KCAA: The Mortgage Voice with Jeff Barton (Sat, 13 Jul, 2024)

KCAA: The Mortgage Voice with Jeff Barton on Sat, 13 Jul, 2024

Episode Transcript

(00:00):
Bist on NBC News Radio NBC Newson KCAA, Lomolada, sponsored by Teamsters
Local nineteen thirty two, protecting theFuture of working Families Teamsters nineteen thirty two
dot org. You're listening to anencore presentation of this program KCAA, The

(00:23):
Inland Talk Express Mortgage Voice with JeffBarton, your Voice in the Mortgage Industry.
Each week on this program, Jeffand his guests share their expertise,
personal antidotes, and the latest industrynews to keep you in the loops now
to provide you with insights and helpyou navigate the consistently changing world of real

(00:44):
estate lending. Here is your hostfor the Mortgage Voice, Jeff Barton.
Welcome back everybody on Jeff Partner,your Voice in the Mortgage Industry. Thanks
very much for tuning into the show, for listening to us on a weekly
basis. We really appreciate it,appreciate the feedback. We're on KCAA.
It's in the Inland Empire. Areall our friends out there? Been on
that radio station for about ten years. AMFM Signals bringing to you the best

(01:07):
mortgage information that you can get anywhereon the radio. And why do I
know this because I listen. Isee what's out there in the marketplace.
And you know what, if you'relooking for first hand information and people that
you can rely on, you cancome to us each and every week,
and we've come to as I said, on Saturday and Sunday. You can
also go to kcaa website. Ifyou go to that website, not only

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this week's show, but past shows. We have many, many years,
ten years worth of shows. Idon't know how many are archive, but
certainly the last eighteen months or so, and it's interesting to see how the
trends in the mortgage interest rates aswell as the programs being offered. Difficulties
of getting a loan, whether you'rein that category of low Fyco scores or

(01:51):
high Fyco scores, what are theloans for you? Do you need to
go to the non QM route,which are a little bit higher but also
a little bit easier to get.All this information is available to you.
If you want to see me,go to YouTube. Jeff Barton the Mortgage
Voice on YouTube, and that's whereyou can see me again all the archive
shows that have been on there foryear after year after year, and again

(02:15):
for me, the best part ofthat is I get to see myself,
I get to see the people whocome on the show. You can also
go to the Mortgage Voice dot com. It's another way to get the information
from us. Contact the guests individuallyand by yourself. Nobody else to know
what you're doing. Just contact them. We always have great guests on the
show, people who come to usand talk about rates, and they talk

(02:37):
about differences in why this particular programis good now versus what it was good
last week, what was good lastweek, and what's going to be available
in the future. Most of thereps that we have on the show have
been in the business for years andyears and years, friends of mine that
I've known, and again this weekis no exception. We bring or going

(02:59):
to bring to the show about threeor four different guests that are going to
talk about the rates, the programs, the market and where you stand in
it and what they're trying to doin order to get it okay. Again,
I'm Jeff Barton. This is theMortgage Voice, and again thanks for
listening to the show the mortgage interestRates. We always bang out the show
right at the beginning with what ishot in terms of the mortgage interest rates.

(03:23):
I can say honestly that this sevenpercent ceiling and floor has been around
for about two months. And whetherwe see a reduction based on what the
Fed is doing, or based onwhat the mortgage bonds are doing, or
just based on market conditions in general, I think we're going to see seven
percent or thereabouts, a little abovea little below for the rest of the

(03:43):
year. I just don't see thisparticular economy changing all that much. I
do see some good signs upon inflation. I do see some good signs that
it looks as if the economy isgoing to be good for the foreseeable few
and that's about six months, andthat'll get us by the election. And
everybody who watched that absolutely horrible debatethe other night is settling into the fact

(04:11):
that we're probably going to get achange in presidency. One of the good
things about the debate, and itwas a very short moment or two for
people like us who talk about housing, who talk about mortgage mortgages and the
interest rates thereabouts, there was somesmall a bit of information about housing in
the debate came out of Biden's mouth, and I went to my local and

(04:38):
my guy that I always go toand it's on Housing Wire Logan Matashami,
who is the economist over at HousingWire. Housing Wire is a great source
of information. It's kind of industry, but at the same time you do
get to see what's going on outthere and what drives us in the business
to do what we do. Butthis economist I've talked about several things.

(05:00):
He said, look what they offeredin terms of programs or solutions for the
economy. He had his take onit, and I'll just go through a
little of it so you're aware ofwhat's happening in terms of what's going on
in the presidential election year about housingand about mortgage interest rates. Okay,
about housing two million supply. Thatwas what Biden had said he wanted to

(05:23):
bring to the economy two million newhomes, and Logan said, yes,
that's a good thing. He alsosaid rent control and I as well as
he, don't think that's a goodidea. I don't think it's a good
idea because what it does is itcaps the available profit in any market,
and what happens is the market doesn'tplay as big a role, and therefore

(05:48):
the investment in something that you havea capped return on your money. That's
not a good thing, and that'santi So he's a no on that.
I'm a know on that as well. The first time home buyer's credit is
a yes. I'm not saying noto it. I just don't know enough
about it. How do you qualify? What does it really mean? Who's

(06:11):
giving you the credit, where doesthe money come from? All that kind
of stuff. I'm basically a veryconservative person when it comes to spending money,
or basically spending your money. IfI was in that position, I
would be very hesitant as to sayyes, I'm all for these things that
give people money, and without knowingexactly how I was going to get that
money and where it was going tocome. So these three things, that's

(06:34):
two yeses and a no from Logan, one yes, one no. And
maybe he came to the conclusion aswell as I do that supply is the
best thing. The only way toincrease supply of housing in the marketplace is
the one try to do away withsome of the regulations that it requires.

