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8th Circuit upholds $110.6M in Gibson commission settlements

Plus: ARM share hits a five-week high

September 02, 2026

🍁 Welcome to September. Today’s newsletter is 754 words, a 2.5 minute read.

Disclaimer: Average mortgage rates as of September 01, 2026. © MND Daily Rate Index.

1. ARM share hits a five-week high

Total application volume rose just 0.8% last week as the 30-year fixed edged up to 6.79% — its highest level in four weeks. Purchase apps gained 2% but remain essentially flat year over year. Refi apps fell 1% and are 19% below last year.

  • Purchase apps: up 2% week over week, down 0.2% year over year

  • Refi apps: down 1% week over week, down 19% year over year

  • ARM share: 8%, highest in five weeks; 5/1 ARM rate at 5.94%

Rates have continued rising this week, hitting their highest level since June 2025, according to Mortgage News Daily. The 85 basis point spread between the 30-year fixed and the 5/1 ARM is pushing more borrowers toward adjustable products — loans that are cheaper now but carry rate risk when they eventually adjust.

2. HomeServices CEO: mortgage servicing is real estate's new lead engine

HomeServices of America is launching in-house mortgage servicing through Prosperity Home Mortgage, and CEO Chris Kelly is direct about why.

Servicers are moving upstream, using monthly borrower touchpoints to spot when someone is ready to buy or sell before any agent knows.

"It used to be that a broker started a mortgage company, but now mortgage companies are starting real estate companies and the whole point is to use that servicing to siphon off that business," Kelly said.

The shift redefines where lead generation starts. It used to be home search. Now it is servicing. A company that services the loan has years of data on the borrower's financial behavior, equity position, and rate sensitivity. That is the flywheel Rocket built with Mr. Cooper and Redfin, and what HomeServices is now building for its agents.

A MESSAGE FROM CHRIS JOHNSTONE

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3. More Nuggets

💰 8th Circuit upholds $110.6M in Gibson commission settlements. (Inman)

🏘️ Mark Cuban bought a $25 million mansion sight unseen—and got it for 50% off. His secret? ‘The best guaranteed return on investment’ (Fortune)

📊 GSEs' cost-cutting tools: The per-loan savings breakdown. (NMN)

🦷 ION: Dyson made a camera-equipped toothbrush that flosses for you. (theVerge)

4. Stewart acquires ProTitleUSA and DocSolutionUSA

Stewart Title has acquired ProTitleUSA and DocSolutionUSA, adding title analytics, portfolio diligence, mortgage-document generation, and due-diligence capabilities to its lender-services business.

The companies support servicers, investors, and capital-markets clients across the real estate and mortgage lifecycle. Stewart said the acquisitions expand its centralized title-services scale and strengthen its offerings for lenders, servicers, and institutional real estate clients.

ProTitle and DocSolution will add analytics, product-creation, and automation capabilities to Stewart’s existing title, closing, settlement, and mortgage-services platform.

5. NEXA launches 100% revenue split with no minimums or transaction fees

NEXA Lending launched NEXA Unlimited, a compensation model that gives loan officers 100% of revenue from their NEXA loans with no flat fees, per-file fees, funding fees, or closing charges.

CEO Mike Kortas said the math works because of NEXA's scale, which now exceeds 4,000 loan officers following the UMortgage acquisition. "If you are producing the business, building the relationships, serving the borrower, and creating the revenue, we believe you should have access to all of it."

The launch is a direct challenge to flat-fee and transaction-based IMB models. Kortas added a pointed message for broker owners: "Put the ego and the title aside for a minute and ask what is actually best for your loan officers, your business, and your family."

☀️ You’re all caught up. See you on Friday!

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