AMBA Monday Morning News - Week of November 2nd, 2026

Message from the Board

Fellow Alaska mortgage professionals,

The clocks fell back Sunday, and this afternoon the sun will leave Anchorage a little before five. By the end of the month it will be gone closer to four. Every year we act surprised. Every year the headlamps come out of the junk drawer anyway.

November changes the rhythm of a mortgage desk in this state. There are fewer listings and fewer showings, and the buyers still looking are looking hard: the nurse transferring to Fairbanks before the holidays, the couple in Eagle River who finally found the house with the shop, the first-time buyer who has been saving since a summer on the slime line in Naknek. Nobody house-hunts in the dark for fun.

Those files deserve the same care as the July rush. The appraiser is working with short light and frozen ground. The closer is working around a holiday calendar.

Be patient with each other this month. And leave the porch light on for the appraiser.

All the Best,

Benjamin Reynolds - President, Alaska Mortgage Bankers Association

Thank you to our AMBA Monday Morning News Sponsor

Next Luncheon!

VA Loans: The Myths, the Tricks, and the Files That Actually Close

Alaska has a higher share of veterans in its adult population than any other state, and most offices still hand every VA file to the one person who "does VA." Teresa Thomas of Global Credit Union Home Loans is one of those people. On November 18 she is sharing her experience with the industry.

VA is the loan product with the widest gap between what people believe about it and how it actually works. Sellers still think a VA offer is a weak offer. Loan officers still quote a maximum loan amount that stopped existing in 2020. Buyers still assume they get one use and then it is gone.

Teresa is walking through the myths one at a time and then getting to the part that matters more: the operational detail that decides whether a VA file closes on time or sits in your pipeline. Entitlement and restoration, including second-tier. The funding fee and who is exempt from it. Minimum property requirements, and the difference between an MPR and an inspection, which is where most Alaska deals get into trouble. Condo approval. Wells, septic, and heating systems. The IRRRL, and when it is worth the conversation.

The Alaska version of this is its own problem. JBER, Fort Wainwright, and Eielson move people on their own schedule, the VA-approved condo list in Anchorage is shorter than people expect, and an appraiser who has never seen a property off the road system will write something a VA underwriter has questions about.

Who should come:

Loan officers, processors, underwriters, and closers who touch VA occasionally and would rather close it confidently. Realtor partners are welcome as guests to learn the ins and outs of the VA mortgage process.

Luncheon Schedule:

Doors Open at 11:30 AM
Food Served at 11:45 AM
Meeting Starts at 12:00 PM
Meeting Ends at 1:00 PM

Reminder!!!

All member companies and employees have been added and have an account created. Login using your company email and, if this is your first time logging in, select the "Forgot Password" option to update your password. If there are any issues with logging in, please contact us at [email protected] or Benjamin Reynolds at [email protected].

This Month's Meeting Sponsor:

Learn more about Catering Sponsorship and Venue Sponsorship by clicking on the appropriate link. Contact us at [email protected] for more information or sign up using the associated registration.

This Month's Meeting Sponsor:

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News From Last Week

Fed Holds Rates Steady as Two Officials Vote for a Hike

The Federal Open Market Committee voted 10 to 2 on October 28 to keep the federal funds target range at 3.75% to 4.00%, according to the Fed's statement. Governor Lisa Cook and Cleveland Fed President Beth Hammack dissented in favor of a quarter-point increase. The hold follows the September 16 hike, the first since 2023. Futures markets price a December increase as likely, though Chair Kevin Warsh declined to prejudge it. The next decision is December 9.

Alaska Impact: In an October 27 board memo, AHFC's finance staff cited Fed tightening as one reason municipal bond and mortgage rates have reached their highest levels in more than 20 years. If the Fed does move in December, home equity lines and ARMs in local portfolios would feel it faster than fixed-rate pricing. MBA put the ARM share of applications at 11.3% last week.

AHFC Board Takes Up $250 Million Bond Issue for Home Loans

The packet for AHFC's October 27 board meeting proposes up to $250 million in General Mortgage Revenue Bonds II in three series. Series A, tax-exempt, would fund First Home Limited and Veterans First Home Limited loans. Series B refunds older debt, and Series C, taxable, funds non-qualified programs. According to the staff memo, AHFC plans to price in January and close in February and March. Staff said thinner conventional liquidity has made AHFC's taxable programs more competitive.

Alaska Impact: AHFC's finance report shows $582.8 million in loan purchases and $241.7 million in payoffs over the 12 months through September 30. September purchases were 178 loans for $70.3 million, against 172 loans a year earlier. For lenders writing First Home Limited and veterans loans in Anchorage, Fairbanks and the Mat-Su, new Series A money would arrive in February if the timeline holds.

