9.29.25 SEC Requests MBS Comments; NEO's Ryan Grant on Loan Advisors; Consumer Demand Patterns

The Chrisman Commentary Daily Mortgage News Podcast delivers timely insights for mortgage lenders, loan officers, capital markets professionals, and anyone curious about the mortgage and housing industry. Hosted by industry expert Robbie Chrisman, each weekday episode breaks down mortgage rates, lending news, housing market trends, capital markets activity, and regulatory updates with insightful analysis, expert perspectives, and conversations with top professionals from across the mortgage industry. Stay informed, gain actionable insights, and keep up with developments in mortgage banking and housing finance. Learn more at www.chrismancommentary.com.

In today’s episode, we go through the SEC seeking comments on MBS. Plus, Robbie sits down with NEO Home Loans Ryan Grant for a discussion on a growing shift in the mortgage industry as originators seek platforms that offer true operational control, pricing transparency, and long-term business support, delivering on promises the traditional broker model often fails to keep. And we look at how retail spending could influence both the Fed and mortgage rates.

This week’s podcasts are sponsored by Spring EQ, one of the nation’s leading non-bank home equity lenders, giving partners more ways to serve customers. Known for speed, service, and innovation, Spring EQ makes tapping into home equity easier.

Transcript

Here in Colorado, banking, credit unions, and independent mortgage banks are a solid part of the economic fabric. LOs here and everywhere are scrambling to add value and educate their borrowers and referral partners ahead of a potential federal shut down tomorrow night. For those who want to know how Colorado, or any state, is doing this year origination-wise, the CFPB rides to the rescue with current nationwide and state-level stats. Fannie Mae’s Economic and Strategic Research (ESR) Group projects Single-family mortgage origination activity at  $1.85 trillion in 2025 and $2.32 trillion in 2026, with the refinance share to rise from 26 percent in 2025 to 35 percent in 2026 on the lower mortgage rate outlook; New and existing home sales to total 4.72 million in 2025 and 5.16 million in 2026. Loan originators also care about trends in rentals, and on a more granular level, a story from the apartment building side of things from San Francisco reports that a huge owner of apartments is in default. If true, that’s not good. (Today’s podcast can be found here and this week’s are sponsored by Spring EQ, one of the nation’s leading non-bank home equity lenders, giving partners more ways to serve customers. Known for speed, service, and innovation, Spring EQ makes tapping into home equity easier. Hear an interview with NEO Home Loans Ryan Grant on a growing shift in the mortgage industry as originators seek platforms that offer true operational control, pricing transparency, and long-term business support, delivering on promises the traditional broker model often fails to keep.)

Employment, an agent, and transitions

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Feel like you’re being hunted? Recruiters hammer you with bait-and-switch pitches, pushing moves that wreck careers. No wonder it's cathartic to hang up on them. The problem is that most recruiting is predatory. What you need is an Agent. At Z Talent, Noah listens, advocates, and connects you only when the fit is right. One mortgage leader put it best: “Noah actually listens, he never tries to squeeze a square peg in a round hole. He has proven to be someone I can count on and trust.” That’s why Agent > Recruiter. See the difference at ZTalent.org

“Your best year is ahead of you. Cornerstone Capital Bank is growing and adding Loan Officers and Branch Managers nationwide. We're built on ‘servant leadership,’ succeeding by serving the needs of our revenue producers. Founded 37 years ago as a three-person office, we've expanded to 1,400+ professionals serving 500,000+ families, all without outside capital, providing additional investment in our team members through our new Team Member Stock Ownership Plan (ESOP) which empowers every Cornerstone team member with ownership in our company, letting you share directly in our growth and success. Cornerstone’s multiple business lines and product offerings in mortgage, servicing, insurance, and commercial lending, including high-yield money market and savings deposit accounts, create more stickiness with clients while providing you the opportunity to earn added compensation beyond commissions. Additionally, as a bank our niche and portfolio mortgage lending products help solve homebuyers’ needs, qualifying more people to buy homes than ever before. Unlike many other lenders, we don’t tie you down with non-compete agreements. If you’re looking for a place where producers have tools, support, and freedom, contact Todd Sanguras via email.”

