WEBVTT
00:00:02.399 --> 00:00:05.360
Welcome to the Chrisman Commentary, Daily Mortgage News Podcast.
00:00:05.679 --> 00:00:07.519
I'm your host, Robbie Chrisman.
00:00:07.919 --> 00:00:31.280
Topics on today's episode include news emanating from Washington, D.C., the competition between risk sentiment and geopolitical developments, and my interview with Experience Ryan Rosales on expanding income and employment data coverage to improve verification speed and borrower experience, and what mortgage lenders need to do to assess the new data and prepare for future developments in digital verification.
00:00:31.519 --> 00:00:33.520
Here, take a listen to a little preview.
00:00:33.840 --> 00:00:45.359
What's been so exciting about these new integrations and just kind of the way that you see the product suite at Experian advancing and everything that it's starting, beginning to offer the mortgage industry or able to offer the mortgage industry?
00:00:45.920 --> 00:01:06.719
I think we're we're at a tipping point in the industry right now because a lot of the data source providers, they're seeing that they have a way to enable their data and these workflows and essentially help the employees that get paid through their platforms get to life events quicker, whether that's you know getting a mortgage, you know, getting a new job.
00:01:06.959 --> 00:01:17.040
And that in itself is a breakthrough for the industry because you know, traditionally you either go through one of a handful of vendors or you go manual.
00:01:17.200 --> 00:01:23.599
And then that interplay between limited choice has forced lenders to just pick a camp.
00:01:23.760 --> 00:01:25.680
And each camp has its ups and downs.
00:01:25.760 --> 00:01:31.040
And especially when we think about where mortgage lending is today, um, lenders need more flexibility.
00:01:31.200 --> 00:01:32.799
Consumers are more demanding.
00:01:32.959 --> 00:01:39.040
So, like, you know, more choice, different products, having the data flow throughout the ecosystem, it just helps out everyone.
00:01:41.280 --> 00:01:44.000
Thanks to today's podcast sponsor, Xperian.
00:01:44.560 --> 00:01:58.400
Xperian Verifies integration with Workday gives mortgage lenders broader access to reliable, up-to-date income and employment data, streamlining verification, enhancing efficiency, and delivering a smoother borrower experience from application to closing.
00:01:58.959 --> 00:02:06.400
To learn more, visit Xperian.com slash business, slash products, slash Xperian-Verify.
00:02:08.560 --> 00:02:13.599
In the book of 1984, George Orwell observed who controls the past controls the future.
00:02:13.840 --> 00:02:16.080
Who controls the present controls the past.
00:02:16.319 --> 00:02:24.240
There are plenty of current events impacting people's opinions in psychology, which in turn spill over into potential buyers, either sitting on the sidelines or buying a home.
00:02:24.479 --> 00:02:30.879
The Trump administration certainly has its proponents who often cite the reduction in illegal immigration and don't mind the price of fuel.
00:02:31.120 --> 00:02:39.759
But servicers took note that the administration plans to cut disaster aid in as few as six months and shift responsibility to states, FEMA's administrator said.
00:02:40.000 --> 00:02:42.800
Meanwhile, lenders just continue to try to help borrowers.
00:02:42.960 --> 00:02:52.800
And a quick clarification from yesterday's podcast MBA Home Base is not an LO membership to MBA per se, but is a member benefit for LOs at MBA member firms.
00:02:52.879 --> 00:02:58.319
That includes the option for LOs at non-MBA members to participate at a higher non-member rate.
00:02:58.560 --> 00:03:02.240
I'll give you one guess who got an email clarifying that.
00:03:04.319 --> 00:03:04.719
U.S.
00:03:04.879 --> 00:03:18.960
housing and mortgage markets are facing mounting pressure as 30-year mortgage rates remain elevated, pushing monthly payments higher, worsening affordability, and contributing to a seventh consecutive weekly decline in mortgage applications and a 41% year-over-year drop in total volume.
00:03:19.199 --> 00:03:34.159
Home builder confidence has fallen to its lowest level since June of 2012, as rising financing and construction costs, labor shortages, and elevated home prices weigh on demand and margins, prompting builders to cut prices, offer mortgage rate buy downs, and reduce home sizes.