(06:55):
I know that in some areas,especially in California, where we deal with
a lot of environmental issues, wedeal with a lot of insurance issues we
do with earthquakes and fires. Thereare many restrictions on building, which is
more than just your local building andsafety, which says you have to have
a building like this, and youhave to have a certain strength to the

(07:16):
building for earthquakes, you have tohave a certain fire for fire season.
But there are many regulations, whetheras I said, they're environmental or they're
beyond the scope of what a localmunicipality would ask you as a home builder.
And the large home builders have reallystayed away from areas like California because
of the wildfires and the earthquakes.And so we do get some building up

(07:39):
the fifteen, as everyone knows,and we do get some down in the
areata, and we do get somedown in Tachapee and some of the other
places in the IE. And again, everybody out there, Hello San Bernardino,
Riverside Counties. We say hello eachand every week. And I just
don't want to remiss and say,hey, you know what I forgot you.
No, I don't, But what'shappening and how it affects you and

(08:01):
your home buying process. These thingsthat come from you know, the big
people up above, or from ourfriendly neighborhood economist logan, you have to
take them into consideration. I mean, obviously, each and every buyer is
different, and each and every buyerhas their own specific needs and their own
specific requirements. Whether it be yourFYCO score is bad, whether it means

(08:26):
you need more income, whether itmeans you need more down payment. And
this is all for house purchases.Of course, anybody who's looking to take
money out of their house in orderto you know the Big three, right,
you have health reasons, you havecollege reasons, or you have retirement
investment that you want to do toadd another stream of income to what you
already have. Well, what happensif you're stuck in a three or four

(08:48):
or five percent interest rate on yourhouse, You know it's stuck. Obviously
that's a great indust rate, butyou can't tap into that equity unless you
either refinance the whole thing, orget a second or get some kind of
a helock. All of these thingsare what you need to consider and when
that particular lock in will become somethingthat's in the past. Eighty percent or

(09:09):
over eighty percent of people have undersix percent mortgages, and right now we've
got seven percent is are base thirtyyear fixed, so you know, you
figure it out, nobody's going towant to refinance those things. I'll quickly
get to what the interest rates are. Went on a bit of a tangent
about what's happening not only locally,but also what Logan was talking about in
terms of you and your buying seasonand what has happening in the presidential debate

(09:31):
on housing. Seven point one fouris a thirty year fix, six point
four to nine is the fifteen year, six point six y two is the
FAHA, seven point three zero isthe jumbo, and six point sixty four
is VA. The two years atfour point seven four four points seven seven
four, The ten is at fourpoint four eight, about thirty basis points.

(09:54):
We've seen a shrinking of this basispoints, and they've made on several
of the web sites I go to. Mortgage News Daily is one of them.
They make a big deal about thespread, right, and not so
much as to this poor tend's recession. But now they're talking about, okay,
since the spread is narrowing, thatis an indication that what we have

(10:15):
here is a narrowing of the twoand the ten, and it keeps the
interest rates kind of where they are. And one of the reasons for that
is that the spread when it washigher or when it was lower was wider,
and now that it's narrower, itreally indicates that where we are is
probably where we're going to stay forthe long term. I don't know this
trying to understand what the two andthe ten are doing and how it affects

(10:39):
you. I just know that ifwe used to look at the ten that
would say, Okay, your ratesare probably this, I would say,
in a normal market. Is ita normal market? Now, no,
it's not. Anyway. We'll getmore of that later on in the show.
I'm Jeff Bartin, your Voice inthe Mortgage Industry. Thanks for tuning
in. We'll be right back.You're listening to the Mortgage Boys with Jeff.

(11:00):
We'll be right back with more andjust a moment for questions or comments,
send emails to info at melibocumding dotnet. Now back to the Mortgage
Boys with your host, Jeff Barton. Welcome back, everybody on Jeff Barton,
your Voice in the mortgage Industry,and I am the expert resident expert
here at the Mortgage Voice to talkabout what's happening both locally as well as

(11:26):
what's happening nationally in the economy,as well as the rates and the programs
and the scarcity of good loans,good loan rates, and most people who
come to the table and want tobuy a house, first thing they ask
you their mortgage professional, their mortgageloan officer, is hey, what are
the rates? Well, as weknow on this show, we talk about

(11:46):
non QM a lot. We talkabout different types of loans, different types
of funding sources, and a differentway by which those are underwritten. There's
a lot of ways I can gowith that party, their sentiment, but
one of the ways that we're lookingto reduce overall costs. I was listening
to well and it was a toughlisten because he just doesn't have a radio

(12:11):
friendly voice. Had a lot ofknowledge. Smart guy, but it's the
head of the CFP. No,head of the CFPP. Yes, the
head of the CFPP was talking onHousing Wire and I was listening and he
isn't the Housing Wire or Mortge NewsDaily, one of the two sites talking
about how junk fees are what they'regoing after, and there it seems to

(12:33):
be a refrain something that we've heardagain and again for the last twenty five
thirty years. Used to be titleinsurance and the fees that junk fees that
they charge, and now it's moreabout just a plethora of different fees that
consumers are complaining about, according towhat the head of the CFPP is.

(12:54):
And I'm remiss because I didn't writedown the guy's name. It was a
name I'm not all that familiar with, even though they've been in the job
for quite some time. But asis always going after junk fees, small
fees, those fees that don't reallyseem to make sense in terms of what
the consumer is aware of, whatthey're spending. That's what they're going after,
and they're trying to shorten that abilityfor either lenders or title companies or

(13:20):
escro companies or whoever it is companyto tack on the fifty dollars fee,
the twenty five dollar fee, theone hundred and seventeen dollar fee, whatever
it is. If you're pulling yourcredit or if they're pulling their credit for
you, and those fees show upas a fifty three dollars fee, is
it really fifty three? Is itforty six? Fifty? These are the
kind of junk fees that they're lookingat to combat. And I'm thinking,

(13:43):
as I'm listening to this, no, this is not the most pressing issue,
even though the Consumer Finance Protection Bureauhas the mandate to get out there
and see what's going on in themarketplace and correct it and if there are
offenders, take those people to thewoodshed. I understand all that, But
to me, it's the availability offunds and the ease by which a borrower

