KCAA: The Mortgage Voice with Jeff Barton (Sat, 29 Jun, 2024)

KCAA: The Mortgage Voice with Jeff Barton on Sat, 29 Jun, 2024

Episode Transcript

(00:00):
The Inland topics for us. Welcometo the Mortgage Voice with Jeff Barton,
your voice in the mortgage industry.Each week on this program, Jeff and
his guest share their expertise, personalantidotes, and the latest industry news to
keep you and the loops now toprovide you with insight and help you navigate
the consistently changing world of real estatelending. Here is your host for the

(00:21):
Mortgage Voice, Jeff Barton. Welcomeback everybody on Jeff Barton, your Voice
in the Mortgage Industry. Thanks verymuch for tuning into the show listening to
us. We bring to you theinformation of the day, and today is
chuck full of it. At leastthis week has been. We have the
FED meeting as well as the CPIdata that has come in. But before

(00:44):
we get to any of that,Jeff Barton, The Mortgage Voice is on
YouTube. YouTube is our home awayfrom KCAA, our radio station that we
broadcast in the Inland Empire CACAA.We've been on that station, I don't
know eight nine years. We lovewhat they do. They bring us to
you with the ie San Bernandino andRiverside Counties and as you all know,

(01:04):
out there in those particular areas,getting mortgage information that you can rely on
is difficult. You either got toknow an uncle, you got to know
a friend, you gotta know somebodywho's recommended to you. But here it's
unbiased. I'm just gonna give youwhat I think. And I've been in
the business thirty years plus, soit's not gospel, but it is close

(01:25):
to what I think today is about, which is trying to give you accurate
information that you can use and actupon. And that is in itself good
enough for most people. Take whatit is, go out and find yourself
a terrific mortgage broker or a realestate agent or both, and then go
house hunting. There is some goodnews in the house hunting world anyway.

(01:46):
Again, I'm Jeff Barton. Thisis the mortgage voice in the house hunting
world. Yes, we do havean inventory that is up. It's been
up about the last five months ina row, after being you know,
being less and less each month forthe pre I don't know, seventeen months.
Now, we got a long wayto go to ketch up to where
we were in twenty nineteen pre pandemic. The reason is is just because that

(02:09):
pandemic. I'm telling you it's setthe real estate, the rental market,
as well as the purchase market onits head. We had such low rates
that everybody bought. Nobody wants tomove now because he'd be crazy. They
call that the lock in rate andthe lock in problem. We used to
get a lot of different buyers andsellers in the marketplace. We just want

(02:31):
to move. They wanted a biggerhouse, or they wanted a smaller house,
or they wanted to move just becauseit was time to move, or
they got old and they wanted todownsize, or they wanted to upsize because
they got more kids. There's manyreasons why in the market. Prior to
yeah, we had a lot moremovement, a lot more housing on the

(02:52):
market, and therefore prices weren't ashigh as they are. But as rentals
became what they became in distant cities, when people could work from home or
had to work from home, wesaw a trend developed which was inflationary spiraling
of real estate costs. And thosecosts are today continually reflected not because of

(03:14):
the pandemic or people moving away fromthe inner city, because most people move
back, but because less houses werebuilt. Now, we try in the
industry to highlight that to people,to let them know that, hey,
you know what, there is probablya million less houses per year being built
than should be being built. Weprobably have a demand of you know,

(03:36):
a good few million, if notten million, deep i e. People
supply demand being what it is.If you want something, you want to
pay for it. You'll pay morethan what it's actually worth in order to
get it. That is the wayit works. Well. Right now,
we have a situation whereby housing processesare so high, we're getting more houses
staying on the market for longer.We're even getting a small percentage twenty five

(04:00):
thirty percent of houses on the marketactually in price reductions. But it's a
deceiving term price reduction. What doesthat mean? You overpriced it by thirty
percent and you drop the price byfifteen So that means it's still overpriced by
fifteen percent. That's what's happening ina lot of areas. But again,
as I said, this is what'shappening both here in southern California and nationally.

(04:24):
So this is a problem that existsall over the place. Okay,
let's get right to it. AsI said, I'm Jeff Bardon, mortgage
voice. Here we go, thirtyyear fix rate six point nine eight percent,
fifteen years at six point four zero, FAHA is at six point four
to two, the jumbo is atseven point twenty five, and the VA
loan is at six point four tofive, the two years at four point

(04:45):
seven four to eight, and theten years at four point three zero eight.
Yes, if you are listening tome week after week, you'll realize
and recognize rates went down, andyes, that meant that there is more
activity in the mortgage mark. Mortgageapplications ticked up quite a bit this week,
just because the rates dipped a little. As you see also that the

(05:05):
treasuries, the two and the ten, there's still about a thirty five basis
point spread between the two to thenegative side, meaning the two is yielding
more than the ten. However,those particular two bullet points or whatever you
want to call the information, theydon't mean much as they used to.

(05:26):
It used to mean that if youhad the two year, which was priced
more or yielding more than the tenyear, we were in recessions harm Way.
Well we're not there anymore, becausewe're over two years into this.
I was listening to Bloomberg Radio onthe way to the show, and I
love that. By the way,it's a great radio station. It's unserious.

(05:46):
I don't know if they have alocal feed. It's not like CACAA
where you can turn on your radiodriving around on Saturday and Sunday and listen
to us. But Sirius has agreat Bloomberg feed, and Bloomberg's on your
computers, so if you do listento it, you'll understand what I'm talking
about. They were talking all aboutthis as well, in how the two

(06:08):
and the ten mean nothing anymore.It's as if that particular pour tend of
the future just never existed. Nowwe'll have to see, but there's no
recession on the horizon. If anyoneheard or listened to Jerome Pile talk about
what's happening with the Fed, andagain the Fed has remained Again, I
didn't even tell you the Fed hasremained the way they are. They are

(06:30):
going to keep higher for longer.Five point twenty five to five point seventy
five four member banks to borrow fromthem. That's a benchmark interest rate that
obviously is going to show up inyour credit card payments, your house,
not your house payments, but yourcar payments, credit card payments, and
certainly any kind of auto loans.All that kind of stuff is going to

