If you haven’t signed up for the Mortgage Action Alliance, do so. It’s free, has good advocacy information, and there’s strength in numbers. Recent conference chatter includes suggesting that removing politics from the mortgage conversation would be a good thing to attempt, wondering if there’s enough regulatory manpower muscle to take the existing LO comp rules and re-jigger them, some believing that the recent credit score announcements are lacking leave much to be desired, asking why the Fed’s useful Twitter account (Financial Sentiment Index, TFSI) vanished, and suggestions that Southern California’s hottest nightclub was the main ballroom at Mortgage Innovators with its extensive techno play list. (Today’s podcast can be found here and this week’s ‘casts are sponsored by FirstClose, which provides fintech solutions to HELOC and mortgage lenders nationwide. Their home equity lending platform accelerates the home equity lending process, reducing application to closing times from 45 days to less than ten. Today we have an interview with Digital Risk’s Kim Lanham on how the Iran conflict and broader geopolitical uncertainty are influencing mortgage rates, borrower decision-making, servicing retention strategies, borrower assistance programs, and emerging credit and fraud risks across both Agency and non-QM lending.) Lender and Broker Products, Software, and Services Why Partnering with MSF as Your Sub-Servicer Is a Strategic Advantage: Built for Speed, Service, and Retention. In today’s mortgage servicing landscape, smaller institutions often find themselves working with sub-servicers built for scale, not responsiveness. The result: delayed borrower support, missed engagement opportunities, and lost relationships. MSF Servicing was built to solve that problem. MSF delivers a level of attention larger providers cannot match. Every borrower inquiry, issue, and client request is handled on a same-day or 24-hour basis, because in servicing, speed drives retention. Timely, empathetic responses keep borrowers engaged and relationships intact. Delays create friction; responsiveness builds trust. Led by an industry veteran with deep expertise in customer service and loss mitigation, MSF brings proactive engagement and retention-focused outcomes to every portfolio it manages. The result: a sub-servicing partner who moves at the speed your borrowers expect and delivers the care your brand demands. Contact Rick Smith at 860-989-9006.

The buyer will add around 800,000 loans to its hefty servicing portfolio, while Valon said it will shift away from servicing to focus on technology.

Rocket Cos. fell just $200 million short of United Wholesale Mortgage in Q1, as servicing recapture from its massive MSR portfolio fueled $44.7B in closed loan volume.

The new law, which will mandate the Bureau of Indian Affairs to approve or deny loan applications within 30 days, passed with wide bipartisan support.

The lenders’ examples of using generative artificial intelligence were more practical than transformational, but in any case data challenges represent a common problem.

The real estate technology company reduced its workforce and consolidated select vendor relationships. These moves will save the company roughly $2 million.

Another Mid-Day Reversal Driven by Dueling Headlines

The overnight session featured a modest but clearly-defined rally in response to hopeful headlines on the Iran war. But as early a 9am ET, a complete reversal was beginning to take shape. Bonds remained in positive territory until the 11am hour when war headlines kicked selling into higher gear. Specifically, reports suggested Iran rejected the U.S. framework that helped bonds overnight. Separate news cited CIA sources, claiming Iran can withstand a Hormuz blockade for months. Selling continued in the afternoon on reports that had more to do with escalation risks (Saudi Arabia and Kuwait allowing U.S. forces to operate from their bases, explosions heard in Southern Iran). All told, 10yr yields were up more than 4bps by 3pm and MBS were down a quarter point.

Econ Data / Events

Challenger layoffs (Apr)

83.387K vs — f’cast, 60.62K prev

Continued Claims (Apr)/25

1,766K vs 1800K f’cast, 1785K prev

Jobless Claims (May)/02

200K vs 205K f’cast, 189K prev

Unit Labor Costs QoQ FinalQ1

2.3% vs 2.6% f’cast, 4.4% prev

Market Movement Recap

08:32 AM stronger overnight and no reaction to econ data. MBS up an eighth and 10yr down 1.5bps at 4.331

11:31 AM moving into weaker territory now. MBS down 1 tick (.03) and 10yr up 1.4bps at 4.361

01:13 PM New lows for MBS, down 5 ticks (.16) on the day. 10yr up 3.4bps at 4.38

03:00 PM MBS at new lows, down 9 ticks (.28) and 10yr up 4.3bps at 4.39

Bonds and oil rallied again in the overnight session, though not as swiftly as they did yesterday. News was thinner, but there was still an obvious catalyst just before 3am with a WSJ report that the U.S. provided Iran a detailed framework to end the war. The line item that caught the market’s attention was a change in the moratorium on uranium enrichment. Previously, it was permanent, but the new framework calls for 20 years. 10yr yields rallied several bps on the news and oil prices moved down about 4 dollars. There hasn’t been much volatility in bonds since then with 8:30am data proving to be a non-event.

Lender and Broker Products, Software, and Services Spring homebuying season is in full swing, and for many lenders, that also means a surge in home equity demand as borrowers tap rising property values. But growth can expose cracks. Every handoff, re-entry, and system switch adds time and increases the risk of human error. FirstClose is working to change that with its upcoming integration with MeridianLink Mortgage. By bringing purpose-built order management directly into the LOS, lenders can streamline valuations, settlement, and vendor coordination without leaving their existing workflow. The result is better visibility, faster turn times, and less manual effort. If you are a MeridianLink Mortgage user looking to simplify operations and scale home equity lending more efficiently, this is worth a closer look. Click here to read more. Heading to MBA Secondary & Capital Markets in New York? Connect with Planet’s Correspondent team to explore how expanding into non-agency, business purpose, and expanded credit can drive volume and margin alongside your agency production. Planet makes that expansion easier by delivering the same liquidity and pricing you rely on across Fannie Mae, Freddie Mac, FHA, VA, and USDA, and niche products like renovation, manufactured housing, and USDA. With full co-issue backed by consistent MSR pricing and fast funding, plus deep capital markets expertise and predictable execution from lock to funding, Planet helps you grow confidently while protecting profitability. Connect with SVP Correspondent Sales Jason Mac Gloan (843-625-6869) or visit here to schedule your meeting with Planet.

The day began on a fairly hopeful note for the mortgage market. During overnight trading hours, the bond market improved following a report regarding a peace framework sent to Iran by The U.S.  When bonds improve, rates fall, all else equal. The gains were modest, but they allowed the average lender to set their first rates of the day at slightly lower levels compared to yesterday. Lenders prefer a “one and done” strategy when it comes to setting mortgage rates for the day, but they will make mid-day changes if the underlying market moves enough. The underlying market began moving more than enough just before the noon hour. Most lenders were forced to recall their initial rate offerings and make upward adjustments. The net effect at the time of printing is that the average lender is back in line with yesterday’s levels.