00:03:34.400 --> 00:03:48.560
Limited housing supply, regulatory constraints, and homeowners' reluctance to sell or refinance are further suppressing market activity, while lower refinancing expectations have led Fannie Mae and the MBA to reduce their 2027 mortgage origination forecasts.
00:03:48.800 --> 00:04:06.240
The White House is reportedly preparing an executive order to improve housing affordability through measures such as simplifying mortgage insurance cancellation, expanding GSC title insurance pilot programs, reducing VA and USDA loan premiums, and lowering GSC refinance guarantee fees, likely ahead of the midterm elections.
00:04:06.479 --> 00:04:20.000
While proactive mortgage insurance cancellations could pressure insurers' earnings, the impact is expected to be manageable through potential share buybacks, while title insurers face limited exposure given the small contribution of refinancing to premiums.
00:04:20.319 --> 00:04:26.800
Moreover, the absence of proposed FHFA premium cuts should limit competitive pressure on private mortgage insurers.
00:04:27.040 --> 00:04:40.000
Overall, these initiatives are likely to have a modest impact on mortgage insurers, title insurers, and the broader mortgage market, with implementation challenges and persistently elevated interest rates limiting their near-term effectiveness.
00:04:42.000 --> 00:04:56.399
For today's interview, I wanted to welcome to the show Experience Ryan Rosales to talk about expanding income and employment data coverage to improve verification speed and borrower experience, and what mortgage lenders need to do to assess the new data and prepare for future developments in digital verification.
00:04:56.720 --> 00:05:02.879
He's SVP and GM of Verification Solutions and head of EVH Mergers and Acquisitions and Business Ventures.
00:05:03.120 --> 00:05:09.279
Normally I'd read the rest of the bio, but that's a long enough title for a satisfactory introduction.
00:05:09.920 --> 00:05:17.439
So you are the SVP and general manager of verification solutions and head of the EVH Mergers and Acquisitions and Business Ventures.
00:05:17.600 --> 00:05:19.360
You sound like a very busy man.
00:05:19.839 --> 00:05:23.360
You explain your job in a little more detail for people.
00:05:24.079 --> 00:05:30.639
My background and experience is I've helped launch some new verticals in our North America business, you know, starting with the mortgage one.
00:05:30.720 --> 00:05:42.319
And when we got into uh we want to enter the verification space, you know, we did that through acquiring data sets from employers, uh, namely the payroll stuff through HR compliance outsourcing.
00:05:42.399 --> 00:05:44.240
That's our employer service business.
00:05:44.480 --> 00:05:53.920
And my world is like strategy, MA, venture investments, and strategic partnerships to build those businesses.
00:05:54.160 --> 00:05:57.839
And, you know, there's an opportunity for me to take PL responsibility.
00:05:58.079 --> 00:06:00.959
One of the businesses I help build, that's verification solutions.
00:06:01.120 --> 00:06:10.319
So I've been here from the start, and you know, I have helped build the case internally, built our brand externally, and I'm excited to take us to this next phase.
00:06:10.800 --> 00:06:15.199
One exciting thing coming out of Experian is this workday partnership.
00:06:15.360 --> 00:06:24.000
Xperian now integrates with Workday to provide automated HR, payroll, tax compliance, and real-time income and employment verification solutions.
00:06:24.480 --> 00:06:29.439
Stepping back a little bit, what does the integration say about where income and employment verification is headed?
00:06:29.759 --> 00:06:35.759
And I mean, I feel uh selfish asking this, but but what should mortgage lenders expect from Experian going forward?
00:06:36.160 --> 00:06:37.040
Well, big picture.
00:06:37.199 --> 00:06:43.920
Experience is helping lead the market toward a broader, more open verification system built on multiple trusted data sources.
00:06:44.160 --> 00:06:47.120
And we expect the market to continue moving in this direction.
00:06:47.279 --> 00:06:51.439
And that gives lenders greater choice and how they access income and employment data.
00:06:51.600 --> 00:06:57.519
So that means greater coverage and choice that helps lenders better serve consumers across the credit spectrum.
00:06:57.680 --> 00:07:01.519
And then that creates a better borrowing experience, which is especially needed today.
00:07:01.920 --> 00:07:07.360
You talk about the significance for mortgage lenders of the Xperian Verify integration with Workday.
