7.29.26 Around the Mortgage Industry; Experian's Jamie Norris on Verification Integrations; Fed Decision Day

We go around the mortgage industry, in slightly more than 60 seconds, to begin today's episode. Plus, Robbie interviews Experian’s Jamie Norris on expanding data verification options and automation while enhancing efficiency, flexibility, and decision-making across the mortgage process. And we close with the latest expectations for what will happen at the conclusion of today's Federal Open Market Committee meeting.

Sponsored by Experian Verify, which provides mortgage lenders with automated income, employment, identity, and asset verification solutions that help accelerate underwriting while reducing fraud risk and manual documentation.

The Chrisman Commentary is 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.

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Speaker 1 0:02

Welcome to the Chrisman Commentary, Daily Mortgage News Podcast. I'm your host, Robbie Chrisman. Topics on today's episode include Around the Mortgage Industry in a couple minutes, don't look for a change from the U.S. Fed today, or do, and my interview with Experian's Jamie Norris on expanding data verification options and automation while enhancing efficiency, flexibility, and decision making across the mortgage process. Here, take a listen to a low preview. When we think about mortgage platforms becoming more automated and AI enabled, at least from your perspective from the verification side of things, what does that evolution lead to? What does it look like from a customer experience perspective, from a client experience perspective? Just where are we headed?

Speaker 0:52

So I think we're moving towards a future where verification becomes an embedded intelligent service rather than a separate step in the lending process. We're already seeing existing platforms announce these types of enhancements using AI, as well as new AI technology platforms announcing how their integrating underwriting services support these workflows. So as AI helps automate underwriting and decisioning, platforms will need trusted real-time verification data that's available exactly when it's needed. And that's truly where Experian fits in. Our focus is on making verify available wherever lenders work. So verification becomes a seamless part of their workflow rather than an interruption. As we continue to expand our distribution network and ecosystem, partners who integrate with us today are positioned to benefit from new coverage and capabilities over time through the same integration. So ultimately, at the end of the day, our goal is to help lenders automate more decisions, reduce friction, and deliver a better borrower experience.

Speaker 1 2:22

Even if you're a 90-year-old LO using a rotary phone, the rest of your company and your borrowers use technology and need to stay up on it. And ahead of today's FOMC decision and latest round fighting erupting in the Middle East, which made oil prices surge as traders priced in renewed supply risks, we had the third straight daily rally in the bond market yesterday. This Fed meeting carries an unusually high degree of uncertainty, reflecting Chair Walsh's preference for a more traditional style of central banking that relies less on explicit forward guidance and more on allowing markets to interpret incoming data. That marks a meaningful shift from the Bernanke and Yellen eras when transparency became a central policy tool and reflects the view that a less predictable Fed may enhance the effectiveness of monetary policy in the fight against inflation. Because Fed decisions have historically aligned closely with market pricing immediately before meetings, a surprise rate hike, as Citadel Securities has suggested will occur, would represent a notable break from recent precedent and likely trigger a much larger sell-off than the relief rally from a hold, as investors would quickly price in additional tightening. Monetary policy expectations, rather than treasury supply, remain the primary driver of the bond market. That being said, the Treasury Department's $44 billion seven-year note auction concluded July's coupon issuance with demand that was modestly softer than average yesterday, as investors required a slightly higher yield to absorb the supply, primary dealers took a larger than usual share of the offering. Even so, the market's reaction was muted, with declining oil prices continuing to support treasuries. While the auction's elevated yield provided an attractive entry point for investors, lingering geopolitical uncertainty, energy market volatility, and an unusually uncertain Fed outlook kept buyers cautious. For today's interview, I wanted to welcome to the show Experian's Jamie Norris to talk about expanding data verification options and automation while enhancing efficiency, flexibility, and decision making across the mortgage process. She's senior manager of strategic alliances at Experian, where she's focused on building partnerships that expand access to digital income and employment verification. She has experience in strategic partnerships, technology integrations, and go-to market strategy across financial services. And her passion lies in helping organizations leverage partnerships and emerging technologies to create faster, more automated customer experiences.

Speaker 2 5:04

First things first, Ms. Norris, happy birthday. Happy, happy birthday. Are you are you a birthday person in general?

Speaker 5:15

Thank you. I, you know, I am. So I'm an identical twin and have always had to share my birthday. So now that we're older, married, kids, et cetera, kind of having your own birthday celebration is nice to have since we always have to share it growing up. So yeah, we're gonna be on a beach by a pool somewhere when this airs on the 29th.

Speaker 1 5:39

That's a great way to listen to this podcast. It's um tips for other listeners out there.

Speaker 2 5:43

Go go buy a body of water and listen to this. But let's let's get into kind of the interview in earnest here. As I mentioned, you are senior manager of strategic alliances at Xperian. Can you explain to people what that role entails, what you like so much about it, how you got into it?

Speaker 6:01

I am responsible for our data distribution strategy of our instant Experian verify product. I've been in product management for years. And what I like about this is I get to kind of take pieces of product management, of my product management background, but also talk to our clients and partners and really develop that relationship and grow that relationship so that it is a mutually beneficial partnership. It's really fun kind of getting out there, getting to meet people, learn about their platforms, learn about their priorities, and then incorporate Experian verify into that. So it's been a really fun transition.