(06:51):
be reflected by what the FED hasas their interest rate now as mortgage rates.
Last week we tried to ferret outfor you and let you listen to
an explanation of why mortgage interest ratesare what they are and why they watched
so closely what the FED does,And I said, it was all about
competition between what was being bought onthe debt market, whether it's mortgage backed

(07:14):
securities or whether it's the treasuries.Those two have to compete. They have
to compete on price, they haveto compete on yield, and when that
in effect is controlled by an arbitraryFED number of five point two five to
five point seven five percent, youare not going to see a lowering of
the interest rate on the mortgages thatmuch, although they did come down some

(07:36):
so as we said, we're belowseven percent again for the thirty year fixed
and that is good or good enoughfor a lot of people. Now.
Historically seven percent is pretty good interestrate. As I've said many times on
the show, eight point seventy fivewas my first loan I got back in
ninety I don't know, ninety something, and that was I was very hard
happy to get it at the time. Now, granted, there was much

(07:58):
more inventory and the price on houseswasn't as high as it is today.
The price on houses is really amazing. But let's get right to a little
bit of the CPI. That's theconsumer price Index, which happened to come
up at the same time that theFED was meeting in the Fed said that
they were going to remain higher forlonger. CPI inflation didn't go up as
much as people thought it would.Basically was flat. In May it was

(08:22):
three point three percent, and inI mean in April it was three point
three percent. In May it wasthree point three percent. Also, therefore,
the market's stock market usually that's whatwe talk about, was happy,
and it went up, and itwent down and went sideways. But what
it didn't do is panic and havean explosion like it did last month.

(08:43):
Because we saw a little bit ofa raise in the interest rates, in
the inflation rate in March and inApril, stock market didn't like it.
But right now we're seeing a longterm trend of slowing ever so slowly.
The inflation right now, I havea few products here that I wanted to
just describe to you. Some pricesgoing up, some prices going down.

(09:05):
In the up section, shelter shelterwas the biggest what they call the unsheltered
in the shelter index, whether it'srental or purchase. Both of these particular
items are about fifty to sixty percentof what the inflation rate is. So
as these prices continue to go up, that's a problem. We need to

(09:26):
see housing prices come down, asI explained earlier, unless we're building more.
It's a supply and demand issue,and yes it's not an easy thing
to solve immediately. A couple otherthings auto insurances up, Restaurants are up,
Transportation and grocer also up. Onthe downside, gas is coming down,
use cars, rental cars, airfares, hotels and new cars as well

(09:50):
are also coming down in price.So there is some good news in this
inflation report. We need to seemore of it so we get the FED
to cut, so we'll see tangentlemortgage interest rates come down to We have
a jam pack show. I'm 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,

(10:13):
send emails to info at Melibu Fundingsdot net. Now back to the
Mortgage Boys with your host Jeff Barton. Welcome back, everybody. I'm Jeff
Barton, your voice in the mortgageindustry. Thanks very much for tuning into
the show listening to us on aweekly basis. We try to bring you
the best information that you can useon a daily We always do that by

(10:35):
keeping you in mind. You wantto know where the houses are, where
the cheapness is, when interest ratesare coming down, as my job gonna
last forever, when's inflation you're gonnastop. Yeah, there's a lot of
stuff that we touch on this show. Answers not so much, but we
certainly bring up good quality discussion inall of these areas. Joining us once
again is Conny Hernandez from PMA toanswer all of those questions because I know

(10:58):
she has the answer. How areyou? Oh my gosh, thank you
for that amazing interduction. After hope, I have all those answers. Well,
you know what, how about let'slet's just work work a couple of
them. I know that you know, we're in early part of the summer
or late spring, and we alwaysthink that that time of year really sets

(11:18):
the tone for the rest of theyear because you know, supply and demand
and housing prices and all that.People are either moving or they're not moving.
They're buying or they're not buying.Where does it stand out in Covina
and the Inland Empire. Well,you know, unfortunately, I'm sure that
real estate agents are seeing this everywhere. We still don't have enoughventory, right,

(11:41):
jess. Right, We're still strugglingto put our clients into homes.
But on the good side, wedo have We are busy on our real
estate division for real estate and thenobviously helps us with the loanside. Sure,
you know, I'm kind of beenaround for a little bit, probably

(12:03):
close to as long as you have. And you didn't mention a number though,
all right, it's okay, alittle bit, right, yeah,
a little bit, yep. Well, with that being said, you know,
we're we're looking at new opportunities.Obviously, we built our business on
old technology and handshakes and meetings andseminars, and I think now with the

(12:26):
new systems in place social media,we have to really strongly look at those
avenues. I think door knocking isstill okay, but it's just not the
whole answer anymore. We really haveto be a bit more innovative on how
we run our businesses. Obviously,we would love to have our business like
it was, what's four or fiveyears ago, but that's not the case.

(12:48):
The interest rates haven't budget so thatmeans we have to do make some
changes on our side, right right, No, I think what you're saying
makes a lot of sense, especiallyin our business, especially with the lawsuit
that you know, NAR stumbled into, and now all of a sudden,
a lot of buyers agents are findingthemselves in a completely new field in terms
of how they represent clients or ifthey can even get paid if they represent

(13:11):
clients. So it's a lot ofchanges there too. There is, and
I think that it's a very devastatingsituation. I mean, obviously those agreements
have always been there, it's justthey haven't really been used. And because
it's always been a customary thing thatyou're a seen agent, you know that

(13:33):
you're going to be marketing to buyersagents and without sharing the compensation, but
that that's still in some situations Ithink will continue. I don't know for
how long, but it does puta sense of a need and I think
for the agents that are mainly representingbuyers. But really that's going to put

(13:56):
the buyers in a very difficult situationbecause, as you know, our job
as a fiduciary agent, we haveto represent these sellers if that's who we're
in contract with, and we haveto also disclose if we're listing a property
that our fuduciary relationship first and foremostis to the seller. So where does

(14:20):
that leave the buyer as far asrepresentations. That's kind of a scary thought
that I think maybe was not thoughtthrough. I think, like many things,
if you just put your head downand get a pillow and put it
around your ears and don't look around, all of a sudden, the problem

