KCAA: The Mortgage Voice with Jeff Barton (Sun, 4 Aug, 2024)

KCAA: The Mortgage Voice with Jeff Barton on Sun, 4 Aug, 2024

Episode Transcript

Speaker 1 (00:04):
Welcome to the Mortgage Voice with Jeff Barton, your Voice
in the mortgage industry. Each week on this program, Jeff
and his guests share their expertise, personal antidotes, and the
latest industry news to keep you and the loop now
to provide you with insight and help you navigate the
consistently changing world of real estate lending. Here is your
host for the Mortgage Voice, Jeff Barton.

Speaker 2 (00:29):
Welcome back everybody on Jeff Barton, your Voice in the
Mortgage Industry. Thanks very much for tuning into the show
listening to us. We bring to you the information of
the day, and today is chuck full of it, at
least this week has been. We have the FED meeting
as well as the CPI data that has come in.
But before we get to any of that, Jeff Barton,
The Mortgage Voice is on YouTube. YouTube is our home

(00:51):
away from 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 love what they do.
They bring us to you with the ie San Bernandino
and Riverside Counties and as you all know, out there
in those particular areas, Getting mortgage information that you can
rely on is difficult. You either got to know an uncle,

(01:14):
you got to know a friend, you gotta know somebody
who's recommended to you. But here it's unbiased. I'm just
gonna give you what I think. And I've been in
the business thirty years plus, so it's not gospel, but
it is close to what I think today is about,
which is trying to give you accurate information that you
can use and act upon, and that is in itself

(01:36):
good enough for most people. Take what it is, go
out and find yourself a terrific mortgage broker or a
real estate agent or both, and then go house hunting.
There is some good news in the house hunting world anyway. Again,
I'm Jeff Barton. This is the mortgage voice in the
house hunting world. Yes, we do have an inventory that
is up. It's been up about the last five months

(01:57):
in a row, after being less and less each month
for the previous i don't know, seventeen months. Now we
got a long way to go to ketch up to
where we were in twenty nineteen pre pandemic. Reason is
is just because that pandemic. I'm telling you, it's set
the real estate, the rental market as well as the

(02:18):
purchase market on its head. We had such low rates
that everybody bought. Nobody wants to move now because he'd
be crazy. They call that the lock in rate and
the lock in problem. We used to get a lot
of different buyers and sellers in the marketplace. We just
want to move. They wanted a bigger house, or they
wanted a smaller house, or they wanted to move just

(02:39):
because it was time to move, or they got old
and they wanted to downsize, or they wanted to upsize
because they got more kids. There's many reasons why in
the market. Prior to yeah, we had a lot more movement,
a lot more housing on the market, and therefore prices
weren't as high as they are. But as rentals became
what they became in distant cities, when people could work

(03:03):
from home or had to work from home, we saw
a trend develop which was inflationary spiraling of real estate costs.
And those costs are today continually reflected not because of
the pandemic or people moving away from the inner city
because most people move back, but because less houses were built.

(03:24):
Now we try in the industry to highlight that to
people to let them know that, Hey, you know what,
there is probably a million less houses per year being
built than should be being built. We probably have a
demand of you know, a good few million, if not
ten million deep i e. People supply demand being what

(03:44):
it is. If you want something, you want to pay
for it. You'll pay more than what it's actually worth
in order to get it. That is the way it works. Well.
Right now, we have a situation whereby housing process are
so high, we're getting more houses staying on the market
for longer. We're even getting a small percentage twenty five
thirty percent of houses on the market actually in price reductions.

(04:07):
But it's a deceiving term price reduction. What does that mean?
You overpriced it by thirty percent and you drop the
price by fifteen so that means it's still overpriced by
fifteen percent. That's what's happening in a lot of areas.
But again, as I said, this is what's happening both
here in southern California and nationally. So this is a
problem that exists all over the place. Okay, let's get

(04:30):
right to it. As I said, I'm Jeff Bardon mortgage voice.
Here we go thirty year 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
at seven point twenty five, and the VA lon is
at six point four five, the two years at four
point seven four to eight, and the ten years at
four point three zero eight. Yes, if you are listening

(04:53):
to me week after week, you'll realize and recognize rates
went down, and yes, that meant that they're is more
activity in the mortgage market. Mortgage applications ticked up quite
a bit this week, just because the rates dipped a little.
As you see also that the treasuries, the two and
the ten, there's still about a thirty five basis point
spread between the two to the negative side, meaning the

(05:16):
two is yielding more than the ten. However, those particular
two bullet points or whatever you want to call the information,
they don't mean much as they used to. It used
to mean that if you had the two year, which
was priced more or yielding more than the ten year,
we were in recessions. Harm Way. Well we're not there anymore,

(05:39):
because we're over two years into this. I was listening
to Bloomberg Radio on the way to the show, and
I love that. By the way, it's a great radio station.
It's un serious. I don't know if they have a
local feed. It's not like CACAA where you can turn
on your radio driving around on Saturday and Sunday and
listen to us. But Sirius has a great bloom feed

(06:00):
and Bloomberry's on your computer, so if you do listen
to it, you'll understand what I'm talking about. They were
talking all about this as well, in how the two
and the ten mean nothing anymore. It's as if that
particular pour tend of the future just never existed. Now
we'll have to see, but there's no recession on the horizon.

