KCAA: The Mortgage Voice with Jeff Barton (Sat, 22 Jun, 2024)

KCAA: The Mortgage Voice with Jeff Barton on Sat, 22 Jun, 2024

Episode Transcript

(00:00):
You're a working family Jeamsters nineteen thirtytwo dot org. You're listening to an
encore presentation of this program KCAA,the Inland Talk Express. Welcome to the
Mortgage Voice with Jeff Barton, yourVoice in the Mortgage Industry. Each week
on this program, Jeff and hisguests share their expertise, personal antidotes,

(00:24):
and the latest industry news to keepyou in the loop. Now to provide
you with insights and help you navigatethe consistently changing world of real estate lending.
Here is your host for the MortgageVoice, Jeff Barton. Welcome back
everybody on Jeff Barton, your Voicein the Mortgage Industry. Thanks very much
for tuning into the show listening tous. We bring to you the information

(00:47):
of the day, and today ischuck full of it. At least this
week has been. We have theFED meeting as well as the CPI data
that has come in. But beforewe get to any of that, Jeff
Barton, The Mortgage Voice is onYouTube. YouTube is our home away from
KCAA, our radio station that webroadcast in the Inland Empire CASEAA. We've
been on that station, I don'tknow eight nine years. We love what

(01:11):
they do. They bring us toyou with the ie San Bernandino and Riverside
counties, and as you all know, out there in those particular areas,
getting mortgage information that you can relyon is difficult. You either got to
know an uncle, you got toknow a friend, you gotta know somebody
who is recommended to you. Buthere it's unbiased. I'm just gonna give
you what I think. And I'vebeen in the business thirty years plus,

(01:34):
so it's not gospel, but itis close to what I think today is
about, which is trying to giveyou accurate information that you can use and
act upon, and that is initself good enough for most people. Take
what it is, go out andfind yourself a terrific mortgage broker or a
real estate agent or both, andthen go house hunting. There is some

(01:56):
good news in the house hunting worldanyway. Again, I'm partner. This
is the mortgage voice in the househunting world. Yes, we do have
an inventory that is up. It'sbeen up about the last five months in
a row, after being you know, being less and less each month for
the previous I don't know, seventeenmonths. Now we got a long way
to go to catch up to wherewe were in twenty nineteen pre pandemic.

(02:20):
The reason is is just because thatpandemic. I'm telling you, it's set
the real estate, the rhythm market, as well as the purchase market on
its head. We had such lowrates that everybody bought. Nobody wants to
move now because he'd be crazy.They call that the lock in rate and
the lock in problem. We usedto get a lot of different buyers and

(02:43):
sellers in the marketplace. We justwant to move. They wanted a bigger
house, or they wanted a smallerhouse, or they wanted to move just
because it was time to move,or they got old and they wanted to
downsize, or they wanted to upsizebecause they got more kids. There's many
reasons why in the market. Yeah, we had a lot more movement,
a lot more housing on the market, and therefore prices weren't as high as

(03:07):
they are. But as rentals becamewhat they became in distant cities, when
people could work from home or hadto work from home, we saw a
trend develop which was inflationary spiraling ofreal estate costs, and those costs are
today continually reflected not because of thepandemic or people moving away from the inner

(03:29):
city because most people moved back,but because less houses were built. Now
we try in the industry to highlightthat to people, to let them know
that, hey, you know what, there is probably a million less houses
per year being built than should bebeing built. We probably have a demand
of you know, a good fewmillion, if not ten million, deep

(03:52):
i e. People supply demand beingwhat it is, if you want something,
you want to pay for it.You'll pay more than what it's actually
worth in order to get it.That is the way it works. Well.
Right now, we have a situationwhereby housing prices are so high,
we're getting more houses staying on themarket for longer. We're even getting a
small percentage twenty five thirty percent ofhouses on the market actually in price reductions.

(04:17):
But it's a deceiving term price reduction. What does that mean? You
overpriced it by thirty percent and youdrop the price by fifteen so that means
it's still overpriced by fifteen percent.That's what's happening in a lot of areas.
But again, as I said,this is what's happening both here in
southern California and nationally, so thisis a problem that exists all over the

(04:40):
place. Okay, let's get rightto it. As I said, I'm
Jeff Bardon, Mortgage Voice. Herewe go. Thirty year fix rate six
point nine eight percent, fifteen yearsat six point four zero, FAHA is
at six point four to two,the jumbo is at seven point twenty five,
and the VA loan is at sixpoint four to five, the two
years at four point seven four toeight, and the t years at four

(05:00):
point three zero eight. Yes,if you are listening to me week after
week, you'll realize and recognize rateswent down, and yes, that meant
that there is more activity in themortgage market. Mortgage applications ticked up quite
a bit this week, just becausethe rates dipped a little. As you
see also that the treasuries, thetwo and the ten, there's still about
a thirty five basis point spread betweenthe two to the negative side, meaning

(05:26):
the two is yielding more than theten. However, those particular two bullet
points or whatever you want to callthe information, they don't mean much as
they used to. It used tomean that if you had the two year,
which was priced more or yielding morethan the ten year, we were
in recessions harm way. Well,we're not there anymore, because we're over

(05:49):
two years into this. I waslistening to Bloomberg Radio on the way to
the show, and I love that. By the way, it's a great
radio station. It's un serious.I don't know if they have a local
feed. It's not like KCAA whereyou can turn on your radio driving around
on Saturday and Sunday and listen tous. But Sirius has a great Bloomberg

(06:10):
feed, and Bloomberg's on your computer, so if you do listen to it,
you'll understand what I'm talking about.They were talking all about this as
well, in how the two andthe ten mean nothing anymore. It's as
if that particular pour tend of thefuture just never existed. Now we'll have
to see, but there's no recessionon the horizon. If anyone heard or