(14:41):
goes away. I think for themost part, the issue here is simply
that the buyers have never paid.I mean they have I guess if you
consider that they're paying for the propertyand the cell, it takes the part.
But this has left a big holein representation for the one person and
in the transaction. Who really needsit, which is the buyer, because

(15:03):
the buyers don't have extra money topay you. That's what that's never going
to happen. I just thought,yeah, absolutely right. You think about
all of the first time home buyersthat are struggling to you know, capture
that American dream, right, Yeah, the home ownership dream. And they're
putting there, you know, forbetter lack of words, they're savings together

(15:24):
and maybe receive some help from mom, dad, grandma's family members, and
you know, putting that down paymenttogether, putting those closing costs together.
I mean, the DPAs have theirchallenges, I believe. I mean,
they're they're not for everyone, right, But the thing is, if they're

(15:45):
struggling to put those funds together,how now are they going to pay to
have someone properly represent them. Ijust don't see that happening. No,
you're going to get low ball offers. You're not going to get paid what
you're worth. There's going to bea two tiers to them in how real
estate agents are viewed. Oh,you're a buyer's agent, so you'll work
for anything. I mean, that'sthe mentality. I'm a seller's agent.

(16:07):
I'm gonna get three three and ahalf percent every time I, you know,
sell a house because the sellers,the listing agents themselves have an expertise
and they do that's what they donow like us, we do both.
So we're kind of like, okay, part of my business is not going
to do well because I never usedthe contract and I always got paid.
And the reason I always got paidis the main pitch is I don't pay

(16:30):
you. You don't pay me,the seller pays me, and therefore you
don't need a contract. That's asimple five second don't worry about it.
I'm gonna work for you. I'mgonna kick butt, and at the end
of the day, it's gonna questionnothing. That's a great sales pitch.
I mean, now I have togo completely the opposite, saying, well,
here's my list of qualifications and whyyou should be paying me three three

(16:52):
and a half percent. I mean, come on, that's and nobody addresses
it. It's like it doesn't evenexist when you talk about it. It's
kind of like being brushed under awreck and I really don't you know.
Unfortunately, I haven't come across thesituation where the Lestines haven't had compensation for
the selling agent yet. But thatmay be coming. Maybe not. But

(17:17):
regardless, the rule is there,right, so 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
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

(17:41):
out and then it happened to bethe buyer's agents. That's what happened,
because the sellers agents and the sellersagent's companies that represent most sellers, that
was the best way that they couldfigure out how to deal with this,
you know. So in my opinion, it'll it'll work out one day,
but not today, that's for sure. Maybe not in our time, but

(18:04):
maybe our next generation hopefully. Yeah. Maybe. And I think there'll be
some added services that the buyer's agentshould be able 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, uh, make some money. I
mean menu of services, value addedservices, something like that. Anyway,

(18:26):
we have about two minutes left.I wanted to get to a couple of
loan products that maybe you're you know, happy to talk about in terms of
what your business is geared towards.Well, right now we're actually doing a
lot of d S c R loans, and not just for purchases, although
that actually has picked up quite abit, but more for the refits.

(18:48):
We've actually had an inflow of businessfor the d d S c R loans
and those teem to work out reallywell. They're they're a bit easier to
tackle. Clients know that they're paida bit higher interest rate for them,
but you know the fact that theydon't have to provide a ton of documentation
is the big, you know,the big reason why they go forward with

(19:11):
it. Plus you know, insome cases they are doing cash out reinvesting
that money out there are their propertiesor other investment opportunities. So I think
right now our big focus is onthe DSCR loans, although obviously we still
handle all the other products. Wehave a trickle of business coming in for
buyers that are still doing the SAHA, the conventional minimum stain it loans,

(19:34):
but there seems to be a bigpush now in our office for doing more
commercial type loans. Yeah, youknow what that's because it's it's treadless.
It's you know, like you say, less documentation. It's more about bottom
line, what's the down payment?You know, let's let's get into what
the rents are going to be sowe can figure out exactly where the gap

(19:56):
is and then fill that with whateverother information they might need. It's just
it's a simpler, easier way andless liability, that's what I see.
You're correct, we need say thatright. Hey, Connie, we're at
the end of it. Thanks forcoming on. Could you shout out a
way by people can get in touchwith you, especially if they need someone
with not only knowledge and experience,but who really does care about whether you're

(20:17):
going to get in the house thisyear? Oh? I absolutely do.
Thank you, Jeff. Welcome.You can reach me where. Our office
is on the corner of a Yellowand Citrus in downtown Cohina one oh one
North Citrus. Our office number sixtwo six nine eight two four one nine.
My direct number is six two sixfour two two to zero one seven.

(20:37):
I would love to answer your questionsand help you with your lone needs
or real estate needs. Excellent.Connie, thank you very much craming on
the show. I really appreciate it. Thank you, Jeff, You're welcome.
That's Connie Hernandez from PMA. I'mJeff Bartner, 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 backwith more than just a moment. For

(21:00):
questions or comments, send emails toinfo at Melaguthundames dot net. Now back
to the Mortgage Boys with your host, Jeff Barton. Welcome back, everybody.
I'm Jeff Bartner, your voice inthe mortgage industry. Thanks very much
for tuning into the show, listeningto us as we bring to you the
best information out there in the InlandEmpire concerning mortgages in real estate and ways

(21:22):
by which you can get into ahouse this summer. I know the prices
are high, I really do.I know that the mortgage interest rates aren't
coming down. Well, they camedown a little bit last couple of days,
so that's a good thing. FedMate and inflection 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

(21:47):
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

(22:11):
couple of months in the summer.Absolutely, you know, it's kind of
interesting. We are seeing a biguptick in submitted business despite the races,
you know, have been kind ofgoing up and down. We saw a
little bit of a drop the pastcouple of days, and then interesting enough

(22:33):
today the Fed spoke that they weremaking no 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 thefact that the rates are where they're going
to be because we definitely have aninflux of business that is keeping us busy.
Oh that's excellent news. And isthat a national trender? Is that

