12.17.25 Uniform Appraisals; LO Autopilot's Karen Bates on Recapture; Employment Outlook

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 how originators can stay ahead of the competition when it comes to appraisals. Plus, Robbie sits down with LO Autopilot’s Karen Bates for a discussion on why recapture is critical to lender value, and how technology helps loan officers and lenders reclaim business they typically lose in an increasingly crowded tech landscape. And we close by adding some commentary to recent economic figures that are shaping the rate outlook.

Thanks to the Refi Recapture Engine from LO Autopilot. Lenders lose ~80% of recapture business. Their plug & play Refi Recapture Engine triples recapture volume. It runs nonstop, analyzes every loan, creates personalized quotes and sends them directly to borrowers, and delivers refi-ready borrowers to your LOs on a silver platter. 

Transcript

Nothing is permanent except for change, including changing issues and narratives. The Rolling Stones have cancelled their 2026 tour… medical issues with 82-year-old Keith Richards. Jack in the Box is closing 200 stores and is struggling… a lack of dedicated fans. Lennar’s stock price is falling due to “housing headwinds.” Meanwhile, on tomorrow’s The Big Picture at 3PM ET, Mike Metz engages in an end-of-year conversation on the issues and narratives shaping housing and mortgage: under-discussed trends, timely debates, and what the industry should be paying closer attention to as the year comes to a close. The end of the year, with smaller pipelines, is often the time of transition for loan officers. “Rob, I’m an LO thinking about actually picking up a call from a company’s recruiter. I know some questions to ask, but what’s a quick take on the company compared to the industry?” We all know that 2020 and 2021, now five years in the rear-view mirror, were stellar. So, ask what the company has done, growth-wise, since 2022. In addition, ask what the company has done in 2025 compared to the industry versus 2024, which is up about 15 percent. (Today’s podcast can be found here and this week’s are sponsored by The Refi Recapture Engine from LO Autopilot. There’s a goldmine of refi volume potential in your database. Their Refi Recapture Engine does the digging, analysis, and marketing to deliver high-intent borrowers to your LOs. Hear an Interview with LO Autopilot’s Karen Bates on why recapture is critical to lender value, and how technology helps loan officers and lenders reclaim business they typically lose in an increasingly crowded tech landscape.)

IMB wanted; A retirement, a transition, and Freddie’s new CEO

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“Today, we recognize and celebrate the retirement of one of the best. Mark Plasters, Senior Division Sales Manager at Newrez Correspondent, is closing out an exceptional 30+ years career in Mortgage Lending. As John Maxwell reminds us, “Leadership is not about titles, positions, or flowcharts. It is about one life influencing another.” The legacy that Mark has created at Newrez over the last six years is grounded in commitment, loyalty, leadership, expertise, and friendship. Family has always been Mark’s True North, and we’re thrilled he will have more time with his wife and grandchildren who bring him so much joy. Mark, as you turn the page to your next chapter, your Newrez Correspondent Family thanks you for being an exceptional co-worker, mentor and friend. You have inspired countless colleagues to grow into the best versions of themselves, and we are all better for having had the privilege of working alongside you.”

loanDepot builds on its Mountain West presence with the addition of Eric Richter as Producing Branch Manager. Richter, ranked in the top one percent of Northern Colorado originators, brings a relationship-first approach and extensive ties to homebuilders and developers, serving as the preferred lender for several regional companies. His proven referral networks, active roles with the Northern Colorado Home Builders Association and local boards of REALTORS®, and hands-on leadership will expand loanDepot’s purchase pipeline and strengthen the company’s builder partnerships in a growing market. Richter joins long‑term loanDepot originators Shelly Borrman and Erica Benigni in providing exceptional service to the region.

You Sign the Guarantees. You Carry the Risk. Your 2025 might look solid on paper. A small move in gain-on-sale, an MSR mark, or a different tone from a warehouse bank can still put covenants and liquidity on the table. At $500M–$2B in production, you know how quickly that pressure lands on you personally. You are not alone. Many IMB owners are tired of having their net worth and reputation tied to one set of agreements. A well-capitalized, tech-forward national mortgage platform is acquiring and recapitalizing IMBs that want to reduce guarantees, stabilize capital, and give their teams more opportunity. Partners plug into best-in-class AI technology, a national lead-generation engine, and institutional servicing and capital support. The shift is simple: less personal balance sheet risk, more scalable growth for your advisors, and more room to lead instead of constantly defending. If a clear outside view on your capital and liquidity options would help your 2026 planning, request a confidential principal-to-principal conversation.

Freddie Mac announced that its Board of Directors has selected Kenny M. Smith, a seasoned financial services leader, as the company’s chief executive officer (CEO), effective December 17. He also will serve as a member of the company’s Board of Directors. Michael Hutchins, who has served as interim CEO, will continue in his role as president. Recall that the pay of the CEO of Freddie and Fannie caps out at $600k. Meanwhile, some others who work for the Agencies are paid much more.