(06:21):
If anyone heard or listened to Jerome Pile talk about
what's happening with the Fed, and again, the Fed has
remained Again, I didn't even tell you the Fed has
remained the way they are. They are going to keep
higher for longer. Five point twenty five to five point
seventy five four member banks to borrow from them. That's
a benchmark interest rate that obviously is going to show

(06:44):
up in your credit card payments your house not your
house payments, but your car payments. Credit card payments and
certainly any kind of auto loans. All that kind of
stuff is going to be reflected by what the FED
has as their interest rate now as mortgage rates. Last
week we tried to ferret out for you and let
you listen to an explanation of why mortgage interest rates

(07:07):
are 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 on the debt market,
whether it's mortgage backed securities or whether it's the treasuries,
those two have to compete. They have to compete on price,
they have to compete on yield, and when that, in
effect is controlled by an arbitrary FED number of five

(07:29):
point two five to five point seven five percent, you
are not going to see a lowering of the interest
rate on the mortgages that much, although they did come
down some so as we said, we're below seven percent
again for the thirty year fixed and that is good
or good enough for a lot of people now. Historically
seven percent is pretty good interest rate. As I've said

(07:49):
many times on the show, eight point seventy five was
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 more inventory and the price on houses wasn'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 the consumer Price Index, which

(08:11):
happened to come up at the same time that the
FED was meeting in the Fed said that they were
going to remain higher for longer. CPI inflation didn't go
up as much as people thought it would. Basically was flat.
In May it was three point three percent, and in
I mean in April it was three point three percent.
In May it was three point three percent. Also, therefore,

(08:33):
the market's stock market usually that's what we talk about,
was happy, and it went up, and it went down
and went sideways. But what it didn't do is panic
and have an explosion like it did last month. Because
we saw a little bit of a raise in the
interest rates, in the inflation rate in March and in April,

(08:54):
stock market didn't like it. But right now we're seeing
a long term trend of slowing so slowly the inflation rate. Now,
I have a few products here that I wanted to
just describe to you some prices going up, some prices
going down. In the up section, shelter shelter was the
biggest what they call the unsheltered in the shelter index.

(09:16):
Whether it's rental or purchase. Both of these particular items
are about fifty to sixty percent of what the inflation
rate is. So as these prices continue to go up,
that's a problem. We need to see housing prices come down,
as I explained earlier, unless we're building more. It's a
supply and demand issue, and yes it's not an easy

(09:38):
thing to solve immediately. A couple other things auto insurances up,
Restaurants are up, transportation and grocer also up. On the downside,
gas is coming down, use cars, rental cars, airfares, hotels
and new cars as well are also coming down in price.
So there is some good news in this inflation report.

(09:58):
We need to see more of it. Get the FED
to cut so we'll see tangently mortgage interest rates come
down too. We have a jam Pack show on Jeff
bart and your Voice in the Mortgage Industry. We'll be
right back.

Speaker 1 (10:08):
You're listening to the Mortgage Voice with Jeff Barton We'll
be right back with more in just a moment. For
questions or comments, send emails to info at Melabu Fundings
dot net. Now back to the Mortgage Boys with your
host Jeff Barton.

Speaker 2 (10:25):
Welcome back, everybody. I'm Jeff Barton, your voice in the
mortgage industry. Thanks very much for tuning into the show
listening to us on a weekly basis. We try to
bring you the best information that you can use on
a daily We always do that by keeping you in mind.
You want to know where the houses are, where the
cheapness is, when interest rates are coming down, as my
job gonna last forever, when's inflation, you're gonna stop. Yeah,

(10:47):
there's a lot of stuff that we touch on this show.
Answers not so much, but we certainly bring up good
quality discussion in all of these areas. Joining us once
again is Connie Hernandez from PMA to answer all one
of those questions because I know she has the answer. Connie,
how are you?

Speaker 3 (11:03):
Oh my gosh, thank you for that amazing interduction. After Hope,
I have all those answers, Well, you.

Speaker 2 (11:10):
Know what, how about let's let'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
always think that that time of year really sets the
tone for the rest of the year because you know,
supply and demand and housing prices and all that. People
are either moving or they're not moving. They're buying or
they're not buying. Where does it stand out in Covina

(11:32):
and the Inland Empire.

