and a leadership team that has your back, Evergreen is the career partner you’ve been waiting for. If you’re ready to make an even bigger impact without the constant worry of being let down, join a company that delivers—every time. Join us at DiscoverEHL.com. 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.)

Software, products, and services for lenders & brokers

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Drowning in platforms that all look the same, but still make you chase down updates and manage orders manually? CXP (Collateral Exchange Portal) stands apart with real Encompass integration, automated AMC allocation by product, state, and fee logic, and AI-powered QC that flags issues like condition rating discrepancies, missing invoices, and externalities before the report is even delivered. Track file activity in real time, auto-trigger vendor updates, and break down AMC performance by branch or LO with dashboards built for action, not noise. Want to see how CXP handles your UPDs, 1004Ds, and flip FHAs in one click? Book a working demo.

Leading Lenders: Risk, Reward, and Reinvention dives into how industry leaders are embracing change, overcoming challenges, and driving innovation in today's market. Produced by HousingWire in partnership with Polly, this exclusive docuseries showcases the people and platforms changing how pricing, automation, and strategy intersect. Each episode takes you inside a different lending organization to share their unique perspective on the industry and how they are raising the bar. Episode 2 features Charlie Fleming of Remarkable Mortgage, sharing how his team has scaled year-over-year while maintaining operational excellence. Fleming's strategy centers on empowering loan officers to act as trusted advisors, guiding clients through homeownership with clarity and care. With the power of Oconee State Bank behind them, Remarkable has built something rare: a hybrid model that blends banking precision with broker flexibility. View episode.

Polly further advances its unrivaled LO experience with full mobile capabilities. The company announced yesterday that its latest enhancement enables LOs to lock directly within the engine at the immediate point of need, and from any device. The ability to also conduct all post-lock actions on mobile further drives a superior and modern lending process. Adam Carmel notes: "We are on the cusp of one of the biggest technological shifts in our industry. We continue to collaborate with our customer partners to address unique and evolving lender objectives and deliver above and beyond industry expectations. Being mobile-first and our continued GenAI advancements are just a few examples of the transformation Polly continues to bring to the table." To experience Polly's native mobile locking in action, #MBASecondary25 attendees are encouraged to schedule a meeting or join Polly's attending team at Bar 54.

“Brokers are our universe, and on Customer Appreciation Day, we’re showing our gratitude in a big way! On Friday, May 16th, Orion Lending is waiving underwriting fees on all loans uploaded through the STAR Portal! To every broker who’s trusted us over the past 10 years—thank you for being part of our journey. Not approved yet? Now’s the time: get access today! Check out our proprietary DPA program: Boost Down Payment Assistance™ with Forgivable Seconds, Repayable Seconds, 1/0 and 2/1 Buydowns, and High Balance Options, PLUS our new Elevate FHA & Conventional DPA Grant with no second lien and no repayment required. Looking for more flexibility with loan amounts up to $3MIL? How about Titan Flex with 5 alternative income doc types, and our COIN DSCR series, including aggressive pricing and a Foreign National option! And we don’t just offer a great selection of Loan Products, our easy to use STAR Broker Portal; on-demand Marketing Studio, seasoned Underwriting team -- make Orion the lender to trust. Come see for yourself what the buzz is all about! Come experience the Orion Difference!”

Seeing is believing. Let MGIC’s Buy Now vs. Wait Calculator show your first-time homebuyers a detailed comparison of the financial benefits of buying a home now against the costs associated with waiting. With a few borrower inputs, it calculates how long it would take to save a 20% down payment, the breakdown of their mortgage payment, and how much equity they’ll earn in either scenario. Help renters make an informed decision: Share the Buy Now vs. Wait Calculator and let the numbers do the talking.  

“Good news for lenders: UAD 3.6 is about to make appraisals easier. The new standard, rolling out through 2026, eliminates legacy form numbers and replaces them with a single flexible and dynamic report. For lenders, it means less guesswork and clearer appraisal ordering. This is an industry-wide shift to modernize the appraisal workflow and remove friction from your lending process. Class Valuation is ready. As an early adopter working closely with the GSEs, we’re already helping lenders navigate the shift. From platform updates to appraiser training, we’re building the path forward. Read our blog to learn the key changes, GSE timeline, and how Class Valuation can help you transition smoothly.”