(06:31):
listened to Jerome Pile talk about what'shappening with the Fed, and again,
the Fed has remained again, Ididn't even tell you the Fed has remained
the way they are. They aregoing to keep higher for longer. Five
point twenty five to five point seventyfive four member banks to borrow from them,
that's a benchmark interest rate that obviouslyis going to show up in your

(06:54):
credit card payments, your house notyour house payments, but your car payments,
credit card payments, and certainly anykind of auto loans. All that
kind of stuff is going to bereflected by what the FED has as their
interest rate now as mortgage rates.Last week we tried to ferret out for
you and let you listen to anexplanation of why mortgage interest rates are what

(07:16):
they are and why they watch soclosely what the FED does, And I
said, it was all about competitionbetween what was being bought on the debt
market, whether it's mortgage backed securitiesor whether it's the treasuries. Those two
have to compete. They have tocompete on price, they have to compete
on yield, and when that ineffect is controlled by an arbitrary FED number

(07:39):
of five point two five to fivepoint seven five percent, you are not
going to see a lowering of theinterest rate on the mortgages that much,
although they did come down some soas we said, we're below seven percent
again for the thirty year fix,and that is good or good enough for
a lot of people now. Historicallyseven percent is pretty good interest rate.
As I've said many times on theshow, eight point seventy five was my

(08:01):
first loan I got back in ninetyI don't know, ninety something, and
that was I was very hard happyto get it at the time. Now,
granted, there was much more inventoryand the price on houses wasn't as
high as it is today. Theprice on houses is really amazing. But
let's get right to a little bitof the CPI. That's the consumer Price
Index, which happened to come upat the same time that the FED was

(08:24):
meeting, and the Fed said thatthey were going to remain higher for longer.
CPI inflation didn't go up as muchas people thought it would. It
basically was flat. In May itwas three point three percent, and in
I mean in April it was threepoint three percent. In May it was
three point three percent. Also,therefore, the market's stock market usually that's

(08:46):
what we talk about, was happy, and it went up, and it
went down and went sideways. Butwhat it didn't do is panic and have
an explosion like it did last month. Because we saw a little bit of
a raise in the interest rates,in the inflation rate in March and in
April, stock market didn't like it. But right now we're seeing a long

(09:07):
term trend of slowing ever so slowlythe inflation rate. Now, I have
a few products here that I wantedto just describe to you. Some prices
going up, some prices going down. In the up section, shelter shelter
was the biggest what they call theunsheltered in the shelter index, whether it's
rental or purchase. Both of theseparticular items are about fifty to sixty percent

(09:33):
of what the inflation rate is.So as these prices continue to go up,
that's a problem. We need tosee housing prices come down, as
I explained earlier, unless we're buildingmore. It's a supply and demand issue,
and yes it's not an easy thingto solve immediately. A couple other
things auto insurances up, Restaurants areup. Transportation and grosses also up.

(09:54):
On the downside, gas is comingdown, use cars, rental car airfares,
hotels and new cars as well arealso coming down in price. So
there is some good news in thisinflation report. We need to see more
of it so we get the Fedto cut so we'll see tangently mortgage interest
rates come down too. We havea jam pack show on Jeff Bartn,

(10:16):
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 Melibu Fundings
dot net. Now back to theMortgage Boys with your host, Jeff Barton.
Welcome back, everybody. I'm JeffBarton, your Voice in the Mortgage

(10:39):
Industry. Thanks very much for tuninginto the show listening to us on a
weekly basis. We try to bringyou the best information that you can use
on a daily We always do thatby keeping you in mind. You want
to know where the houses are,where the cheapness is, when interest rates
are coming down, as my jobgonna last forever, when's inflation, you're
gonna stop. Yeah, there's alot of stuff that we touch on this
show. Answers not so much,but we certainly bring up good quality discussion

(11:05):
in all of these areas. Joiningus once again is Connie Hernandez from pm
A to answer all of those questionsbecause I know she has the answer.
Connie, how are you? Ohmy gosh, thank you for that.
Amazing interduction. After hope, Ihave all those answers, Well, you
know what, how about let's justwork a couple of them. I know
that you know, we're in earlypart of the summer or late spring,

(11:28):
and we always think that that timeof year really sets the tone for the
rest of the year because you know, supply and demand and housing prices and
all that. People are either movingor they're not moving. They're buying or
they're not buying. Where does itstand out in Covina and the Inland Empire.
Well, you know, unfortunately,I'm sure that real estate agents are

(11:50):
seeing this everywhere. We still don'thave enoughventory, right, yeah, right,
we're still struggling to put our clientsinto home. But on a good
side, we do have We arebusy on our real estate division for real
estate and then obviously helps us withthe loanside. Sure. You know,

(12:13):
I'm kind of been around for alittle bit, probably close to as long
as you have. And you didn'tmention a number though, all right,
it's okay, well a little bit, right, yeah, a little bit.
Yeah. Well, with that beingsaid, you know, we're we're
looking at new opportunities. Obviously,we built our business on old technology and

(12:33):
handshakes and meetings and seminars, andI think now with the new systems in
place, social media, we haveto really strongly look at those avenues.
I think door knocking is still okay, but it's just not the whole answer
anymore. We really have to bea bit more innovative on how we run

(12:54):
our businesses. Obviously, we wouldlove to have our business like it was,
what's four or five years ago,but that's not the case. The
interest rates haven't budged, so thatmeans we have to make some changes on
our side right right now. Ithink what you're saying makes a lot of
sense, especially in our business,especially with the lawsuit that you know,
NAR stumbled into, and now allof a sudden, a lot of buyers

