KCAA: The Mortgage Voice with Jeff Barton (Sat, 15 Jun, 2024)

KCAA: The Mortgage Voice with Jeff Barton on Sat, 15 Jun, 2024

Episode Transcript

(00:00):
You're listening to an encore presentation ofthis program KCAA The Inland Topics for Us
Choice with Jeff Barton, Your Voicein the Mortgage Industry. Each week on
this program, Jeff and his guestsshare their expertise, personal antidotes, and
the latest industry news to keep youand the loop now to provide you with
insights and help you navigate the consistentlychanging world of real estate lending. Here

(00:25):
is your host for the Mortgage Voice, Jeff Barton. Welcome back everybody on
Jeff Barton, Your Voice in theMortgage Industry. Thanks very much for tuning
into the show for listening to uson a weekly basis, as we bring
to you the interesting, fascinating andever changing world of mortgages, mortgage pricing,
as well as real estate news inthe Inland Empire. The ie we

(00:45):
love that out there and I knowyou're baking under this sun. Wow it
got hot quick, didn't it.And some of the things that we are
trying to deal with around that,whether it be can you get proper home
insurance? We've talked a lot aboutthat on the air, and we have
an upcoming guests in a couple ofweeks to do with that, a guy
from the insurance agencies. Guys beendealing with it for a long time.

(01:07):
Very interesting, but we'll bring youthat in a couple of weeks. Also,
I think in what we try todo each and every week bringing to
you the information about not only thesekinds of sectors, but the rates why
they go up and down. It'sinteresting because again we have an interesting news
today out that the unemployment rate hasgone up, yet we have a massive

(01:30):
amount of people who have been hiredlast month in the month of May.
So there are a lot of conflictingsignals in the economy. And when we
bring that to you, what doesthat mean for you? Because you're trying
to buy a house, or you'retrying to refine as a house, you're
trying to take the equity that youhave and turn it into some money making
scheme, whether it be buying ahouse and running it out, whether it
be getting into a business. Allof these things are important and so we're

(01:52):
going to get to it. However, if you want to see and hear
me on a daily weekly basis,and you can't tune in to CASEAA Radio
on Saturday and Sunday, go toYouTube Jeff Barton The Mortgage Voice is the
YouTube channel that we are on.YouTube. YouTube is a great place to
get almost anything you want. Withchat GBT, you can look up all

(02:13):
kinds of fascinating items and they'll giveyou a lot of information. However,
on YouTube, they probably have avideo on it. That's how massive and
great that the people at YouTube aregetting. And we're certainly there too,
Jeff Barton the Mortgage Voice. We'realso on as I said, KCAA.
The people down there, they cometo you and me every week and we

(02:34):
bring you a great show and I'mreally thankful about that. Let's get right
to it. Oh, before weeven start, there is a tremendous amount
of I don't know, anxiety becauseof this election coming up, and they
are people who will stand in frontof you and shout whatever they're going to
shout about whoever they back or whereverthey hate. The economy itself is always

(02:54):
at the center of all of thesearguments, because if you're better off today
than you were four years ago,that's the that's the same. Well,
just so you understand that we arepretty much treading water for the last ten
to fifteen years in terms of thetype of economic growth we'd have regardless of
the claims of the people who are, you know, in charge of the

(03:15):
country or in charge of the economy. So okay. So before COVID,
before COVID, there was Obama,then there was Trump, then there was
Biden. Right, So during theObama administration, during his eight years,
he averaged two point three to threepercent in gross domestic product the GDP.

(03:38):
And that was for eight years,So that that's Obama's legacy. Wasn't great,
wasn't wasn't terrible, but it wassteady, long term growth. As
you remember, during that time,he had just come out of the seven
and uh seven and eight crash,the mortgage meltdown, they called it.
Okay, So that's where we arein terms of Obama two point three three

(04:00):
three percent for eight years. Wecame to the Trump administration, and this
just before COVID. We won't includeCOVID, we'll mention it. But before
COVID, Trump's economy was growing attwo point six seven percent, so roughly,
you know, forty basis points betterthan Obama's. And as a result

(04:20):
of the long, steady growth,the policies that President Trump had boosted the
economy by forty basis points, nota lot, not insignificant, but really
in the same line and in thesame vein. Now, if you throw
COVID in there, which nobody can, because it really threw a monkey wrench
into anything we're talking about in termsof the economy today, actually in today

(04:43):
twenty twenty four, so the percentageof growth including COVID is one point four
to five percent. So that's whatI mean. You can't really include that,
right, So if we have Obamaat two point three three percent pre
COVID, Trump two point six sevenpercent. Now you throw Biden in there.
Now, Biden's numbers are also skeweredbecause you can't really go pre COVID

(05:06):
because he was post COVID. Hewas the guy after COVID hit and he
came in. And anyway, hisparticular growth over the last three and a
half years or three years plus isthree point four percent. So as you
can see, the amount the economyhas grown during the twelve to fifteen years

(05:28):
pre COVID through Obama, through Trump, through Biden is not all that different.
And so when we talk about theeconomy and how the economy is affecting
you, most people would say thatit's bothering them because prices have gone up
inflation, and inflation has been drivenby many different factors. The main factor

(05:50):
is too much money in the system, right, That's what everyone says,
too much money in the system.You can't print money, give it to
people and have price to stay thesame. You're creating too much demand with
the money you're giving people, andtherefore what happens is people are willing to
pay more for products that are scarcer, and even general commodities are scarcer.