00:07:07.519 --> 00:07:08.240
Big picture.
00:07:08.560 --> 00:07:15.680
The integration adds workday as a major new source of income and employment data within XP and Verify's growing instant verification network.
00:07:15.839 --> 00:07:24.240
And for mortgage lenders, that means greater access to the data that they need to verify borrowers instantly and move more applications forward efficiently.
00:07:24.879 --> 00:07:32.800
The integration with workday, how does it expand the reach of Xperian Verify?
00:07:32.879 --> 00:07:36.959
Because obviously coverage is critical when lenders are trying to verify a borrowers' income and employment.
00:07:37.360 --> 00:07:45.120
The Workday integration adds access to millions of additional active employment records, and that significantly expands the reach of Experian Verify.
00:07:45.199 --> 00:07:51.120
And it supports Experience Path towards more than 80 million active records, and that represents more than half of U.S.
00:07:51.279 --> 00:07:52.399
payroll employees.
00:07:52.560 --> 00:07:57.279
It's a significant milestone for us because we've only been in this space for about five and a half years.
00:07:57.439 --> 00:08:06.160
And the takeaway is that greater coverage and increased competition give lenders more choice and flexibility to use a right verification solution at the right price.
00:08:06.800 --> 00:08:13.680
Beyond expanded coverage, what can access to workday data mean for the mortgage origination process and ultimately the borrower experience?
00:08:14.160 --> 00:08:21.439
Greater instant verification coverage, it reduces the need to request pay stubs and other documentation directly from borrowers.
00:08:21.600 --> 00:08:25.360
And that helps eliminate manual work and accelerates the lending process.
00:08:25.600 --> 00:08:30.480
So for consumers, that means less friction and a simpler, more seamless mortgage experience.
00:08:30.639 --> 00:08:38.000
And for lenders, greater verification choice also provides more flexibility to manage costs throughout the entire origination process.
00:08:38.320 --> 00:08:41.120
Let's go through some of the nuts and bolts here a little bit.
00:08:41.200 --> 00:08:50.320
I want to know how Experian Verify accesses employment and income information through Workday because lenders care about the freshness and reliability of the information that they receive.
00:08:51.200 --> 00:09:03.840
The way that it works broadly and simply is Experian Verify uses a transactional, it's called a GoFetch model to retrieve income and employment info through the Workday API at the time that the verification is requested.
00:09:04.000 --> 00:09:09.200
And this provides lenders with the current information directly from the source while keeping the process secure.
00:09:09.360 --> 00:09:15.440
And to be clear, the data is not stored at rest by Experian Verify, and it's only accessed only with the consumer's permission.
00:09:15.840 --> 00:09:21.919
For mortgage lenders already using Experian Verify, what do they need to do to take advantage of the additional workday sourced records?
00:09:22.399 --> 00:09:23.440
This is the beautiful part.
00:09:23.600 --> 00:09:24.000
Nothing.
00:09:24.159 --> 00:09:27.840
Nothing changes in the lender's existing Experian Verify workflow.
00:09:28.000 --> 00:09:34.320
The workday source records are seamlessly incorporated into the same instant verification experience they use today.
00:09:34.480 --> 00:09:39.440
So the integration is live today, and lenders can already benefit from the expanded coverage.
00:09:40.240 --> 00:09:41.279
That sounds pretty sweet.
00:09:41.360 --> 00:09:42.559
I like doing nothing.
00:09:42.799 --> 00:09:43.200
Yeah.
00:09:43.519 --> 00:09:45.360
Ryan, I really appreciate the time today, man.
00:09:45.600 --> 00:09:47.679
Ton of exciting stuff coming out of Experian.
00:09:48.080 --> 00:09:49.360
I wish you the best of luck.
00:09:49.679 --> 00:09:50.399
Thanks, Robbie.
00:09:50.480 --> 00:09:51.440
Same to you.
00:09:53.840 --> 00:09:59.200
Competing risk sentiment and geopolitical developments continued to drive cross-asset volatility.
00:09:59.440 --> 00:09:59.759
U.S.
00:09:59.840 --> 00:10:04.559
treasuries ended lower yesterday after another largely range-bound session turned to late selling.
00:10:04.799 --> 00:10:09.039
A weak$13 billion 20-year bond auction added pressure, and reports of U.S.