SWBC Mortgage Contributes $2.5M in Grant Funds! Big impact, real results. SWBC Mortgage has contributed $2.5 million in grant funds through our Homeownership Expansion Loan Program® (HELP), helping people step into homes that may have been out of reach. Here’s why it matters for YOU. Our team isn’t just selling mortgages; we’re making a tangible difference in people’s lives. By reducing upfront costs like down payments and closing expenses, we’re removing barriers and creating opportunities. And the timing? Couldn’t be better. With rates dipping, buyers are paying attention. HELP gives them even more reason to act now. At SWBC Mortgage, we’re not only opening doors for homebuyers, but also for professionals who want to build a career with purpose. Join a company that’s investing in people, communities, and the future of homeownership. Let’s make homeownership possible, together. Interested? Contact Scott Brown, EVP – National Retail Sales, at (615) 260-2382.

“A mid-sized privately owned mortgage bank located on the West Coast is in search of a new Head of Underwriting. The current Head of Underwriting has decided to retire after 40 years in the Mortgage industry and over a decade with the company. With one of the lowest rates of repurchase in the nation and some of the shortest average days on the line, the foundation is already set. We’re looking for a dynamic Underwriting Executive who is proficient with Encompass, seasoned at responding to pre-and-post purchase file reviews, has prior management experience, and a deep understanding of Non-Agency, Non-QM, Agency, and Government guidelines. If you’re looking for a unique opportunity to finally have a seat at the table, flexibility to work remotely, and use your talents to shape the next chapter at a company please contact Anjelica Nixt for a confidential conversation.”

Covered Insurance, a leading embedded insurance platform transforming how insurance is delivered and experienced, announces the appointment of Jerry Halbrook as President and Chief Operating Officer. Jerry joins Covered and is expected to accelerate the company’s momentum toward sustainable profitability and long-term market leadership. Covered is a digital insurance marketplace purpose-built to help lenders enhance the borrower experience and unlock new revenue streams. With flexible APIs, advanced automation, and a trusted network of top-tier carriers, Covered empowers financial institutions to seamlessly embed personalized insurance offers directly into their platforms.

The Chrisman Job Board is the go-to platform for employment opportunities across the mortgage industry. For employers, adding a job listing is easy. Simply create an account and drop in your existing application link, or forward the details to our team and we’ll take care of it for you. For job seekers, joining our Talent Community is completely free. Upload your resume to be visible to hiring companies across the industry and stay connected to new opportunities as they go live.

Services, products, software, and tools for lenders and brokers

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“Tired of CRMs that leave you waiting for answers? I see it all the time. Even the best software is useless if your team can’t get help when they need it. Usherpa fixes that with live, real-time support. Quick questions, Pipeline workflow tweaks, or navigating the platform, our client success team responds quickly and escalates to leadership if it’s a complex request. You’re never left hanging for days or weeks. Enterprise clients can also schedule cadence calls at whatever frequency works for their team, keeping everyone aligned. Jessie Norris, Director of Marketing at GoPrime Mortgage, says, “Making the switch to Usherpa was nearly effortless thanks to a hands-on support team that was always just an email or phone call away.” Add Done‑For‑You marketing and automation, and your team spends more time closing loans, and less time managing software.”

“Supercharge your pipeline with TWO DSCR power programs from LoanStream, DBA of OCMBC, Inc.! This month, go beyond moving the needle and win more investor clients with flexible, innovative financing. LoanStream’s DSCR Investor program offers loans up to $3.5M with up to 85 percent LTV for purchase or rate-term refi, 75 percent LTV for cash-out, and FICO down to 620. Investor perks include gift funds, no cap on financed properties, eligibility for non-warrantable condos, leaseholds, and short-term rentals such as Airbnb or VRBO. For even more versatility, our DSCR Fusion program combines rental income + assets to qualify, with loans up to $2.5M using 401k, retirement accounts, stocks, bonds, IRAs, mutual funds, or cash in the bank. Investment properties only, gift funds allowed. DSCR dominance starts here, contact your Account Executive today or visit our website for details! Non-QM / NanQ Wholesale Loan Programs LoanStream Wholesale - Wholesale Mortgage Lending.”