(14:09):
can borrow those funds. Tightening oflending restrictions on a loan is really what
has happened over the past COVID years. Right. What we saw is since
COVID has happened, we've seen restrictionon the amount of money available because of
the tightening that the FED put on. Now, I was thinking because,

(14:33):
and that's not a good thing sometimes, but if it was a good thing,
and I said, look, thereis money out there to lend,
but it's difficult in the debt thatwe accrue as people who borrow money,
that debt needs to be sold.If that debt can't compete with government debts
that's being sold or private equity moneythat's being sold, then it's a loan

(14:58):
that has to sit on your booksuntil those times where you can actually unload
that. Now, there aren't enoughlenders out there with deep enough pockets to
be able to take on a millionloans, let's say, at a certain
percentage below what currently Fanny and Freddyis selling. As I said, it's
seven point one four is the thirtyyear fix. It's been around seven percent

(15:20):
four. I don't know for thelast six months. If we could get
a loan for five percent, whereare you going to sell that loan?
You can't because the yield that they'rereceiving on mortgage backed securities or any other
kind of debt that the treasuries thatthe US government is involved with is yielding
more than what you're going to yieldat a five percent mortgage back security.

(15:43):
So even if you wanted to,even if there were people out there that
had plenty of money that said,you know what, if we were to
solve this problem, this is howwe would go about it. We would
sell cheaper loans. Well, youcan't do it. So we all are
waiting the private market, those ofus that are in government loans, We
are waiting for the Fed to eventuallysay Okay, inflation is under control,

(16:08):
let's drop our interest rates and thentangentially because the yield on those rates that
they were getting previously or now less. That means everybody else can breathe a
sigh of relief and lower their yieldon their debt, because as long as
we're all in the same ballpark,that means that depending on the criteria for

(16:29):
selling the debt, at least withthe rate and the yield involved, we
can all sort of say, Okay, we're all competing against each other as
opposed to I can't compete against thembecause those are the people selling the loans,
and with my loans being what theyare, who am I going to
sell this to because the yield isn'thigh enough. If that's not confusing enough,
let's get to some other things thatmight be a little bit simpler for

(16:52):
you to understand. The real estatemarket. Okay, we are predictions that
real estate market is going to softenquite a bit. So we went to
the archives and looked up what ishappening out there in America in terms of
real estate, both statewide, citywide, and what may be coming up in
the next six months. Okay,the cities that have already dropped in terms

(17:19):
of their real estate prices. Itmay surprise you Austin, Texas down twelve
point four percent, quarter Laine,Idaho down eight percent, Punta Gorda,
which is down in Florida, downseven and a half percent, Idaho falls
down seven point two percent, andPueblo, Colorado down six percent. These
are cities in America where the realestate prices have dropped. Now, we

(17:40):
in southern California are looking for thatright, prices to drop. And of
course when prices dropped, you're gonnafind more people jumping in the market,
which of course raise the price ofthe house. It's a vicious cycle.
And as they said in the debate, we need more housing. Okay.
States that have dropped Idaho, wejust mentioned two city I know down four
percent, Montana down point two pointeight percent, Wyoming one point seven percent.

(18:04):
Okay, none of those places areyou moving to. You're in southern
California, You're not moving to Wyoming. It's just is not happening. Okay,
But that's what's trending across the US. And then two other places.
DC is at one point seven percentdown and Utah is at one point three
percent Now you may look at Utahbecause it's you know, I mean,

(18:26):
it's five six hundred miles away,but it's it's not a thousand miles away
anyway. So when looking at cities, there are some cities that are predicted
over the next six months to lowerin value, and a couple of them
are here in California or close thereby. San Francisco down five to ten percent
by the end of the year.Now it is so overinflated there. I

(18:48):
don't even know if that's good forus here in southern California to see that.
I didn't see Los Angeles on theon the map. I didn't see
San Bernardino. I didn't see Riverside, I didn't see Rancho, I didn't
see I didn't see anything in thatarea dropping, although they are, you
know, obviously twenty to thirty percentlower than Los Angeles or into Orange County

(19:11):
in terms of the prices lowering.However, the other couple of cities on
this New York City down five toeight percent, Honolulu down four to six
percent, Miami three or five percent, and Las Vegas interesting and now four
to seven percent. Now, LasVegas has been growing exponentially. You know
they get all those sports teams andgonna have baseball in a couple three years.
It has become a different place,although the exodus from California to go

(19:36):
to Vegas is still extremely strong.Seeing prices drop is it's just just one
of those things where we go huhokay. Also personal consumption expenditure which is
a measure of inflation. As Isaid, inflation. Good news on the
inflation front. Will have more newsnext week for you. It comes out

(19:56):
Friday. We record on Tuesday thisweek. The person of the PCE report
in June rose two point six percent. That's the lowest annual rate since March
of twenty twenty two. That's apretty interesting thing two point six Think about
that. We're looking at two percentinflation as the benchmark and where we want
to go. According to the Fed, maybe we're not that far off.

(20:17):
We'll just have to see where asthey say, where the data leads us.
The personal income rose half a percent, that's good, and consumer spending
was off to zero point two percent. That means that the economy is cooling
now. They like to attack thelabor market in order to have inflation be
more under control. It's something thatI wish there was a better way to

(20:40):
do it, and I'm not smartenough to give you the answer, but
that is where we are right now. Let's see, I got a bunch
of things here, but I can'tget to it because we're at the end
of the ten minute segment. I'mJeff Bartin, your Voice in the mortgage
Industry. Thanks very much for tuninginto the show, and we'll be right
back. You're listening to the MortgageBoys with Jeff Barton. We'll be right
back with more and just a momentfor questions or comments, send emails to

(21:04):
info at melibocumding dot net. Nowback to the Mortgage Boys with your host,
Jeff Barton. Welcome back, everybody. I'm Jeff bart and your voice
in the mortgage industry. Thanks verymuch for tuning into the show, listening
to us eachain every week as webring to you the best possible news to
use. And all of the reallypoints to rates, it points to programs,