00:10:09.120 --> 00:10:14.720
diplomatic personnel departures from the Persian Gulf countries raised concerns about potential escalation with Iran.
00:10:14.960 --> 00:10:21.759
Safe haven demand has been offsetting concerns over geopolitical tensions, global fiscal pressures, equity volatility, and Fed policy.
00:10:22.000 --> 00:10:26.000
A flight to safety appears to be the best bet for getting mortgage rates to go down.
00:10:26.480 --> 00:10:36.559
Today's economic calendar is already underway with weekly initial claims in at 194,000 near the recent average, and continuing claims in at 1.728 million.
00:10:36.799 --> 00:10:42.480
Later today brings the September leading index and the Kansas City Fed Manufacturing Index for October.
00:10:42.720 --> 00:10:53.600
With stocks falling dramatically, we begin the day with agents MBS prices, better by an eighth to a quarter, the two-year yielding 4.73, and the 10-year yielding 5.04 after closing yesterday at 5.15%.
00:10:56.399 --> 00:10:59.039
Let's wrap up with a joke and some housekeeping.
00:10:59.360 --> 00:11:06.000
Leading up to a local election, two opposing candidates for county office happened to be sitting next to each other in the local diner.
00:11:06.320 --> 00:11:09.519
One turned to the other and said, You know why I'm gonna win this election?
00:11:09.679 --> 00:11:11.519
Because of my personal touch.
00:11:11.679 --> 00:11:15.360
For example, I always tip waitresses really well and then ask them to vote for me.
00:11:16.000 --> 00:11:16.879
Oh really?
00:11:17.200 --> 00:11:18.080
replied the other.
00:11:18.240 --> 00:11:20.720
I always tip a nickel and ask them to vote for you.
00:11:24.960 --> 00:11:28.240
Thanks again to Xperian for sponsoring this week's podcasts.
00:11:28.559 --> 00:11:41.440
Xperian verifies integration with Workday, gives mortgage lenders broader access to reliable, up-to-date income and employment data, streamlining verification, enhancing efficiency, and delivering a smoother borrower experience from application to closing.
00:00:02.399 --> 00:00:05.360
Welcome to the Chrisman Commentary, Daily Mortgage News Podcast.
00:00:05.679 --> 00:00:07.519
I'm your host, Robbie Chrisman.
00:00:07.919 --> 00:00:31.280
Topics on today's episode include news emanating from Washington, D.C., the competition between risk sentiment and geopolitical developments, and my interview with Experience Ryan Rosales on expanding income and employment data coverage to improve verification speed and borrower experience, and what mortgage lenders need to do to assess the new data and prepare for future developments in digital verification.
00:00:31.519 --> 00:00:33.520
Here, take a listen to a little preview.
00:00:33.840 --> 00:00:45.359
What's been so exciting about these new integrations and just kind of the way that you see the product suite at Experian advancing and everything that it's starting, beginning to offer the mortgage industry or able to offer the mortgage industry?
00:00:45.920 --> 00:01:06.719
I think we're we're at a tipping point in the industry right now because a lot of the data source providers, they're seeing that they have a way to enable their data and these workflows and essentially help the employees that get paid through their platforms get to life events quicker, whether that's you know getting a mortgage, you know, getting a new job.
00:01:06.959 --> 00:01:17.040
And that in itself is a breakthrough for the industry because you know, traditionally you either go through one of a handful of vendors or you go manual.
00:01:17.200 --> 00:01:23.599
And then that interplay between limited choice has forced lenders to just pick a camp.
00:01:23.760 --> 00:01:25.680
And each camp has its ups and downs.
00:01:25.760 --> 00:01:31.040
And especially when we think about where mortgage lending is today, um, lenders need more flexibility.
00:01:31.200 --> 00:01:32.799
Consumers are more demanding.
00:01:32.959 --> 00:01:39.040
So, like, you know, more choice, different products, having the data flow throughout the ecosystem, it just helps out everyone.
00:01:41.280 --> 00:01:44.000
Thanks to today's podcast sponsor, Xperian.
00:01:44.560 --> 00:01:58.400
Xperian Verifies integration with Workday gives mortgage lenders broader access to reliable, up-to-date income and employment data, streamlining verification, enhancing efficiency, and delivering a smoother borrower experience from application to closing.