(13:16):
agents are finding themselves in a completelynew field in terms of how they represent
clients or if they can even getpaid if they represent clients. So there's
a lot of changes there too.There is, and I think that it's
a very devastating situation. I mean, obviously those agreements have always been there,

(13:37):
it's just they haven't really been used. And because it's always been a
customary thing that you're a teenagent youknow that you're going to be marketing to
buyers agents and with that sharing thecompensation. But that that's still in some
situations I think will continue. Idon't know for how long, but it

(14:00):
does put a sense of a nease, and I think for the agents that
are mainly representing buyers. But reallythat's going to put the buyers in a
very difficult situation because, as youknow, our job is a fuduciary agent.
We have to represent these sellers ifthat's who we're in contract with,

(14:22):
and we have to also disclose ifwe're listing a property that our fiduciary relationship
first and foremost is to the seller. So where does that leave the buyer
as far as representations. That's kindof a scary thought that I think maybe
was not thought through. I think, like many things, if you just

(14:46):
put your head down and get apillow and put it around your ears and
don't look around, all of asudden, the problem goes away. I
think for the most part, theissue here is simply that the buyer have
never paid. I mean they have, I guess if you consider that they're
paying for the property and the cell, it takes a part. But this

(15:07):
has left a big hole in representationfor the one person in the transaction who
really needs it, which is thebuyer, because the buyers don't have extra
money to pay you. That's whatthat's never going to happen. I just
yeah, absolutely right. You thinkabout all of the first time home buyers
that are struggling to you know,capture that American dream, right yep,

(15:31):
the home ownership dream. And they'reputting there, you know, for better
lacks of words, they're savings togetherand maybe receive some help from mom,
dad, grandma's family members, andyou know, putting that down payment together,
putting those closing costs together. Imean, the DPAs have their challenges,
I believe. I mean, they'rethey're not for everyone, right.

(15:54):
The thing is, if they're strugglingto put those funds together, how now
are they going to pay to havesomeone properly represent them. I just don't
see that happening. Oh, you'regonna get low ball offers. You're not
gonna get paid what you're worth.There's gonna be a two tier system in
how real estate agents are viewed.Oh, you're a buyer's agent, so

(16:17):
you'll work for anything. I mean, that's the mentality. I'm a seller's
agent. I'm gonna get three threeand a half percent every time I sell
a house because the sellers, thelisting agents themselves, have an expertise and
they do that's what they do nowlike us. We do both, so
we're kind of like, Okay,part of my business is not gonna do
well because I never use the contractand I always got paid. And the

(16:38):
reason I always got paid is themain pitch is I don't pay you.
You don't pay me, the sellerpays me, and therefore you don't need
a contract. That's a simple fivesecond don't worry about it. I'm gonna
work for you. I'm gonna kickbutt and at the end of the day,
it's gonna question nothing. That's agreat sales pitch. I mean,
now I have to go completely theopposite, saying, well, here's my

(17:02):
list of qualifications and why you shouldbe paying me three three and a half
percent. I mean, come on, that's and nobody addresses it. It's
like it doesn't even exist when youtalk about it. It's kind of like
being brushed under a rug. AndI really don't you know. Unfortunately,
I haven't come across the situation wherethe thestines haven't had compensation for as the

(17:25):
selling agent yet, right, butthat may be coming maybe not, But
regardless, the rule is there,right, since we have to address you
have to do it now. It'snot a choice. It was an agreement
not made by me. I don'thave a union. This was made by
an organization that was trying to bailthemselves out of getting sued and getting sued

(17:47):
to the tune of one point fourbillion dollars. I think they already have
to pay. Oh, come on, you know that they were selling somebody
out and it happened to be thebuyer's agents. That's what happened. Because
the seller's agents and the seller's agentcompanies that represent most sellers, that was
the best way that they could figureout how to deal with this, you
know. So in my opinion,it'll it'll work out one day, but

(18:12):
not today, that's for sure.Maybe not in time, but maybe our
next generation hopefully, Yeah, maybe. And I think there'll be some added
services that the buyer's agent should beable and allowed to do, which won't
necessarily have to, you know,cut into the bottom line of the seller,
but at the same time make somemoney. I mean menu of services,

(18:36):
value added services, something like that. Anyway, we have about two
minutes left. I wanted to getto a couple of loan products that maybe
you're you know, happy to talkabout in terms of what your business is
geared towards. Well, right now, we're actually doing a lot of DSCR
loan and not just for purchases,although that actually has picked up quite a

(18:57):
bit, but more for the sides. We've actually had an inflow of business
for the d d SCR loans andthose seem to work out really well.
They're they're a bit easier to tackle. Clients know that they're paying a bit
higher interest rate for them, butyou know the fact that they don't have
to provide a ton of documentation isthe big, you know, the big

(19:22):
reason why they go forward with it. Plus you know, some cases they
are doing cash out reinvesting that moneyout there other properties or other investment opportunities.
So I think right now our bigfocus is on the DSCR loans,
although obviously we still handle all theother products. We have a trickle of
business coming in for buyers that arestill doing the SAHA, the conventional minimum

(19:47):
payment loans, but there seems tobe a big push now in our office
for doing more commercial type loans.Yeah, you know what that's because it's
it's treadless. It's you know,like you say, less documentary. It's
more about bottom line. What's thedown payment? You know, let's let's
get into what the rents are goingto be so we can figure out exactly

(20:07):
where the gap is and then fillthat with whatever other information they might need.
It's just a simpler, easier wayand less liability, that's what I
see. You're correct, we maysay that right. Hey, Connie,
we're at the end of it.Thanks for coming on. Could you shout
out a way by people can getin touch with you, especially if they
need someone with not only knowledge andexperience, but who really does care about

(20:29):
whether you're going to get in thehouse this year? Oh? I absolutely
do. Thank you, Jef welcome. You can reach me where. Our
office is on the corner of aJello and Citrus in downtown Copinut one oh
one North Stitris. Our office numbersix two six eight two four one nine.
My direct number is six two sixfour two two to zero one seven.