(21:26):
it points to the people we bringon the show. And you know
what, we bring the best guestson for a mortgage talk show. We
just do. We bring people whoare boots on the ground work for good
companies and bringing you the best productsavailable in southern California. Next guest who's
been on the show several times before, Lewis Caranza from Mega Capital. He

(21:48):
joins us now and it's no exception. He's one of the best. Thanks
Lewis for coming on the show.How are you. I'm doing well,
Jeff, Thank you so much forhaving me again. It's always a pleasure
to be on your show. Ohexcellent. Okay, So Mega what is
happening there where? Do you seethe market going and what kind of loan
production might you bring to us thissummer? Well, you know, I
mean the market business has obviously beena bit of a roller coaster ride,

(22:11):
as we all know right now,the majority of the business that we're getting
and what we're leaning towards is morethan non QM. Okay, the bank
statements we've got written VOE profit andloss ten ninety nine only that d SDRs
A utilization. Those those type ofprograms are the ones that seem to be

(22:33):
getting the most attention, probably inthe last six to eight months. So
in your product mix, do yousee more purchase or refinance? Probably purchase,
right, definitely, definitely more purchasesthan refis I mean the majority of
the people, you know, thelast few years refinance, they've got something
in the threes or fours. Andyeah, of course we're not anywhere near

(22:53):
there, so it's mostly purchases rightnow that we're seeing. And in the
non QIM space. Yeah, Ilove the non QM space for a couple
of reasons. One the customer islooking for a lower documentation type loan,
and two there are funds available andpeople ready to obviously purchase those loans once

(23:14):
you've funded them, is that right? Absolutely? Absolutely, yeah, And
the people have been coming out ofthe woodworks, the investors that are switching
more in non QM where you know, when rates for low, it was
mostly Fanny Freddy, right, thegovernment loans too, but now it's sort
of switching gears. Not so muchnow it has been for quite several months,

(23:34):
but yeah, at least a year, right, at least a year,
year and a half maybe, yeah, yeah, definitely, definitely,
and more so probably in the lastsix months or so. Okay, Now,
I don't know if you watch what'shappening with the FED, I think
everybody in our business does. Butat the same time, looking at inflation,
looking what the FED is saying aboutinflation. We did see some interesting

(23:55):
reduction in overall inflation over the lastmonth. I think we'll see some more.
I mean Friday, when the newscomes available to us about the PCE
and some of the other things.Where do you stand in terms of what
the Fed is doing and how that, even though it is not a direct
effect, affects interest rates overall.I mean, I think you're right.

(24:17):
It's you know, we're going tosee some of the movement maybe next week,
but I don't see them improving.Oh there's a lot of people saying
that not even into twenty twenty five. A lot of people said at the
end of this year, but nowit's sort of being pushed back into twenty
twenty five for us to see alittle bit more. You know, with
all this inflation, it just needsto get back to where where it needs

(24:37):
to be to be able to beright, to be competitive again. What
do you think that sweet spot is? Do you think it's between five and
six percent lower? I think so. I mean, we've had a couple
of dips even we still do youknow the Fanny and Freddy papers, it's
been in the sixes. I mean, I've been surprised. Sometimes had some
depending on the fighter scores and theLT obviously, but we've had some in

(25:02):
the low sixes, so I thinkI don't think we'll see it in the
fours. Maybe high fours, butI say probably the mid fives or so,
you know, mid fives. Yeah, I think so too. I
like that just because historically five percentwas like, oh my gosh, we'll
never get to rate this low again. So anything, you know, if
it's five and a half to sixand a half in that range, I

(25:23):
think you'll see a lot of peoplejump back in the market, and I
think being poised to be able totake advantage of that. How is Mega
looking to position itself for when eventuallythat happens. Do they gear up?
Do they do they get more technologydriven in terms of driving down overall operational
costs to be able to meet thedemand. How are you guys handling that?

(25:45):
Yeah, we're actually in the processof doing that as we speak.
We're up with our technology now moretowards the non QM space. Okay,
we've got people that are you know, we've hired more people underwriters and things
of that sort in the non QMportfolio. We're doing some some interesting jumbos

(26:06):
as well. But but the nonQM really is mostly that in government.
I mean, government's pretty stable rightaround, got you know, lowering people
three and a half percent down,those are fairly stable, mostly purchases.
Okay, yeah, tell me alittle bit about your non non QM bank
statement program. How many do youhave? What are the types of programs?

(26:27):
What are you looking for in termsof FIGHTO and down payment. Yeah,
we've got we've got four different typesof bank statement programs. Okay,
a lot of them. We've gotsome that go up to ninety percent down.
Of course we're looking at the higherfight go bracket for those probably about
seven to twenty, so not superhigh, but still you know, not

(26:48):
not in the low is it on'tmost loans nowadays even with non QM above
seven hundred or is that not true? I mean, well, we're pretty
lenient when it comes to the lowerel TV. So if they've got a
little bit more skin in the game, we'll we'll drop down to six sixty.
Okay, you know, as longas we're looking at the twenty five
percent down to get a six tosixty you know Fyco score. So as

(27:15):
long as they've got a little skinin the game where we're willing to go
to risk your borrow. You know, with the situation, a lot of
people have a lot of credit thatnot necessarily bad credit. It's just that
they're maxed out and you know,the just hit them hard sometimes when they're
close to maxed out. So it'snot that you have a negligent borrower that

(27:36):
mismanages their fund. It's just theireconomy, you know. Unfortunately, it's
it's reality right now for a lotof people. Yeah, you know what
interesting explain that to people? Whyit is somebody who has not missed a
payment but maybe overextended in their creditcards, we'll have a low fucker score
than someone who you know, obviouslymissed a payment or two, but you
know, does aren't maxed out ontheir credit cards. Yeah. Well,

(28:00):
well, historically the fight those scores. I mean, they some of the
things make sense, others not somuch. But you know, there's they
have their rhyme and reason for everything. So ideally what they want to see
in a perfect world is twenty fivepercent of the balance. So if you
know, if I say one thousanddollars line of credit on your credit card,
if you keep it at two hundredand fifty dollars. They like that

(28:22):
because it's not if it's zero thenthey can't really see. They're like,
well, he's not a heavy credituser, so they don't have anything to
go by, right right, Butif you have it matched out, they're
like, Okay, this guy ismismanaging his funds. Maybe there's some income
issues. He's living off his creditcards, so that drops the FIGHTO.
So the full spectrum not using themand using them too much is bad.