(06:12):
So I went searching this week andlooking around through all kinds of things in
the marketplace in regards to this.Now, everybody knows that I drive around
in my car and I eat atgas stations. That's just I don't know
anybody who's in their car a lot. That's what we do. We drive
around, we get a coke,we get a snack, and we keep
on driving. And I've been doingthat for I don't know thirty years since

(06:32):
I've been in southern California, especiallysince most of my work is traveling,
driving around seeing clients, or nowI'm in the medical world doing the same
exact thing. So the snack businessitself has really been hit because of the
rising in prices. Now, duringthe State of the Union, we had

(06:54):
Biden talking about shrink inflation, ie. You're paying the same money for
a product, but there are aren'tas many Cheetos or potato chips or whatever
it is you're buying in the bag. That's one way that inflation effects.
The other way, of course,is what are the companies making these products
and how are they doing in termsof their business models? And because snack

(07:16):
business is supposed to be recession proof, supposed to be inflation proof, i
e. If you're hungry and youwant a twinkiees, you're gonna pay anything
you want because you're in the conveniencestore. You got nothing else to eat,
and that's what you're gonna buy.So two companies come to mind quickly.
Obviously, the companies that we're talkingabout are Campbell's yep. And what's

(07:38):
the other one? Here? Holdon a second, I have it right
here in my notes. Well,Campbell's is one anyway, their business has
gone down one percent and PEPSI COOthere it is which owns These two companies
are massive in the snacking business,but their business is down two percent.
And what it says, is thatthe general person who's driving around out there,

(08:00):
who, as I can tell youby the numbers in the economy,
is really not that affected by eithertheir job loss, which hasn't happened,
or pay being cut, which alsohasn't happened. What has happened is the
things that you deal with on adaily basis have gone up dramatically. I
was at Starbucks. Now, grantedI'm at Starbucks right. I'm the person

(08:24):
on the coast who goes to Starbucksto buy a cup of coffee four seventy
five for seventy five, and Isaid, Wow, that's a very good
cup of coffee you have there.They laughed at me, and they said,
I know it's not us. Now. Granted that was an in store
Starbucks, so you can't. Reallythat's not an independence store. But in
the valley three twenty five to threepoint fifty for that same cup of coffee.

(08:48):
Seems like the gas prices right havejust gone up and stayed up.
Doesn't make sense to me. Californiahas its own gas and its own refinery.
Why does that happen? But thethe things that I'm talking about affect
the general populace and That's why whenyou hear people say the economy was better
in the past, I'm you know, looking backwards, as if somehow in

(09:13):
the rose colored glasses that we lookat things when we're you know, fawning
over what it used to be.And we hear a lot of people do
that about many different things, butabout the economy in particular. These nuisance
items are why in general, foodhas gone up, shelter has gone up,
and obviously gasoline prices and all theother things that we live with have

(09:35):
gone up. But so too haveyour house price I eat gone up about
thirty to fifty percent of the lastthree years. If you're invested in the
stock market, and many people are, that's gone up tremendously. We had
again today record breaking stock market numbers. Whether it's the NASDAC or whether it's
the Dow, or whether it's theRussell, or whether it's the bond market,

(09:58):
all doing exceptionally well. And ofcourse, if you're employed, your
wages have gone up about four percentover the last twelve months. So inflation,
yes, but it has also seenthings that are inflated that are good
for a majority of the people whoown homes doing very well. So it's
a kind of a mixed bag onthat. I hope that confused the heck

(10:20):
out of you. I didn't meanto, but again, I'm Jeff Bartn,
your Voice in the mortgage Industry.We'll be right back. You're listening
to the Mortgage Voice with Jeff Barton. We'll be right back with more and
just a moment for questions or comments, send emails to info at melagruppunding dot
net. Now back to the MortgageBoys with your host Jeff Barton. Welcome

(10:43):
back, everybody. I'm Jeff Bartn, your Voice in the mortgage Industry.
Thanks very much for tuning into theshow, for listening to us as we
bring to you the best news possibleabout the mortgage and real estate business.
We talked a little bit about inthe earlier section about what's happening with the
economy over the last ten or fifteenyears. We get a little bit more
relaxed when it comes to crazy season, which of course is the election.

(11:03):
Anyway, I am Jeff Barton.This is the Mortgage Voice. If you
want to see us and hear us, go to Jeff Barton The Mortgage Voice
on YouTube. We also have agreat website if you want to go there
see past guests as well as away to get in touch with them.
It's the Mortgage Voice dot Com andwe are on a number of different podcasts.
Darryl, you got that, Isure do, Jeff. It's Apple

(11:24):
Podcast, Google Podcasts, Spotify,Speaker, Stitcher, iHeartMedia, Odyssey,
YouTube, podclips dot io at theMortgage Voice dot Com excellent podclips dot io.
Great place to centralize your podcasting needs. If you want a great there's
a variety of different things there.I want you to go there podclips dot
io and seek out and look andlisten to a bunch of different great people

(11:46):
who will bring you some interesting andfascinating looks at their particular industry. Whether
it's in healthcare, whether it's meand financial, whether it's an alternative dispute
resolution, whether it's sports or life. There's a great place for you if
you go to podclips dot io Again. I'm Jeff Partin. This is the
Mortgage Voice. Let's get right toit. Thirty year fixed rate loan is

(12:07):
its seven point one five percent,fifteen years at six point six oh,
the Jumbo is at seven point threeseventy Faha is at six point sixty four
and the VA is at six pointsix five, the two years at four
point eight sixty six, and theten years at four point four to two,
and that spread is about forty basispoints thereabouts. Why have we not