(22:56):
more southern California. I think it'sactually outside of southern California, I think
it is. I think it's definitelynational. I see a lot of submissions
coming from the northeast and the northwest, Okay, and in those geographical areas,
I think that those homes are moreaffordable. We're seeing a lot of

(23:17):
government purchases along with a lot ofjust first time home buyers that are taking
advantage of some kind of you know, just benefits on the government's low level
price adjustments for first time home buyerswhose average median income is within one hundred
and twenty percent of those dictated values, Okay, explain that a little bit

(23:42):
so people have a better understanding.Absolutely. So the government came out and
they said, based on the county, the census track across the nation,
they have put together a grid thatsays the average median income for that census
tract, hypothetically the one hundred thousanddollars. Okay, if you are a

(24:03):
first time home buyer and you arewithin one hundred and twenty percent of that
one hundred thousand dollars of income,So if you make one hundred and twenty
thousand dollars or less. Then wewant to make the loan more affordable.
So we're going to reduce the adjustmentto the rate for that new first time

(24:23):
home buyer on those parameters, whichmeans at a low down payment, instead
of you having an adjustment of twoand a quarter, your max adjustment will
be one one and a half percent, which means your cost to take out
that loan is going to be less. Yeah, it's about fifteen hundred to
two thousand dollars in that range onehundred thousand dollars property or something like that.

(24:47):
Anyway, that's that's very good.And is this the type of product
that's being taken advantage of in thisnational view? I absolutely think so.
I think that the big the bigplayers like quickt and you wn them and
us, you know, middle sizedlenders, we are definitely taking advantage of
that. And Fanny and Freddie arealso and predominantly Fannier. They're giving first

(25:11):
time home buyer a grant to thebanks like the Quickens and the Nation's directs.
So we're going to roll it outwithin the next sixty days where if
you're a first time home buyer andyou are getting a conventional Fanny loan,
that you're going to get the abilityto have a two thousand dollars credit towards
your closing costs, and that's alreadybeen implemented across the nation with the larger

(25:34):
banks who already have that in place. With Fanny and Freddy, do they
consider real Estate Agent Commission closing costs? You know, that's still on the
table. So we are thinking it'snot because it's part of the real estate
transaction. But since that's going tobe rolling out sooner than later, we
were going to we're gonna get moredefinition on that, but we don't think

(25:56):
so. We think that's going tobe separate aside. And I and I
do know that a lot of peoplehave been asking, well, if will
the lender be looking to roll inthe cost into the loan? So also
the real estate Commission is what you'resaying, right, absolutely yes. So

(26:18):
if if Fanny, Freddy and thegovernment agency deem that is the cost of
doing the loan, that, I'msure you're going to find that those programs
are going to start rolling out,well we will be able to finance that
into the loan. Yeah, that'sbecause it is the only way really buyer's
agent's going to get paid. Ispent a little bit of time off air
and during the last segment talking aboutit and how really it's flipped the industry
and a lot of people just don'tknow what to do. NAR has not

(26:42):
really been a help and car followsn AR, so you're really on your
own if if you're a buyer's agentand you really have no idea what to
do and totally get paid. Thatwas one of the suggestions. But again
it's got to be litigated. It'sgot to be you know, you know
how things take so far and solong to get completed. Anyway, That's
why I was just trying to askyou to see if that was part of

(27:03):
the banks policy. What else what'shappening in terms of refinance. Refinance is
dead right, I mean, nobody'sdoing that, so what's there? So,
yes, no one's refinancing their firsttrusteed. However, we see a
ton of second mortgages right now.So I'm doing a lot of second trustees
in Southern California, full second trustees, not he locks or anything like that.

(27:27):
Correct, full second trustee fully amortizedover up to thirty years and they're
closed in so they're not he lockedand I'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 thousand, butyou're not going to get paid at seventy

(27:48):
five thousand, so it's really difficultfor the brokers to even commission under one
hundred and fifty thousand. Okay,I understand that you mentioned Rocket, you
mentioned UWM, the big players.How are they lasting in this thing?
They must be getting killed. Well, you know, it's interesting. I

(28:08):
think that they as far as refis, yes, but you know, they
have so many different incentives to offerthe new home buyers. Okay, that
when when I was reviewing Scottsman's Guideand I was looking at the top loan
officers in twenty twenty three, alongwith the current ones, eighty percent of
California's business, it's actually eighty eightpercent of what we see is going to

(28:33):
the quickens in the Rocket just becauseof innovation speed. They take on a
lot of the costs, you know, oring verifications of employment, condo questionnaires,
things that are a lot of coststo the borrower. And as you
can see now that CFP have comein and said, hey, we want
to investigate now on how we canlower fees for the consumer. So they're

(28:57):
looking to crack down on that.But because these bigger entities have the ability
to absorb those costs, they alsohave an inside more excuse me, inside
insurance company or am I, sotheir MI is lower, so that attracts
more buyers because their mortgage insurance canbe anywhere from thirty dollars to one hundred

(29:19):
dollars less than maybe sending that loanto myself, where we use the top
players in mortgage insurance like MGIC inessence, but our rate is just a
tad bit higher. Yeah, youknow what, I just don't see how
a company like that, these arejust the biggest countries companies in the country,
how they can stay afloat or howthey can you know, last through

(29:41):
a downturn time they must be losingper loan have to be. I mean
all the smaller companies, you know, everybody's treading water to wait for the
next REFI boom. Yeah, Imean they definitely took a hit because I
know that you know, they've youknow, and they're trying to pick up
on the non qualified mortgage sector ofloans, so they are trying to do

(30:02):
that, but they have scaled back, but they still are. They still
are taking the larger piece of thepie nationwide. Right, Okay, we
have about a minute left. Giveme your ideas. So what we can
expect this summer both in rate andproduct from Nations. Well, I think
that our rate right now our topon loan sister, So you're going to

(30:22):
see Nations being very aggressive and pricednation. Why the rates are going to
stay stable. I don't see anincrease or a decrease of anything significant until
after the election in the first quarterof next year. Yep. So and
you know, we're just continually beingaggressive, giving those loans closed and getting
to the finish line as fast aswe can. Excellent, Thank you,
April. Thanks once again. Ilove having you on the show. It's