(28:45):
Fifty percent is decent, but thattwenty five percent sweet spot is where you
seem to get the highest Fyco scores, where they say, okay, he's
using his credit cards managing them.You know they still have a seventy five
percent balance on those, and that'sthat seems to be where they like to
see the Fyco scores go up higher. Now do you do automated underwriting with

(29:06):
that kind of stuff? So it'sjust spit out from a computer program?
Or is this a person actually lookingat it where you might be able to
tell a story. Yeah, weon the non QM, it's more of
a person. We want to seesomebody manually underwrite it, because you know
there's a lot of scenarios. Imean I've seen sure there is lately where
it's just situations that you just think, wow, it's you know, sometimes

(29:30):
it's bad luck, but rarely isit mismanaged funds like we saw back in
two thousand and seven, you know, in the subprime market. I mean
that was a whole different ball ofact. Sure it was. Yeah,
it's just a lot of people havinghard times. You know, COVID didn't
help. That really hit people.Hard businesses, clothing, having to switch
gears, changing careers, things ofthat sort, and starting businesses. We

(29:55):
see a lot of people or Iactually see a lot of people that are
you know, they're just not quiteat the two year mark for their self
employed business. Yep, they're juststarting it. And that's where they want
to see, Hey, let mesee two year history, because a lot
of people, you know, theirbusinesses aren't able to function after a year
they close down. So a twoyear mark right now is where we have

(30:19):
a lot of people struggling to getto. And that's where we are with
you know, we use some ofthe non QM because we say, okay,
we use a combination of both selfemployed and full dock. So maybe
the husband's self employed, the wife'sW two. Oh I see, so
you can do kind of a hybridtype loan, right, Yeah, yeah,

(30:40):
we do a lot of those.We blend them even with bank statements.
We use somewhere we use twelve monthsbusiness or personal bank statements, and
we blend it with the W twopast up as well. So you just
kind of help that debt ratio drop. It's just trying to be as creative
as possible. Sure, hey,Louis, we've come to the end of
it. I really appreciate you onthe show. Would you let people know

(31:00):
how they might be able to getin touch with you and then get advantage
some of these programs you're offering.Sure. Absolutely, Yeah, I work
for a Mega Capital Funding and youcan reach me on myself and that's area
code three one zero six five eighteight eight seven zero. Excellent, Lewis,

(31:21):
thanks very much for coming on.I always appreciate it. And then
good info. Thanks. Oh you'rewelcome, Jeff, thank you for having
me. Thank you very much.That's Lewis Caranza from Mega Capital Funding.
I'm Jeff Barton, your voice inthe mortgage industry. We'll be right back.
You're listening. To the Mortgage Voicewith Jeff Barton. We'll be right
back with more and just a momentfor questions or comments, send emails to

(31:42):
info at Melibu funding dot net.Now back to the Mortgage Voys with your
host, Jeff Barton. Welcome back, everybody. I'm Jeff Barton, your
voice in the mortgage industry. Thanksvery much for tuning into the show,
for listening to us each and everyweek. We try to bring to you
the best. That's the information.I know. It's difficult out there,
and I don't know if you're afirst time home buyer or somebody that's locked

(32:05):
into a low interest rate and youjust can't access that money that you want
to because you have to have anoperation, or send somebody to college,
or you just want to invest insomething. This there's a lot of problems
out there. But what we tryto do on this show, and we
do it each and every week andwe've been doing it for ten years,
is bring you some solutions. Andnot my solutions, of course, I
just give you some history and update. But the people we bring on the

(32:29):
show are the solution people and theproblem solvers. And then this next guest,
my second guest of the day.Chris calder On from Forward Mortgage is
the guy that can help you dothat. Chris, welcome to the show.
Thanks for doing this. I'm great. Thanks, thanks very much.
I hope you like that intro.I surely did. I certainly did.

(32:50):
Hey, okay, So yeah,everybody out there is so tired of it.
I mean, first thing, andfirst question everybody's mouth is always what's
the rate? What's your answer whensomebody has see that? You know,
I mean right now? I meanit depends that you can vary from week
to week, you know. Imean, you know, one day you're
you're in the mid sixes. Youknow, next day you're in the seventh.
Right, So it really just kindof depends, you know, are

(33:12):
we talking prime? Are we talkingnine? Nine QM? So general,
just to answer anywhere from six anda half to seven, right, No,
And that's a good answer because Ithink what that does is it spikes
the curiosity of the listener by saying, well, what do you mean?
It could be this, it couldbe that. Tell me about how I
can get the lowest possible rate,or tell me how I can quickly get
into the property I want to buy. What do you answer when somebody is

(33:37):
like that, you know, whenwhen someone asked that, you know,
my first question is are you wagered? Are you self employed? Okay?
So do you file your taxes?Right? Okay? You see a lot
of lenders, you know, kindof start to tying up their guideline right,
which has been happening for a coupleof years now, I'd say maybe
since the beginning of twenty twenty two. So really right now, what we're

(33:59):
seeing a lot of is the structuringof loans has become a little bit more
challenging. Yep. And so youneed more out of the box creative thinking.
Okay, and and what is whatdoes that actually mean? I know
people say that it used to bethe catch all phrase was think outside the
box or you know, any suchwording. Uh. And I know,