Speaker 3 (11:35):
Well, you know, unfortunately, I'm sure that real estate agents
are seeing this everywhere. We still don't have enough inventory, right, jess, Right,
We're still struggling to put our clients into homes. But
on a good side, we do have we are busy
on our real estate division for real estate and then

(11:57):
obviously helps us with the low side. Sure, you know,
I'm kind of been around for a little bit. It's
probably close to as long as you have.

Speaker 2 (12:07):
And you didn't mention a number though, all right, it's okay,
Well a little bit, right, yeah, a little bit. Yeah.

Speaker 3 (12:15):
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 and seminars, and I think
now with the new systems in place, social media, we
have to really strongly look at those avenues. I think

(12:35):
door knocking is still okay, but it's just not the
whole answer anymore. We really have to 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 five years ago, but that's not the case.
The interest rates haven't budged, so that means we have
to make some changes on.

Speaker 2 (12:55):
Our side, right right, No, I think what you're saying
makes a lot of sense, especially in our busines. This
especially with the lawsuit that you know, NAR stumbled into
and now all of a sudden, a lot of buyers
agents are finding themselves in a completely new field in
terms of how they represent clients or if they can
even get paid if they represent clients. So there's a
lot of changes there too.

Speaker 3 (13:17):
There is, and I think that it's a very devastating situation.
I mean, obviously those agreements have always been there, it's
just they haven't really been used. And because it's always
been a customary thing that you're a teenagent, you know
that you're going to be marketing to buyers agents and

(13:40):
with that sharing the compensation. But that that's still in
some situations I think will continue. I don't know for
how long, but it does put a sense of an ease,
and I think for the agents that are mainly representing buyers.
But really that's going to put buyers in a very

(14:01):
difficult situation because, as you know, our job as a
fuduciary agent, we have to represent these sellers if that's
who we're in contract with, and we have to also
disclose if we're listing a property that our fuduciary relationship
first and foremost is to the seller. So where does

(14:23):
that leave the buyer as far as representations. That's kind
of a scary thought that I think maybe was not
thought through.

Speaker 2 (14:32):
I think, like many things, if you just put your
head down and get a pillow and put it around
your ears and don't look around, all of a sudden,
the problem goes away. I think for the most part,
the issue here is simply that the buyers have never paid.
I mean they have I guess if you consider that

(14:53):
they're paying for the property and the cell, it takes
the part. But this has left a big hole in
representation and for the one person in the transaction who
really needs it, which is the buyer. Because the buyers
will have extra money to pay you. That's what That's
never going to happen.

Speaker 3 (15:11):
I just thought, yeah, absolutely right. You think about all
of the first time home buyers that are struggling to
you know, capture that American dream, right, Yeah, the home
ownership dream. And they're putting there, you know, for better
lacks of words, they're savings together and maybe receive some
help from mom, dad, grandma, family members, and you know,

(15:34):
putting that down payment together, putting those closing costs together.
I mean, the DPAs have their challenges, I believe. I mean,
they're they're not for everyone, right, But the thing is,
if they're struggling to put those funds together, how now
are they going to pay to have someone properly represent them.

(15:55):
I just don't see that happening.

Speaker 2 (15:57):
No, you're going to get low ball offers. You're not
going to get paid what you worth. There's gonna be
a two tier system in how real estate agents are viewed. Oh,
you're a buyer's agency, You'll work for anything. I mean,
that's the mentality. I'm a seller's agent. I'm gonna get
three three and a half percent every time I you know,
sell a house. Because the sellers. The listing agents themselves

(16:17):
have an expertise and they do that's what they do
now like us, we do both. So we're kind of like, Okay,
part of my business is not gonna do well because
I never use the contract and I always got paid.
And the reason I always got paid is the main
pitch is I don't pay you. You don't pay me,
the seller pays me, and therefore you don't need a contract.

(16:38):
That's a simple five second don't worry about it. I'm
gonna work for you. I'm gonna kick butt and at
the end of the day, it's gonna question nothing. That's
a great sales pitch. I mean, now I have to
go completely the opposite, saying, well, here's my list of
qualifications and why you should be paying me three three
and a half percent. I mean, come on, that's and
nobody addresses it. It's like it doesn't even exists when

(17:00):
you talk about it.

Speaker 3 (17:02):
It's kind of like being brushed under a rug, and
I really don't you know. Unfortunately, I haven't come across
the situation where the Lestines haven't had compensation for the
selling agent yet, but that may be coming, maybe not.
But regardless, the rule is there right, So we have

(17:23):
to address you.

Speaker 2 (17:25):
Have to do it now. It's not a choice. It
was an agreement not made by me. I don't have
a union. This was made by an organization that was
trying to bail themselves out of getting sued and getting
sued to the tune of one point four billion dollars.
I think they already have to pay. Oh, come on,
you know that they were selling somebody out and it

(17:45):
happened to be the buyer's agents. That's what happened, because
the sellers agents and the sellers agent's companies that represent
most sellers, that was the best way that they could
figure 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.

