Today on The Big Picture with Rich & Rob:

We kicked things off with a light topic: Mat Ishbia’s no-good, very bad month. Then things got serious — Trump vs. Jerome Powell (Spoiler: nobody blinked), and a look at who’s merging with who in mortgage these days... because it’s cheaper than therapy.

Special guest Kelley Hailstone, CEO of Jet HomeLoans, joined us to break down the builder-lender battlefield, why margin matters, and how to stay competitive without selling your soul (or your buydown budget).

We wrapped with some bold speculation on what a second Trump term could mean for housing, rate pressure, and possibly... Powell’s blood pressure.

Catch the replay if you missed it — we won’t steer you wrong.

Today’s episode featured special guest and President & CEO of The Mortgage Collaborative. Jodi dropped by for a candid, timely conversation covering everything from market volatility to the power of lender collaboration.

We unpacked:

🔮 Tariff Madness 2025 – Holy volatility, Batman.
🏦 Rocket’s $9.4B play for Mr. Cooper – What it signals, what it disrupts, and why it might reshape the competitive landscape
📊 How TMC members are navigating today’s environment – From margin compression to compliance chaos, what’s working on the ground
🤖 Real-world AI & automation adoption – Fresh takeaways from TMC’s Mortgage Tech Day, including where lenders are seeing actual lift
🧠 Peer sharing at scale – Why lenders leaning on each other may be the industry’s biggest untapped edge
🔮 What’s next for TMC in 2025 – Let’s just say... it’s bold, it’s exciting, and it’s built for what’s coming

Jodi’s perspective from leading hundreds of lenders through uncertain waters was packed with insight, honesty, and the kind of clarity we all need right now.

🎙 Episode Recap: Mortgage Megadeals, Myths, and the Dark Matter Behind It All

In today’s episode, we were joined by a special guest who’s no stranger to transformation — Sean Dugan, newly named CEO of Dark Matter Technologies.

We kick things off with the bombshell news shaking the industry: Rocket Mortgage’s acquisition of Mr. Cooper’s correspondent business — its second major deal in just two weeks. Is Rocket building a mortgage empire... or a regulatory headache? We break down what this move means for lenders, competitors, and the future of scale in mortgage.

Then we go deep with Sean on:

• The origin story of Dark Matter and what sets them apart post-rebrand
• His leadership philosophy and how it’s shaping their next phase of growth
• The real role of AI in mortgage — what’s hype, what’s helpful, and what’s next
• The biggest myths in mortgage tech he’s ready to see disappear for good

If you’re navigating change, scaling tech, or just trying to stay ahead in this fast-moving industry — this one’s a must-listen.

Today’s edition of The Big Picture was loaded with insight, opinions, and more than a few raised eyebrows. Rob Chrisman and I sat down with Figure CEO Michael B. Tannenbaum to dive deep into the hottest topics in housing and mortgage. From the policy side, we broke down the latest market volatility, ongoing mortgage rate drama, and the ripple effects of Bill Pulte’s SPCP bombshell. We also debated whether CoreLogic’s rebrand to “Cotality” is a masterstroke or a marketing misstep they’ll be walking back by summer.

But that was just the warmup. Mike shared his unfiltered take on the resurgence of HELOCs, what Figure is doing differently in tech and blockchain, and why he believes we’re finally starting to see real innovation in mortgage infrastructure. He also gave us the inside scoop on Figure’s sleeper run in the Mortgage Madness Strongest Brand Tournament — and yes, he’s watching the bracket like a hawk. If you missed it live, this is one you’ll want to go back and catch.

Mortgage professionals are navigating a storm of volatility, and today’s Big Picture with Rich & Rob tackles the forces driving the chaos. With mortgage rates fluctuating wildly, Chris Bennett of Vice Capital Markets returns to break down the key factors at play—whether it’s Treasury yields, inflation, or unexpected market shifts. The conversation will also spotlight the MBS market, exploring how the Fed’s balance sheet runoff is impacting spreads and whether private-label securities are finally making a comeback.

Beyond market mechanics, we’re diving into policy shifts that could reshape the industry. From potential changes under a Trump administration to the Fed’s rate trajectory, we’ll discuss whether relief is coming or if more turbulence lies ahead. Chris will also share his outlook for the next year, offering predictions on where rates are headed and uncovering the biggest under-the-radar trends lenders need to prepare for.