Fannie Mae Reports 37% of September DU Files Carried a VantageScore

Fannie Mae said 37% of conventional applications created in Desktop Underwriter in September included a VantageScore 4.0, Mortgage Professional America reported October 27. Since October 1, Fannie Mae and Freddie Mac have applied one set of loan-level price adjustments to Classic FICO and VantageScore 4.0, and the old 20-point VantageScore reduction is gone. Lenders choosing VantageScore must still pull it from all three bureaus. FHFA's bi-merge idea remains under consideration.

Alaska Impact: FHA runs on a different clock. Mortgagee Letter 2026-11, issued October 8, adds VantageScore 4.0 and FICO 10T for case numbers assigned on or after January 1, 2027, and keeps the tri-merge. An Anchorage credit union writing both conventional and FHA files will run two credit-score rule sets through year end, and its pricing engine and AUS settings depend on which score each file used.

Freddie Mac's 30-Year Rate Falls to 7.24%, Lowest This Month

According to Freddie Mac's October 29 survey, the 30-year fixed averaged 7.24%, down from 7.32% a week earlier and up from 6.17% a year ago. The 15-year fell to 6.60%. MBA's October 28 survey showed applications up 3.4%, with purchase applications still 18% behind last year's pace. S&P Cotality Case-Shiller reported October 27 that national home prices rose 2.1% over the year in August, below 3.4% inflation.

Alaska Impact: On a $400,000 loan, 7.24% runs about $44 a month less in principal and interest than the 7.40% average of mid-October. The Alaska Department of Labor's preliminary September figures put Anchorage unemployment at 3.4%, against 3.9% statewide before seasonal adjustment.

FHFA Inspector General Tells Congress the Agency Withheld Records

FHFA's Office of Inspector General told lawmakers on October 30 that the agency refused records in at least three evaluations, including reviews tied to its oversight of Fannie Mae and Freddie Mac, Reuters reported. The report called the obstruction unprecedented and said funding cuts will keep it from doing its required oversight work. An FHFA spokesperson called the allegations incorrect, citing 56 completed document requests and 16 meetings for three recent reviews.

Alaska Impact: Federal News Network reported October 1 that FHFA set the office's fiscal 2027 budget at $20 million, a 61.3% cut, and that the office warned it could end its mortgage fraud investigations. The office also reviews FHFA's supervision of the Federal Home Loan Banks, including Des Moines, which serves Alaska members. Sellers' own fraud reporting duties under the GSE guides do not change.

Upcoming Events

Save the dates for the 2026-2027 Season!

It's that time of the year where we are able to announce dates for our 2026-2027 season here at AMBA. Dates are subject to change based on availability, speakers, special events, etc. As of August 10th, our upcoming schedule is going to be:

November 18, 2026 - VA Loans: The Myths, the Tricks, and the Files That Actually Close
December 16, 2026 - Save the Date
January 20, 2027 - 2026 Division of Banking and Securities Update w/ Tracy Reno and Autumn Miller
February 17, 2027 - Save the Date
March 17, 2027 - Save the Date
April 21, 2027 - Ken Perry w/ Knowledge Coop on AI and Compliance
May 19, 2027 - Save the Date

We have also made an update to this year's events. Along with a member discount on all events for this year, all named individual members will have free access to our virtual sessions! AMBA wants to make it even easier for members to join across Alaska and be a part of the conversation monthly.

That being said, renewal season is here. Membership renews September 1, 2026. Pricing has remained the same this year, however we will be moving our billing back to the beginning of September for everyone. Our experiment of annual billing caused tracking to be all over the place for the year and with a small volunteer board so we will be moving our main billing back to the beginning of the season and all new memberships throughout the year will be automatically prorated. Members that did have memberships later in 2026 will have their updated dues adjusted.

Rates and bands for 2026-2027:

The Board will be reaching out to members to confirm the bands for this year and will have invoices out by August 18th for renewal before September 1st. To add named seats, change a coordinator, or ask about your band, email [email protected] or call (907) 727-1076.

Welcome New Members!

AMBA has represented Alaska's mortgage industry since 1976. Membership is held by the company, and every person the company names gets a full seat: nine meetings a year - in person at a discount or virtual for free, a directory listing under their own name, committee eligibility including Legislative Affairs, and the Monday Morning News. Individual membership is available to professionals whose employer is not a member company.

Welcome back returning members:

Mortgage Processing Group, LLC

Email [email protected] or call (907) 206-7363 to find out how you can join!

New Job Posts

Hiring in Alaska

AMBA members get access to post directly on AMBA's website for new prospective candidates. Sign in to your member account today to post your latest position.

Currently Hiring:

Senior Production Processor - Global Home Loans

Escrow Officer and Assistant - First American Title

Originator Assistant - Global CU Home Loans

Mortgage Loan Originator - Global CU Home Loans (multiple locations)

Residential Mortgage - Mortgage Loan Originators (multiple locations)