Today’s episode includes a look at the performance of first-lien mortgages in the federal banking system during the first quarter of 2026. Plus, Robbie interviews First Lien Capital’s Bill Bymel on how insurance challenges, AI adoption in servicing, and key leading indicators are shaping the next potential cycle of market distress. And we close with the latest payrolls figures, which missed expectations.<br>Thank you to Experian. From lenders and landlords to employers and consumers, Experian helps connect the housing ecosystem with the data and insights needed to make faster, confident decisions. Lead a smarter housing journey with Experian.<br>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&#x27;re a seasoned professional or just looking to stay informed, you&#x27;ll get clear, concise breakdowns of market trends and economic shifts that impact the mortgage world.

7.2.26 Agency MBS Performance; First Lien Capital’s Bill Bymel on Distress Signals; June Payrolls Miss

Chrisman Commentary - Daily Mortgage News

Welcome to the Chrisman Commentary - Daily Mortgage News. I'm your host, Robbie Chrisman. Topics on today's episode include the performance of First Lien Mortgages, its payrolls, and my interview with First Lien Capitals Bill Bymel on how insurance challenges, AI adoption and servicing, and key leading indicators are shaping the next potential cycle of market distress. Here, take a listen to a little preview.

You yourself host a podcast on real estate and debt cycles. When we look at real estate in aggregate, and when we look at debt cycles, where do you feel like we currently are in America? Hmm, that is a great question. Where we are on the spectrum, I would say that we are in the seventh, we're just past the seventh inning stretch of the real estate.

of the cycle. I would like to think that we had woken up at some point to the realities of, you know, cap rates are important, and debt loads are important, and that, you know, that it's time to kind of, you know, reset the clock.

The federal government has given a lot of tools or has has a lot of tools that they have instituted in the industry to prevent a catastrophe of a huge buildup of debt levels. But the reality is, is that they had to end that at some point. So Fannie Mae, Freddie Mac, their servicing guidelines that basically allowed borrowers to call up with a cold and get a modification.

That rule that rule that was put in post COVID ended September 30th of 2025, just about whatever, eight months ago, right, nine months ago. Since then, behind the scenes, we are seeing a significant increase in the number of foreclosure starts.

7.2.26 Agency MBS Performance; First Lien Capital’s Bill Bymel on Distress Signals; June Payrolls Miss

Read the full transcript

The candid version is on a podcast,
not the earnings call.

7.2.26 Agency MBS Performance; First Lien Capital’s Bill Bymel on Distress Signals; June Payrolls Miss

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.