Speaker 3 (18:05):
Maybe not your time, but maybe our next generation hopefully.

Speaker 2 (18:09):
Yeah. Maybe. And I think there'll be some added services
that the buyer's agent should 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 added services,
something like that. Anyway, we have about two minutes left.

(18:30):
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.

Speaker 3 (18:39):
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 a bit, but more
for the refits. We've actually had an inflow of business
for the d S d S c R loans and
those seem to work out really well. They're they're a
bit easier to tackle. Clients know that they're paying a

(19:02):
bit higher interest rate for them, but you know the
fact that they don't have to provide a ton of
documentation is the big, you know, the big reason why
they go forward with it. Plus you know, in some
cases they are doing cash out reinvesting that money out
there other properties or other investment opportunities. So I think

(19:24):
right now our big focus is on the DSR loans,
although obviously we still handle all the other products. We
have a trickle of business coming in for buyers that
are still doing the SAHA, the conventional minimum payment loans,
but there seems to be a big push now in
our office for doing more commercial type loans.

Speaker 2 (19:43):
Yeah, you know 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 so
we can figure out exactly where the gap is and
then fill that with what whatever other information they might need.
It's just a simpler, easier way and less liability, that's

(20:05):
what I see.

Speaker 3 (20:06):
You're correct, we may say that right.

Speaker 2 (20:09):
Hey, Connie, we're at the end of it. Thanks for
coming on. Could you shout out a way by people
can get in touch with you, especially if they need
someone with not only knowledge and experience, but who really
does care about whether you're going to get in the
house this year?

Speaker 4 (20:21):
Oh?

Speaker 3 (20:21):
I absolutely do. Thank you, Jeff, You're welcome. You can
reach me where. Our office is on the corner of
a Jello and Citrus in downtown copinat one oh one
North Citrus. Our office number six two six nine eight
two four one nine. My direct number is six two
six four two two to zero one seven. I would
love to answer your questions and help you with your

(20:44):
loan needs or real estate needs.

Speaker 2 (20:46):
Excellent, Connie, thank you very much for coming on the show.
I really appreciate it.

Speaker 5 (20:51):
Thank you, Jeff, You're welcome.

Speaker 2 (20:52):
That's Connie Hernandez from PMA. I'm Jeff Bartner, Voice in
the mortgage Industry. We'll be right back.

Speaker 1 (20:57):
You're listening to the Mortgage Voice with Jeff Barton. We'll
be right back with more than just a moment. For
questions or comments, send emails to info at Melibu Fundings
dot net. Now back to the Mortgage Boys with your host,
Jeff Barton.

Speaker 2 (21:12):
Welcome back, everybody. I'm Jeff Barton, your voice in the
mortgage industry. Thanks very much for tuning into the show,
listening to us as we bring to you the best
information out there in the Inland Empire concerning mortgages in
real estate and ways by which you can get into
a house this summer. I know the prices are high,
I really do. I know that the mortgage interest rates

(21:32):
aren't coming down. Well, they came down a little bit
last couple of days, so that's a good thing, fed mate,
and inflation came down the CPI, so there is some
good news out there. Certainly, we're trying to get through
a very very hot summer. Joining us once again from
Nations Direct is one of our best go to people
really knows the industry well is April Lopez. April, how

(21:54):
are you?

Speaker 6 (21:55):
I'm great, Jeff Barton, how are you today?

Speaker 2 (21:58):
Thank you? Nobody ever uses my last name but you,
and I appreciate that. I'm great too, Thank you.

Speaker 6 (22:03):
Wonderful, wonderful.

Speaker 2 (22:05):
Okay, give us the skinny on what's happening at nations,
where the business is, if there's business, and what you
foresee over the next couple of months in the summer.

Speaker 6 (22:16):
Absolutely, you know, it's kind of interesting. We are seeing
a big uptick in submitted business despite the rap you know,
have been kind of going up and down. We saw
a little bit of a drop the past couple of days,
and then interesting enough today the Fed spoke that they

(22:37):
were making 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 the
fact that the rates are where they're going to be,
because we definitely have an influx of business that is
keeping us busy.

Speaker 2 (22:56):
Oh that's excellent news. And there's that a national trender.
Is that more Southern Californa.

Speaker 6 (23:01):
I think it's actually outside of southern California. I think
it is. I think it's definitely national. I see a
lot of the submissions coming from the northeast and the northwest, Okay,
and in those geographical areas, I think that those homes
are more affordable. We're seeing a lot of government purchases

(23:22):
along with a lot of just 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 buyers whose average median income is within
one hundred and twenty percent of those dictated values.

Speaker 2 (23:43):
Okay, explain that a little bit so people have a
better understanding.

