5.29.26 Sobering Statistics; Pineapple's Shubha Dasgupta on Blockchain Lending; Calendar Closing

Today's episode includes a discussion on some poorly-trending data from the mortgage and housing markets, an interview with Pineapple's Shubha Dasgupta on the progress and process of mortgages being originated on the blockchain, (and the use cases and benefits to the mortgage and bond markets), and we close by looking back on the week that was.

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.

This week’s podcasts are sponsored by NFTYDoor, the white-label HELOC platform for banks, credit unions, and  brokers. Close in zero days with warehouse funding. Power your home equity lending with NFTYDoor.

Transcript

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Doctor: “Sir, I have some bad news, I’m afraid your DNA is backwards.” Me: “and?” If you don’t like bad news, skip this opening paragraph. If you want some reality, read on. First off, U.S. home foreclosures are accelerating: filings rose 26 percent year-over-year in Q1 2026, to roughly 119k, the highest in six years. It’s expensive to own a home! The last time they hit this level (early 2020), government relief programs and pandemic stimulus caused them to decline. As everyone in our biz knows, the increase has been driven by soaring home insurance bills, property taxes, and homeowner association fees rather than mortgage defaults alone. Meanwhile, anyone who thinks that there is a general shortage of homes should re-think that or refine their opinion. Elliot F. Eisenberg, Ph.D., penned, “Existing housing inventory is rising and while still below pre-Covid levels, April’s reading is the best since 2020. However, sales activity is flat as a hockey puck. That combination is pushing up months-of-inventory, putting downward pressure on home prices. To wit, the latest Case-Shiller data, for the month of March, shows home prices falling 0.22 percent month-over-month and rising 0.7 percent year-over-year, less than inflation. Real home prices are declining.” (Today’s podcast can be found here and this week’s ‘casts are sponsored by NFTYDoor, the white-label HELOC platform for banks, credit unions, and brokers. Close in zero days with warehouse funding. Power your home equity lending with NFTYDoor. Today’s features an interview with Pineapple's Shubha Dasgupta on the progress and process of mortgages being originated on the blockchain, and the use cases and benefits to the mortgage and bond markets.)

Employment; strategic partnerships sought _________________________________________________

An established, growth-focused TPO platform is seeking strategic partnerships with independent TPO companies and producing teams funding $50MM-$150MM monthly across the Central U.S., Midwest, and Mid-Atlantic. Ideal partners include complete teams across originations, operations, and leadership who are positioned for scalable growth. With a diversified 40 percent conventional, 40 percent government, and 20 percent non-Agency mix, a $4B+ servicing portfolio, and plans to retain approximately 75 percent of servicing, the platform offers scale, stability, product depth, and execution strength. For owners considering a strategic move, this is more than a transaction. It is a confidential growth partnership built around operational infrastructure, leadership continuity, and long-term fit. Contact Chrisman LLC’s Anjelica Nixt to forward your note.

“EPM is experiencing record-breaking growth in 2026 and is actively hiring across all mortgage operations positions: underwriters (FHA, VA) and account managers. EPM is one of the fastest-growing wholesale lenders in the United States, built on a mission of helping homeowners realize the American Dream. Ideal candidates are driven, experienced mortgage professionals ready to plug into a platform with real momentum and the support to match. We are also entertaining teams looking for a new home. This is a rare opportunity to join an organization that is scaling rapidly and investing heavily in its people. If you are ready to align yourself with the fastest-moving name in wholesale lending, now is the time. For confidential consideration, please email us.”

Evergreen Home Loans® recently selected Dara® by Sagent as its next-generation mortgage servicing platform, supporting the company’s continued investment in innovation, operational efficiency, and the client experience. The cloud-native platform provides real-time data, automation, and end-to-end servicing visibility designed to help Evergreen scale efficiently while maintaining its high-touch approach to servicing. For loan officers, Evergreen’s in-house servicing model helps strengthen long-term client relationships, improve recapture opportunities, and create more consistent communication throughout the life of the loan. Retaining servicing also allows associates to remain connected to their clients well beyond closing, helping support repeat business and referral growth in changing market conditions. As Evergreen continues expanding into new markets, the investment reinforces the company’s commitment to equipping associates with modern technology, strong servicing capabilities, and operational excellence while delivering a seamless experience for clients. Learn more about career opportunities here.

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 products, software, & services

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“Same-day responses. Dedicated managers. No shared inboxes. This is what accountable servicing looks like. Most servicing companies rely on automation and algorithms. At MSF Servicing, we practice access and accountability, delivered through high-touch personal service. We have a dedicated division built for complex assets that larger servicing companies typically overlook, ignore, deprioritize, or mishandle. There's no one-size-fits-all productivity standard applied to non-standard collateral under our roof. We assign experienced teams aligned specifically with your business, not to published Loans-per-FTE standards. You, and your clients, will receive same-day responses and consistent 24-hour follow-up from a live, experienced professional. And forget about shared inboxes. Your account will be supported by a dedicated service manager, ensuring continuity, transparency, and performance. Finally, direct access to executive leadership isn't the exception at MSF Servicing; it's standard practice. If you need it, we can also set you up with a dedicated FTE option. For more information, contact Rick.Smith@MortgageSolutions.net or call 860-989-9006.”