Today's episode of The Big Picture with Rich and Rob featured an in-depth discussion on Rocket Mortgage’s blockbuster acquisition of Redfin and its potential impact on the mortgage and housing landscape. The conversation explored how this move could reshape the homebuying experience, with Rocket aiming to create an all-in-one ecosystem where buyers search, finance, and close on homes seamlessly within a single platform. 

This week's special guest, Nikki Bialka, National Community Lending Strategy Manager at Fifth Third Bank, joined the conversation for a deep dive into equitable and fair lending. Nikki broke down how lenders can go beyond compliance to actively serve diverse and low-to-moderate-income (LMI) communities, leveraging Special Purpose Credit Programs (SPCPs), Community Development Corporations (CDCs), and Community Development Financial Institutions (CDFIs) to bridge the homeownership gap. The discussion also highlighted the increasing role of alternative credit models and data sources—such as rental and utility payment history—to expand mortgage access for borrowers traditionally left out by conventional credit scoring. 

Nikki provided best practices for lenders to authentically engage with underserved communities, emphasizing partnerships with local organizations, financial education programs, and the importance of long-term trust-building rather than short-term transactional outreach.

On today’s episode of The Big Picture, Rich & Rob sat down with Freedom Mortgage CEO Stan Middleman for a deep dive into the biggest shifts in the mortgage industry. They covered everything from the latest changes at the CFPB to the ongoing debate around GSE privatization and the impact of federal housing agency budget cuts. With mortgage bonds rallying, they explored what that could mean for rates in 2025, and Stan also gave his thoughts on the likely changes with the CFPB and FHFA.

But it wasn’t all mortgages—Stan is also a part-owner of the Philadelphia Phillies, and we couldn’t let him go without getting the inside scoop on what it’s like to be in the MLB owner’s box. He shared stories from behind the scenes, his outlook for the 2025 season, and what it’s been like balancing the fast-paced worlds of housing finance and professional baseball.

On today’s episode of The Big Picture, Rich & Robbie sat down with Jim Parrott, former senior housing policy advisor to President Obama, for an in-depth discussion on the future of housing policy under the Trump administration. Key topics included potential rollbacks of Biden-era policies, shifts in agency leadership, and the broader impact of deregulation on the mortgage and real estate industries.

Beyond regulatory changes, we explored how the administration might address the affordability crisis, including incentives for homebuilders, zoning reforms, and tax credits aimed at boosting housing supply. A major point of discussion was the renewed push to privatize Fannie Mae and Freddie Mac, what an IPO could look like, and how reduced government backing could impact the market. It was a packed conversation with valuable insights into the policy shifts that could redefine the housing finance landscape in the years ahead.

In today's episode of "The Big Picture," hosts Rich Swerbinsky and Rob Chrisman welcomed Patrick O'Brien, CEO of LenderLogix, to discuss current trends in the mortgage industry. The conversation covered various topics, including recent layoffs at the Federal Housing Administration (FHA) and the impact of inflation on the housing market. O'Brien provided insights into how these factors are influencing loan originators and the broader real estate finance landscape.

The trio also explored innovative solutions for non-delegated lenders, focusing on strategies to enhance onboarding processes and default management. O'Brien shared how LenderLogix is addressing these challenges through technology-driven approaches, aiming to streamline operations for financial institutions. The episode offered valuable perspectives on navigating the evolving mortgage environment amidst economic uncertainties.

Today’s episode of The Big Picture with Rich & Rob featured Laura Schmidt, SVP of Enterprise Risk & Internal Audit at Rate. The show started with Rich & Rob having a back and forth about the Fed’s losing battle against inflation, the temporary shutdown and defanging of the CFPB, and the shifting risk landscape for mortgage lenders. 

Laura also shared how she’s preps her team for regulatory and directional changes from administration to administration, the growing role of emerging tech in risk management, and why top lenders are self-regulating now rather than scrambling later. With massive industry shifts happening, one thing is clear: the mortgage world isn’t getting any easier, but those who stay ahead of the curve will win.