00:01:58.959 --> 00:02:06.400
To learn more, visit Xperian.com slash business, slash products, slash Xperian-Verify.
00:02:08.560 --> 00:02:13.599
In the book of 1984, George Orwell observed who controls the past controls the future.
00:02:13.840 --> 00:02:16.080
Who controls the present controls the past.
00:02:16.319 --> 00:02:24.240
There are plenty of current events impacting people's opinions in psychology, which in turn spill over into potential buyers, either sitting on the sidelines or buying a home.
00:02:24.479 --> 00:02:30.879
The Trump administration certainly has its proponents who often cite the reduction in illegal immigration and don't mind the price of fuel.
00:02:31.120 --> 00:02:39.759
But servicers took note that the administration plans to cut disaster aid in as few as six months and shift responsibility to states, FEMA's administrator said.
00:02:40.000 --> 00:02:42.800
Meanwhile, lenders just continue to try to help borrowers.
00:02:42.960 --> 00:02:52.800
And a quick clarification from yesterday's podcast MBA Home Base is not an LO membership to MBA per se, but is a member benefit for LOs at MBA member firms.
00:02:52.879 --> 00:02:58.319
That includes the option for LOs at non-MBA members to participate at a higher non-member rate.
00:02:58.560 --> 00:03:02.240
I'll give you one guess who got an email clarifying that.
00:03:04.319 --> 00:03:04.719
U.S.
00:03:04.879 --> 00:03:18.960
housing and mortgage markets are facing mounting pressure as 30-year mortgage rates remain elevated, pushing monthly payments higher, worsening affordability, and contributing to a seventh consecutive weekly decline in mortgage applications and a 41% year-over-year drop in total volume.
00:03:19.199 --> 00:03:34.159
Home builder confidence has fallen to its lowest level since June of 2012, as rising financing and construction costs, labor shortages, and elevated home prices weigh on demand and margins, prompting builders to cut prices, offer mortgage rate buy downs, and reduce home sizes.
00:03:34.400 --> 00:03:48.560
Limited housing supply, regulatory constraints, and homeowners' reluctance to sell or refinance are further suppressing market activity, while lower refinancing expectations have led Fannie Mae and the MBA to reduce their 2027 mortgage origination forecasts.
00:03:48.800 --> 00:04:06.240
The White House is reportedly preparing an executive order to improve housing affordability through measures such as simplifying mortgage insurance cancellation, expanding GSC title insurance pilot programs, reducing VA and USDA loan premiums, and lowering GSC refinance guarantee fees, likely ahead of the midterm elections.
00:04:06.479 --> 00:04:20.000
While proactive mortgage insurance cancellations could pressure insurers' earnings, the impact is expected to be manageable through potential share buybacks, while title insurers face limited exposure given the small contribution of refinancing to premiums.
00:04:20.319 --> 00:04:26.800
Moreover, the absence of proposed FHFA premium cuts should limit competitive pressure on private mortgage insurers.
00:04:27.040 --> 00:04:40.000
Overall, these initiatives are likely to have a modest impact on mortgage insurers, title insurers, and the broader mortgage market, with implementation challenges and persistently elevated interest rates limiting their near-term effectiveness.
00:04:42.000 --> 00:04:56.399
For today's interview, I wanted to welcome to the show Experience Ryan Rosales to talk about expanding income and employment data coverage to improve verification speed and borrower experience, and what mortgage lenders need to do to assess the new data and prepare for future developments in digital verification.
00:04:56.720 --> 00:05:02.879
He's SVP and GM of Verification Solutions and head of EVH Mergers and Acquisitions and Business Ventures.
00:05:03.120 --> 00:05:09.279
Normally I'd read the rest of the bio, but that's a long enough title for a satisfactory introduction.
00:05:09.920 --> 00:05:17.439
So you are the SVP and general manager of verification solutions and head of the EVH Mergers and Acquisitions and Business Ventures.
00:05:17.600 --> 00:05:19.360
You sound like a very busy man.
00:05:19.839 --> 00:05:23.360
You explain your job in a little more detail for people.
00:05:24.079 --> 00:05:30.639
My background and experience is I've helped launch some new verticals in our North America business, you know, starting with the mortgage one.