When a rate lock is running down, you need the report back, and most importantly, it needs to be accurate. Advantage Partners Solutions delivers FCRA compliant credit reports and verifications through a team that is certified, experienced, and accountable across every file. Credit Interlink and MeridianLink both support current reporting requirements and evolving compliance standards, including the FICO 10T and bi-merge transition. Accuracy is built into our process. When a file has complications, we work through them. When the deadline is tight, we know that and move accordingly. When you work with APS, you’ve got a team behind you that operates with our responsibility in mind on every request, every file, and every interaction with your team. If your current CRA has been inconsistent on turnaround or compliance, that's a real cost to your pipeline. Put APS into your workflow and experience how reliable execution supports your operation.

Ever watch a pit crew during a race? Everyone knows their role, every handoff matters, and within seconds the driver is back on the track. Fittingly, the nCino nSight conference just wrapped up down the street from Charlotte’s NASCAR Hall of Fame and gave attendees a look at how AI is bringing that same speed and coordination to mortgage lending. With nCino’s LeadGen PreQual, borrowers get a credit-backed prequalification letter from their phone in minutes, no account required. With Loan PreCheck (coming in June) loan officers get AI-powered program matching against GSE guidelines before running AUS, catching eligibility issues early. They’re both part of nCino’s agentic homeownership journey, where every handoff from first touch to closing is faster and smarter. Hear nCino CPO Chris Gufford break it down on the Chrisman Commentary Podcast.

“Looking to expand your non-QM production? Partner with Onslow Bay Financial. Our recently enhanced product offerings now offer DSCR from $100k-$3mm. We've also sharpened our prepayment penalty LLPAs by 37.5 bps. With a full suite of Non-QM, Agency 2nd Home / Investor, CES, HELOC, and Jumbo products, Onslow Bay offers unparalleled product flexibility and superior secondary market execution. New technological innovations like our Laminr bank statement calculator help streamline purchases. We had a record-setting 2025. Our flow channel funded $16.5B in loans and completed 29 securitizations totaling $15.2B in proceeds. And starting off 2026, with a record first quarter. We funded just shy of $2 billion in March and ended the quarter at $5.1 billion of purchases. Interested in learning more about how our products, pricing, and technology can work for you? Please reach out to OBSales@onslowbayfinancial.com.”

Less back-and-forth. More first-time-right verifications. Truework replaces manual verification waterfalls with a single automated platform, so underwriters, LOs, and ops can cut down the document chasing, conflicting numbers, and last-minute corrections. Lenders see up to 50 percent cost savings on verifications, with faster turn times, higher accuracy, and stronger R&W relief. Trusted by top lenders in the U.S., Truework gives your team verification results they can rely on. Learn more.

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.

Primer on “tolkenization” for lenders

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Mike Manning has some thoughts on blockchain (remember that?) and how lenders should think about it. “If you spend enough time around blockchain conversations in financial services, you start to notice a pattern: people talk about “tokenization” like it is one thing. It is not. It is three distinct categories of work, each with different risk profiles, different operational demands, and different paths to production. Tokenization will matter most when it stops acting like an experiment. From where I sit as Head of Institutional Finance at Ava Labs, the team building the Avalanche blockchain, the clearest way to deconstruct what is actually happening inside banks and financial institutions is to separate the use cases into distinct categories: crypto custody, stablecoin payments, and traditional assets coming on chain.”

If you would like even more information on this subject, today’s Chrisman Commentary Daily Mortgage News podcast features an interview with Pineapple's Shubha Dasgupta on the progress and process of mortgages being originated on the blockchain; the use cases and benefits to the mortgage and bond markets.

Non-Agency/product lending news

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Will 1 in 4 loans be non-QM, home equity, jumbo or some other non-Agency product? There are some who believe that will happen in 2026, given the Agency’s stance on pricing and underwriting guidelines that may not reflect trends in income or collateral. Who’s doing what?

Onslow Bay notified sellers that their “Exposure List” and “Exclusion List” have been updated. This list can be accessed through the seller portal.

American Neighborhood Mortgage Acceptance Company (AnnieMac), a national full-service mortgage lender, announced that its affiliated company, AnnieMac Private Equity Cash2Keys, has surpassed $1 billion in closed, purchase price volume, through its Cash2Keys platform. This marks a major milestone for one of the industry’s most innovative solutions designed to help buyers compete and win in today’s competitive environment.

Newrez launched the Express Closed‑End Second (Express CES), an enhanced second-lien option available through its wholesale channel. The offering simplifies execution by allowing brokers to submit a loan quickly while Newrez manages processing, underwriting, and closing, freeing brokers to focus on advising their clients rather than navigating operational complexity.

AmeriHome Mortgage updated its AUS Jumbo Express program including loan amounts, LTV, DTI, and credit score eligibility. Effective with new commitments for Delegated and new commitments or new submissions for non-delegated underwriting, taken on or after April 1, 2026. See AmeriHome Mortgage 20260401-CL Product Announcement for details.