“Delivering Excellent Customer Service to Our Credit Union Client Partners for 25 Years! Twenty-five years ago, Cenlar took our first steps into the world of credit unions, not just as a mortgage servicer, but as partner in a shared mission. We know that serving communities is at the heart of the credit union ethos. That’s why we deliver a personalized member touch, reduce costs for our partners, and help them better manage risk and compliance. Our expert team with first-hand experience working at credit unions and first-of-a-kind AI technology make us a longtime partner for our credit union partners, which comprise nearly one-third of our portfolio. Let’s discuss how Cenlar can meet the mortgage servicing needs of your organization. Please contact SVP, Client Relations Matt Detwiler or SVP, Business Development, Andrew Pohlmann. You can also visit us here.”

Discover the ROI lenders are achieving with Encompass® and what it could mean for your business. Dive into how innovative workflows and automation are driving measurable results with the average Encompass customer seeing a financial benefit of $1,056 per loan. With real-world data and expert insights, this must-read resource equips you to optimize operations and boost your competitive edge. View the data now and explore actionable strategies for success.

The Chrisman Marketplace is a centralized hub for vendors and service providers across the mortgage industry to be viewed by lenders in a very cost-effective manner. We’re adding new providers daily, so check back often to see what’s new. To reserve your place or learn more, contact us at info@chrismancommentary.com.

Upcoming webinars and events this week

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On-demand webinar: Mortgage Industry Update 2025: Cyber, Compliance, and State Law Shifts Every Lender Must Know. The mortgage industry is entering a new era of compliance complexity. From Fannie Mae’s new Information Security and Business Resiliency Supplement, with its aggressive 36-hour cyber incident reporting requirement and expanded vendor oversight, to rapidly changing state mortgage laws regulating licensing, trigger leads, and consumer protections, lenders face a shifting regulatory landscape that can’t be ignored. In this free webinar, Ncontracts break down what’s changing, why it matters, and how lenders can prepare without getting buried in compliance busy work. You’ll gain practical insights on aligning your programs with both federal and state requirements, and what examiners will be looking for in 2025 and beyond. Top of Form: Watch now!

Every conference has an LTV ratio: the percent of “Lenders to Vendors.” Cutting edge mortgage stats aside, 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!

On Monday the 15th’s episode of Now Next Later at 10am PT, Sasha and Jeremy sit down with knowledgeable guests to discuss the future of lending.

In Tuesday the 30th’s episode of MortgagePros411, at 2PM ET, Audrey and Kevin focus on originator’s topics.

Think you can outsmart a fraudster? Join MBA Hawaii on Wednesday, October 1st, from 10–11 AM for a fun and free online workshop with Mary Kay Scully, Enact’s Director of Customer Education.

Looking for more in-depth commentary on weekly mortgage news? Register here for Wednesday the 17th at 11AM PT "Mortgage Matters: The Weekly Roundup” presented by Lenders One, this week featuring attorney Brian Levy.

Join CMLA in Vail for a three-day experience where Colorado’s mortgage industry leaders come together to connect, collaborate, and chart a course for excellence. This year's theme is "Destination Excellence: One Industry, United in Purpose." Register for the 2025 Annual Convention held at The Hythe Hotel, Wednesday, October 1, from 1PM - Friday, October 3, 12:00.

On October 1, from 3:00 – 4:15 PM ET, we have the two part series FHA Credit Watch Program: Overview and Remediation | MBA. Marina Walsh and Jack Higgins from FHA will be covering current delinquency trends and an overview of the Credit Watch program. Brian Chappelle from Potomac Partners will then come on to talk about remediation best practices if an issue is flagged.

RESPA News is bringing the experts together for the RESPA Review: Navigating Multilevel Oversight webinar on October 2. With regulatory scrutiny intensifying across agencies from state attorneys general to the CFPB, this webinar offers the clarity you need to stay compliant. Loretta Salzano of Franzen and Salzano and Noah Gillespie of Greenberg Traurig will break down what regulators are focusing on now, from shifting CFPB priorities to multi-estate examinations and evolving rules around loan originator compensation. Register today at RESPANews.com.

Thursday at 3PM ET will be another episode of The Big Picture. Rich Swerbinsky hosts a variety of guests. You can click here to register for this week’s show featuring Dustin Owen.