(30:45):
easy. Plus the knowledge is greatand I really appreciate that. Would you
allow, not allow, but toshout out what your phone number is so
people can get ahold of you ifthey need you. Absolutely, April Lopez
eight one eight three nine eight one. Excellent And that's April Lopez from Nations
direct April. Thanks very much forcoming on the show. Thanks for having

(31:07):
me. Jeff. All right,bye bye, I'm Jeff Barton, your
Voice in the Mortgage Industry. Beright back. You're listening to the Mortgage
Voice with Jeff Barton. We'll beright back with more than just a moment.
For questions or comments, send emailsto info at melogu funding dot net.
Now back to the Mortgage Voice withyour host, Jeff Barton. Welcome

(31:29):
back, everybody. I'm Jeff Barton, your Voice in the Mortgage Industry.
Thanks very much for tuning into theshow, for listening to us. If
you listen each and every week,you'll realize that very quickly. Not only
do we bring up topics that areimportant to decide whether you're going to buy
and sell real estate, but it'salso at the heart of what is happening
in our industry. There's so manychanges it just in the real estate side.

(31:52):
We talked about the commissions and who'sgetting paid and why there's no support
for certain types of transactions. Onthe lending side, of course, are
people getting used to the seven percentplus or are they into just getting into
the property for whatever it is thatthey can do and then worry about the
rate later. I think there's alot to be said for both, but
I don't. I'm not the guywith the answers. Come on. The

(32:14):
guy with the answers is Charles Gisco. He comes on the show a lot.
He talks about what's happening in thelending world, and he joins us
again once again to help us sortthrough it. Charles, how are you?
I'm doing great, Jeff, thanksfor having me today, my friend
excellent. The Boston Celtics of thelending world has joined us, and we
really do like that throw that inthere a little bit. I love how

(32:37):
you tossed that and the boy takethe Boston got it? Really that up?
Folks? You know what? AndI know my audience here in southern
California saying, but it in ariverside counties. I know you're all Lakers
fans, and I'm sorry, butthey're just I don't know what they're doing
with their coach. I don't knowwhat they're doing with their players, but
they still got a team that youwatched, because that's how it works.

(32:58):
But speaking of building team building orbuilding building, uh, what kind of
loans you're doing? Uh? Areyou still into any kind of ds c
R. Is it mostly commercial?Uh? You're putting deals together all the
time. Give us a synopsis ofwhat's happening in your lending world. Well,
Jeff, we have the fortunate Ihave. I have been fortunate to

(33:20):
working with Malable Funding and United KittyFinancial and different companies to be able to
do a different and a plethora ofloans. Besides traditional lending. We obviously
you can offer offer commercial mending.The traditional lending has been slow, but
but it's been steady, uh,and interest rates have been high until today,
right when the in and the datareports hit, the information shows down

(33:44):
and guess what the mortgage rates are. And so now you know you have
some loans that are under seven percent, which is which is probably going to
create a buzz in the market.The one thing that we have steadily done
on our side is to make surewe find loan products that would be able
to help individuals regardless of our ratesor up rates are down. We're looking

(34:05):
for non QM loans that take theplace of traditional lending. They have a
little bit higher interest rate, butthere's value added services to the back of
these loans, meaning arms or meaninglonger amortization terms forty years, doing lessen
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

(34:29):
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
advantage of the market. Still,you know, you talked about being a
little bit of a not a fixer, but somebody who could make things happen.

(34:51):
IU have solutions for a lot ofdifficult customers, a lot of difficult
loans. However, some people dothink that, as you said earlier,
that there are miracle workers out therethat they can just poof all of 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. What aresome of the ways that you can help

(35:12):
a buyer understand that there are responsibilitiesthat you can take care of, but
there's certainly many that the buyer hasto do themselves. Well. I was
joking earlier, but I really meanthis, folks. Under the tutelage of
master yodic Jeff at Malibu Flightly,I learned very many skill sets. The

(35:34):
one good thing about Malibu 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 you're
going to have to cross at alltimes. And having a lender or a
loan officer or an originator in yourcorner that has dealt with all these different

(35:54):
things is super helpful. The onething that we had the ability to have
Malibu and at United Security financially isspeak directly to underwriters. A lot of
times. What we would create wasan environment that allowed us to take the
situation or issue that other people mayhave had or they think they're going to

(36:15):
run into, introduce those upfront.We cross those hurdles and know that the
hardest part of the transaction we wereable to bridge across. So now everything
else should be business as usual andget that situation done. Blessed to have
those relationships, Blessed to work withdifferent lenders that offered us that opportunity.

(36:36):
And so a lot of times whatI tell our clients is because of our
relationships, because of our you know, our history, our resume, our
experience that we have, we're ableto talk to individuals, talk to different
underwriters or processors and get some answersto some questions ahead of time, so
that we know that we had aloan that we could work on. It

(36:57):
doesn't mean that would take any lesstime. It just means that when we
cross that bridge or hurdle, weknew that we have an answer for it.
I think sometimes preparation is best upfrontso that later on in the loan,
when we're crossing hurdles and bridges,we can get past them. Yeah,
and what you're talking about is,hey, if there's maybe a problem
with how we present this loan,we got to have an answer now.

(37:21):
It doesn't mean that there is somethingwrong with the loan. It just means
that as you present the information tothe lender that those issues that might come
up. Maybe they need another yearsof bank statements, maybe they need some
other proof of income, maybe theyneed you to pay off some debt in
order to get your credit score up. All of these things are things you
talk about up front. That's whatyou're talking about, absolutely, Jeff.