(12:28):
talked about the inversion in so long? Anybody who's listening to the show for
the past few years knows that thisinversion, i e. The two year
is paying more than the ten year. That's called the inversion curve. And
why that hasn't been talked about muchin the news over the past two or
three months. The reason is isit used to pour tend a recession.
Well now they've given up on that. Why because after a year of crying

(12:52):
wolf, you know, most peoplewould be like, you know what,
the wolf's not coming. So that'sessentially what they're doing. And I think
the jobs report that came out isa great indication of that. With adding
two hundred and what was it twoseventy five, Yeah, two hundred and
seventy two thousand jobs in May,it tells you that the economy is still

(13:15):
rolling along pretty strong. There areindications that a number of different places in
the economy have come back to earthie pre pandemic levels. And that's a
good thing because what we would liketo see is inflation join those groups of
economic indicators at two percent, andthat would be good for you because we

(13:35):
would have the FED lower their interestrate, and then we would tangentially have
the mortgage interst rates come down.I wanted to get into a little bit
of that. Now, this isan explanation that you may or may not
be able to follow, but anyway, I will try to get it to
AA as clearly as possible. Okay, So we always talk about the FED
rate and then we talk about themortgage rate. But so many people think

(13:56):
they're the same thing. They're notthe same thing. So when people say,
hey, the Fed's got to lowerthe rate in order for mortgages to
go down, that's partially true,but it's not one hundred percent true.
The reason mortgage rates are high,one of the reasons is, yes,
the FED rate is at five pointtwenty five to five point seven five percent.

(14:18):
That FED rate is what the largerbanks borrow from the FED in order
to meet their liquidity requirements on adaily basis. So if they're short one
hundred billion dollars of the liquidity requirementthey need today, they have to go
to the FED and borrow it,and they're borrowing it at that particular rate,

(14:39):
either five point twenty five to fivepoint seventy five, depending on the
demand, depending on the agreement withthose member banks. That's how that particular
aspect of the FED monetary policy works. Now as the FED raises that rate,
what happens the banks that come tothe FED on a daily base is

(15:00):
to borrow money to make up thatliquidity, they have to pay more money.
I mean it's obviously during COVID youhad zero point twenty five percent.
Now you have five point seventy fivepercent. Obviously you're paying an additional five
to five and a half percent ininterest on a daily basis. And when
you're talking in billions of dollars,that's a lot of money. And most

(15:20):
of that money is money that usedto be lent to you, the consumer,
either through credit cards or mortgages orcar loans or any number of other
business related activity. Now the bankdoesn't have it to pay to you because
they're actually having to pay the FED. So what that does is it takes

(15:41):
money out of the system. Nowwe've been in this accelerated market of rising
interest rates to the FED. Forwe're going on close to two years,
right, let's say it's two years, year and a half to two years.
What that means is we've been suckingmoney out of the system for that
long. So because of the factthat we printed so much money during COVID,

(16:07):
rather than giving it to the largerbanks as we did in the Great
Recession in two thousand and eight,this time around we flooded the market with
not the market, but we gavepeople money. I don't know how many
twelve hundred dollars checks, So howmany was that three? I think everyone
got three twelve hundred dollars checks.Then there was the PPP program, so
there was a lot of money,trillions of dollars of money in the system,

(16:30):
I think. I think at theend it was close to three to
four trillion dollars. Now, tota get an idea of what a trillion
dollars is, think of a milliondollars and a stack of money, and
how it goes top of the empirestate building. Right, A billion dollars
would stretch to the moon. Atrillion dollars probably go to the sun and
back. So that's how much interms of a visual that we're talking about

(16:53):
when we're talking about these particular items. So when I got to thinking today,
I said, you know what,let me try to explain this a
little bit about how it really worksand why these numbers mean what they mean.
If you're lending money to anybody,you want to make money on the
interest, It's just the way itis. It's business. It's the way
it is. So if I'm gonnalend money to you, I'm gonna charge

(17:15):
you X amount of dollars. Whenyou finish the debt, you're gonna pay
me either that interest in one lumpsum or you're gonna pay overtime like an
amortized loan. That's really the wayit works. The rate itself that we
charge you is based on how cheapthe money it is to me that I
buy that I get, But it'salso based on the person that I'm going
to take that product, i e. The loan that I gave to you

(17:37):
and sell it to somebody else.Because this is not George Bailey's savings and
loan back. At anybody that doesn'tknow what I'm talking about it, you're
gonna look it up because most banksall banks. Now, maybe there might
be some credit unions to keep themoney, but they don't keep the loan
that they make to you and serviceand wait thirty years till it's paid off.

(18:03):
They don't do that. They takethis product and either sell it to
the government agencies Freddie Mac, FannieMay, Genie May, or they sell
it to a private investor sovereign fund. What does that mean? Countries buy
us mortgage backed securities. That's justthe way it is. So countries buy
it, Hedge funds buy it,Wall Street buys it. There are so

(18:27):
many different people out there with alot of money who want a steady rate
of return on the money that theyhave, so they go out and they
buy mortgage backed securities. And that'show that particular part of the business works.
So the mortgage market, through thebanks, through the lenders, gets
replenished by selling the product to somebodyelse. When you sell, you're going

(18:52):
to sell to the highest bidder,right makes sense. Everybody knows that in
order to make money in any market, you have to let as many people
know that you're selling a particular item, and you let that item fluctuate I
e. So you'll see on adaily basis, mortgage backed securities will go
up, we'll go down by hundredsof basis points. Now, if you're