(34:21):
for you, for you and me, we're talking about a different kind of
program a way by which we canpresent you to the underwriter to be able
to say, hey, this personis like this, not like this.
How do you approach it? Andwhat kind of programs are we're talking about?
So here's how we approach it.You know, we understand that barbers
don't live their lives to underwrite guidelines. Right, barers are gonna do things

(34:43):
that maybe you know, banks won'tunderstand, and you know, barbers are
going to look at banks and say, you know, you're doing things that
we don't understand. So again,you know, when I use the term
thing outside the box, I thinkreally more what I mean to say is
is we think withinside the box,we just have a bigger box. You
know, base statement programs for barberswho are self employed. You know,

(35:04):
some VSCR products. You might havesome people that own a bunch of rental
properties that maybe don't claim enough income, so we can just go off of
the income they earn off the rentalproperties. You know, we have some
really good faha down payment assistance programs. Obviously, with prices being as high
as they are historically, right,some people might have some money saved,
but they might need a little bitof extra health to kind of get them

(35:24):
across the goal line. Not onlythat, this kind of like our culture
that we built from, Like theunderwriting. Again, my underwriters are just
flexible. They understand barbers are notliving their lives to underwriting guidelines, and
that's kind of really what we stress. So again, we want to look
at things a little bit more fromhow could we make it work as opposed

(35:45):
to how could we shut it down? Are you looking to the future when
rates do eventually fall either two thousandand six, twenty six or twenty seven?
And how the model that we currentlyhave, which is, you know
a lot of underwriters looking at filesmoving it to a technology driven underwriting process.

(36:06):
More because as I read more andmore about it, all the big
banks and all the big you know, the uwms or the Quicken Rocket people,
this seems to be the way they'retrying to either get rid of people,
lower their cost or increase their margins. How are you in this space
being able to you know, keepup with that, especially when you're going
to get the demand that is inevitablycoming when rates get lowered. God,

(36:29):
so I'm a little bit more hawkishon when I think rates are going to
come down. Okay, I thinkone of the things that people aren't paying
attention to is really what's going onin the economy. You know, when
you've got figures that are coming out, when you've got a spike in barers
making minimum payments on their credit cards, when you've got a spike and charge
off rates on credit cards, thatwe haven't seen since two thousand and eight.

(36:51):
When you have a spike in borrowers, I'm sorry an Americans taking out
for one cave withdrawal. You know, you might see unemployment rate low,
you might see inflation starting to comedown, but Americans are still really hurting.
One of the things that people forgetis if inflation comes down, it
doesn't mean the price of goods andservices comes down. It just means that

(37:14):
they're not increasingly as rapidly right theyare right, And so those are the
things when people are saying. Evenlast year, when people were telling me,
Chris, We're gonna see, youknow, race drop in twenty twenty
four, you know, I waslike, based off the data, I
don't think so. Based off youknow, the history that I've read,
off of Jerome Powell, I don'tthink so. So I realistically don't see

(37:37):
rates coming down maybe until twenty twentysix. Now, does that mean that
we might not see a quarter dropat the end of the year. It's
possible, but because home prices havegone up so much, it'll be canceled
out by how much home prices haverisen since the last time we saw rates
lower. So I think it'll becanceled out then. Now the second part

(37:57):
to your question was in regards toartificial AI. We're also working on that
as well. Okay, but atthe end of the day, what I
remind people is it's not AI that'sgoing to be using people. It's people
that are going to be using AI. And I think that's one people that's
one thing that people forget. Theyget a little fearful about aire. AI
is going to help make things moreefficient. AI will cost people some jobs,

(38:22):
but AI is going to create alot of newer type of jobs,
kind of like something that we sawback in the Industrial Revolution, you know,
one hundred and twenty one hundred andthirty years ago right now. So
AIS will be implemented I think bythe end of the decade, which sounds
like a long time a way,but it's really not. I think AI
is going to be a huge,huge factor in our industry. But at

(38:42):
the end of the day, it'sgoing to require lending will always require a
human touch, because as long asbarbers, like I've said before, as
long as bowers don't live their livesto underwriting guidelines, you have to have
a human on the other end ofthat computer to make these loans. For
that, it's so interesting because thereis such a divergence in what you read

(39:04):
and what people are predicting, Likeyou're, as you said, a conservative
or more of a hawkers person onwhen rates are going to fall, and
I completely see and agree with youon that particular front. And the other
side is, of course nobody reallyknows because this is really uncharted territories.
But the hard facts of credit carddebt, delinquencies, auto loans being called,

(39:29):
there are a lot of indications that, as you just said, people
are hurting. They're trying to livethe best life they were living during COVID
when money was just handed to them. But it's not there. When do
we start to see the economy reflectthose numbers, and then therefore, when
the economy slows, that's when weusually see rates drop significantly. So historically

(39:52):
after the last rate hike, right, typically eleven months after the last FED
rate hike is what we generally tendto see a recession falling. The last
rate hike was in September of lastyear, so obviously we're running on that
eleven months now. It doesn't meanAugust first, a recession hits, right,

(40:13):
and again it's not it's not arule of economics, but typically that's
what we've seen after the FED hasgone through, you know, a large
rate hep cycles like we've seen overthe past couple of years. But I
really think that we're really going tostart to see the economy start to slow,
right, maybe by the end ofthis year, beginning of next year.

(40:34):
Right, And and again I'm nottalking politics, regardless of who gets
in the White House. That wasthe next question. Yeah, okay,
good, right, regardless who getsSIN. Now, depending on who gets
SIN will dictate how quickly it couldbe fixed. Now, if if you're
looking to Trump, I think ifTrump wants to get you know, elected
back into office, I could seerates going down, right, but it

(40:58):
might have the reverse effect because itmight cause prices to go up. Now,
what we have seen, right,what we have seen is we've seen
a huge spike in listings right rightnow. Granted, you know, it's
local, depend on where you're at, you know, cal Southern California might
be different than maybe Columbus, Ohiofor instance, of course. Right,
yeah, so we have many hugespikes. But one thing I've told some

(41:20):
of my clients is this, right, we're on pace for the fewest amount
of home sold since nineteen ninety five. It's awesome. We're going to have
the huge amount of home sold rightby s five. But yet there's sixty
more million more people live in theUnited States. So to me, that
says a lot about where the stateof our of the housing industry is at.