Speaker 6 (23:47):
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 that says the average median
income for that census track hypothetically one hundred thousand dollars. Okay,
if you are a first time home buyer and you

(24:08):
are within 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 we want
to make the loan more affordable. So we're going to
reduce the adjustment to the rate for that new first
time home buyer on those parameters, which means at a

(24:31):
low down payment, instead of you having an adjustment of
two and a quarter, your max adjustment will be one
one and a half percent, which means your cost to
take out that loan is going to be less.

Speaker 2 (24:43):
Yeah, it's about fifteen hundred to two thousand dollars in
that range on one hundred thousand dollars property or something
like that. Anyway, that's very good. And is this the
type of product that's being taken advantage of in this
national view?

Speaker 6 (24:57):
I absolutely think so. I think that the big the
big players like Quicken and UWM and US you know,
middle sized lenders, we are definitely taking advantage of that.
And Fanny and Freddie are also and predominantly Fannier. They're
giving first time home buyer grants to the banks like
the Quickens and the Nation's directs. So we're going to

(25:19):
roll it out within the next sixty days where if
you're a first time home buyer and you are getting
a conventional Fanny loan, that you're going to get the
ability to have a two thousand dollars credit towards your
closing costs, and that's already been implemented across the nation
with the larger banks who already have that in place.
With Fanny and Freddy, do.

Speaker 2 (25:41):
They consider real estate agent commission closing costs?

Speaker 6 (25:45):
You know, that's still on the table. So we are
thinking it's not because it's part of the real estate transaction.
But since that's going to be rolling out sooner than later,
we're gonna get more definition on that. But we don't
think so. We think that's going to be so a
side and I and I do know that a lot

(26:06):
of people have been asking, well, if will the lender
be looking to roll in the cost into the loan?

Speaker 2 (26:15):
So also, the real estate commission is what you're saying, right.

Speaker 3 (26:19):
Absolutely yes.

Speaker 6 (26:20):
So if if Fanny, Freddy and the government agency deemed
that is the cost of doing the loan that, I'm
sure 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.

Speaker 2 (26:32):
Yeah, that's because this is the only way really buyer's
agents is going to get paid. I spent a little
bit of time off air and during the last segment
talking about it and how really it's flipped the industry
and a lot of people just don't know what to do.
NAR has not really been a help and car follows
n AR, so you're really on your own if if
you're a buyer's agent and you really have no idea

(26:52):
what to do in total to get paid. That was
one of the suggestions. But again it's got to be litigated.
It's got to be you know, you know how things
take so far and so long to get completed. Anyway,
That's why I was just trying to ask you to
see if that was part of the banks policy. What
else's what's happening in terms of refinance. Refinance is dead, right,
I mean, nobody's doing.

Speaker 6 (27:13):
That, so what's there? So, yes, no one's refinancing their
first trusteed. However, we see a ton of second mortgages
right now. So I'm doing a lot of second trustees
in Southern California, full.

Speaker 2 (27:27):
Second trustees, not he locks or anything like that.

Speaker 6 (27:30):
Correct, full second trustee fully amortized over up to thirty
years and they're closed in so they're not he locked.
And I'm seeing those more in Southern California because of
the loan amounts. Because we have a minimum loan amount requirement.

Speaker 2 (27:43):
What one hundred and fifty one hundred thousand. How much
is it?

Speaker 6 (27:45):
Well, actually it's seventy five thousand, but you're not going
to get paid at seventy five thousand, so it's really
difficult for the brokers to even get a commission under
one hundred and fifty thousand.

Speaker 2 (27:59):
Okay, I understand you mentioned Rocket and you mentioned UWM.
The big players. How are they lasting in this thing?
They must be getting killed.

Speaker 6 (28:09):
Well, you know, it's interesting. I think that they as
far as refins, yes, but you know, they have so
many different incentives to offer the new home buyers. Okay,
that when you when I was reviewing Scottsman's Guide and
I was looking at the top loan officers in twenty
twenty three, along with the current ones eighty percent of

(28:30):
California's business, it's actually eighty eight percent of what we
see is going to the quickens in the Rocket just
because of innovation speed. They take on a lot of
the costs, you know, or in verifications of employment, condo questionnaires,
things that are a lot of costs to the borrower.

(28:51):
And as you can see now that CFP have come
in and said Hey, we want to investigate now on
how we can lower fees for the consumer. So they're
looking to crack down on that. But because these bigger
entities have the ability to absorb those costs, they also
have an inside more excuse me, inside insurance company or

(29:13):
am I, so their MI is lower, so that attracts
more buyers because their mortgage insurance can be anywhere from
thirty dollars to one hundred dollars less than maybe sending
that loan to myself, where we use the top players
in mortgage insurance like MGIC in essence, but our rate
is just a tad bit higher.

Speaker 2 (29:33):
Yeah, you know what, I just don't see how a
company like that, these are just the biggest countries companies
in the country, how they can stay afloat or how
they can you know, last through a downturn time they
must be losing per loan have to be, I mean
all the smaller companies, you know, everybody's treading water to
wait for the next REFI boom.