(19:17):
talking about one loan, it's notthat big a deal. But when you're
talking about billions of dollars the loans, that is a big deal. So
now we're talking about the Fed,who is taking money out of the system.
Now we're talking about the mortgage backedsecurities who are looking for the highest
bidder. These numbers matter. Therate that you pay on your particular loan

(19:40):
is how it is determined whether thatparticular loan can compete with what mortgage backed
securities are going to sell for andthe Treasury bonds are going to sell for.
They're competing with each other for yourdollar, for the investor dollar who
forever is buying those two instruments.And because the Fed has got the rate

(20:00):
at a certain amount, the amountof money that's available to purchase either the
mortgage backed securities or the treasury bondis less than it was previously, which
is why what happens is you haveless money to buy two different assets.
So in order to attract the bestbuyer out there, you have to offer

(20:21):
the most yield and that's why yousee treasuries going up. Treasuries on the
tenure, what are the ten yeartenure today is four point four to two
percent. Now you're talking about trillionsof dollars in mortgage backed securities and trillions
of dollars in the rate that they'regoing to charge in order to have the
FED look at both the mortgage backedsecurity market and look at the UH the

(20:48):
bond market, and both of thesethings are competing against each other for the
amount of money that they get outof the system. So you have the
FED removing money from the system.Two different investment vehicles. Debt really are
being sold onto the American marketplace inall these areas. Now, what does
this have to do with the rate? Okay, so the rate has to

(21:11):
remain high because they have to competewith US treasuries in order to make the
buyer well aware and obviously desirous ofthe most return on their money. So
all of these things affect the rate, and you won't see the rate come
down until you see the mortgage backedsecurities in general and the Treasury Department yield

(21:40):
come more in line with whatever theFED has for their particular rate. So
the FED lower is it by fourpercent, You all of a sudden have
an incentive to lower your rate.Doesn't mean that it's going to happen,
but the incentive is to do thatso that you attract more people to buy
your product because it's cheaper anyway.I'm Jeff Martin, your voice in the
mortgage industry. Thanks very much.Be right, you're listening to the Mortgage

(22:02):
Boys with Jeff Barton. We'll beright back with more and just a moment
for questions or comments, send emailsto info at Melibu Fundings dot net.
Now back to the Mortgage Boys withyour host, Jeff Barton. Welcome back
everybody on Jeff Barton, your voicein the mortgage industry. Thanks very much
for tuning in to the show tolisten to us each and every week as

(22:22):
we bring to you the news thatyou can use. Most of the useful
news that we bring to you areabout programs from different lenders. The way
we try to help is bring aglobal view, which is what I try
to do on the first couple ofsegments. Then we bring in experts in
the industry to be able to sortthrough that and really give you choices that
you can take advantage. Of oneof these people is Rob Rink, who

(22:44):
joins us from Equity Equity Wave Lending. We've had Equity Wave on once before,
but not Rob, so I appreciatehim coming to the show. Rob.
How are you good. How's itgoing, Jeff? That's pretty good,
Thanks very much and thanks for comingon. Yeah okay, So as
we were talking off air, themarket has has got some advantages in terms

(23:04):
of products that you can be ableto provide to consumers. What we like
to see is an ability by whichwe can take the equity that's in your
home and to be able to convertthat into cash or some other vehicles,
so that you know the money thatyou've been making. Although it's hard to
tap into an access because of thelock in issue. How are you guys

(23:27):
helping in that area? Yea.The best way we help We help like
people who are self employed or whohave investment properties. We can provide a
second because a lot of people theydon't want to touch that first. Of
course, those rates are so low. Who knows that it's ever going to
get again, No, not inmy lifetime. No, yeah, mine

(23:48):
either, but we can help that. We primarily do business purpose loans,
so like someone who has a businessand they have a lot of equity in
their private residence. We can actuallytap into that equity for them by providing
a second that can give them themoney that they need to expand their business
or you know, acquire another business, whatever they want to use the money

(24:11):
for, or like an investment propertythey want to pull cash out to as
down payments for other properties, otheropportunities that they see, or maybe to
rehab some of their properties to increasethe value. That kind of stuff.
That's that's interesting. Okay, soyou talked about a second loan. Are
there trid requirements in the second loan? It's a business purpose loan, so

(24:33):
there probably isn't, but can youexplain that part of it too. With
business purpose loans, it's not someloan. It's just strictly used for business,
so there aren't trid requirements for that'sit's treated more like a commercial loan,
so there's no right or recision andthat kind of stuff, even on
an owner occupied property, but thefunds have to be used for you know,

(24:56):
for their business or for an investmentopportunity that they see. See,
So you can take money out ofyour home, but you have to use
it for your business, right,Yeah, for the kind of loans we
present, because we do basically it'slike a stated income, stated asset.
We don't need to see tax returnsbecause I mean, we know how a
lot of self employed people are ourown businesses, and you take all the

(25:18):
tax deductions that you can get.Of course, so a lot of times
you don't show, you know,a lot of positive cash flow even though
you are cash flowing, right.So okay, so and okay, let's
get down to the nitty gritty.What kind of credit score do you need?
What kind of equity do you needto remain in your property? These
type of types of questions. Yeah, primarily what we do with the seconds,

(25:41):
we'll do a combined loan to valueof sixty percent. We're kind of
conservative on that because it's, youknow, it's private money. We don't
have a FYCO requirement. We liketo see at least a six hundred score.
But you know, people have hadsome issues where the scores can go
below six hundred, which is fine. We just need a good explanation and
we see that whatever caused the problemisn't there anymore. And you're in a