Speaker 2 6:42

Yes, certainly sounds like it. And we are here to talk about verification. It's definitely become a space of high interest in the mortgage industry and high competition as well. There's a lot of market share to be had. Companies are grabbing for it. I know experience right there. Most verification conversations focus on coverage. And doing some prep for this interview, I think we we kind of honed in on distribution is actually the hidden driver of adoption. Why do you believe that?

Speaker 7:13

Coverage is definitely important, but coverage alone does not create value if lenders can't access the data within their existing workflows. What we found is that lenders really want verification solutions integrated where they already work, whether that's their LOS, POS, underrating platform through a trusted reseller. Our goal is to really make Experian Verify available wherever lenders need it so they can digitally verify income and employment without disrupting the borrower or loan officer experience. You know, another advantage of integrating is that it's a long-term investment. It's a little like subscribing to Netflix, a streaming service. You sign up once, and over time the library of media and TV shows keeps growing. Integrating Verify works in a very similar way. Once the integration is in place, partners and lenders can immediately take advantage of new employer records.

Speaker 2 8:09

And there's a lot of alliances or integrations to be had. I know experience partners with LOS providers, resellers, automated underwriting platforms. What do you look for in a partner?

Speaker 8:21

We really look for partners who share our vision of helping lenders create a faster, more automated mortgage experience. It starts with strong integration capabilities, but it's also about innovation and a commitment to helping mutual customers succeed. You know, whether it's an LOS enabling the order of verify or a reseller expanding market reach or an AI underwriting platform helping automate decision making, we're really focused on partnerships that make verification easier to access and use.

Speaker 2 8:55

Many technology providers already offer access to one or more verification providers. Why does it still make strategic sense to integrate Experian Verify?

Speaker 9:07

So I think it's important to recognize that this isn't about replacing existing verification providers. It's about giving lenders more choice and flexibility. No single provider has every employer record. So having access to multiple service providers helps lenders build a more effective verification strategy. For technology partners, integrating verify creates value by expanding access to our own unique employer records and delivering ongoing value as our coverage continues to grow. Ultimately, it's about complementing and not replacing existing providers to really improve and maximize instant verification coverage.

Speaker 1 9:49

Yeah, so it certainly seems like there's a way to optimize verification strategy. So once lenders have access to multiple verification providers, how should they think about that optimization piece of it?

Speaker 10:02

They really want three things overall. They all want to maximize automation, they all want to minimize costs, and they all want to avoid unnecessary borrower friction. When verify is available through their existing technology platform, many lenders find it makes sense to start with instant because it delivers strong coverage at a competitive cost. And it also reduces friction with the borrower in the early stages of the loan. If additional data is needed, they can still leverage our CPD or manual verification offering or other providers already in their workflow. It's about helping lenders build the most efficient verification strategy and not replacing every provider.

Speaker 1 10:44

Can you talk roadmap a little bit? You mentioned these kind of driving for, or I should say, northern stars for adding value out there. What's the roadmap experience working along to get there?

Speaker 10:57

We're really focusing on instant first. It reduces that friction that oftentimes comes into play with borrowers, especially in the type of industry that we're in today and our current economic uh standing. But over time, we do want to be able to offer other options. We have our consumer permission data product. We have a manual verification. So roadmap is to really expand all those offerings. So we are giving a whole suite of solutions to the industry wherever they need it, whenever they want to use it.

Speaker 1 11:30

Jamie, I really appreciate the time. Ton of valuable insights for listeners. Thank you very much. And once again, happy birthday.

Speaker 11:36

Thank you. Thanks for your time.

Speaker 1 11:42

Home price appreciation has decelerated sharply from the post-pandemic surge, while higher mortgage rates continue to weigh on affordability, suppress refinancing activity, and temper buyer demand. Although recent gains in housing starts hint at improving supply, weak permits, softer pending home sales, and subdued builder confidence suggests that elevated financing costs, expensive home prices, and ongoing supply constraints remain significant headwinds. At the same time, years of underbuilding, homeowners locked into low mortgage rates, and stronger mortgage underwriting standards continue to limit inventory and support home values, which means we are unlikely to see a meaningful nationwide decline in prices. Today's economic calendar kicked off with mortgage applications from MBA, which fell 6.4% last week as the average 30-year fixed rate climbed to 6.76%, its highest level since August of 2025. As there are no other economic releases of note today, the Fed decision to add a 2 p.m. Eastern and followed by Chair Warsh's press conference will be the main headline. We begin Wednesday with agents MBS prices, slightly worse than Tuesday's close, the two-year yielding 4.31, and the 10-year yielding 4.63 after closing yesterday at 4.60%. Let's wrap up with a joke and some housekeeping. When it becomes apparent. Xperian Verify provides mortgage lenders with automated income, employment, identity, and asset verification solutions that help accelerate underwriting while reducing fraud risk and manual documentation.