Pennymac Announcement 26-46 introduced a new 4506C Completion Guide with full details on completing the form with updated current info for all IVES vendors. This job aid can be found under Reference Guides in the program & delivery guide section.

Pennymac will update non-QM LLPAs, effective for all Best-Efforts Commitments taken on or after Wednesday, May 13, 2026. View Announcement 26-50 for details.

Capital markets: consumer costs impact spending

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Are you looking for areas to save on loan pipeline hedge costs? Agile’s whitepaper, How (and How Much) Agile Helps Mortgage Originators Save on Hedging Costs, discusses how lenders who use platforms which limit competition to only 4 dealers miss out on improvement in execution. Based on the Agile TBA Execution Data Study, lenders can expect to save 3 basis points on average. "I have Agile and a competing platform side by side. Agile wins about 50 percent of the time,” said Philip Kukafka, Chief Capital Markets Officer at Towne Mortgage Company. “I rarely execute at screen levels - I almost always trade through." Download the whitepaper to learn how Agile’s request for quote (RFQ) platform is helping improve execution. Ready to save on your hedge costs? Contact Agile to learn more. 

U.S. Treasuries extended this week’s rally yesterday despite “another volatile session dominated by geopolitical headlines, stubborn inflation data, and signs of a (gradually) slowing economy.” Bonds faced some pressure after renewed military exchanges between the U.S. and Iran (before a new ceasefire agreement was either reached or vetoed by President Trump, depending on what reports you choose to believe) briefly pushed oil prices back above $92 per barrel, but any selloff faded as investors digested softer economic data: Personal income growth stalled in April, business investment showed signs of weakness, and first-quarter GDP was revised lower as both consumer spending and investment growth underperformed earlier estimates. Inflation remains uncomfortably persistent, with Core PCE accelerating year-over-year, reminding us of the “slowing growth alongside elevated price pressures” narrative. Treasury buying accelerated in the afternoon, driving yields down, after reports suggested meaningful progress in negotiations with Iran, helping drive oil back below $90/barrel and reinforcing demand across the bond market. The move was further supported by a strong 7-year Treasury auction, which marked the first stop-through in the tenor since December, evidence of continued investor appetite for duration.

The important question for markets is whether consumers can continue absorbing higher energy and food costs without meaningfully reducing spending. So far, resilient consumption and steady labor market conditions have allowed investors to assume the economy can withstand another inflationary wave, though weakening real spending in the months ahead would quickly challenge that notion. Several Fed officials have openly acknowledged the possibility of additional rate hikes if inflation proves more persistent, even as most still expect disinflation to gradually resume without further tightening being necessary. Markets are beginning to price in higher policy rates over the next year, though investors remain unconvinced that the Fed is preparing for a sustained hiking cycle. Importantly, the recent rise in Treasury yields appears driven less by inflation expectations themselves and more by stronger real economic activity, higher estimates for neutral rates, and rising term premiums across the curve. In other words, even if geopolitical tensions ease and oil prices retreat, yields may not fall as dramatically as many expect unless the broader economy begins showing clearer signs of slowing.

Today’s economic calendar kicked off with the Advanced Goods Trade Balance for April (-82.4 billion, improved versus March) as well as Retail and Wholesale Inventories (+0.6 percent and +0.5 percent, respectively), also for April. Later today brings Chicago PMI for May (manufacturing has picked up since the beginning of the year), and a couple of Fed speeches. We begin Friday with Agency MBS prices slightly better than yesterday’s close, the 2-year yielding 4.02 percent, and the 10-year yielding 4.44 percent after closing yesterday at 4.46 percent.

Subject: Top ten caddy remarks

#10 Golfer: “Think I’m going to drown myself in the lake.” Caddy: “Think you can keep your head down that long?” #9 Golfer: “I’d move heaven and earth to break 100 on this course.” Caddy: “Try heaven, you’ve already moved most of the earth.” #8 Golfer: “Do you think my game is improving?” Caddy: “Yes, you miss the ball much closer now.” #7 Golfer: “Do you think I can get there with a 5 iron?” Caddy: “Eventually.” #6 Golfer: “You’ve got to be the worst caddy in the world.” Caddy: “I don’t think so. That would be too much of a Coincidence.” #5 Golfer: “Please stop checking your watch all the time. It’s too much of a distraction.” Caddy: “It’s not a watch – it’s a compass.” #4 Golfer: “How do you like my game?” Caddy: “Very good, but personally, I prefer golf.” #3 Golfer: “Do you think it’s a sin to play on Sunday? Caddy: “The way you play, it’s a sin on any day.” #2 Golfer: “This is the worst course I’ve ever played on.” Caddy: “This isn’t the golf course. We left that an hour ago.” #1 Best Caddy Comment: Golfer: “That can’t be my ball, it’s too old.” Caddy: “It’s been a long time since we teed off, sir.”

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. STRATMOR’s current blog is “Pricing That Can Help Borrowers.”  The Commentary’s podcast is available on all major platforms, including Apple and Spotify.

qoɹ & ǝᴉqqoɹ

(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.)