(26:04):
second position on most of these loans. So how do you, I guess,
guard against the issues of you know, people with the lower Fycle scores
obviously have a lower Fycle score fora reason. So how do you guys,
do you deal with that by higherrates or do you do with that
just by having that much equity inthe property. Well, we'd like to

(26:25):
have the equity position and the ratesare a little higher. You could get
a better rate if you know,you had you know, full tax returns
and you could go to your bankand get it sure, but we're a
lot easier. You don't have toprovide tax returns and that kind of stuff.
It's just more of a short termloan or people taking these out for
long term. What are the termsin the loan. It's just short term

(26:45):
because we'll do like two year,maybe a three year. Okay, on
an investment property, we can doit as an interest only, but on
owner occupied we do what's called aforty year gmmorization. That's doing two I
see, So it's bloom payment aftertwo. On this business purpose loan with
us or someone else or you know, you just pay it off. Depends

(27:07):
on what you use the cash for, I see, and what who typically
is your client. Who is thetype of person that will come to you
for this type of loan. It'ssomeone who needs cash pretty fast. Their
tax returns don't look stellar for theyou know, the local banks to help
them out, right, Uh,it's that kind of stuff. Or they
have lower scores, you know,because they had some late pays on mortgage,

(27:27):
or you know, if something happened, right, you know, life
happened, so that because we overlookthat kind of stuff. We just want
to know that whatever problem is,it's gone right. We're not providing like
a bailout or you know, thismoney isn't to be used to pay off
your credit cards, because we dolook at that, like if someone has
you one hundred and fifty thousand creditcards, they're maxed out and that's why

(27:48):
their scores are low. It's like, well, what are you actually using
this cash for? I see,So really, if they have low FCO
scores, it's probably due to amedical expense that you would then say,
oh, okay, I understand that. But like that, you know,
yeah, a lot of times that'swhat it is. You know, something
the bread earner wasn't bringing in thecash for a while. I see Okay,
very good, and how successful hasit been? I mean, a

(28:11):
lot of people need to take moneyout, so I imagine doing we do
a lot of a lot of loans, They do a lot of investor properties.
You know, people are taking advantageof that of their equity and then
you know small businesses that need thecash and they can pull it out of
there, you know, because they'vegained so much equity in their primary residence
right when they use it and theyhave a plan usually to pay it back,

(28:33):
because that's always the best thing todo. Do you look at the
ratio prior to COVID happening, uhand the amount of equity in a property,
or do you just look at ittoday? We look at it today.
There are some areas I don't knowexactly because I don't keep up with
them all the time, but there'ssome areas where values have dropped, right,

(28:55):
you know, so we're a littleyou know, we kind of look
at them closer and well, youknow, we look at the appraisal in
that kind of stuff and see what'sgoing on in the marketplace. Right A
lot of the areas, especially southernCalifornia, are still you know, really
strong California is strong. I thinkthe areas you're talking about are like Texas
and Arizona, and there's one otherstate I read about it today. Yeah,
we don't do seconds there, Wejust do first. I see,

(29:18):
And how is how is that marketthe first market? It's a lot of
competition obviously for fewer and fewer borrowersout there. It looks like, you
know the amount of money. Yeah, well we do it in for our
first. We can do it foran owner occupied if the property is free
and clear and it's a business purpose, but mostly our first are for you
know, non owner occupied properties.And you're in southern California and you're doing

(29:40):
what other kind of loans here inSouthern California. Well, we do the
first mortgages, you know, upto a sixty five percent LTV for purchases,
okay, we foreign nationals. Wedo some commercial usually just like up
to a fifty or fifty five percentLTV. And is that like a unit
building or is that industrial? Whatis it? It can be almost anything.

(30:02):
It just depends on the property.Yeah. I don't make those decisions
unfortunately, right exactly. That's that'sone of our owners to side on the
commercial a little more difficult. Iunderstand. Have you found any issues with
your appraisals at all, I e. Or having difficulty either getting an appraiser
out to the property or getting theproper numbers that you need in order to

(30:23):
do the loan. I haven't,personally, okay, So I haven't talked
to any of the other l osabout that. But you know, I
haven't had an issue, okay.So it really it's full guns ahead.
The only problem is is that theracer is still terribly high. But that
shouldn't affect your second mortgage business atall. No. Yeah, And in

(30:44):
the seconds, the race, itjust depends on what their credit score is
and what the LTV is the CLTVright exactly. Okay. So and you're
in fifty states. Uh the seconds, we're only doing in California, and
I think there's uh forty two stateswe do with the first. Wow,
that's a lot. Yeah. Yeah, either forty two or thirty seven.

(31:06):
I can't remember. We were supposedto add some states. Now, you
said you're of the same age asme Asto. You've been in the business
a long time. You've seen thingslike this happen before. Right, rates
go way up and business gets stuffYeah, you know it's cyclical. It's
you know, the FED, likethe Federal Reserves, trying to control the
economy a little bit, you know, ye the stifle inflation. Hopefully they're

(31:27):
successful and that start going back.Yeah, I hear you there. No,
we were just talking in earlier sectionas to why the FED is always
the one who's deemed the uh,the person that set some mortgage interest rate.
Now I was trying to explain,Well, it's it's more a confluence
of a different events. But certainlythe FED has a lot to say about
it, that's for sure. Yeah. Yeah, they always control the like

(31:52):
the money supplied, and they thinkthey can control them, but they always
go too far one way and toofar the other. They can never get
it right. Yeah. I wouldn'twant that job at all, like the
rest of us exactly. Hey,listen, I really appreciate it Rob coming
on the show. Anyway, youcan shout out a phone numbers so people
can get in touch with you.Sure, you can call me Rob rank

