Priced off the sheet dated 4 September 2026. This version leads with the single loan on this list that needs no leap of faith, then the ladder that does not depend on the rest being exactly right, then the loans whose current rate is now independently confirmed.
Since this was prepared, we boarded the book into an independent home-finance source (Homebot) and began confirming each borrower's current rate against it. The first batch is back, and it carries an important correction: our model's current-rate estimates run roughly 0.4 to 0.7 of a point HIGH against the confirmed rates. The writable counts in the ladder below are built on those estimates, so they overstate the book and are being re-verified downward as confirmation completes over the next two weeks.
What is independently confirmed today: 23 writable loans carrying rates corroborated by that second source. The worked example below (the Mitchell loan) is unaffected, because it was county-sourced from the start, not modelled. The ask stands, but on a verified base. We are acting only on confirmed rates and will right-size the aggregate to what verification supports rather than to the estimate. This note is here because you should see the correction the moment we did, not after.
Balance $436,692. Current rate 7.625%, rendered to the eighth rather than rounded to 7.63%, because it sits exactly on the eighth-point grid, it is county-sourced, and the independent model estimate agrees with it to the hundredth of a point. Three separate reasons to trust one number.
Lender Union Home Mortgage Corp, originated 22 July 2024. No junior liens, so no subordination question. The funding fee was financed on the original purchase, so this prices on the standard column with no reliance on any exemption inference: a $423,530 original VA loan against a $410,000 purchase price.
| New rate | Drop | Fee financed | Monthly saving | Break-even | Shortage | LO comp |
|---|---|---|---|---|---|---|
| 6.950%, no-cost structure | 0.680% | $2,183 | $187 | 11.7 mo | $3,417 | $4,367 |
This is the example because it is the single borrower on the priced list whose rate is county-sourced, on the eighth grid, corroborated by the independent estimate, and free of any junior lien. It is what the ask looks like when nothing has to be taken on trust.
These counts are estimate-based and being re-verified down (see the update note above): the writable loan counts and volumes here rest on modelled current rates that the independent source is showing to run high. Read the shortage in bps of volume, which is the stable figure, rather than the raw loan counts, which will shrink.
All four concession caps, so the point past which this stops paying for itself is on the page rather than left off it.
| Cap, points of loan amount | Writable | Volume | LO comp | Shortage | Shortage, bps of volume | Need full cap | Extra loans | Cost per extra loan |
|---|---|---|---|---|---|---|---|---|
| 0.50 current authority | 173 | $67.5M | $675,352 | $277,574 | 41.1 bps | 13 | n/a | n/a |
| 0.75 | 304 | $127.2M | $1,272,000 | $865,699 | 68.1 bps | 38 | 131 | $4,490 |
| 1.00 ask | 534 | $222.5M | $2,225,486 | $2,098,148 | 94.3 bps | 116 | 230 | $5,358 |
| 1.25 | 879 | $344.1M | $3,440,506 | $4,020,569 | 116.9 bps | 176 | 345 | $5,572 |
Shortage is the cost of the concession itself, at that cap, for the whole writable book. "Need full cap" is loans that require the maximum rate at that cap to clear. "Extra loans" and "cost per extra loan" are the loans and per-loan cost added by moving up from the prior row.
Under the stress test, applying the band-specific overstatement to every model-estimate row and not just the no-brainers, the writable book at the 1.00 cap falls from 824 loans to 483, and volume falls from $319.6M to $188.7M. That is a real drop, and this page is not going to soften it: the expanded book is concentrated in the 7.00-7.24 and 6.875-6.99 bands, where a tenth of a point decides whether a deal exists at all, so the writable count falls 41% under stress.
The point that survives is the stronger one. Even fully stressed, 483 writable loans carrying $188.7M and $1,886,573 of LO comp is a materially bigger book than the 138 loans this ask was originally built on. And the shortage holds steady either way, 92.2 bps of volume at face value versus 91.4 bps under full stress. The case does not rest on the estimates being right. It rests on the shortage ratio, which is stable under stress even though the loan count is not.
23 loans now carry a current rate confirmed by an independent source (Homebot), priced at the 1.00pt concession: $10.2M in volume, $101,967 in LO comp against $94,957 in shortage. Every current rate in the table below is corroborated, so these savings are real rather than modelled. This is the honest, verified core of the opportunity.
This section used to show a 77-loan "no-brainer pipeline" built on model estimates. That pipeline overstated: the independent source confirmed our current-rate estimates ran high, and most of those loans do not price once the real rate is known. What survived verification is the list below, and it grows as more of the book is confirmed (re-scrapes 28 August and 9 September). The ladder in section 2 is being re-verified down toward this same confirmed base.
