1.19.26 Trump Missives; CHLA's Scott Olson on Advocacy; Hedging Inactivity

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 how the Trump Administration's directives are causing the mortgage industry to adapt. Plus, Robbie sits down with CHLA's Scott Olson for a discussion on priorities for trade associations, such as credit costs, as 2026 advocacy kicks off in earnest. And we close by examining just what sort of cohesive economic narrative there has been over the start of this year.

Thank you to Truework, the one verification solution to replace in-house waterfalls. Verify any borrower with a VOIE solution that automates the entire process to quickly deliver the most accurate and complete reports with broad GSE coverage.

Transcript

While underwriters are abuzz about the Trump administration delaying its plan to withhold wages for student loan borrowers in default, in other news mixing politics and the lending business, forget about President Trump complaining about Joe Biden using autopen, which has been used by presidents since WWII. What about voices? Plenty of people (humans) can imitate Donald Trump. So can AI, and Fannie Mae admitted his voice was AI generated in Fannie’s new commercial. Yes, Fannie is putting ads out directly to the public. “What sounds like President Donald Trump narrating a new Fannie Mae ad actually is an AI-cloned voice reading text, according to a disclaimer in the video. The voice in the ad, created with permission from the Trump administration, promises an “all new Fannie Mae” and calls the institution the “protector of the American Dream.” Last summer, Mr. Trump met with the chiefs of Bank of America, Citigroup, JPMorgan Chase, and Goldman Sachs at the White House to discuss selling stock in a public offering of Freddie Mac and Fannie Mae. It was supposed to be one of most consequential stock sales in years and White House officials predicted the stock offering would happen quickly. But six months later, the deal is still a work in progress although the government has retained Sullivan & Cromwell to advise on the deal. Questions remain unanswered, such as “After any stock offering, will the mortgage firms be freed from government control?” (Today’s podcast can be found here and this week’s are sponsored by Truework, the one verification solution to replace in-house waterfalls. Verify any borrower with a VOIE solution that automates the entire process to quickly deliver the most accurate and complete reports with broad GSE coverage. Today's has an interview with CHLA's Scott Olson on priorities for trade associations, such as credit costs, as 2026 advocacy kicks off in earnest.)

Employment and transitions

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LeaderOne Financial Launches Brand Refresh to Support Modern Homebuyers and Future Growth! Out of Kansas City, MO comes news that LeaderOne Financial, a nationally recognized mortgage lender with more than 30 years of experience, today announced an exciting brand refresh that reflects the company’s continued growth, modern vision, and people-first approach to lending. Founded in 1992, LeaderOne has grown into a trusted nationwide partner for homebuyers and real estate professionals. The refreshed brand builds on that strong foundation while reinforcing the company’s core values; People First, Empowered Collaboration, Accountability, and Continuous Innovation, and introducing a modernized visual identity and refined messaging. “Our brand has always stood for leadership in service, trust, and expertise,” said Randell Gillespie, President of LeaderOne Financial. “This refresh reflects who we are today and supports the future we’re building for our clients, partners, and teams.” The update also includes enhanced marketing, technology, and client-experience tools designed to simplify the homebuying journey and expand access to homeownership nationwide. To learn more, visit LeaderOneFinancial.com.

The Mortgage Bankers Association (MBA) announced that Jeremy Green has joined the association as Vice President of Legislative Affairs. In this role, he will be responsible for advocating on behalf of MBA's policy priorities on Capitol Hill, with a primary focus on Democratic members and their offices within the United States Senate.

LERETA, a national provider of real estate tax and flood services for the mortgage industry, has named Kevin Quinn as Chief Revenue Officer, bringing more than two decades of leadership experience to support the company’s continued growth.

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.

Products, services, and software for brokers and lenders

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Speed matters in home equity lending, and Fortera Credit Union proved it. By modernizing its home equity process with FirstClose One and a direct MeridianLink integration, Fortera cut average closing times to just nine days. Manual vendor coordination was replaced with automated ordering for title, valuation, and flood services, while electronic lien filing reduced staff workload by 85 percent. The results extended beyond efficiency. Fortera recorded a 20 percent year-over-year increase in home equity applications and funded loans, driven by a clearer, more member-friendly experience. Borrowers can now view estimated values, eligibility and payment options upfront using a soft credit pull, helping build trust before they apply. For lenders seeking faster turn times, happier staff, and sustainable growth, Fortera’s success demonstrates what is possible. Read the full case study to see how Fortera made it happen.

Spring EQ recently expanded its product suite with the launch of 1st lien DSCR loans, featuring industry-leading pricing designed to help partners win more investor business in today’s competitive market. Spring EQ’s DSCR program is supported by dedicated operations and underwriting teams focused on these loans, along with a streamlined application and closing process that helps partners close more deals faster. Qualifications are based on property cash flow rather than personal income, reducing documentation and simplifying approvals. Want to learn more about how DSCR can help you grow your business? Join Spring EQ on February 10 at 2:00 p.m. ET for their upcoming webinar. You will learn how you can scale your business with innovative solutions and helpful resources, including their new DSCR offering. Visit EMMA to price, process, and manage your loans today. Not a partner? Join here: Wholesale or Correspondent.