(37:43):
I always tell the clients because Icreate a relationship and I want to create
a rapport where they can speak directlyto me and transparently to me as I
can to them. Don't tell mewhat you think I want to hear,
right, tell me all the stuffI need to hear, because I'm licensed
to paint the picture and story.So please give me the information and I'll
make sure that I create the workaroundand so that the different professionals that I'm

(38:07):
dealing with will understand exactly what theissues are so we can tackle them.
That way, we don't get bombardedat the end towards the end of a
loan when everybody's super anxious and thepressures are and all of a sudden,
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

(38:27):
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
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

(38:49):
certain type of loan that a bankor a lender really identity does, really
well, that's who you want togo to. If you want speed,
you go to a certain type ofof lender as well, if you go
to the rockets, to the uwhims, but you have to have a loan
submitted in a certain way because youknow exactly what they need in order to
get the speed you need. Sothat's really kind of important that you,

(39:12):
as the loan officer have that informationfor the borrower as well. That's the
important aspect of being a loan officerand an originator. Right membership has its
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

(39:32):
we're responsible, we're accountable, andwe're trustworthy and at the end of the
day, they know when we bringup out to the table, we're going
to know the ins and out tothat file. So we can all surgically
pinpoint where the problem is going tobe and we can resolve it. Because
understand something in this industry, problemshappen all the time. It's how quickly
and effectively we resolve them as aloan originators that get these deals done and

(39:55):
across the finish line. Yeah,I know all that is so true.
Mean, and I see people whoare struggling, and I go, what's
the problem. Well, you know, we were supposed to close by X
date and looks like we might notbe able to. I say, oh,
okay, I understand, but youhear that, especially in a market
like this, where there's so manypeople competing for houses, you have to
have an ability to be able tonot only move and solve problems, but

(40:17):
to be able to identify those thingsupfront and to be able to compete with
other you know, loans that areout there competing for that one piece of
property that you want to buy.Jeff is absolutely correct. I love to
talk about it. Basketball has mea number of wonderful different things and taking
me many places around this country andaround this world. But the one thing

(40:38):
that has done best for me,it has taught me how to problem solve
on the fly and I'm grateful forit and it all comes in handy from
working loans out with our clients.Excellent, Charles, we are at the
end of it. Thank you verymuch once again for coming on the show.
Love having you on. And we'llhave to have a party once the
Celtics wrap this thing up in acouple of games. Oh. I told

(41:00):
everyone Jeff, we'll find a wayto add the Celtic situation at all times.
And I love him and he isright and pleasure to have me.
Thanks for having me on, Jeff. It's always a puessure, no problem.
Shout out your phone number for peopleif you would, I sure will.
You can reach me at seven twofive five seven seven eight seven sixty
one at seven two five five sevenseven eight seven sixty one or C.

(41:22):
Giscombe at USF Wholesale dot net.That is ce Giscomb at Uncle Sam frank
Yo dot net. Excellent. Thanksvery much, Charles, thanks for coming
on the show. Thanks for havingme. Jeff, that's Charles Giscomb from
a USF United Security Financial. I'mJeff Barton, your voice in the mortgage
industry. We'll be right back.You're listening to the Mortgage Voice with Jeff

(41:45):
Barton. We'll be right back withmore and just a moment. For questions
or comments, send emails to infoat Melibu funding dot net. Now back
to the Mortgage Boys with your hostJeff Barton. Welcome back everybody. I'm
Jeff Barton, your voice in themortgage industry. Thanks very much for tuning
in listening to the show as wecome to each and every week. Casey

(42:05):
AAA is the radio station that bringsus to you. We also are on
a number of different podcasts and thosepodcasts there. Do you have a list
of those? I sure do.Jeff It's Apple Podcast, Google Podcasts,
Spotify, Speaker, Stitcher, iHeartMedia, Odyssey, YouTube, podclips dot ioa
of course, the Mortgage Voice dotcom excellent. Mortgvoice dot com, by
the way, is our website.If you go there you can see and

(42:27):
hear a lot of the guests tocome on the show and away by which
you can contact them directly. Podclipsdot io I bet them every week.
Why because they are great and youcan go there for your central podcasting needs.
There's all kinds of different areas withinthe podcast group. I'm one of
them, of course. Jeff Barton, The Mortgage Voice, and there's uh,
let's see, there's lifestyle, there'ssports, there's a d R,

(42:51):
there's what are some of the otherprograms on there, Darryl. They get
sports that they have finance and hyeah, you mentioned lifestyle and arbitration.
The ADR is, oh, yeah, it's the arbitration he You know what,
in our business sometimes it comes downto being able to find somebody to
bridge a gap between your side andthe other side, other than hiring lawyers
and suing each other. Well,these guys at ADR do that and they

(43:13):
are on pot clip side. IOW a great place to go of course
health health. Oh absolutely. Anyway, I'm Jeff Barton. This is the
Mortgage Voice, and thank you forlistening. We have a long list of
great people to come on the show. We really do, and we've been
doing it for a number of years. The expert in the reverse mortgage side
of the business is only one personis Nina Penny and she joins us once

(43:34):
again. Nina, how are you. I'm doing great, Jeff, thanks
for having me. Thank you verymuch for coming on the show. Okay,
reverse mortgages, there's age limitations,there's amount of money that you can
take out of the property, butgive us some of the just general benefits
that somebody's going to get if theyget a reverse mortgage, and try to
dispel some of those horrible things thatthey used to say about them that aren't

(43:58):
true anymore. Oh that's a lotright there. So basically, the reverse
mortgage as of that we have todayis really not the reverse mortgage of our
parents. It is not that loananymore. Since Ronald Reagan, President Reagan
was in office, he really madethese reverse mortgage is a lot more senior

(44:21):
friendly. Basically, today, areverse mortgage is simply an FH loan.
You're not obligated to make payments oncan if you want, We're not obligated
to do so. Right now,what we're seeing in the market, a
lot of people are liking a reversemortgage because even though the interest rates are
higher, if they take out areverse mortgage and they don't need the funds

(44:45):
today, every reverse mortgage has welladjustable rates, have line of credit,
and that line of credit increases theamount of money they can tap into.
So if the interest rate right nowis seven percent, that growth rate is
going to be about seven percent aswell. So okay, So in reverse

(45:06):
mortgage it sells. There are acouple of ways that you can tap into
the equity that's in your house.Now. A lot of seniors own their
own house outright, which is agood thing, which means that they have
at least fifty percent of the valueof their home might be available to tap
into at whatever way you said.You said it one way it can be
a kind of like a heelock,and the other way it's a lump sum.