(20:51):
I would love to answer your questionsand help you with your loan needs
or real estate needs. Excellent.Connie, thank you very much for coming
on the show. I really appreciateit. Thank you, Jeth You're welcome.
That's Connie Hernandez from PMA. I'mJeff Bartner, 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 withmore than just a moment. For questions

(21:14):
or comments, send emails to infoat melagu Fundings dot net. Now back
to the Mortgage Voice with your host, Jeff Barton. Welcome back, everybody.
I'm Jeff Partner, Voice in themortgage Industry. Thanks very much for
tuning into the show, listening tous as we bring to you the best
information out there in the Inland Empireconcerning mortgages in real estate and ways by
which you can get into a housethis summer. I know the prices are

(21:38):
high, I really do. Iknow that the mortgage interest rates aren't coming
down. Well, they came downa little bit last couple of days,
so that's a good thing. Fedmate, and inflation came down the CPI,
so there is some good news outthere. Certainly, we're trying to
get through a very very hot summer. Joining us once again from Nations Direct

(22:00):
is one of our best go topeople really knows the industry well is April
Lopez, April, how are you? I'm great, Jeff Barton, how
are you today? Thank you?Nobody ever uses my last name but you,
and I appreciate that. I'm greattoo, Thank you. Wonderful,
wonderful. Okay, give us theskinny on what's happening at Nations, where
the business is, if there's business, and what you foresee over the next

(22:23):
couple of months in the summer.Absolutely, you know, it's kind of
interesting. We are seeing a biguptick in submitted business despite the raps you
know, have been kind of goingup and down. We saw a little
bit of a drop the past coupleof days, and then interesting enough today

(22:45):
the Fed spoke that they were makingno changes and then we got a worsening
of price about an hour ago.But I'm telling you there's a lot of
people who finally just accepted the factthat the race where they're going to be
because we definitely have an influx ofbusiness that is keeping us busy. Oh

(23:06):
that's excellent news. And is thata national trendor is that more Southern California.
I think it's actually outside of SouthernCalifornia. I think it is.
I think it's definitely national. Isee a lot of the submissions coming from
the northeast and the northwest, Okay, and in those geographical areas, I
think that those homes are more affordable. We're seeing a lot of government purchases

(23:32):
along with a lot of just firsttime home buyers that are taking advantage of
some kind of you know, justbenefits on the government's low level price adjustments
for first time home buyers whose averagemedian income is within one hundred and twenty
percent of those dictated values, Okay, explain that a little bit so people

(23:56):
have a better understanding. Absolutely.So the government came out and they said,
based on the county, the censustrack across the nation, they have
put together a grid that says theaverage median income for that census track hypothetically
one hundred thousand dollars. Okay,if you are a first time home buyer

(24:18):
and you are within one hundred andtwenty percent of that one hundred thousand dollars
of income, So if you makeone hundred and twenty thousand dollars or less.
Then we want to make the loanmore affordable. So we're going to
reduce the adjustment to the rate forthat new first time home buyer on those

(24:38):
parameters, which means at a lowdown payment, instead of you having an
adjustment of two and a quarter,your max adjustment will be one one and
a half percent, which means yourcost to take out that loan is going
to be less. Yeah, it'sabout fifteen hundred to two thousand dollars in
that range on one hundred thousand dollarsproperty or something like that. Anyway,

(25:00):
that's that's very good. And isthis the type of product that's being taken
advantage of in this national view?I absolutely think so. I think that
the big the big players like Quickenand UWM and US you know, middle
sized lenders, we are definitely takingadvantage of that. And Fanny and Freddie
are also and predominantly Fanny or they'regiving first time home buyer grants to the

(25:26):
banks like the Quickens and the Nation'sDirects. So we're going to roll it
out within the next sixty days whereif you're a first time home buyer and
you are getting a conventional Fanny loanthat you're going to get the ability to
have a two thousand dollars credit towardsyour closing costs, and that's already been
implemented across the nation with the largerbanks who already have that in place.

(25:48):
With Fanny and Freddy, do theyconsider real estate agent commission closing costs?
You know, that's still on thetable. So we are thinking it's not
because it's part of the real estatetransaction. But since that's going to be
rolling out sooner than later, wewere going to we're gonna get more definition
on that, but we don't thinkso. We think that's going to be

(26:10):
separate aside, and I and Ido know that a lot of people have
been asking, well if will thelender be looking to roll in the cost
into the loan? So talk comesalso the real estate commission is what you're
saying, right, absolutely yes,So if if Fanning, Freddy and the

(26:33):
government agency deemed that is the costof doing the loan, that I'm sure
you're going to find that those programsare going to start rolling out, well
we will be able to finance thatinto the loan. Yeah, that's because
is the only way really buyer's agencyis going to get paid. I spent
a little bit of time off airand during the last segment talking about it
and how really it's flipped the industryand a lot of people just don't know
what to do. NAR has notreally been a help and car follows in

(26:57):
AR, so you're really on yourown if if you're a buyer's agent and
you really have no idea what todo in total to get paid. That
was one of the suggestions. Butagain it's got to be litigated. It's
got to be you know, youknow how things take so far and so
long to get completed. Anyway,That's why I was just trying to ask
you to see if that was partof the banks policy. What else?