(32:14):
R E n K. And mydirect line is three zero three five two
one seven six two. That's sevensix two two three oh three five two
one seven six two two. Isthat right? That's it. Okay,
excellent, Rob, thank you verymuch for coming on the show. I
really appreciate it. Yeah, Iappreciate it. Jeff. Okay, very

(32:35):
well, We'll we'll get back toyou soon. Thank you. That's Rob
Rink from Equity Wave Lending on JeffBartin your Voice in the Mortgage Industry.
We'll be right back. You're listeningto the Mortgage Voice with Jeff Barton.
We'll be right back with more andjust a moment. For questions or comments,
send emails to info at Melibu fundingdot net. Now back to the
Mortgage Boys with your host, JeffBarton. Welcome back everybody on Jeff bart

(33:00):
and your Voice in the Mortgage Industry. Thanks very much for tuning into the
show, listening to us on aweekly basis, where we bring to you
not only the best news, butthe best people. A lot of people
that we do bring on the showgive real specific and they detail out what
the programs are. They generally giveyou a sense that there is hope that
you can get alone. Guess what, I know that stuff out there,

(33:22):
especially with rates the way they are, but there's a lot of different ways
that you can get alone, geta property and be able to feel comfortable
in doing so. In this market, rates always change and you can always
either reduce or increase your monthly paymenton that loan. Just depends on who
you go to. And the bestpeople that we know come on our show

(33:44):
and tell you about their programs.One of these people who hasn't been on
the show before, and I reallyappreciate Elton doing that. Elton Wong wangs,
I'm sorry about that from New Waveand he joins us. Now,
Elton, how are you? I'mdoing great, Jeff, thank you again
for having me on the show.I can have an opportunity to check out
the mortgage Voice and I'm glad tobe able to have this opportunity to connect

(34:05):
to your audience. Excellent. Ohthat's very good. Okay, So tell
us a little bit about what NewWave is doing, what type of loans
you're doing, kind of clients you'relooking for sure? So here a new
Wave. We are a direct vendorspecializing in non QM products and programs.
We are located locally in southern California, specifically the city of Industry. We

(34:30):
started out serving the local California,Golden State and three other states and now
growing to about twenty plus states incounting. So generally speaking, we,
like I mentioned earlier, specialized inthe non QM realm, And what non
QM is is it's a product andprogram catered to clients who aren't necessarily credit

(34:57):
worthy for the standard qualified mortgage orsituations where clients may have been transitioning through
a life chapter change in pay structurethat just happens to fall in the timing
that they're purchasing a home or lookingto finance a home refinance their homes,
and we generally like to cater tothose types of clients. It's our realm

(35:21):
of expertise. Hey, do youdo mostly purchase or I can know that
refi is really not a big sellerright now, but some of the lenders
have branched out into seconds or otherkinds of business purpose loans. Are you
strictly doing purchase right now? Weactually are doing a majority purchase business currently.

(35:42):
However, we do get refinance businessas well, but it's as you
mentioned, with the current market environment, refinances aren't as popular as we would
hope, but as you also mentioned, rates are ever changing. We're definitely
hoping for that next refive boom,oh yeah, yeah, we all do
well, but you know what,we've been trying to push the economy.

(36:05):
At least a lot of people whotalk about the economy are trying to say,
Hey, what we really need isa recession, and then of course,
you know, everyone will do betterin our business, as it always
happens because rates lower, and theneverybody wants to rEFInd and take money out
so they can sustain the lifestyle orat least pay their bills. That doesn't
seem like it's going to happen,even though we've had this inversion in the
two and the ten for so solong. How are you guys thinking about

(36:27):
it long term? Are you lookingat rates staying the way they are for
at least six to eight months orwhat do you think? That's a great
question, Jeff. In the interimour outlook in terms of market environment,
we feel even though Feds in thegovernment will tell us, you know,
they're talking about lowering and cutting ratesagain, we don't foresee that being something

(36:50):
that will happen, at least notin the near quarter. Okay, going
into Q three now, I thinkwe're going to be looking at the similar
average in terms of rates and what'savailable currently Okay, So really what we're
doing is treading water to and throughthe election, probably which I don't know

(37:13):
whether that favors one person or another, but I do know anybody out there
trying to purchase a home is nothappy because you know, obviously every percentage
point more or less is going tocost them more or less money. So
how are you dealing with that?In particular, you're just looking for a
particular buyer that isn't really rate sensitive. They just need a way by which
they can purchase. That's a greatquestion, Jeffs. And how we go

(37:37):
about it in terms of with ourclienteles since we work with Folk Bridges directly,
it really depends on their book ofbusiness and what their clientele is looking
for. At the moment, weare seeing a trend in a particular program.
I'm not sure if you're aware ofit. It's called the DSCR,
also known as the debt service Coverageratio prom It actually originated over from the

(38:01):
commercial side of the lending products andprograms and trickle down into a way that
got worked into the residential margage sideof programs. Sure you explained DSCR.
I know what it is, butmaybe some of the audience don't. Yeah,
of course. DSCR debt service coverageratio is a loan that takes the

(38:24):
existing debt of a subject property andthe rentability market rentability of the property and
it offsets to its ratio to determinewhether it's a positive ratio or a negative
ratio or not negative ratio but aracial of one percent or less. And
what that means and how you calculatethat is, You'll take your subject properties

(38:47):
monthly principal and interest payment, propertax insurance, homeowner association, et cetera.
You add it all up together,and then you take a look at
you know, the rentability in thatmarket and demographic and if that number,
let's just say, for example's sake, it's fifteen hundred, then your market
rentability will if it's fifteen hundred ormore, will your DSR ratio will be

(39:10):
at one or greater. And that'swhat you want in order to do the
loan. You don't necessarily need tobe at one or greater. However,
it does have an impact on pricing. Oh, I see what you're saying.
So if the rents cover the debt, then the ratios absolutely right.
The ratio that you get will obviouslybe a lower rate than somebody who doesn't.