“Powering End-to-End Mortgage Lifecycle Management! At Moder, we always find a way to say yes. From origination to servicing, we power the full mortgage lifecycle through expert-led outsourcing, consulting, CX, and technology solutions built for scale, speed, and precision. In just four years, Moder has grown to 5,000 employees worldwide, backed by 200+ years of combined leadership experience. With delivery centers in India and the Philippines, we support our U.S. customers with solutions that drive scalability, operational excellence, elevate quality, and reduce costs. Our front-office and back-office offerings are built to create seamless borrower experiences while maximizing efficiency. Plus, our advanced technology capabilities from GenAi and automation to predictive analytics, help clients stay ahead in a fast-changing market. Whether you're streamlining operations, enhancing customer engagement, or scaling for growth, Moder helps you deliver more with less and positions you for lasting success. Learn More.”

A few years ago, Habitat for Humanity built its first 3D-printed home in just 12 hours, and the time-lapse is worth a watch. It’s a reminder that innovation isn’t just about what’s possible, but how quickly you can bring it to life. Tropos is built with that same philosophy. This new lending portal deploys in weeks, not months, thanks to modular architecture, ready-made integrations, and a customer success team that treats your launch like their own. You don’t need to rip and replace your stack. You just need the right foundation. See how fast Tropos can move.

Introducing the Chrisman Vendor Marketplace! We're launching a new platform where mortgage professionals can discover the industry's tech solutions to lender’s issues. If your product helps lenders streamline operations, improve compliance, or boost efficiency, this is your chance to get in early and stand out. Founding vendors receive premium placement, visibility in the Chrisman Commentary (read by over 80,000 industry professionals), and direct access to decision-makers who are actively looking for new tools. Spots are limited. If you're interested, let us know and we'll send over the details.

STRATMOR Technology Survey is underway

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The 2025 STRATMOR Technology Insight® Study is now underway. The first part of the study (the Lender Intelligence Survey) is live and focused on how lenders really feel about the tech they use every day. From LOS and CRM systems to underwriting automation and servicing platforms, this is the only independent study capturing lender experiences with mortgage tech systems and vendor support. Lenders who complete the survey will receive a summary report of 2025 Technology Insight® Study results at no cost. This is actionable intel to help guide tech decisions in today’s competitive environment. Take the survey and help shape the future of mortgage tech. The survey is open to lenders only. Questions? Reach out to STRATMOR’s Technology Insight team for details: technologyinsights@stratmorgroup.com

Basis point primer: the feisty bip

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That sounds like the name of a bar owned by Wall Street traders. As nearly a thousand of us prepare to head to Times Square for the MBA’s National Secondary conference, it’s time for a refresher on the noble basis point for those going to the event who aren’t actually in capital markets.

It’s simple: A basis point, pronounced “bip” and also termed as bps, is one hundredth of 1 percentage point. Changes in interest rates are often stated in basis points, so the financial press and people watching the bond market will use this measure. For example, if an existing interest rate of 5 percent is increased by 1 basis point, the new interest rate would be 5.01 percent. 

Put another way, bps are a unit of measure used in finance to describe the percentage change in the value of financial instruments or the rate change in an index or other benchmark. One basis point is equivalent to 0.01% (1/100th of a percent) or 0.0001 in decimal form. If the Fed’s Federal Open Market Committee (FOMC) increased the benchmark interest rate by 25 basis points, or 0.25 percentage points, to a range of 5 percent to 5.25 percent.

In the bond market, basis points are used when referring to the yields that fixed-income instruments pay investors. For example, if a bond yield spikes from 4.45 to 4.65 percent, it is said to have risen 20 basis points.

Why even use bps? To eliminate ambiguity. “The bond’s yield was 10% before rising 5%.” This expression may be interpreted in two entirely different ways. In one scenario, the 5% increase is absolute, in which case the new yield is 15%. Alternatively, the increase could have been relative, where 5% of 10% is 0.5%. In this scenario, the new yield would be 10.5%. What’s right? Since one basis point is always equal to 1/100th of 1%, or 0.01%, basis points can eliminate the ambiguity demonstrated by the example above and create a universal measurement that can be applied to the yields of any bond. The increase from 10% is either 50 basis points (which is 10.5%) or 500 basis points (which is 15%).