Speaker 6 (29:53):
Yeah, I mean they definitely took a hit because I
know that you know, they've you know, and they're trying
to pick up on the non qualified mortgage second, right, Okay,
of loans, So they are trying to do that, but
they have scaled back, but they still are. They still
are taking the larger piece of the pie nationwide.

Speaker 2 (30:12):
Right, Okay, we have about a minute left. Give me
your ideas. So what we can expect this summer both
in rate and product from Nations.

Speaker 6 (30:20):
Well, I think that our race right now our top
on loan sifter. So you're going to see Nations being
very aggressive and priced nation Why the raths are going
to stay stable. I don't see an increase or a
decrease of anything significant until after the election into the
first quarter of next year, yep. So and you know,
we're just continually being aggressive getting those loans closed and

(30:41):
getting to the finish line as fast as we can.

Speaker 2 (30:44):
Excellent. Thank you, April. Thanks once again. I love having
you on the show. It's easy. Plus the knowledge is
great and I really appreciate that. Would you allow not to allow,
but to shout out what your phone number is so
people can get ahold of you if they need you.

Speaker 6 (30:57):
Absolutely, April Lopez A one three nine eight, one two
seven to two.

Speaker 2 (31:03):
Excellent and that's April Lopez from Nations Direct. April, thanks
very much for coming on. The show.

Speaker 6 (31:08):
Thanks for having me.

Speaker 7 (31:09):
Jeff.

Speaker 2 (31:10):
All right, bye bye, I'm Jeff Bartin, your Voice in
the Mortgage Industry. Be right back.

Speaker 1 (31:14):
You're listening to the Mortgage Voice with Jeff Barton. We'll
be right back with more than just a moment. For
questions or comments, send emails to info at Melobufundings dot net.
Now back to the Mortgage Boys with your host, Jeff Barton.

Speaker 2 (31:31):
Welcome back, everybody. I'm Jeff Bartn your Voice in the
Mortgage Industry. Thanks very much for tuning into the show,
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 are important to decide whether you're going
to buy and sell real estate, but it's also at
the heart of what is happening in our industry. There's

(31:51):
so many changes it just in the real estate side.
We talked about the commissions and who's getting paid and
why there's no support for certain types of transaction. On
the lending side, of course, are people getting used to
the seven percent plus or are they into just getting
into the property for whatever it is that they can
do and then worry about the rate later. I think

(32:11):
there's a lot to be said for both, but I
don't I'm not the guy with the answers. Come on.
The guy with the answers is Charles Gisco, and he
comes on the show a lot. He talks about what's
happening in the lending world and he joins us again
once again to help us sort through it. Charles, how
are you?

Speaker 4 (32:27):
I'm doing great, Jeff, thanks for having me today, My
friend excellent.

Speaker 2 (32:30):
The Boston Celtics of the lending world has joined us,
and we really do you like that? Throw that in
there a little bit?

Speaker 4 (32:37):
I love how you tossed that in the Boy take
the Boston got it? Really that up?

Speaker 2 (32:45):
Folks? You know what? And I know my audience here
in southern California say, but it in Riverside Counties. I
know you're all Lakers friends, and I'm sorry, but they're
just I don't know what they're doing with their coach.
I don't know what they're doing with their players, but
they still got a team that you watched, because that's
how it works. But speaking of building team building or
building building, uh, what kind of loans you're doing?

Speaker 4 (33:05):
Uh?

Speaker 2 (33:05):
Are you still into the any kind of d S?

Speaker 3 (33:08):
C R.

Speaker 2 (33:08):
Is it mostly commercial? Uh, you're putting deals together all
the time. Give us a synopsis of what's happening in
your lending world.

Speaker 4 (33:18):
Well, Jeff, we have the fortunate I have. I have
been fortunate to working with Malable Funding and United Citty
Financial and different companies to be able to do a
different and a plethora of loans besides traditional lending. We
obviously can offer off for commercial banding. The traditional lending
has been slow, but but it's been steady uh. And

(33:38):
interest rates have been high until today, right when the
the and the data reports hit, the inflation shows down,
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 sure we find

(34:00):
loan products that will be able to help individuals regardless
of our rates or up rates are down. We're looking
for non QM loans that take the place of traditional lending.
They have a little bit higher interest rate, but there's
value added services to the back of these loans, meaning
arms or meaning longer amortization terms. Forty years now will

(34:21):
lessen the monthly payment, and that will keep people steady
and keep them focused and excited about the industry at
this point. And so that's the type of loans that
we've been doing. But of course we do do traditional
loans as well as commercial loans, no dock loans, bank
statement loans, all these types of loans are out there

(34:41):
in the lending world for individuals who want to take
advantage of the market stall.