00:05:30.720 --> 00:05:42.319
And when we got into uh we want to enter the verification space, you know, we did that through acquiring data sets from employers, uh, namely the payroll stuff through HR compliance outsourcing.
00:05:42.399 --> 00:05:44.240
That's our employer service business.
00:05:44.480 --> 00:05:53.920
And my world is like strategy, MA, venture investments, and strategic partnerships to build those businesses.
00:05:54.160 --> 00:05:57.839
And, you know, there's an opportunity for me to take PL responsibility.
00:05:58.079 --> 00:06:00.959
One of the businesses I help build, that's verification solutions.
00:06:01.120 --> 00:06:10.319
So I've been here from the start, and you know, I have helped build the case internally, built our brand externally, and I'm excited to take us to this next phase.
00:06:10.800 --> 00:06:15.199
One exciting thing coming out of Experian is this workday partnership.
00:06:15.360 --> 00:06:24.000
Xperian now integrates with Workday to provide automated HR, payroll, tax compliance, and real-time income and employment verification solutions.
00:06:24.480 --> 00:06:29.439
Stepping back a little bit, what does the integration say about where income and employment verification is headed?
00:06:29.759 --> 00:06:35.759
And I mean, I feel uh selfish asking this, but but what should mortgage lenders expect from Experian going forward?
00:06:36.160 --> 00:06:37.040
Well, big picture.
00:06:37.199 --> 00:06:43.920
Experience is helping lead the market toward a broader, more open verification system built on multiple trusted data sources.
00:06:44.160 --> 00:06:47.120
And we expect the market to continue moving in this direction.
00:06:47.279 --> 00:06:51.439
And that gives lenders greater choice and how they access income and employment data.
00:06:51.600 --> 00:06:57.519
So that means greater coverage and choice that helps lenders better serve consumers across the credit spectrum.
00:06:57.680 --> 00:07:01.519
And then that creates a better borrowing experience, which is especially needed today.
00:07:01.920 --> 00:07:07.360
You talk about the significance for mortgage lenders of the Xperian Verify integration with Workday.
00:07:07.519 --> 00:07:08.240
Big picture.
00:07:08.560 --> 00:07:15.680
The integration adds workday as a major new source of income and employment data within XP and Verify's growing instant verification network.
00:07:15.839 --> 00:07:24.240
And for mortgage lenders, that means greater access to the data that they need to verify borrowers instantly and move more applications forward efficiently.
00:07:24.879 --> 00:07:32.800
The integration with workday, how does it expand the reach of Xperian Verify?
00:07:32.879 --> 00:07:36.959
Because obviously coverage is critical when lenders are trying to verify a borrowers' income and employment.
00:07:37.360 --> 00:07:45.120
The Workday integration adds access to millions of additional active employment records, and that significantly expands the reach of Experian Verify.
00:07:45.199 --> 00:07:51.120
And it supports Experience Path towards more than 80 million active records, and that represents more than half of U.S.
00:07:51.279 --> 00:07:52.399
payroll employees.
00:07:52.560 --> 00:07:57.279
It's a significant milestone for us because we've only been in this space for about five and a half years.
00:07:57.439 --> 00:08:06.160
And the takeaway is that greater coverage and increased competition give lenders more choice and flexibility to use a right verification solution at the right price.
00:08:06.800 --> 00:08:13.680
Beyond expanded coverage, what can access to workday data mean for the mortgage origination process and ultimately the borrower experience?
00:08:14.160 --> 00:08:21.439
Greater instant verification coverage, it reduces the need to request pay stubs and other documentation directly from borrowers.
00:08:21.600 --> 00:08:25.360
And that helps eliminate manual work and accelerates the lending process.
00:08:25.600 --> 00:08:30.480
So for consumers, that means less friction and a simpler, more seamless mortgage experience.
00:08:30.639 --> 00:08:38.000
And for lenders, greater verification choice also provides more flexibility to manage costs throughout the entire origination process.
00:08:38.320 --> 00:08:41.120
Let's go through some of the nuts and bolts here a little bit.
00:08:41.200 --> 00:08:50.320
I want to know how Experian Verify accesses employment and income information through Workday because lenders care about the freshness and reliability of the information that they receive.