| Borrower | Location | Balance | Current rate | New rate | Drop | Monthly saving | Break-even | Shortage | Comp |
|---|---|---|---|---|---|---|---|---|---|
| Kristopher Austin Poskey; Reba Nicole Poskey | Colorado Springs, CO | $805,773 | 7.457% | 6.575% | 0.882% | $451 | 8.9 mo | $7,279 | $8,058 |
| Mitchell Orr | Peyton, CO | $572,504 | 7.620% | 6.450% | 1.170% | $415 | 13.6 mo | $5,704 | $5,725 |
| Ulyess Barry Hutchens; Deanna Rene Hutchens | Peyton, CO | $505,550 | 7.620% | 6.490% | 1.130% | $351 | 15.2 mo | $4,100 | $5,056 |
| Matthew Olsen; Christine Olsen | Chesapeake, VA | $520,695 | 7.620% | 6.688% | 0.932% | $311 | 8.4 mo | $5,032 | $5,207 |
| Herbert Lavon Young | Colorado Springs, CO | $579,686 | 7.440% | 6.625% | 0.815% | $299 | 9.7 mo | $5,793 | $5,797 |
| Kenneth Joseph Schott; Leiza Renae Schott | Colorado Springs, CO | $500,535 | 7.620% | 6.688% | 0.932% | $299 | 8.4 mo | $4,981 | $5,005 |
| Rolando Aguirre; Tania Aguirre | Colorado Springs, CO | $502,508 | 7.440% | 6.490% | 0.950% | $287 | 18.5 mo | $4,081 | $5,025 |
| James J Craine | Clarksville, TN | $576,131 | 7.440% | 6.688% | 0.752% | $273 | 10.6 mo | $5,165 | $5,761 |
| Victoria Latuszek | Clarksville, TN | $392,641 | 7.620% | 6.490% | 1.130% | $269 | 17.7 mo | $3,412 | $3,926 |
| Chandler Vincent Sm Derbyshire | Sneads Ferry, NC | $372,361 | 7.620% | 6.490% | 1.130% | $254 | 18.3 mo | $3,299 | $3,724 |
| Rowl Cox | Virginia Beach, VA | $500,000 | 7.440% | 6.688% | 0.752% | $237 | 10.5 mo | $4,980 | $5,000 |
| Brock Messamore | Clarksville, TN | $341,244 | 7.620% | 6.490% | 1.130% | $231 | 19.5 mo | $3,111 | $3,412 |
| Isha M Navarro | Colorado Springs, CO | $335,755 | 7.620% | 6.490% | 1.130% | $227 | 19.7 mo | $3,077 | $3,358 |
| Brian Puryear; Sonika Neville | Virginia Beach, VA | $611,000 | 7.060% | 6.450% | 0.610% | $211 | 27.7 mo | $6,021 | $6,110 |
| Jackson Charles Sylvester; Caitlin Mae Sylvester | Virginia Beach, VA | $485,212 | 7.440% | 6.750% | 0.690% | $210 | 11.6 mo | $4,446 | $4,852 |
| Noel Tyrone Jones | Colorado Springs, CO | $460,735 | 7.440% | 6.750% | 0.690% | $200 | 11.5 mo | $4,419 | $4,607 |
| Terry V Bleker; Genista Nutt | Colorado Springs, CO | $457,059 | 7.440% | 6.750% | 0.690% | $198 | 11.5 mo | $4,415 | $4,571 |
| Arthur Schwarm | Clarksville, TN | $345,938 | 7.440% | 6.490% | 0.950% | $192 | 23.5 mo | $3,141 | $3,459 |
| Sheryar Shaikh | Sneads Ferry, NC | $323,088 | 7.440% | 6.490% | 0.950% | $178 | 24.7 mo | $2,994 | $3,231 |
| Cheick Konda | Jacksonville, NC | $276,555 | 7.440% | 6.490% | 0.950% | $149 | 28.0 mo | $2,724 | $2,766 |
| Kristen Steele | Sneads Ferry, NC | $332,475 | 7.060% | 6.490% | 0.570% | $98 | 45.4 mo | $3,056 | $3,325 |
| Brandon Hellrung | Clarksville, TN | $201,758 | 7.440% | 6.575% | 0.865% | $93 | 40.8 mo | $1,872 | $2,018 |
| STIRES FAMILY REVOCABLE TRUST | Clarksville, TN | $197,444 | 7.440% | 6.575% | 0.865% | $90 | 42.0 mo | $1,855 | $1,974 |
Every current rate shown is independently confirmed. Break-even assumes the VA funding fee is financed into the loan.
Every figure on this page above the 0.50 row of the ladder is priced at a 1.00 cap. That is the ask. Current granted authority is 0.50. Nothing on this page is approved pricing until you say so.
Why the book is bigger than the last version of this page: this is not a looser filter, it is the same filter over more contactable people. A skip-trace wave took the traced book from 598 rows to 3,498, and the callable book went from 473 to 2,651. We paid to skip trace every VA first lien at 6.5% and above in the licensed footprint, and we deliberately stopped the trace once it reached rate bands where nothing prices, so the spend tracked writable inventory rather than raw volume.
At the 1.00 cap, 534 loans are writable ($222.5M) for $2,225,486 in LO comp, against $2,098,148 in shortage. The average shortage at that cap is 94.3 bps of volume against 100 bps of LO comp. It clears LO comp, but barely.
Because of that, the question this page is actually asking is not whether 1.00 clears LO comp. It does, narrowly. The question is whether it clears division margin on a government loan, and we do not know the division's margin. We are not guessing at that number and not implying we know one. The shortage is stated in bps of volume above so it can be held against a margin only you can see.
Beyond 1.00, the economics invert. At 1.25 the shortage runs 116.9 bps of volume, which exceeds 100 bps of LO comp outright.
Internal pricing discussion, prepared by Patrick L Norman, CrossCountry Mortgage, LLC, NMLS #303097, for Daniel Jacobs. Not a rate quote, an advertisement, a commitment to lend, or a communication to any borrower or the public, and no APR is stated because none applies to an internal capacity analysis. Figures are drawn from the concession-cap model as of the pricing sheet dated 4 September 2026. Pricing moves daily, so re-run this before relying on it much past a few business days.