MISMO®, the real estate finance industry's standards organization, announced that Amy Moses will assume the role of VP of Strategic Growth where she will “lead MISMO’s growth and revenue strategy, drive expanded industry engagement, and cultivate strategic partnerships that advance adoption and impact of MISMO standards across the mortgage ecosystem.” Congratulations!

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.

Lender and broker services, products, and software

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Warehouse lending got a major upgrade in 2025. OptiFunder has transformed the industry with the first fully connected warehouse ecosystem that brings originators and warehouse lenders together. Its WMS and Greyhound platforms automate everything, from funding requests to paydowns, so no more delays or endless spreadsheets. Originators get smart AI-driven warehouse allocation and automated workflows, while lenders enjoy a modern, secure system that makes collaboration effortless. When combined, WMS and Greyhound deliver the industry’s first end-to-end warehouse lifecycle, replacing outdated processes with automation, collaboration, and security. With deep integrations to LOS systems, custodians, investors, and tools like fraud prevention and eVaults, data moves instantly and documents flow without friction, resulting in lower risk, faster strategies, and a process that finally feels seamless. Schedule a demo to see why so many originators and warehouse lenders are trusting OptiFunder with their warehouse strategy. 

As lenders look ahead to 2026, many are taking a hard look at their tech stacks, starting with the CRM. Not just whether it works, but whether it’s actually working for their teams. Outdated systems and oversized platforms often come with long wait times, generic support, and limited flexibility. That’s why more lenders are reevaluating what they really need from a CRM partner. Automation that supports daily workflows. Open integrations. And support teams who know your business and pick up the phone. Usherpa is leaning into that expectation as a Relationship Engagement Platform, built to help loan officers and marketing teams stay connected and productive. Real people. Real guidance. Real partnership. If your 2026 plans include smarter engagement and stronger relationships, it may be time to take a closer look. Reach out to see what a true CRM partner looks like.

Laminr Technologies’ Automated Bank Statement Income Analysis Now Accepted by Verus Mortgage Capital! Laminr Technologies, the leading automated decisioning platform serving the non-QM market, is excited to announce that its fully automated bank statement income analysis is now accepted by Verus Mortgage Capital. This expands upon the existing acceptance by Long Run Partners, Onlsow Bay Financial and SG Capital Partners. All investors consider Laminr bank statement results valid and approved when specific guideline conditions are met. The workflow is simple: originators upload 12-24 months of bank statements, Laminr automatically analyzes income and generates a summary report to include in the credit package to the Investor. Users report over 50% gains in bank statement underwriting efficiency and improved secondary market execution. This milestone reinforces Laminr’s commitment to accelerating and simplifying non-QM underwriting, origination, and secondary marketing. For more information, and to request a demo, visit www.laminr.ai.

“Have you heard of the “Roomba Problem”? It’s when processing and underwriting teams still do excessive document “prep work” just to make their automated underwriting platform function. If you’re gathering, organizing, and pre-sorting documents before decisioning, that’s not underwriting automation… it’s housekeeping. Too often, lenders waste valuable time manually tidying up before their system can even start, like cleaning the house before letting the Roomba run. At Indecomm, we combine IDXGenius | ai and DecisionGenius to deliver true end-to-end underwriting that works from start to finish. No manual workarounds. No hidden steps. Just smarter, AI-powered document and underwriting automation that saves time and improves credit decisioning. Ready to ditch the “partial solution” and experience the real deal? Join our upcoming webinar, “Solving the Roomba Problem in Underwriting,” and discover how Genius AI by Indecomm delivers a holistic, end-to-end automated underwriting experience that eliminates prep work and enhances decisioning.”

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.

Lowering appraisal costs what LOs should know about it

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Recently I received a note “LO VieauxPoint” from Brian Vieaux, President, MISMO, addressing the topic of appraisal waivers, faster turn times, and less risk.

“UAD 3.6 should already be on your agenda. Do you want more appraisal waivers? Do you want appraisals completed faster, with better accuracy and quality? Do you want less liability and risk tied to appraisal data flowing through your organization? It’s hard to imagine anyone in mortgage answering “no” to any of those questions.

“On November 14, 2025, the first UAD 3.6 appraisal was successfully submitted through the Uniform Collateral Data Portal. The appraisal was completed using SFREP’s Appraise-It Pro software, delivered through AIMSdashboard, and accepted by the lender, North State Bank. No issues. No disruption. Just a real appraisal moving through modernized rails.