(41:43):
Now. What we are seeing alot of right we are seeing a
lot of and this is me goingback to the four one K withdrawals people
you know now making minimum payments ontheir credit cards. We are seeing a
lot of people refinance, seeing thosetwo point eight seven five three and a
half interest rates payoff debt, andthey're taking it seven percent or they're taking

(42:04):
a six and a half. Rightnow, I know you might be asking,
well, why don't some of thosebars keep that low rate and just
take out a close in second.Well, in some cases, depending on
the situation, when you do theblended rate, the borrower might be better
off is refinancing out of that twoand a half three percent three and a
half, taking a seven and thenwhen rates eventually do come down again,
they're never going to go back.At least I don't see any time seen

(42:27):
going back to that, to thatlow of an interest rate, but maybe
they might be able to refinance ifit's six five and a half or a
five, right, And so we'reseeing a lot of that. And one
of the things that a lot ofmy brokers are telling their barers is why
would you Why are you so worriedabout that three and a half percent,
but you're paying a nineteen percent atwenty second right of course on the credit
cards? Right, right, Imean right exactly. You've got two or

(42:51):
three credit cards and you've got thirtyforty thousand dollars on them at thirty percent,
maybe it's time to get into aseven percent and make the payments.
It's about cutting the credit cards.For most people, they just can't seem
to wean themselves off that lifestyle theyhad during COVID. Correct, Correct,
you nailed it on the head,right, Hey, Chris, we have
run out of time. I wishwe had more time. What you're talking

(43:13):
about is extremely interesting. Want tohave you back, Obviously we always say
that, but it's true, andyou've got some great insight. But if
you could let people know how theycan get in touch with you at Forward
Lending, that'd be great, You'vegot it. You guys could always use
for my cell phone the area codeeight nine seven zero seven eight once again
nine six seven zero seven eight.Chris, thank you very much for coming

(43:36):
on. Always appreciate it. Yougot appreciate it. Take care, everybody.
Thank you. That's Chris Calderon fromForward Lending. I'm Jeff Bartin,
your Voice in the Mortgage Industry,and we'll be right back. You're listening
to the Mortgage Boys with Jeff Barton. We'll be right back with more and
just a moment. For questions orcomments, send emails to info at Melo
Gruppondings dot net. Now back tothe Mortgage Boys with your host, Jeff.

(44:01):
Welcome back everybody on Jeff Bartn,your voice in the mortgage industry.
Thanks very much for tuning into theshow. Each and every week. We
come to bring to you the bestinformation that's available out there. It's current,
it's topical, and we try tobring solutions in the people that we
bring to the show. If youwant to see and hear the show,
we're on a number of different podcasts, Daryl, do you have a list

(44:22):
of those for us? I suredo. Jeff It's Apple Podcast, Google
podcasts, Spotify, Speaker, Stitcher, I Heard, Media, Odyssey,
YouTube, podclips dot io, andthe Mortgage Voice dot com. Okay,
all of those great places to goand hear what we do each and every
week. CACAA dot com is anothergreat place. The Mortgage Voice on YouTube

(44:43):
is another good place in that.Podclips dot Io central place. Lots of
great podcasters go there if you justwant one place to get a lot of
different, great and variety of typeshows. Mine is one of them,
and there are a lot of otherones too. Podclips dot Io, thank
you very much again for coming onthe show. Okay, each week we
bring great guests. I know Isay that a lot. What it's true.

(45:06):
We have seasoned people who have beenin the business a long time.
They're kind to come on for meand I do appreciate that. But they
bring to you a wealth of informationand experience, so you don't have to
shop around and look for somebody totalk to. These are the people that
you can do it for. DeanGarrett from Women Real Estate Mortgage Network is
joining us again. He's one ofthese people. Dean. How are you

(45:28):
oh doing good? Jeff? Anotherday in Paradise excellent, Yes, another
day in Paradise absolutely outside of theweather turning hot everywhere even here. How's
the business and what are you thinkingabout in terms of products you might be
offering for the rest of the summer. Yeah, actually, Jeff, you
know, as we say, itis what it is, right, we

(45:52):
get to keep going forward. Butwhat products that's been our hottest product here
is our he lock. Okay,it's pretty interesting what happens on these are
it's a separate portal, okay,and you can go in there and you
can pull out an application. Youcan also you know, brand the link
and send it out to your borrowers. It's it's it's an eighty percent uh

(46:17):
you know, interest only five years, then a twenty five year payback based
on prime whatever margin you can.This is a new feature that's got it's
all excited. You can pay offdebt now to qualify. So while we
weren't allowing that, but now goup to fifty percent with paying off debt.

(46:38):
Okay, explain that now we talknumbers and programs like our audience knows
what we're talking about. It's Iknow what it is. It sounds awesome.
Explain it really slowly. Okay,So the e lock. You know,
home equity, a line of creditright to be based off the equity,

(46:59):
and they right now is where wecan save you some money. And
the borrow money is we pull anAVM okay rather than rather than a full
appraisal. Okay, okay, yes, so they thought the ABM on an
owner occupied property, we'll do asecond mortgage up to eighty percent of whatever

(47:20):
that AVM comes in at. Okay. If if it's a second home,
we'll go to seventy five percent,and if it's an investment property, we
can go to seventy percent. Isthe max? Okay, okay, the
minimum? The minimum, FYCO isthe six forty. It's good too.
Yeah, that will reduce your loanto value. But if you have a

(47:43):
seven forty or better, actually we'redown to a seven hundred or better,
you can do the numbers that Isaid initially. Okay. But the new
feature that I was talking about before, we weren't able to pay off any
debt. So if a borrow wantedto pay off debt, they would have
had to qualify with that debt andthen pay it off on their own.