Friday’s episode of Last Word at 10am PT, hosts Brian Vieaux, Christy Soukhamneut, Courtney Thompson, and Kevin Peranio explore recent shifts in the mortgage market, focusing on the spate of economic news that has hit the market and the latest out of the Agencies.

Industry veteran Alan Fowler, CMB, Director of Client Success at Garris Horn, LLP, is once again bringing his popular in-person NMLS 8-Hour CE classes to mortgage professionals. Alan has classes coming up in Albuquerque on October 3 for the New Mexico Mortgage Lenders Association (Register here). Alan points out “MLO’s never go back to online CE once they take my class. And they support great causes for the industry across the country.”

Capital markets: SEC requesting MBS comments

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On September 26, 2025, the U.S. Securities and Exchange Commission (SEC) issued a concept release seeking public comment on potential improvements to regulations governing residential mortgage-backed securities (RMBS) and certain aspects of asset-backed securities (ABS). The release highlights the absence of public RMBS offerings since 2013 and explores whether current SEC rules, such as disclosure requirements and privacy concerns around mortgage loan data, may be contributing to this stagnation. The SEC is particularly interested in feedback on regulatory barriers, possible revisions to definitions, and other changes that could help revive the public RMBS market, which it views as essential to expanding access to mortgage financing and reducing costs for consumers. The comment period will remain open for 60 days following publication in the Federal Register.

Shifting to rates, following the Fed’s first rate cut in nearly nine months, policymakers are increasingly divided on the path ahead. While Fed Chair Powell struck a tone of cautious optimism about the economy last week, others like Governor Miran and Vice Chair Bowman warned of labor market risks and advocated for deeper cuts. Stronger-than-expected Q2 GDP growth and persistently high core inflation at 2.9 percent have confounded things, forcing the Fed to carefully weigh inflation control against potential labor market softening.

Much hinges on the trajectory of real consumer spending, retail sales have shown surprising strength, but questions remain about whether this resilience can last if hiring slows further. Ultimately, the Fed has signaled that future rate decisions will depend heavily on inflation data and the durability of consumer demand in the face of a cooling job market.

Yes, recent economic data paints a mixed picture of an economy showing surprising resilience but facing persistent underlying challenges. Second-quarter GDP growth was revised upward to 3.8 percent, largely due to stronger consumer services spending, while inflation-adjusted consumer spending rose 0.4 percent in August, hinting at continued momentum into Q3.

However, housing remains under pressure from high prices and elevated mortgage rates, with existing home sales declining slightly and new home sales surging only due to aggressive builder incentives. Inflation continues to run hot, with core prices up 2.9 percent year-over-year, and consumers remain wary, sentiment fell to a four-month low amid rising concerns about how high prices are eroding personal finances. While layoffs remain low and job creation stable, the labor market shows little dynamism, and economists caution that current spending levels may not be sustainable without stronger income growth, as households increasingly rely on savings to keep up.

This week’s calendar, with month-end tomorrow, includes updates on housing, Fed surveys, consumer confidence, ISM PMIs, factory orders, construction spending, and the usual labor market indicators ahead of Friday’s payrolls report; there are also plenty of Fed speakers. Today we have Pending Home Sales Index for August followed by Dallas Fed manufacturing for September and remarks from five different Fed speakers. We begin the week with Agency MBS prices better than Friday’s close by .125-.250, the 2-year yielding 3.62, and the 10-year yielding 4.14 after closing Friday at 4.19 percent.

An elderly, but hardy, cattleman from Texas once told a young female neighbor that if she wanted to live a long life, the secret was to sprinkle a pinch of gunpowder on her oatmeal each morning.

She did this religiously and lived to the age of 103!

She left behind 14 children, 30 grandchildren, 21 great-grandchildren, five great-great-grandchildren. And a 40-foot hole where the crematorium used to be.

Visit www.ChrismanCommentary.com for more information on our industry partners, access archived commentaries, or subscribe to the Daily Mortgage News and Commentary. You can also explore the Chrisman Marketplace, a centralized hub connecting mortgage professionals with trusted vendors and solutions. If you’re interested, check out my periodic blog on the STRATMOR Group website. This month’s piece is titled, “No Lender Wants a Government Shutdown, but Just in Case…”. The Commentary’s podcast is available on all major platforms, including Apple and Spotify.

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