Lykken on Lending

The mortgage industry is navigating one of the most demanding periods of transformation we’ve seen, with AI, consolidation, margin pressure, changing workforce expectations, and relentless technological disruption forcing leaders to rethink how they run their organizations. In this Hot Topic, David Lykken welcomes back Jim Brown, author of The Imperfect CEO and founder of Org Health, to explore why yesterday’s leadership practices may no longer be enough. They examine the four hidden organizational risks—scalability, execution, growth, and people—and why leaders often fail not because they don’t care, but because they are solving the wrong problem. From attracting and retaining the next generation of talent to using AI to elevate employees rather than simply eliminate positions, the conversation makes the case that organizational health is becoming one of the most important competitive advantages a company can build. The organizations that thrive through disruption won’t necessarily be those with the best technology or the lowest costs—they’ll be the ones that create cultures capable of adapting, executing, and bringing out the best in their people.

Mortgage rates may be sitting at their highest levels in more than a year, but the mortgage industry isn’t standing still. In this week’s commentary, David Lykken and the team examine why lender confidence and industry engagement remain surprisingly strong despite a challenging rate environment, why Treasury bond buybacks aren’t delivering the relief some hoped for, and why housing supply—not government intervention in the bond market—remains a fundamental issue. They also discuss the Federal Reserve’s evolving direction following Jackson Hole and how prolonged higher rates are contributing to lender fatigue, consolidation, and new opportunities across the industry. The message for mortgage leaders is clear: rather than waiting for rates to rescue the market, successful organizations are adapting, staying connected, and positioning themselves for what comes next.

AI agents are rapidly becoming everyday business tools, but mortgage companies must balance automation and innovation with cybersecurity, compliance, data protection, and better AI education.

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Allen Pollack, a Mortgage & Financial Services Technology Advisor, is a subject matter expert in the mortgage origination process along with software product management and software development.

In today’s financial services push to all things Digital, Allen has been helping lenders and financial services solution providers align their digital transformation and technology strategies by removing the human element of risk, and automating processes that drive efficiencies and margins into profits.

Over the course of his career, Allen has co-created and developed technology business models that have birthed highly successful, innovative solutions and companies.

Allen co-founded and served as CTO of New York Loan Exchange (NYLX), a loan product eligibility and pricing engine (PPE) that made an immediate impact on the industry, scaling the company quickly and forming partnerships with multiple mortgage and financial lending companies. In 2012, Allen was a co-founder of a merger between NYLX and Aklero Risk Analytics that created LoanLogics, A Mortgage Loan Quality and Performance Analytics company. Allen served as CTO where he continued to bring new and innovative product solutions to the market that made a significant impact to mortgage lenders that reduced risk, scaled business channels, and grew profits in a very competitive and highly regulated market.

Allen is also is mortgage and finance technology contributor on a weekly live industry podcast, Lykken on Lending, and is launching a new podcast soon to be released, TechStack Radio, dedicated to technology and innovation in Financial Services.

Alice Alvey examines the data behind recent FHA delinquency headlines and explains why Neighborhood Watch statistics, lender compare ratios, and FHA’s overall financial position tell a more nuanced story.

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Alice Alvey, Master CMB

Vice President Partner Education and Training at Union Home Mortgage

She handles development of their World Class Training program designed to support UHM partners and organizational effectiveness.

Prior to UHM, Alice served as Senior Vice President at Indecomm leading the Indecomm-Mortgage U division, Internal QA and Compliance and SaaS technologies. Indecomm acquired Mortgage U in 2013, where Alice was President/Co-founder, providing training and consulting since 1996. Prior to MU she served as SVP of Operations at a national bank overseeing operations for wholesale, retail and correspondent from underwriting through servicing, and compliance.

She has been in the trenches of mortgage lending operations from application through servicing for over 30 years. Her authoring work in training content, policies and procedures and the FHA/VA Practical guides illustrates her ability to bridge regulatory requirements with day-to-day operations.

Alice has been a weekly contributor to the Lykken on Lending show since its beginning in April 2009 and has made her weekly contributions to 450+ episodes!

Fed Chair Kevin Warsh’s Jackson Hole inflation message shifted rate-hike expectations higher, pushing bond yields and mortgage rates toward their highest levels in more than a year.

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Matt began as an originator in 2002. He fell in love with the idea of following MBS in real-time but felt that existing products were only scratching the surface. Thus was born MBS Live in 2007, the first-of-its-kind platform with real-time market data/analysis, and live chat with analysts, traders, and originators around the country. He is currently the Founder and CEO of MBSLive!

He's been covering bond/mortgage markets, writing commentary, alerts, and chatting with the live community every business hour of every business day ever since.