(27:18):
What's what's happening in terms of refinance. Refinance is dead, right, I
mean, nobody's doing that, sowhat's there? So, yes, no
one's refinancing their first trusteed. However, we see a ton of second mortgages
right now. So I'm doing alot of second trusteeds in southern California,
full second trustees, not he locksor anything like that. Correct, full

(27:41):
second trustee, fully amortized over upto thirty years, and they're closed in
so they're not he locked. AndI'm seeing those more in southern California because
of the loan amounts, because wehave a minimum loan amount requirement. What
one hundred and fifty one hundred thousand, How much is it? Well,
actually it's seventy five thousands. Butyou're not going to get paid eight at
seventy five thousand, So it's reallydifficult for the brokers to even you know,

(28:04):
commission under one hundred and fifty thousand. Okay, I understand that you
mentioned Rocket and you mentioned UWM,the big players. How are they lasting
in this thing? They must begetting killed. Well, you know,
it's interesting. I think that theyas far as refis, yes, but

(28:25):
you know, they have so manydifferent incentives to offer the new home buyers.
Okay, that when you when Iwas reviewing Scottsman's Guide and I was
looking at the top loan officers intwenty twenty three, along with the current
ones, eighty percent of California's business. It's actually eighty eight percent of what
we see is going to the quickensin the Rocket just because of innovation speed.

(28:51):
They take on a lot of thecosts, you know, or in
verifications of employment condo questionnaires, thingsthat are a lot of costs to the
borrower. And as you can seenow that CFP has come in and said,
hey, we want to investigate nowon how we can lower fees for
the consumer. So they're looking tocrack down on that. But because these

(29:14):
bigger entities have the ability to absorbthose costs, they also have an inside
more excuse me, inside insurance companyor m I, so their MI is
lower, so that attracts more buyers, because their mortgage insurance can be anywhere
from thirty dollars to one hundred dollarsless than maybe sending that loan to myself,

(29:36):
where we use the top players inmortgage insurance like MGIC in essence,
but our rate is just a tadbit higher. Yeah, you know what,
I just don't see how a companylike that, these are just the
biggest countries companies in the country,how they can stay afloat or how they
can you know, last through adownturn time they must be losing per loan
have to be. I mean allthe smaller companies, you know, nobody's

(30:00):
treading water to wait for the nextREFI boom. Yeah, I mean,
they definitely took a hit because Iknow that you know, they've you know,
and they're trying to pick up onthe non qualified mortgage sex right Okay,
of loans, So they are tryingto do that, but they have
scaled back, but they still are. They still are taking the larger piece
of the pie nationwide. Right,Okay, we have about a minute left.

(30:25):
Give me your ideas. So whatwe can expect this summer both in
rate and product from nations? Well, I think that our race right now
our top on loan sister, Soyou're going to see nations being very aggressive
and priced nation. Why the rathsare going to stay stable. I don't
see an increase or a decrease ofanything significant until after the election into the

(30:45):
first quarter of next year. Yep. So and you know, we're just
continually being aggressive, giving those loansclosed and getting to the finish line as
fast as we can. Excellent,Thank you, April. Thanks once again.
I love having you on the show. It's easy. Plus the knowledge
is great. I really appreciate that. Would you allow, not allow,
but to shout out what your phonenumber is so people can get ahold of

(31:06):
you if they need you. Absolutely, April Lopez eight one eight three,
nine, eight, one, two, seven to two excellent. And that's
April Lopez from Nations Direct. April, thanks very much for coming on the
show. Thanks for having me.Jeff. All right, bye bye,
I'm Jeff Bartin, your Voice inthe Mortgage Industry. Be right back.
You're listening to the Mortgage Voice withJeff Barton. We'll be right back with

(31:29):
more and just a moment for questionsor comments, send emails to info at
Melibu funding dot net. Now backto the Mortgage Boys with your host,
Jeff Barton. Welcome back, everybody. I'm Jeff Barton, your Voice in
the Mortgage Industry. Thanks very muchfor tuning into the show, for listening
to us. If you listen eachand every week, you'll realize that very

(31:49):
quickly. Not only do we bringup topics that are important to decide whether
you're going to buy and sell realestate, but it's also at the heart
of what is happening in our industry. There's so many changes it just in
the real estate side. We talkedabout the commissions and who's getting paid and
why there's no support for certain typesof transactions. On the lending side,

(32:12):
of course, are people getting usedto the seven percent plus or are they
into just getting into the property forwhatever it is that they can do and
then worry about the rate later.I think there's a lot to be said
for both, but I don't I'mnot the guy with the answers. Come
on. The guy with the answersis Charles Gisco, and he comes on
the show a lot. He talksabout what's happening in the lending world and
he joins us again once again tohelp us sort through it. Charles,

(32:36):
how are you. I'm doing great, Jeff, thanks for having me today,
my friend excellent. The Boston Celticsof the lending world has joined us,
and we really do you like that? Throw that in there a little
bit. I love how you tossedthat and the boy take the Boston got
it? Really that up? Folks? You know what, and I know

(32:57):
my audience here in southern California say, but it didn't of his side counties.
I know you're all Lakers friends,and I'm sorry, but they're just
I don't know what they're doing withtheir coach. I don't know what they're
doing with their players. But theystill got a team that you watched,
because that's how it works. Butspeaking of building team building or building building.
Uh, what kind of loans you'redoing? Uh? Are you still
into the any kind of ds cR? Is it mostly commercial? Uh?

