Today’s episode includes a primer on why recapture rates vary so much across the mortgage industry. Plus, Robbie interviews Alston &amp; Bird&#x27;s Stephen Ornstein on all things RESPA, as well as how regulation needs to be improved for the modern times we live in. And we close with a look at why the Federal Reserve&#x27;s latest stress test reaffirmed the resilience of the U.S. banking system<br>Thank you to Equifax, a global data, analytics, and technology company, helps mortgage lenders gain the borrower and market insights they need to improve efficiency and make accurate decisions. Access differentiated consumer credit data, powerful consumer and market insights, and income and employment data from The Work Number.<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.

6.25.26 Land of Opportunity; Alston & Bird's Stephen Ornstein on RESPA; Fed Stress Tests

Chrisman Commentary - Daily Mortgage News

# Full Transcript

**Podcast:** Chrisman Commentary - Daily Mortgage News

## Participants

- **Robbie Chrisman** (Chrisman LLC)
- **Stephen Ornstein** (Alston & Bird)

## Transcript

Welcome to the Chrisman Commentary, Daily Mortgage News Podcast. I'm your host, Robbie Chrisman. Topics on today's episode include opportunities that are out there, a primer on the recaptured landscape, and my interview with Alston and Birds Stephen Ornstein on all things RESPA as well as how regulation needs to be improved for the modern times we live in. Here, take a listen to a little preview.

In your opinion, does the mortgage industry need more regulation, less regulation, or better regulation? And if you choose that third option, which is a bit of a cop-out, explain the ways you think it can be better. It needs better regulation because if you're the consumer and you're going to a closing, you're overwhelmed with federal and state disclosures.

And there's so much disclosure and so much regulation, it's relegated to something that's meaningless. The new KnowBeforeUO is a classic example of that.

I do think that the ability to repay QM rules have been modified. You've gotten rid of Appendix Q and the QM patch. I kind of like the QM patch, but you got rid of the dreaded Appendix Q and it's more on a pricing methodology. I think it's more flexible and it has allowed the industry to get into the non-QM market.

So I think the CFPB, and this is under Craninger and Johnson, it was one of their last acts, was to change the QM definitions. So I think that's an example of smart regulation. Regulation has to be easier to follow. It has to be intelligible. The loan compensation rules are absurd. They're really difficult. The KnowBeforeUO, the TRID rules are also absurdly complex.

I work with the Structured Finance Association and we try to come up with various frameworks to make them easier. But regulation needs to be simplified. It can still be effective, but we need less of it and we need more effective, meaningful regulation. That's going to make everyone a winner.

Thanks to Equifax for sponsoring this week's podcast. With Equifax's suite of mortgage solutions, mortgage lenders can use trusted, independently verified consumer and financial data and analytics to reduce manual processes, accelerate loan decisions, improve accuracy, manage risk, and enhance the borrower experience from initial application through ongoing loan servicing. To learn more, visit Equifax.com slash business slash mortgage.

Did you hear they just opened the world's largest Lego store in Las Vegas? People are lining up for blocks. Around the country, originators seem less focused on the housing bill signing ceremony postponement than on opportunity. There are opportunities, but not for every LO. There is the opportunity and goal of senior management to make their company immune from economic and world political turmoil.

There is the opportunity to anchor the business to things that you can ...

6.25.26 Land of Opportunity; Alston & Bird's Stephen Ornstein on RESPA; Fed Stress Tests

Transcript

Built for investment professionals

Every day you wait, your competitors are finding
edge in conversations you're not hearing.

6.25.26 Land of Opportunity; Alston & Bird's Stephen Ornstein on RESPA; Fed Stress Tests

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.