(39:32):
So you do lend on something thatdoesn't cover the actual rents, I
mean it doesn't cover the actual mortgage, right, Yes, that's correct.
Okay. If the rentability of theproperty is less than the expense factor of
the home, it's still a considerableproperty and scenario that we can entertain.
I see. And do you doyou look at in a scenario like that

(39:54):
to have at least some equity inthe property or is there? Yeah,
we do have an LTV restriction ofour long value restrictions on that will vary
depending on the clients scenario and ofcourse the subject property and where they're looking
at. But yes, there isa restriction. We can't do one financing

(40:15):
generally speaking, it's eighty percent.I see. Okay, And is there
I mean, I know in alot of these DSc ares there's no credit
requirement? Is there on these onesthat you're lending less than what the rents
cover? Great question. So there'sa few DSCR products available. There is
one that does have no credit requirement, but that's catered to foreign nationals clients

(40:40):
who reside out of state or country. They don't have a US FICO scorer,
right of course, correct, yeah, right, Okay, so there
are that isn't a program or optionavailable to Okay, and do you deal
with a lot of foreign investors.We actually do be a good book of
our business. I'd say we werestarting out about five percent of our book

(41:05):
came from for national business and it'sgrowing. It's nearing a thirty percent.
Actually about book of business? Howis your company growing in this type of
environment? It always fascinates me.I was in the mortgage business for about
thirty years. I got out ofit about almost a year ago, but
it always fascinates me how companies intough times seem to be able to put

(41:27):
it together and grow their company waitingfor the next you know, boom year.
And that's great question, Jeff.I mean from my perspective within this
company's outlook, I think their businessplan and what's in place in terms of
products and programs and flexibility. Ithink that's what their priorities are here that

(41:49):
sustains such a good business model.We aren't very risk adverse, but that
could be a double edged sort.Well yeah, I mean if the market
tanks, all of us we're propertyvalues seem to go down quickly. It's
you know, we don't want togo down with this, No, exactly,
and so that's why I was Iwas asking you. I mean,
obviously you're banking on the economy notonly staying good, but also rates to

(42:13):
go down. That's right. Yeah. Generally speaking, we are looking to
grow beyond our current coverage and weare doing a lot of outreach out of
state, specifically towards the East coastand the Midwest Okay, as we are
licensed there too. You'd be surprisedthe number of brokers and clients that just

(42:35):
aren't regularly versed in the non QMrealm and these types of products that are
available. So bringing those tools totheir tool belt is what we aim to
do. That's excellent. Thank youfor the information, Elton. It's we've
come to the end of the interviewand I appreciate you coming on the show.
I want to have you back,so thank you very much. Could
you let people know how to getin touch with you, that'd be great.

(42:57):
Yeah, definitely, Jeff, andagain thank you for having me.
Surely appreciate the opportunity you guys canget in touch with me directly at my
number which is six two six threeseven four eight two six seven excellent.
Thank you very much and thanks againfor coming on the show. Thank you.
You have a good day, youtoo. That's Elton Wang from New
Wave on Jeff Barton, Your Voicein the Mortgage Industry, and we'll be

(43:19):
right back. You're listening to theMortgage Voice with Jeff Barton. We'll be
right back with more and just amoment. For questions or comments, send
emails to info at melaguponding dot net. Now back to the Mortgage Voice with
your host, Jeff Barton. Welcomeback everybody on Jeff Bartn, your Voice
in the Mortgage Industry. Thanks verymuch for tuning into the show, for

(43:42):
listening to us on a weekly basis. If you want to see the show,
you can go to YouTube Jeff Bartonthe Mortgage Voice, and that's on
YouTube, been there for a longlong time, hundreds of shows there.
You can only always just view whatit is this week, or you know,
see what we've been talking about forthe past two or three weeks.
A lot of the topics we bringup on the show we bring up again
and again and again. The reasonis is because either the problem hasn't been

(44:04):
solved or the product that we're tryingto introduce or talk to you about is
something that really is helping a lotof different borrowers. We have many different
lenders and people that come on theshow, account executives or different lenders,
as I said, and they bringto you the products available out there in
the marketplace. Maybe you can considerthem, maybe you can't. But if
you go to the Jeff Barton theMortgage Voice on YouTube, or go to

(44:25):
the Mortgage Voice dot com, eitherone of these places KCAA dot com as
well, they all have archive showsthat you can listen to and look at
get a bit of a trend interms of what's been happening over the last
month, two months, six weeks. Whatever it is, can help you
in order to gain a perspective onthe market. Okay, So in what

(44:45):
we've been talking about all day onthe Mark on the Mortgage Voice is how
rates are, what they are,where they come from, Why are they
so difficult to predict, where theFED is going to be able to help
and hurt? And also let's boilit down really simply. Okay, let's
look at a couple of house pricesand what different rates would be able to

(45:06):
afford them. The lower the rate, the less impact a rate of six
to five percent is going to be. Let me give you an example.
If you buy a house at twohundred and fifty thousand dollars at seven percent
interest, which is currently what we'vegot going on seven percentages two hundred and
fifty thousand dollars house, the paymentwill roughly be sixteen hundred and sixty three