“UAD 3.6 is no longer theoretical. It’s operational and is part of the broader Uniform Mortgage Data Program (UMDP), overseen by the Federal Housing Finance Agency (FHFA) and jointly implemented by Fannie Mae and Freddie Mac. UMDP has been the foundation for standardizing mortgage data across the industry, enabling automation, consistency, and scalable risk analysis. UAD 3.6 is the next evolution of that work. It replaces legacy appraisal forms with a single, dynamic Uniform Residential Appraisal Report (URAR). Instead of choosing a form number, the appraisal is driven by property characteristics and inspection type. The data is structured, standardized, and aligned with the MISMO reference model, enabling cleaner integration with lender systems and far more reliable downstream analysis.

“Ordering, procurement, quality control, underwriting, risk, and compliance are all implicated.

For mortgage originators, the implications are tangible. Cleaner appraisal data supports faster reviews, fewer conditions, and greater confidence in collateral risk assessment. That confidence directly supports expanded use of appraisal waivers, which translate into lower costs, shorter cycle times, and a smoother borrower experience.

“There is also risk in delay. Lenders who wait until UAD 3.6 is mandatory are likely to carry hidden costs long after the deadline: manual reviews, exception handling, vendor misalignment, and internal confusion. By contrast, lenders using today’s Limited Production Period as a learning window are positioning themselves for efficiency and scale.

“The only question left is leadership. Ask your leadership team: Are we prepared to adopt UAD 3.6? What systems, partners, and timelines are in place? For a deeper look at why UAD 3.6 matters, how it ties to UMDP, and what early adoption unlocks for lenders and originators, read the full VieauxPoint blog: Do You Want Appraisal Waivers, Faster Turn Times, and Less Risk? Waiting will not make this easier. Preparation will.” Thank you, Brian!

Capital markets: the job situation is not good

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The latest BLS payrolls data confirms that the U.S. labor market has largely stalled since the spring, with modest payroll gains offset by losses and recent job growth concentrated almost entirely in health care and construction. November payrolls rose just 64k following a sharp October decline tied to reduced federal employment, pulling the three-month average down to only 22k jobs created. More concerning is the growing slack beneath the surface: the unemployment rate climbed to 4.6 percent (the highest since the post-pandemic period), underemployment jumped, and nearly a million more workers are involuntarily working part time.

Despite the headline deterioration, markets reacted calmly, likely reflecting skepticism about data quality, the backward-looking nature of the report, and the knowledge that the Fed will receive additional labor and inflation data before its January meeting. Taken together with retail sales (more on that in a second), these trends support the Fed’s recent rate cut and reinforce a base case of two additional 25-basis point cuts in March and June of 2026, with risks increasingly skewed toward more easing in 2026, though near-term policy and mortgage rates are unlikely to shift meaningfully until clearer inflation signals emerge. 10-year yields have effectively been in a 4.00 percent to 4.20 percent range since early September, but that will eventually break; the bias is for 4.00 percent resistance to be breached before 4.20-4.25 percent, but incoming data will have the ultimate vote.

Outside the labor market, the broader economic picture remains mixed but softening. October retail sales were flat, with weakness in general merchandise offset by autos, a result that aligns with expectations for modest holiday spending and slightly firmer fourth-quarter PCE growth than previously forecast. However, higher-frequency indicators suggest consumer momentum may be slipping into year-end, while slowing business activity and rising input costs continue to weigh on sentiment.

Today’s economic calendar kicked off with mortgage applications falling 3.8 percent for the week ending December 12, driven by declines in both purchase and refinance activity, according to the MBA. Despite the weekly drop, refinancing activity remained strong year over year, up 86 percent, while purchase applications were still 13 percent higher than the same week last year.

That’s the only meaningful data point on the calendar, though Treasury will auction $13 billion reopened 20-year bonds and conduct a buyback (liquidity support) in 20- to 30-year coupons for up to $2 billion. Three Fed speakers are currently scheduled: Governor Waller, New York’s Williams, and Atlanta’s Bostic. We begin the day with Agency MBS prices little changed from Tuesday’s close, the 2-year yielding 3.50, and the 10-year yielding 4.16 after closing yesterday at 4.15 percent.

At this time of the year, when the roadblocks come up with great regularity, I would like to share a personal experience with my closest friends about drinking and driving. As you well know, some of us have been known to have had brushes with the authorities on our way home from an occasional social session over the years.

A couple of nights ago, I had a few beers at Bowlero Aurora outside of Denver after a nice dinner and wine. Knowing full well I may have been slightly over the limit, I did something I've never done before; I took a cab to the home where I was staying. Sure enough, I passed a police road block but, since it was a cab, they waved it past.

I arrived at the house safely without incident, which was a real surprise as I have never driven a cab before, and am not sure where I got it or what to do with it now that it's in my garage.

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, “Artificial Intelligence in Mortgage Lending.” 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.)