Get the report on 2026 non-QM opportunities and concerns straight from the Non-QM Summit and the New England Mortgage Expo. This NMP Webinar, Heard On the Road: Insights & Takeaways from the New England Mortgage Expo, offers an unfiltered debrief from the New England Mortgage Expo and Non-QM Summit. Hear from non-QM execs on what they’re seeing producers do to bring in deals in the Northeast, Non-QM momentum, front-line feedback, and practical, real-time strategies. Join Ben Scribner, Mike Dattorre, and Ryan Janczy this Wednesday, January 21, at 1:00 PM ET / 10:00 AM PT for changing insights and smarter moves. Register here.

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.

News from Freddie & Fannie and conv. conforming tidbits

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Fannie Mae and Freddie Mac shares have sold off sharply following President Trump’s directive for the GSEs to purchase $200 billion in mortgage-backed securities, a move welcomed by prospective homebuyers but unsettling for investors hoping for an eventual IPO or exit from government conservatorship. Both stocks sit at their lowest levels since August after extending multi-day losing streaks, reversing some of last year’s gains that were driven by optimism around a Trump-led release from conservatorship. While the MBS purchases signal a renewed focus on affordability and suggest the administration may continue using the GSEs as policy tools, analysts note this does not necessarily rule out a future public offering. Still, the expansion of the GSEs’ MBS portfolios reinforces concerns that monetization and recapitalization may take a back seat to rate relief in the near term, leaving shareholders uncertain about the long-term path forward.

Pennymac updated Conventional and Jumbo LLPAs effective for all Best-Efforts Commitments taken on or after Wednesday, January 14, 2026. View Announcement 26-05 for additional information.

Spend less time evaluating tax returns, reduce calculation errors, and move borrowers through the pipeline faster with automated, accurate income calculations. Friday Harbor is now an authorized technology service provider for Fannie Mae Income Calculator.

Uniform Appraisal Dataset 3.6 users will have exclusive access to expanded eligibility for manufactured housing and accessory dwelling units with the December 10 Selling Guide update. These updates will be available in Desktop Underwriter® on March 31, 2026, prepare now for your transition to the new UAD.

Streamline your underwriting for government loan limit changes with Desktop Underwriter enhancements that automatically apply 2026 FHA and VA loan limits, reducing manual checks and compliance risk. Starting January 24, 2026, DU will apply FHA Low-Cost Area limits when county data is unavailable and assess VA loans using updated county limits, so you can process loans faster and with greater accuracy.

AmeriHome issued Product Announcement 20260101-CL reminding Sellers that the Fannie Mae and Freddie Mac (GSEs) Very Low-Income Program (VLIP) credit will expire on February 28, 2026. The last day for AmeriHome to purchase a Mortgage Loan with a VLIP LLPA credit will be January 15, 2026.

Capital markets: Wall Street and bond markets closed

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Bond prices down = rates up. Treasury yields pushed decisively higher on Friday, with long-standing support near 4.20 percent in the 10-year giving way for the first time since Labor Day. The move was driven primarily by weakness in the front end and belly of the curve, due to a series of stronger-than-expected economic reports (read: nearly all reports since the government shutdown ended…). December industrial production rose 0.4 percent, double expectations, adding to a growing list of upside data surprises.

While the 2-year yield remains below its late-2025 high and markets are still confident a rate cut could come in June, the steady drumbeat of firm data has made it harder for yields to move lower in the near term.

At the same time, uncertainty around Federal Reserve leadership and independence continues to simmer. The Trump administration’s efforts to exert greater influence over monetary policy, highlighted by renewed criticism of Chair Jerome Powell and speculation around his successor, have introduced additional political risk. Backlash to those attacks may actually increase the likelihood that Powell remains on the Board after his term as chair ends, potentially creating competing centers of influence within the Fed. As names like Kevin Hassett circulate and policymakers signal a willingness to pause rate cuts at the January meeting, the Fed is also grappling with a longer-term question: how to manage a $6.5 trillion balance sheet now that quantitative tightening has effectively stalled.

Notably, while Powell has taken political heat for rates staying higher for longer, tariff-related policy uncertainty may have played just as large a role.

The bond markets are closed today. Any lenders sending out rate sheets today either price very conservatively or estimated their lock activity for today and hedged it Friday.

Three fans were bemoaning the sorry state of their football team.

“I blame the general manager,” said the first fan from San Francisco. “If he signed better players, we’d be a great team.”

“I blame the players,” said the second fan from Buffalo. “If they made more of an effort and had fewer turnovers, we’d score some points.”

“I blame my parents,” said the third from Cleveland. “If I’d been born in Seattle, I’d be supporting a decent team.”

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, “Helping Borrowers in a Market Defined by Complexity and Change.” 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 2026 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.)