(48:05):
Right right now, we can payit off through the loan to get them
qualified. So it's opened up andnow we're getting all I would say,
you know, two three times toborrowers approved that we were getting before.
Now in that are you looking fora higher FCO score that's why you're allowing
it, or you're just looking foruh less debt. Well it really doesn't

(48:30):
matter, you know. Whatever theyqualify based off loans of value and credit
score, they can pay off thedebt. Like I said it was,
it was a little bit of anissue before. You know, people wanted
this but had to qualify with alltheir debt, right right, Well,
we kind of do like a limitedtidele on on this, and we're just
trying to keep the costs down.Of course, of course I saw that

(48:54):
the best news on it all,Jeff as we pay our broker one point
seventy five. Oh that's excellent too. Yeah. Yeah, so you can
get paid on them. You knowa lot of people are giving them away.
But it's a real simple process.It's five minutes of your time and
you can make one point seventy fiveof the loan amount. What is the

(49:16):
typical loan amount on these types ofseconds, one hundred thousand. They're pretty
high, you know, here inCalifornia, they're probably you know, at
least one hundred, right, I'vedone the max will do around four hundred.
I see, okay, but youknow the end, they can go
down to twenty five if someone justwants a smaller amount. A couple other

(49:37):
great features on this is that there'sno prepayment penalty. Oh that's good too.
So what's really helps is it's actuallya perfect bridge loan. Yeah,
that's that's interesting. So and howwould how would that work in terms of
the bridge loan? What are youlooking for a full you mean on a

(49:57):
sale or a rehab or Yeah,what I mean on that is someone you
know is wanting to buy a property, has a little equity and the property
they're selling, but haven't been ableto sell it yet or write well by
the new property because they don't havethe funds. They need the funds out
of you know, the old house. Sure, sure, as long as
long as the house isn't listed,you can get a second get your equity

(50:22):
out of this, use that tobuy your new home, and then when
the house sells, you can payit off with no penalty. Well,
Bowers and Brokers, we don't comeback to the broker either, Well,
this is a pretty good loan.I bet it's pretty popular right now.
It is. It is I thinkas a company we did I think it

(50:44):
was forty five million last month.Wow. Wow. And this is a
nationwide program or just southern California.No, No, it's it's nationwide,
even in Texas now wow. WellTexas is kind of a state where you
can't do more than one, right, Yeah, it's just a little funky
with them. What they are allowsome rules on that. I'm not all

(51:06):
the way familiar. I'm lucky andthat's not the deal. Well that's the
way it was for a long time, one time, and that's it.
You're done. You can't do morethan one. But with a he lock,
that's kind of a different type ofproduct anyway. It's not a second,
it's not a first. It's akind of revolving credit line. Yeah.
I know they require like a twelveday cool enough period. Oh,
I see. There are some funkyrules on that, but there are some

(51:31):
state specific you know, I canlet anybody know if they had any questions
on that. But they're really reallyeasy program and it's nice on this he
lock, which is a little bitdifferent from the last one we had is
the actual portal where the can gointo it and you can see exactly what

(51:52):
steps are needed. We're at witheverything and you know, can follow along
our old one. There was amorble mystery on that, but this one
is very simple. And the av M product that you're using to valuate
the property, yes, okay,so that's just a desktop under a desktop

(52:13):
appraisal system, right and like automatedvalue Yes, I know, but exactly
the anachronisms however they are. Butreally for people who are listening, it's
it's just, you know, justthat someone who is an appraiser justs go
on, there's no cost on that. Now, that's not if the if

(52:34):
the brokers, I'm happy because theproblem you run into the with those AVMs
is if there's been some upgrades tothe house or renovations, right and show
okay, because all they're doing isbasically pulling comps in the neighborhood. Yeah
right right, if the borrow juice, they can then pay for a full
appraisal if they're not happy with theevaluation. Right. Well, even at

(52:59):
the tip top, if I fixup your property is only going to vary
fifteen percent from you know, theneighborhood. I mean, that's just the
way appraisals go anyway. So youhave to weigh whether that extra amount that
you're going to get in the AVM, if you get it and it's not
guaranteed that you will, is worthit to wait. I mean a lot

(53:19):
of people who need money need itnow. They don't don't want to wait.
That's the beauty of this program.If you need it, we can
get it to you pretty quickly.That's awesome, Dean. We have run
out of time. I can't evenbelieve it. I just looked at the
clock. Wow. Could you letpeople know how to get in touch with
you. This is a great programand I think people should be able to
take advantage of it. It's agood time a year to do it too.

(53:42):
Yeah. You can email me atDean de A N dot Eric g
A R R E T T atr E m N dot com or always
call me nine four nine three fiveseven six four four four excellent Dean,
Awesome, thank you very much forcoming on the show. Love it.
Thanks thanks for having me. Jeff, Okay, great, thank you very

(54:05):
much. That's Dean Garrett from Women. I'm Jeff Bartin your voice in the
mortgage industry, and we'll see younext time. You're listening to the Mortgage
Toys with Jeff Barton. For moreon today's topic, er visit www dot
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(58:23):
fourteen NBC News Radio, I'm LisaCarton. Senator Bernie Sanders is calling on
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to remain in the race. Inan op ed in The New York Times
Today, Sanders pledged to do allthat he can to help Biden win a

(58:45):
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(59:27):
was killed in the strike. Difis believed to be one of the main
planners of the deadly October seventh attackon Israel. The Princess of Wales will
attend the Wimbledon Men's final on Sunday. Kensington Palace confirmed Princess Kate would be
presenting the trophy to the Grand Slamchampion after missing the women's final today.
This will be the Princess's second publicappearance since the announcement of her cancer diagnosis

(59:49):
earlier this year. Sunday's final willbe a face off between Spaniard Carlos Alcarez
and Serbian Novak Djokovic. Famed TVsex therapist Ruth west Timer has died.
With her thick German accent and matronlydemeanor, she was known for being quite
frank when advising couples on how tobest improve their love lives. A