Speaker 2 (34:46):
You know, you talked about being a little bit of
a not a fixer, but somebody who could make things happen.
IU have solutions for a lot of difficult customers, a
lot of difficult loans. However, some people do think that that,
as you said earlier, that there are miracle workers out
there that they can just poof all of a sudden,
you got the money, make the deal, and you can't

(35:08):
either prove credit or you can't approve, you know, any
way that you can pay the loan back. What are
some of the ways that you can help a buyer
understand that there are responsibilities that you can take care of,
but there's certainly many that the buyer has to do themselves.

Speaker 4 (35:25):
Well, I was joking earlier, but I really mean this, folks.
Under the tutelage of master Yoda, Jeff Malibu Fright, I
learned very many skills sets. The one good thing about
Malibu Funding and Jeff 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,

(35:47):
different problems, different hurdles that you're going to have to
cross at all times. And having a lender or a
loan officer or an originator in your corner that has
dealt with all these different things is super helpful. That
we had the ability to have Maliable funding, and at
United Security Financial is speak directly to underwriters a lot
of times. What we would create was an environment that

(36:10):
allowed us to take the situation or issue that other
people may have had or they think they're going to
run into, introduce those upfront. We cross those hurdles and
know that the hardest part of the transaction we were
able to bridge across. So now everything else should be
business as usual and get that situation done. Blessed to

(36:33):
have those relationships, Blessed to work with different lenders that
offered us that opportunity. And so a lot of times
what I tell our clients is because of our relationships,
because of our you know, our history, our resume, our
experience that we have, we're able to talk to individuals,
talk to different underwriters or processors and get some answers

(36:55):
to some questions ahead of time, so that we know
that we had a loan that we could work on.
Doesn't mean that would take any less time. It just
means that when we cross that bridge or hurdle, we
knew that we have an answer for it. I think
sometimes preparation is best upfront so that later on in
the loan, when we're crossing hurdles and bridges, we can
get past them.

Speaker 2 (37:15):
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. It doesn't mean that
there is something wrong with the loan. It just means
that as you present the information to the lender that
those issues that might come up. Maybe they need another
years of bank statements, maybe they need some other proof

(37:36):
of income, maybe they need 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 what you're talking.

Speaker 4 (37:43):
About, absolutely, Jeff. I always tell the clients because I
create a relationship and I want to create a rapport
or they can speak directly to me and transparently to
me as I can to them. Don't tell me what
you think I want to hear, right, tell me all
stuff I need to hear, because I'm life is to
paint the picture and story. So please give me the

(38:03):
information and I'll make sure that I create the workaround
and so that the different professionals that I'm dealing with
will understand exactly what the issues are so we can
tackle them. That way, we don't get bombarded at the
end towards the end of a loan when everybody's super
anxious and the pressure's on, and all of a sudden,
now the deal blows up. But no, we brought the

(38:24):
bomb dog out ahead and the robot took it apart,
and now we're good, so we can pass through.

Speaker 2 (38:30):
Now that all that's true, And what I was thinking
about prior to saying that was the lenders that we
talked to are the people that we've known also, and
placing your loan in a certain lender's hands on the
brokerage side is a way by which problem solving gets easier,
just because not that one lender is easier than another,

(38:51):
but if you've got a certain type of loan that
a bank or a lender really identity does really well,
that's who you want to go to. If you want speed,
you go to a certain type of lender as well,
if you go to the rockets, to the uwims, But
you have to have a loan submitted in a certain
way because you know exactly what they need in order
to get the speed you need. So that's really kind

(39:13):
of important that you, as the loan officer have that
information for the borrower as well.

Speaker 4 (39:19):
That's the important aspect of being a loan officer and
an originator.

Speaker 2 (39:23):
Right.

Speaker 4 (39:23):
Membership has its privileges. Right certain banks that we deliver
so many loans to and have been for years Jeff
and the team for many of years, is that we
understand we're responsible, we're accountable, and we're trustworthy and at
the end of the day, they know when we bring
up out to the table, we're going to know the
ins and out to that file, so we can all

(39:45):
surgically pinpoint where the problem is going to be and
we can resolve it. Because understand something in this industry,
problems happen all the time. It's how quickly and effectively
we resolve them as a loan originators that get these
deals done and across the finish line.

Speaker 2 (40:00):
Yeah, no, all that is so true. I mean I
see people who are struggling and I go, what's the problem. Well,
you know, we were supposed to close by X date,
and looks like we might not be able to. I say, oh, okay,
I understand, but you hear that, especially in a market
like this where there's so many people competing for houses,
you have to have an ability to be able to
not only move and solve problems, but to be able

(40:21):
to identify those things upfront and to be able to
compete with other you know, loans that are out there
competing for that one piece of property that you want
to buy.

Speaker 4 (40:30):
Jeff is absolutely correct. I love to talk about it.
Basketball has me a number of wonderful different things and
taking me many places around this country and around this world.
But the one thing that has done best for me.
It has taught me how to problem solve on the fly.
And I'm grateful for it. And it all comes in
handy from working loans out with our clients.