Capital markets: terms like “sluggish” helping rates

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“MAXEX Expands Non-QM and DSCR Offerings to Power Your Growth. MAXEX is seeing tremendous momentum in the adoption of its Non-QM and DSCR offering, including our new non-delegated program. We’re excited to announce expanded guidelines that create more opportunities for sellers in the Non-QM and DSCR space. Recent enhancements include the launch of a new non-QM WVOE program, non-QM loan limit increases up to $3.5 million with FICOs down to 620, and DSCR program expansion to FICOs as low as 640. These updates provide sellers with more flexibility and faster access to a deep, centralized liquidity from premier buyers. Learn how MAXEX can help you grow your Non-QM and DSCR business at maxex.com or visit us at MBA Secondary.”

We learned yesterday that U.S. factory production slipped in April for the first time in six months, signaling a sluggish start to the second quarter amid growing pressure from new tariffs. Manufacturing output declined 0.4 percent, with the drop slightly less severe when excluding the auto sector. This pullback followed strong gains in the first quarter, likely fueled by a wave of preemptive ordering ahead of the implementation of President Trump’s “reciprocal” tariffs. Despite this retreat, markets showed some optimism, with the S&P 500 posting gains, though underlying concerns lingered about how long consumers and producers can hold up in the face of persistent trade uncertainty and inflation risks.

At the wholesale level, inflation came in significantly softer than expected, with the Producer Price Index (PPI) falling 0.5 percent in April. Core PPI also surprised to the downside, suggesting that pricing power may be limited across large parts of the economy. Notably, much of the decline was driven by a sharp drop in margins for machinery and vehicle wholesalers, hinting that middlemen may be absorbing tariff costs instead of passing them on to consumers. While this helps suppress headline inflation, it could pose challenges for earnings and investment. Treasury markets rallied for the first time in three days on the PPI surprise, reversing recent losses, as investors bet that disinflationary forces remain intact despite tariff-related disruptions.

Meanwhile, retail sales growth cooled to just 0.1 percent in April, with spending momentum easing after a tariff-fueled March surge. Consumer activity, though steady, reflects caution (likely a response to stock market volatility and ongoing trade tensions). Initial jobless claims remained stable, while continuing claims ticked slightly higher, suggesting a labor market still in good shape but not immune to broader economic softening. Altogether, the data paints a mixed picture: growth is slowing, but inflation remains muted, giving policymakers breathing room while they assess the evolving impact of tariffs and global economic headwinds.

Mortgage rates ticked up in the latest Primary Mortgage Market Survey from Freddie Mac though remain range-bound. For the week ending May 15, the 30- and 15-year rates respectively rose 5-basis points and 3-basis points to 6.81 percent and 5.92 percent and are 21 basis points and 36 basis points lower than a week ago.

Import prices (showing some inflation), and housing starts (+1.6 percent, lower than expected) kicked off today’s economic calendar. Later today brings preliminary May Michigan sentiment, Treasury TIC data, and remarks from Richmond Fed President Barkin and San Francisco Fed President Daly. We begin Friday with Agency MBS prices better by .125-.250, the 2-year yielding 3.94, and the 10-year yielding 4.39 after closing yesterday at 4.46 percent.

I, and an estimated thousand industry execs, head to Manhattan this weekend. Adam Quinones, President & GM, Trading & Investing, SymphonyAI, has some advice for anyone going to New York for the MBA’s National Secondary. (Part 2 of 2.) “Be careful crossing the street: the yellow cars don’t stop. If you’re hailing a cab, look for yellow tops with their numbers lit up. That means the driver wants a fare. Once you’re in the cab, give the driver a cross street, not an address. ‘9th and 57th’ for example. If you give them an address, they will know you’re a tourist and will be more likely to take you on a joy ride.

“NYC restaurants are graded on a letter scale. You’re looking for an ‘A’ in the window. Anything else is caveat emptor. Don’t eat in Times Square. It’s gross. Midtown sidewalks are superhighways. You wouldn’t stop abruptly on the highway. Don’t do it on the sidewalks here. Locals will run into you on purpose and blame you for jamming the breaks at full speed in heavy traffic. Crosswalks are high-traffic areas. If you’re waiting to cross the Avenue, get out of the way of people who are crossing the Street. Make a path! Watch out for people on bikes. Don’t just step off the curb. They will hit you. Not joking. Dogs and humans alike use the sidewalks, streets, and planters as bathrooms. Keep that in mind when you get home. Clean your shoes!”