(33:21):
You're putting deals together all the time. Give us a synopsis of what's
happening in your lending world. Well, Jeff, we have the fortunate I
have. I have been fortunate toworking with Malable funding and the United pretty
financial and different companies to be ableto do a different and a plethora loans
besides traditional lending. The officer obviouslycan offer offer commercials. The traditional lending

(33:45):
has been slow, but but it'sbeen steady. Uh. And interest rates
have been high until today, rightwhen they and the data reports hit the
information shows down and guess what themortgage rates are. And so now you
know you have some loans that areunder seven percent, which is probably going
to create a buzz in the market. The one thing that we have steadily

(34:08):
done on our side is to makesure we find loan products that will be
able to help individuals regardless of ourrates or up rates are down. We're
looking for non QM loans that takethe place of traditional lending, that have
a little bit higher interest rate,but there's value added services to the back
of these loans, meaning arms ormeaning longer armortization terms forty years now unlessen

(34:31):
the monthly payment, and that willkeep people steady and keep them focused and
excited about the industry at this point. And so that's the type of loans
that we've been doing. But ofcourse we do do traditional loans as well
as commercial loans, no dock loans, bank statement loans, all these types
of loans are out there in thelending world for individuals who want to take

(34:54):
advantage of the market. Still,you know, you talked about being a
little bit of not a fixer,but somebody who could make things happen.
IU have solutions for a lot ofdifficult customers and a lot of difficult loans.
However, some people do think thatthat uh, as you said earlier,
that there are miracle workers out therethat they can just poof all of

(35:15):
a sudden, you got the money, make the deal, and you can't
either prove credit or you can't approve, you know, any way that you
can pay the loan back. Whatare some of the ways that you can
help a buyer understand that there areresponsibilities that you can take care of,
but there's certainly many that the buyerhas to do themselves. Well. I

(35:36):
was joking earlier, but I reallymean this, folks. Under the tut
tutelage of master Yoda Jeff Mala,I learned very many skill sets. The
one good thing about Malavus Funding andJeff in particular was Jeff kind of had
us all be Swiss army knifs.When I say that is you're going to
have to deal with different individuals,different problems, different hurdles that they're going

(36:00):
to have to cross at all times. And having a lender or a loan
officer or an originator in your cornerthat has dealt with all these different things
is super helpful. The one thingthat we had the ability to have Maliable
Funding and at United Security Financial isspeak directly to underwaters. A lot of
times, what we would create wasan environment that allowed us to take the

(36:23):
situation or issue that other people mayhave had or they think they're going to
run into, introduce those upfront.We can cross those hurdles and know that
the hardest part of the transaction wewere able to bridge across. So now
everything else should be business as usualand get that situation done, blessed to

(36:43):
have those relationships, blessed to workwith different lenders that offered us that opportunity.
And so a lot of times whatI tell our clients is because of
our relationships, because of our history, our resume, our experience that we
have, we're able to talk toindividuals, talk to different underwriters or processors,

(37:04):
and get some answers to some questionsahead of time, so that we
know that we have a loan thatwe could work on. It doesn't mean
that would take any less time.It just means that when we cross that
bridge or hurdle, we knew thatwe have an answer for it. I
think sometimes preparation is best upfront sothat later on in the loan, when
we're crossing hurdles and bridges, wecan get past them. Yeah, and

(37:25):
what you're talking about is, hey, if there's maybe a problem with how
we present this loan, we gotto have an answer. Now. It
doesn't mean that there is something wrongwith the loan. It just means that
as you present the information to thelender that those issues that might come up.
Maybe they need another years of bankstatements, maybe they need some other
proof of income, maybe they needyou to pay off some debt in order

(37:49):
to get your credit score up.All of these things are things you talk
about up front. That's what you'retalking about, absolutely, Jeff. I
always tell the clients because I createa relationship and I want to create a
report or they can speak directly tome and transparently to me as I can
to them. Don't tell me whatyou think I want to hear. Tell
me all the stuff I need tohear, because I'm licensed to paint the

(38:10):
picture and story. So please giveme the information and I'll make sure that
I create the workaround and so thatthe different professionals that I'm dealing with will
understand exactly what the issues are sowe can tackle them. That way,
we don't get bombarded at the end, towards the end of the loan,
when everybody's super anxious and the pressure'son, and all of a sudden,

(38:30):
now the deal blows up. Butno, we brought the bomb dog out
ahead and the robot took it apart, and now we're good, so we
can pass through. No, thatall that's true. And what I was
thinking about prior to saying that wasthe lenders that we talked to are the
people that we've known also, andplacing your loan in a certain lender's hands

(38:52):
on the brokerage side is a wayby which problem solving gets easier, just
because not that one lender is easierthan another, but if you've got a
certain type of loan that a bankor a lender really identical does, really
well, that's who you want togo to. If you want speed,
you go to a certain type oflender as well, if you go to

(39:14):
the rockets, to the uwims,But you have to have a loan submitted
in a certain way because you knowexactly what they need in order to get
the speed you need. So that'sreally kind of important that you, as
the loan officer have that information forthe borrower as well. That's the important
aspect of being a loan officer andan originator, right. Membership has its

(39:35):
privileges. Right certain banks that wedeliver so many loans to and have been
for years Jeff and the team formany of years, is that we understand
we're responsible, we're accountable, andwe're trustworthy and at the end of the
day, they know when we bringU fuck to the table, we're going
to know the ins and out tothat file so we can all surgically pinpoint

(39:55):
where the problem is going to beand we can resolve it. Because understand
something in this industry, problems happenall the time. It's how quickly and
effectively we resolve them as a loanoriginators that get these deals done and across
the finish line. Yeah, Iknow, all that is so true.
I mean I see people who arestruggling and I go, what's the problem.