00:08:51.200 --> 00:09:03.840
The way that it works broadly and simply is Experian Verify uses a transactional, it's called a GoFetch model to retrieve income and employment info through the Workday API at the time that the verification is requested.
00:09:04.000 --> 00:09:09.200
And this provides lenders with the current information directly from the source while keeping the process secure.
00:09:09.360 --> 00:09:15.440
And to be clear, the data is not stored at rest by Experian Verify, and it's only accessed only with the consumer's permission.
00:09:15.840 --> 00:09:21.919
For mortgage lenders already using Experian Verify, what do they need to do to take advantage of the additional workday sourced records?
00:09:22.399 --> 00:09:23.440
This is the beautiful part.
00:09:23.600 --> 00:09:24.000
Nothing.
00:09:24.159 --> 00:09:27.840
Nothing changes in the lender's existing Experian Verify workflow.
00:09:28.000 --> 00:09:34.320
The workday source records are seamlessly incorporated into the same instant verification experience they use today.
00:09:34.480 --> 00:09:39.440
So the integration is live today, and lenders can already benefit from the expanded coverage.
00:09:40.240 --> 00:09:41.279
That sounds pretty sweet.
00:09:41.360 --> 00:09:42.559
I like doing nothing.
00:09:42.799 --> 00:09:43.200
Yeah.
00:09:43.519 --> 00:09:45.360
Ryan, I really appreciate the time today, man.
00:09:45.600 --> 00:09:47.679
Ton of exciting stuff coming out of Experian.
00:09:48.080 --> 00:09:49.360
I wish you the best of luck.
00:09:49.679 --> 00:09:50.399
Thanks, Robbie.
00:09:50.480 --> 00:09:51.440
Same to you.
00:09:53.840 --> 00:09:59.200
Competing risk sentiment and geopolitical developments continued to drive cross-asset volatility.
00:09:59.440 --> 00:09:59.759
U.S.
00:09:59.840 --> 00:10:04.559
treasuries ended lower yesterday after another largely range-bound session turned to late selling.
00:10:04.799 --> 00:10:09.039
A weak$13 billion 20-year bond auction added pressure, and reports of U.S.
00:10:09.120 --> 00:10:14.720
diplomatic personnel departures from the Persian Gulf countries raised concerns about potential escalation with Iran.
00:10:14.960 --> 00:10:21.759
Safe haven demand has been offsetting concerns over geopolitical tensions, global fiscal pressures, equity volatility, and Fed policy.
00:10:22.000 --> 00:10:26.000
A flight to safety appears to be the best bet for getting mortgage rates to go down.
00:10:26.480 --> 00:10:36.559
Today's economic calendar is already underway with weekly initial claims in at 194,000 near the recent average, and continuing claims in at 1.728 million.
00:10:36.799 --> 00:10:42.480
Later today brings the September leading index and the Kansas City Fed Manufacturing Index for October.
00:10:42.720 --> 00:10:53.600
With stocks falling dramatically, we begin the day with agents MBS prices, better by an eighth to a quarter, the two-year yielding 4.73, and the 10-year yielding 5.04 after closing yesterday at 5.15%.
00:10:56.399 --> 00:10:59.039
Let's wrap up with a joke and some housekeeping.
00:10:59.360 --> 00:11:06.000
Leading up to a local election, two opposing candidates for county office happened to be sitting next to each other in the local diner.
00:11:06.320 --> 00:11:09.519
One turned to the other and said, You know why I'm gonna win this election?
00:11:09.679 --> 00:11:11.519
Because of my personal touch.
00:11:11.679 --> 00:11:15.360
For example, I always tip waitresses really well and then ask them to vote for me.
00:11:16.000 --> 00:11:16.879
Oh really?
00:11:17.200 --> 00:11:18.080
replied the other.
00:11:18.240 --> 00:11:20.720
I always tip a nickel and ask them to vote for you.
00:11:24.960 --> 00:11:28.240
Thanks again to Xperian for sponsoring this week's podcasts.
00:11:28.559 --> 00:11:41.440
Xperian verifies integration with Workday, gives mortgage lenders broader access to reliable, up-to-date income and employment data, streamlining verification, enhancing efficiency, and delivering a smoother borrower experience from application to closing.