(45:27):
Explain the difference. Well, okay, So on the adjustable rate,
how you taking money? As toldyou up to you. If it's free
and clear, you can take themoney some are closing and leave them in
a line of credit. You cantake it kind of as an annuity payment,
you know, payment everyone. Youcan take a specific amount of money

(45:50):
for a specific amount of time nowon a fixed rate. It's a lump
sum at the time of closing.I see, okay, now you want
to use it? Is there ayou know me, I live in a
very expensive town. In my houseover the last time four or five years
has really gone up in value.Now, we paid off our mortgage about
eight or nine years ago. Soall of that amount of money that is

(46:15):
just really I'm property rich but cashpoor. As a lot of older people
are tapping into that man, howmuch money can you take out as much
as you can or is there alimited Tell me about that one. Well.
Okay, so a reverse mortgage,how much you would have access to
is dependent upon number one, theappraise value of the home and number two

(46:37):
the age of the youngest barrower.We want to make sure that all numbers
are based on the younger person livingon at the home because we want to
make sure that if something should happento the eldest barrower that they're still protected.
So we're not one hundred percent financing. What we would have to do

(47:00):
is run numbers to tell you exactlywhat you would have access to. Let's
just put this way, the olderyou are, the more money you would
get because we have to use somenumbers a threshold, So we use the
age of one hundred. Okay,Okay. It doesn't mean at age one

(47:20):
hundred we're going to come and tellyou you need to leave. It's just
a number that you know for thethreshold because we need a date. Right,
So the closer you are to yourone hundredth birthday, the more money
you would get and the younger youare, we would expect that you would
live longer, so you may ita little bit less money. I see.
So it's a bit of a slidingscale, but certainly you're going to

(47:43):
tap into a large portion of whatyou have in equity in the house to
do kind of whatever you want todo with it. Right, you can
absolutely, you know, help somebodyelse buy a home, or you could
keep it in the bank or whateverit is. You could buy some more
some property, yeah, absolutely,or you know, you can just keep
it there. A lot of peopledon't particularly have long term care. And

(48:05):
even my brother said that he hadlong term care for many many years.
It kept on going up and hejust could didn't want to do it anymore.
So what you can do is,the younger you are, you take
out the reverse mortgage, leave themoney there, let the line of credit
grow with these high interest rates.That's going to do best for you,
and then when you need long termcare, gives what you can tap into

(48:28):
that money. Yeah, that's apretty good idea. Now what you're talking
about is you take a lump sumout but leave it in there, or
you just do right now, let'ssay you know, you'd have access to.
You know, let's say you knowfive hundred thousands, right, whatever
the number is, and let's sayyou just don't use it. You want
to put that money away for tenfifteen years from now, Well, you

(48:50):
let that money grow for ten orfifteen years, it's going to turn into
quite a bit of change, right. You know, it's always my numbers
for you to show you what theline it would do. I love that
line of credit. It's very,very, very desirable. And are you
locked into that rate too, orat least on the high end. No,
the rates will adjust, Okay,unfortunately it's an adjustable rate. But

(49:14):
when the interest rates are high,if you're not taking out money, you're
just opening up that line of credit. Guess what, You're not occruing interest
so much? Right, But yourline of credit growth rate is very highs
what's the line of credit growth rate? What does that mean? Well,
whatever mone you don't use on theadjustable rate sits in the line of credit,

(49:36):
kind of like a heue lock,so to speak. It's there for
you. However, the amount everymonth that you can tap into increases.
I see, I see, soright now, interest rates to seven percent,
your line of credit would be sevenpercent. So if you can almost
imagine having five hundred thousand dollars sittingaccount you can have access to but when

(50:01):
you're not touching it, the amountyou can access continues to grow. And
right now it's seven percent seven percenta year. Agos is that what you're
saying? Seven percent on the balanceevery month? 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

(50:22):
and adjustable into something more of afixed Would you then have to go for
a lump sum payout. Yes,if you were to switch into the fixed
rate, it would be a lumpsome payout. Oh excellent. Remember you
know on the adjustable rates, whenthe interest rates go down, your rate
will go down, right, Andif you have a fixed rate, if

(50:44):
interest rates go down, you haveto refinance to come out of it,
right. Okay, Well you knowyou have a lot of different great options
here. I know that you alsodo purchase reverses, right, which a
lot of people don't understand. Justwe have about a minute left. If
you quickly just tell us what thatis, sure based upon your age,

(51:04):
will run the calculation. So let'ssay you buy a house for one hundred
a million dollars, maybe you haveto come in with you know, let's
say six hundred thousand. We're goingto give you a loan for four hundred
thousand. Okay, that's it.It's all the same benefits as if you
just paid cash. You'll pay taxes, insurance on your own and the loan
that we gave you will have alittle kitty or deferred interest until the time

(51:29):
you sell a home or you passright and then the loan is due.
Wow. That's a lot info rightthere in about ten minutes. Thanks Nina
for doing that really well. Isay that, hey, y'all, let
people know how they might be ableto get in touch with you. This
is a great product. I knowI was acting as if I was aneaphyte

(51:51):
knew nothing, but that's what alot of people do. They don't know
what reverse is, so acting likethat is good. And the thing is,
Jeff, we got give people information. If we give people information,
then you can make a decision rightright now. That's what the show is
about. And I do appreciate that. Let let them know how they can
get in touch with you. Ifyou would, you can definitely call it.

(52:12):
Text me at four to eight ohsix three five two four one oh,
or email me at n h PEn Y. Are you there?
We lost Nina? How is thatpossible? She's just about to give us
the email address? Oh do youhave me now? Yeah? I got

(52:35):
you? Now go ahead. Okay. So email is n h P E
n n Y at MSN dot comand my phone or text is four eight
oh six three five two four oneOh, Nina. Thank you very much.
Always love having me on. Yeah, okay, that's Nate Nina Penny

(52:57):
from h You would Malbu FUNDI Yes, I Nina Penny at Malibu Funding.
I'm Jeff Barton, your voice inthe mortgage industry. We'll see you next
time. Thank you. You're listeningto the Mortgage Toys with Jeff Barton.
For more on today's topic, visitwww dot melibufunding dot net. Get all
the facts all you need to knowon KCAA Radio. What does it take

(53:21):
to take on Alzheimer's Awareness that nearlytwo thirds of those diagnosed to women,
including black women, dedication to loweringyour risk by eating healthy and monitoring blood
pressure, and confidence to talk toyour healthcare provider about screening and early detection.
You have what it takes to takeon Alzheimer's. Learn about signs and

(53:43):
screening at take on alz dot com, brought to you by the California Department
of Public Health. For over seventyfive years, the Marine Toys for Tots
program has provided toys and emotional supportto economically disadvantaged children, primarily during the
holiday but needs are not just seasonal, and now neither is Toys for Tots.