(45:30):
dollars. If you buy that samehouse at two hundred and fifty three thousand
at five percent, it'll be thirteenhundred and forty two dollars. Now,
anybody who's looking at that can say, oh, it's about three hundred dollars
difference in payments from five percent toseven percent on a two hundred and fifty
thousand dollars house. Now it's significant, but doable for most people. Now,

(45:54):
let's just go to the top end. Let's go to a million dollar
house, which a lot of housesin southern California, certainly San Bernardino and
Riverside have their share, and alot of people want to buy those types
of houses. But the difference betweena seven percent and a five percent is
quite a bit different. If you'relooking at a seven percent mortgage at a

(46:15):
million dollars, it's gonna cost yousixty six fifty three a month. That's
six thousand, six hundred and fiftythree dollars a month. If you're looking
at a five percent interest, it'sgonna cost you five thousand, three hundred
and sixty eight dollars. That's atwelve hundred dollars difference. That's quite a
bit different than the two hundred andfifty thousand dollars example, where it was
three hundred dollars difference. This isabout twelve hundred dollars difference. And in

(46:38):
terms of rate seven to five percent, that's where we're talking about where we
need to see the rates. Weprobably won't for quite some time. But
just to give you an example ofhow rates affect your ability to purchase,
this is in a if you goto I think it was on MSN dot
com, you can look it upand see this particular article which talks about

(47:00):
how rates are affecting and how thedifference in the price that you pay for
the house really is affected by therate. The lower the house price not
so much. A couple hundred,three hundred dollars is quite a bit different
than twelve hundred dollars. And intwelve hundred dollars added on to you know,
the fifty three hundred dollars, weget you to that same house at
seven percent. And I think,you know, if you're out there right

(47:22):
now and you're trying to figure outa way but to squeeze you into a
home this, you know, inthis market, it's hard. One of
the things that I wanted to saythough, is we see a lot more
houses on the market. Let mejust get to that. Yes, six
hundred and four nine and twenty twohouses available for purchase right now, and

(47:46):
that is up three hundred and seventyfour houses from last week. Each week
I try to bring you that numberso you can see how the expansion in
houses available is really affecting the marketplace. And one of the reasons that we
don't see more people jumping into themarkets because of the rate. Obviously,
the rate and the price. Imean, we may see more houses on

(48:07):
the market, but we don't seeenough houses on the market in order to
lower the rate. The supply anddemand just isn't there yet, i e.
We need more houses. Obviously,lower rates higher competition for homes for
sale. Well, that usually wouldbe true, except in this particular market.
What we see is a lot ofpeople quit. I'm done, I
don't want to do it anymore.I'll just rent. And we have seen

(48:29):
rate prices come down in a lotof different areas. So that is a
solution for many people, or juststay where they are. I know that
in certain states we've seen an exodusof people, California being one of them,
but not enough to say, hey, look, we have so many
people leaving, we got to lowerthe house of prices in order to try
to keep them here. No,that's not happening yet. Okay, So

(48:50):
a couple of things in the newsto use section. I'll just run through
it here for you. The networth of households and nonprofits rose to one
hundred and sixty point eight trillion dollars. Let me repeat that, the net
worth of households that's you. You'relistening to the show you live in a
household and nonprofits rose to one hundredand sixty point eight trillion dollars. These

(49:15):
are numbers that did not exist.It's just mind boggling. Equity in these
homes rose to three point eight trilliondollars and in real estate zero point nine
trillion dollars. Okay, so youcan see that as a result of house
prices rising, stock market prices rising, that the amount of overall money that

(49:39):
is now worth in your home,meaning if you were in the stock market
and if you own a home,you're sitting pretty good even though inflation is
at three and a half percent.And I constantly say owning a home is
the best hedge against inflation. Whybecause normally what you will see is supply

(50:00):
and demand like we have today pushthe price of your house higher. How
can you tap into it? Wehad a couple of guests on the show
talk about it today. Whether it'sa second or whether it's a refinance,
or whether it's pulling money out fora business purpose loan, i e.
Buying another property. There's all kindsof ways that you can take advantage of
good inflation, house, stock market, yeah, wage what with your ability

(50:25):
to be able to do that toset yourself up for long term, set
your family up for generational wealth.It's a great way to do that.
But uh, okay, a coupleother things here, Okay, real estate
blah blah blah, mortgage that rightnow, mortgage that in the US.
We have about fifty one million mortgagesin the US. It says it's two

(50:45):
point three eight trillion dollars. It'sup two point one percent from last year.
That's a lot reason it's up.Obviously, the prices are up,
right, and that's how that's howwe get a rise in the amount of
money that's owed. But two pointthree eight trillion dollars is the amount of
money that's owed in mortgages, andthe household debt is up two point nine
percent. These are all interesting factsabout what's happening in the economy. As

(51:08):
we started off the show talking aboutthe long term last fifteen years, what
GDP was. We're talking about howequity in your home, equity in your
stock portfolio if indeed you have one, and certainly wages going up four percent
four point four percent year over year. All of these things are good inflation
and as you can see the GDP, the annoying thing is yes, Hi

(51:29):
by snacks and they keep going up. Gas keeps going up, and I
think that getting a handle on thatparticular aspect is the last mile here.
Bringing us from three and a halfpercent down to two percent inflation. I'm
Jeff Martin, your voice in themortgage industry. We'll see you next time.
You're listening to the Mortgage Boys withJeff Barton for more on today's topic,

(51:50):
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