(40:15):
Well, you know, we weresupposed to close by X date and
looks like we might not be ableto are so oh okay, I understand,
but you hear that, especially ina market like this, where there's
so many people competing for houses,you have to have an ability to be
able to not only move and solveproblems, but to be able to identify
those things upfront and to be ableto compete with other you know, loans

(40:36):
that are out there competing for thatone piece of property that you want to
buy. Jeff is absolutely correct.I love to talk about it. Basketball
has me a number of wonderful differentthings and taking me many places around this
country and around this world. Butthe one thing that has done best for
me, it has taught me howto problem solve on the fly and I'm

(40:57):
grateful for it. And it allcomes in hand. Beople were working lows
out with our clients. Excellent,Charles, we are at the end of
it. Thank you very much onceagain for coming on the show. Love
having you on. And we'll haveto have a party once the Celtics wrap
this thing up in a couple ofgames. Oh. I told everyone Jeff,
we'll find a way to add theCeltics situation at all times, and

(41:17):
I love them and he is rightand pleasure to have me. Thanks for
having me on, Jeff. It'salways a pressure, no problem. Shout
out your phone number for people ifyou would, I sure will. You
can reach me at seven two fivefive seven seven eight seven six one at
seven two five five seven seven eightseven six one or C. Giscombe at
USF Wholesale dot net. That isce Giscomb at Uncle Sam Frank dot net.

(41:44):
Excellent. Thanks very much, Charles, thanks for coming on the show.
Thanks for having me. Jeff,That's Charles Giscomb from a USF United
Security Financial. I'm Jeff Barton,your voice in the mortgage industry. We'll
be right back. You're listening tothe Mortgage Boys with Jeff Barton. We'll
be right back with more and justa moment. For questions or comments,
send emails to info at Melobofundings dotnet. Now back to the Mortgage Boys

(42:07):
with your host Jeff Barton. Welcomeback everybody. I'm Jeff Barton, your
voice in the mortgage industry. Thanksvery much for tuning in listening to the
show as we come to each andevery week. CASEYAA is the radio station
that brings us to you. Wealso are on a number of different podcasts,
and those podcasts there, do youhave a list to those? I
assure you Jeff It's Apple Podcast,Google Podcasts, Spotify, Speaker, Stitcher,

(42:30):
iHeartMedia, Odyssey, YouTube, podclipsdot ioa of course, the Mortgage
Voice dot com excellent. Morgvoice dotcom, by the way, is our
website. If you go there youcan see and hear a lot of the
guests to come on the show andaway by which you can contact them directly.
Podclips dot io. I pet themevery week, why because they are
great and you can go there foryour central podcasting needs. There's all kinds

(42:52):
of different areas within the podcast group. I'm one of them, of course,
Jeff Barton The Mortgage Voice, Andthere's let's see, there's lifestyle,
there's sports, there's ADR, there'swhat are some of the other programs on
there, Darryl? I think GetSports that they have finance and yeah,
you mentioned lifestyle and arbitration. TheADR is, oh yeah, the arbitration.

(43:13):
You know what, in our businesssometimes it comes down to being able
to find somebody to bridge a gapbetween your side and the other side,
other than hiring lawyers and suing eachother. Well, these guys at ADR
do that and they are on potclip side. How great place to go
of course health health, Oh absolutely. Anyway, I'm Jeff Barton. This
is the Mortgage Voice, and thankyou for listening. We have a long

(43:36):
list of great people to come onthe show. We really do, and
we've been doing it for a numberof years. The expert in the reverse
mortgage side of the business is onlyone person is Nina Penny and she joins
us once again. Uh, Nina, how are you. I'm doing great,
Jeff, thanks for having me.Thank you very much for coming on
the show. Okay, reverse mortgages, there's age limitations, there's amount of

(43:58):
money that you can take out ofthe property, give us some of the
just general benefits that somebody's going toget if they get a reverse mortgage,
and try to dispel some of thosehorrible things that they used to say about
them that aren't true anymore. Ohthat's a lot right there, right,
I know. So basically, thereverse mortgage as that we have today is

(44:21):
really not the reverse mortgage of ourparents. It is not that loan anymore.
Since Ronald Reagan, President Reagan wasin office, he really made these
reverse mortgage was a lot more seniorfriendly. Basically, today, a reverse
mortgage is simply an fah loan.You're not obligated to make payments on ken

(44:42):
if you want, We're not obligatedto do so. Right now, what
we're seeing in the market, alot of people are liking a reverse mortgage
because even though the interest rates arehigher, if they take out a reverse
mortgage and they don't need the fundstoday, reverse mortgage has while adjustable rates,
have line of credit, and thatline of credit increases the amount of

(45:07):
money they can tap into. Soif the interest rate right now is seven
percent, that growth rate is goingto be about seven percent as well.
So okay, so inter reverse mortgageitself. There are a couple of ways
that you can tap into the equitythat's in your house. Now. A
lot of seniors own their own houseoutright, which is a good thing,
which means that they have at leastfifty percent of the value of their home

(45:30):
might be available to tap into atwhatever way you said. You said it.
One way it can be a kindof like a heelock, and the
other way it's lump sum. Explainthe difference. Well, okay, So
on the adjustable rate, how youtake your money is totally up to you.
If it's free and clear. Youcan take the money a summ are

(45:52):
closing and leave them in a lineof credit. You can take it kind
of as an annuity payment, youknow payment. You can take a specific
amount of money for a specific amountof time. Now, on the fixed
s rate, it's a lump sumat the time of clothing, I see,
okay, And how you want touse it? Is there a you

(46:14):
know me, I live in avery expensive town. In my house over
the last time four or five yearshas really gone up in value. Now,
we paid off our mortgage about eightor nine years ago, so all
of that amount of money. Thatis just really I'm property rich but cash
poor. As a lot of olderpeople are tapping into that man, how
much money can you take out asmuch as you can or is there a