(54:05):
They've expanded their outreach to support familiesin need all year long with their
new programs, including the Foster CareInitiative, the Native American Program, and
the Youth Ambassador Program. To learnhow you can help, visit Toys Fortots
dot org. I always hear fromour clients who hired another firm that they
wish they'd hire DNA Financial First.Don't have regrets about your IRS tax case.

(54:25):
Just hire the best in the firstplace. One owed one hundred and
fifty thousand to the IRS and it'sspent thousands on another firm. We stopped
the levies, negotiated a payment plan, and had their penalties forgiven. And
while every case is different, weguarantee that we'll find your perfect resolution and
get it done right. For afree consultation, call us at eight sixty
six two zero one zero one fivesix. That's eight sixty six two zero
one zero one five six. Thenyou can say DNA did right by me.

(54:52):
Our food supply is facing total destruction. Big AG and Big Farm are
using new Chris Barte technology to geneticallymodify every fruit, vegetable, and grain.
It's so bad that the FDA justapproved the first GMO cow for human
consumption. At Joseph's Organic Bakery,we never use GMO hybridized flower. We

(55:16):
bake like a thousand years ago.We only use non GMO ancient grains that
we grind ourselves, never commercial flour. Proper bread is medicine. To learn
how our bread can transform your health, give us a call at nine five
four five four one for zero sixy two, or visit our website at

(55:39):
Vegan Bakerymiami dot com. That's ninefive four five four one for zero six
' two. Do you want tolearn and get answers to questions not addressed
in the mass media, Then youwant to hear my show business game Changers
with me, Sarah Westall I haveconversations with thought leaders who have the courage

(56:00):
to address off limit topics so youand your family have the tools to make
the right decisions. Join me Wednesdaysat four pm on ten fifty AM and
one oh six point five FM righthere at KCAA, that station that leaves
no listener behind. Palm Springs Dispensaryreminds everyone during these challenging times they understand

(56:24):
the importance of mental health. Offeringdaily deals on everything from top quality flowers
to edibles and discounts on CBD products, Palm Springs Dispensary's goal is to help
you win the battle within. Asone of the area's most beautiful well inness
shops. Located on Garnet Avenue,visit the Palms Springs Dispensary dot com.
That's the Palm Springs Dispensary dot com. What would you do if you had

(56:45):
a broken bone? You'd go tothe doctor and use your insurance right Well,
what would you do if you havea serious problem with drugs and alcohol?
Most people do nothing until it's waytoo late. Your insurance can help
you get clean and sober with theassistance of a place like the Detox and

(57:06):
Treatment helpline. Many times addiction treatmentis fully covered. So why not use
your insurance to treat your addiction problem, just like you would if you had
a broken bone. And with aFamily Medical eve Act, you're allowed to
take time off by law and youremployer doesn't need to know the reason.
So there are two good reasons You'vegot insurance you can use for your addiction

(57:30):
problem. And with the Family Medicalev Act, it's completely confidential. Call
now eight hundred three nine eight sevenfour one four. That's eight hundred three
nine eight seventy four fourteen NBC NewsRadio. I'm Chris Gragio. President Biden
is spending the weekend on the campaigntrail after his widely criticized debate performance.

(57:53):
He and First Lady Jill Biden arrivedin the Hamptons today to attend a series
of Democratic fundraisers in New York andalso New Jersey. Political analysts say the
focus will be on how the campaignmoves forward while reassuring major donors and other
Democrats who may want him off theticket. Meantime, the Biden campaign says
it raised twenty seven million dollars inthe twenty four hours following Thursday's presidential debate.

(58:14):
Former Trump advisor Steve Bannon is dueto report to federal prison in Connecticut
Monday. This comes after the SupremeCourt denied his request to delay his four
month prison sentence on contempt of Congresscharges as he appeals his conviction. Bannon
must serve time after refusing to complywith congressional subpoenas related to the attack on
the US Capitol. He's the secondTrump your official to serve prison time for

(58:36):
defying subpoenas from Congress. Former TrumpWhite House advisor Peter Navarro was put behind
bars in March. A federal judgein Texas is temporarily blocking a Biden administration
plan to extend overtime pay to aboutfour million salaried workers. More now from
Lisa Carton. A new Labor Departmentrule passed in April requires overtime paid to
salary workers who earn less than fiftyeight six hundred dollars a yearly. The

(59:00):
limit is thirty five five hundred dollarsset back in twenty nineteen. Texas sued
over the new rule, and thejudge on Friday put it on hold while
the challenge works through the courts.The jury in the Massachusetts murder trial of
Karen Reid went home for the weekendafter failing to reach a verdict. The
judge told them on Friday to keepdeliberating after they sent a note saying they
could not reach a unanimous decision.Read is accused of killing her Boston cop

(59:23):
boyfriend John O'Keefe by hitting him withher SUV and leaving him in a snowstorm
in twenty twenty two. The defenseclaimed she's being framed by corrupt cops.
The jury has been deliberating since Tuesday. Severe weather is threatening parts of the
US from Ohio to Maryland this weekend. The threat of thunderstorms will move to
the Northeast tomorrow. I'm Chris Caragio, NBC News Radio, NBC News on

(59:45):
CACAA Lomelinda, sponsored by Teamsters Localnineteen thirty two, protecting the Future of
Working Families, Teamsters nineteen thirty two, dot Org. I'm Mark Ustwood,
General Manager of KCAA. All ofus here at KCAA are chiefly saddened at

(01:00:05):
the tragic loss of our friends andfellow broadcasters. Alan Borgan and his co host