Matt also serves as the Chief of Operations for mortgagenewsdaily.com, where he is one of the industry's most respected mortgage rate experts, frequently quoted in the media. Mortgage News Daily's rate index is used as the definitive resource on day-to-day mortgage rate averages.

He lives in the Pacific Northwest with his wife and son, where he enjoys skiing, fishing, coaching youth sports, playing the guitar, and more DIY projects/hobbies than he'd care to admit.

09-01-2026 "25 Minutes to Go" For Everything to Change

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And the markets’ waitin’ just to hear Warsh yell, he’s got 24 minutes to go

In Jackson Hole, Warsh talked about old ways and new ways. He explained why they will be better than the old ways at meeting the Fed’s dual mandate.

Will everything change after Jackson Hole? No, just the terms of the debate get altered. 4.80 & 4.20 holds.

Imagine watching Warsh wrap up in Jackson Hole last Friday. Hear the bond vigilantes’ countdown to mealtime: 3, 2, 1, eat.

Warsh can see Bond Buzzards; he can hear their crows, one more minute to go. And now, he’s swingin’ and here he goes.

At TMSpotlight, these views are mine.

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Song: 25 Minutes to Go (1959) Johnny Cash

MBA and the California MBA helped reshape AB 801, replacing proposed CRA-style mandates with a more practical fair lending examination framework for mortgage lenders.

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Adam DeSanctis, VP of Communications at Mortgage Bankers Association

As a strategic public affairs and communications executive with nearly two decades of experience, Adam has deep expertise in strategy, management, and media relations. He is widely considered to be an expert in a variety of communications, including advocacy, brand, executive, crisis, grassroots, and social media. In his career, he has been the MBA spokesperson on a wide variety of real estate research and advocacy-related issues, promoted MBA research and advocacy efforts to financial, political, and trade industry media and on MBA's social media channels, and secured media opportunities for MBA leadership on key real estate trends and issues, generated media coverage for MBA's research and data on mortgage applications, credit availability, homebuilder applications, mortgage forbearance/delinquencies, commercial real estate originations, and forecasts, and other industry analysis, developed key strategic initiatives for MBA's organizational public affairs plan, media relations and member communications support for mPower, MBA's Opens Doors Foundation and MBA's Diversity, Equity, and Inclusion program.

The mortgage industry is entering a new era—one shaped by artificial intelligence, vertical integration, consolidation, expanding non-QM opportunities, and rising expectations for a better borrower experience. In this episode of Lykken on Lending, David Lykken sits down with Coby Hakalir of T3 Sixty to explore what mortgage lending could look like over the next decade and why, despite rapid technological change, the human relationship will remain at the heart of the business. They discuss how AI can reduce the cost and complexity of originating loans, why lenders are increasingly looking beyond traditional mortgage revenue through real estate, title, insurance, and servicing, and how non-QM lending could become an increasingly important part of the market. From improving the customer journey to navigating the next wave of industry consolidation, this conversation examines the forces reshaping mortgage lending—and what lenders and loan officers should be preparing for now.

The Lykken on Lending Weekly Mortgage Update delivers expert commentary and timely insights from across the mortgage industry. Each episode features a curated lineup of respected thought leaders and analysts:

• Adam DeSanctis with the MBA Mortgage Minute, providing key updates from the Mortgage Bankers Association.
• Les Parker’s TMSpotlight offers a macroeconomic perspective with his signature musical parodies.
• Matt Graham of MBS Live, breaking down market activity and interest rate movements.
• David Kittle, CEO of The Mortgage Collaborative, sharing insights on mortgage originations and industry trends.
• Alice Alvey of Union Home Mortgage, delivering essential regulatory and legislative updates.
• Allen Pollack, with the Tech Report, spotlighting emerging technologies impacting mortgage operations.
• Bill Corbet, presenting Bill's Bullet Commentary with focused insights on loan servicing and capital markets.
• Marc Helm, offering Marc’s Rant, an unfiltered take on operational and agency-related developments.

Together, this expert panel brings clarity, relevance, and a touch of personality to the ever-evolving mortgage landscape.

The mortgage industry is facing a convergence of uncertainty—from persistent pressure on Treasury yields and mortgage rates to significant changes at Fannie Mae and an increasingly aggressive battle for mortgage talent. In this week’s commentary, we examine what these developments mean for lenders and originators, including why mortgage professionals shouldn’t allow daily market volatility to distract them from building their businesses. We also take a closer look at today’s recruiting environment, where large signing bonuses and attractive upfront offers can mask important questions about pricing, product availability, compensation, and long-term opportunity. The message for mortgage leaders and loan officers is simple: understand the risks, do your homework, look beyond the immediate incentives, and make decisions based on sustainable long-term success.