(46:37):
limitude? Tell me about that one. Okay, so a reverse mortgage,
how much you would have access tois dependent upon number one the appraise value
of the home and number two theage of the youngest borrower. We want
to make sure that all numbers arebased on the younger person living on at

(46:58):
the home because because we want tomake sure that if something should happen to
the eldest forward that they're still protected. So we're not one hundred percent financing.
What we would have to do isrun numbers to tell you exactly what
you would have access to. Let'sjust put this way, the older you

(47:20):
are, the more money you wouldget. Because we have to use some
number as a threshold, so weuse the age of one hundred. Okay,
Okay, It doesn't mean at ageone hundred we're going to come and
tell you you need to leave.It's just a number that you know for
the threshold because we need a dateright now. So the closer you are

(47:43):
to you one hundredth birthday, themore money you would get, and the
younger you are, we would expectthat you would live longer, so you
may get a little bit less money. I see. So it's a bit
of a sliding scale, but certainlyyou're going to tap into a large portion
of what you have in equity inthe house to do whatever you want to
do with it. Right you canabsolutely, you know, help somebody else
buy a home, or you couldkeep it in the bank or whatever it

(48:07):
is. You could buy some moresome property, yeah, absolutely, or
you know, you can just keepit there. A lot of people don't
particularly have long term care. Andeven my brother said that he had long
term care for many many years.It kept on going up and he just
could didn't want to do it anymore. So what you can do is,

(48:28):
the younger you are, you takeout the reverse mortgage, leave the money
there, let the line of creditgrow with these high interest rates. It's
going to do best for you.And then when you need long term care,
guess what you can tap into thatmoney. Yeah, that's a pretty
good idea. Now, what you'retalking about is you take a lump sum
out but leave it in there,or you just do right now let's say

(48:50):
you know, you would have accessto you know, let's say you know
five hundred thousands, right, whateverthe number is. And let's say you
just don't use it. You wantto put that money away or ten fifteen
years from now, Well, youlet that money grow for ten or fifteen
years, it's going to turn intoquite a bit of change. You know.
It's always my numbers for you toshow you what the line of credit

(49:12):
would do. I love that lineof credit. It's very, very,
very desirable. And are you lockedinto that rate too, or at least
on the high end. No,the rate will adjust, Okay, Unfortunately,
it's an adjustable rate. Right whenyou interest rates are high, if
you're not taking out money, you'rejust opening up that line of credit.
Guess what, You're not occurring interestso much, right, but your line

(49:37):
of credit growth rate is very high. What's the line of credit growth rate?
What does that mean? Well,whatever money you don't use on the
adjustable rate sits in the line ofcredit kind of like a heel lock,
so speak. It's there for you. However, the amount every month that
you can tap into increases. Isee, I see. So right now,

(50:02):
interest rates to seven percent, youralign a credit would be seven percent.
So if you can almost imagine havingfive hundred thousand dollars sitting in an
account you can have access to,but when you're not touching it, the
amount you can access continues to grow. And right now it's seven percent seven
percent a year. Agos as upsaying seven percent on the balance every month,

(50:25):
just as this. Wow yeah,wow, really impressive. That's really
impressive. Now a future date,let's say rates go down. How can
someone refinance what they have and adjustableinto something more of a fix Would you
then have to go for a lumpsum payout. Yes, if you were
to switch into the fixed rate,it would be a lump some payout.

(50:45):
Oh excellent. Remember you know onthe adjust for rates, when the interest
rates go down, your rate willgo down, right, And if you
have a fix rate, if interestrates go down, you have to refinance
to come out of it, right, Okay, Well you know you have
a lot of different great options here. I know that you also do purchase

(51:07):
reverses, right, which a lotof people don't understand. Just we have
about a minute left. If youcan quickly just tell us what that is.
Sure based upon your age will runthe calculation. So let's say you
buy a house for one hundred amillion dollars, maybe you have to come
in with you know, let's saysix hundred thousand. We're going to give
you a loan for four hundred thousand. Okay, that's it. It's all

(51:30):
the same benefits as if you justpay cash. You'll pay taxes, insurance
on your own and the loan thatwe gave you will have a little kitty
or deferred interest until the time yousell a home or you pass right and
then the loan is due. Okay. Wow, that's a lot info right

(51:52):
there at about ten minutes. ThanksNina for doing that. Really, why
I say that, Hey, y'all, let people know how they might be
able to get in touch with you. This is great product. I know
I was acting as if I wasuh Ania phyte knew nothing, but that's
what a lot of people do.They don't know what reverse is, so
acting like that is is good.And the thing is, Jeff, we
got to give people information. Ifwe give people information, then you can

(52:15):
make a decision right right now.That's what the show is about. And
I do appreciate that. Let letthem know how they can get in touch
with you if you would, youcan exacinitely call it text me at four
eight oh six three five two fourone oh, or email me at n
h PE and n Y Are youthere? We lost Nina? How is

(52:43):
that possible? She was just aboutto give us the email addressing, Oh
do you have me now? Yeah? I got you now go ahead.
Okay. So email is n hPE, n n Y at MSN dot
com and my phone or text isfor eight oh two four one oh,
Nina. Thank you very much,always love having you on. Yeah,

(53:07):
okay, that's meat. Nina Pennyfrom you with Malibu Funding. Yes,
i am Nina Penny at Malibu Funding. I'm Jeff Barton, your voice in
the mortgage industry. We'll see younext time. Thank you. You're listening
to The Mortgage Voice with Jeff Barton. For more on today's topic, or
visits www dot Malibu Funding dot netKCAA where every day is a great day.

(53:30):
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