Speaker 2 (40:51):
Excellent, Charles, we are at the end of it. Thank
you very much once again for coming on the show.
Love having you on. And we'll have to have a
party once the Celtics wrap up this thing up in
a couple of games. Oh.

Speaker 4 (41:02):
I told everyone Jeff, we'll find a way to add
the Celtics situation at all times. And I love him
and he is right and pleasure to have me. Thanks
for having me on, Jeff.

Speaker 2 (41:12):
It's always a question, no problem. Shout out your phone
number for people if you would.

Speaker 4 (41:16):
I sure will. You can reach me at seven two
five five seven seven eight seven sixty one at seven
two five five seven seven eight seven sixty one or C.
Giscombe at USF Wholesale dot net.

Speaker 8 (41:29):
That is C.

Speaker 4 (41:29):
Giscombe at Uncle Sam frank No dot net.

Speaker 2 (41:33):
Excellent. Thanks very much, Charles, thanks for coming on the show.

Speaker 4 (41:37):
Thanks for having me.

Speaker 2 (41:37):
Jeff, that's Charles Giscombe from a USF United Security Financial.
I'm Jeff Barton, your voice in the mortgage industry. We'll
be right back.

Speaker 1 (41:45):
You're listening to the Mortgage Boys with Jeff Barton. We'll
be right back with more and just a moment. For
questions or comments, send emails to info at Melibu funding
dot net. Now back to the Mortgage Boys with your
host Jeff Barton.

Speaker 2 (41:59):
Well, come back, everybody, I'm Jeff Barton, your voice in
the mortgage industry. Thanks very much for tuning in listening
to the show as we come to each and every week.
Casey AA is the radio station that brings us to you.
We also are on a number of different podcasts. And
those podcasts, Darrell, do you have a list of those.

Speaker 9 (42:15):
I assure you Jeff It's Apple Podcast, Google Podcasts, Spotify, Speaker, Stitcher, iHeartMedia, Odyssey, YouTube,
podclips dot io, of course, the Mortgage Voice dot com excellent.

Speaker 2 (42:25):
Morgvoice dot com, by the way, is our website. If
you go there, you can see and hear a lot
of the guests to come on the show and away
by which you can contact them directly. Podclips dot Io.
I petch them every week. Why because they are great
and you can go there for your central podcasting needs.
There's all kinds of different areas within the podcast group.

(42:46):
I'm one of them, of course, Jeff Barton, the Mortgage Voice,
and there's uh, let's see, there's lifestyle, there's sports, there's
a d R, there's a What are some of the
other programs on there, Darryl.

Speaker 9 (42:55):
I think at sports that they have finance and yeah,
you mentioned lifestyle and arbitration, the ADRs.

Speaker 2 (43:01):
Oh, yeah, the arbitration. You know what, in our business
sometimes it comes down to being able to find somebody
to bridge a gap between your side and the other side,
other than hiring lawyers and suing each other. Well, these
guys at ADR do that and they are on pot
clip side. I OW great place to go of course
health health, oh absolutely. Anyway, I'm Jeff Barton. This is

(43:21):
the Mortgage Voice, and thank you for listening. 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 person is Nina Penny
and she joins us once again. Nina, how are you.

Speaker 10 (43:39):
I'm doing great, Jeff, thanks for having me.

Speaker 2 (43:41):
Thank you very much 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, but give us
some of the just general benefits that somebody's gonna get
if they get a reverse mortgage and try to dispel
some of those horrible things that they used to say
about the that aren't true anymore.

Speaker 10 (44:02):
Oh, that's a lot right there, right, I know. So basically,
the reverse mortgage as that we have today is really
not the reverse mortgage of our parents. It is not
that loan anymore. Since Ronald Reagan, President Reagan was in office,
he really made these reverse mortgage is a lot more

(44:23):
senior friendly. Basically, today, a reverse mortgage is simply an
FAHJ loan. You're not obligated to make payments on can
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 reverse mortgage because even though the interest
rates are higher, if they take out a reverse mortgage

(44:46):
and they don't need the funds today, every reverse mortgage
has well adjustable rates, have line of credit, and that
line of credit increases the amount of money they can
tap into. So if the interest rate right now is
seven percent, that growth rate is going to be about
seven percent as well.

Speaker 2 (45:06):
So okay, so in reverse mortgage, it sells. There are
a couple 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 a good thing,
which means that they have at least fifty percent of
the value of 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,

(45:27):
and the other way it's a lump sum. Explain the difference.

Speaker 10 (45:31):
Well, okay, So on the adjustable rate, how you take
your money is totally up to you. If it's free
and clear. You can take the money some are closing
and leave them in a line of credit. You can
take it kind of as an annuity payment, you know,
payment every con you can take a specific amount of

(45:52):
money for a specific amount of time. Now on a
fixed rate. It's a lump sum at the time of closing.

Speaker 2 (46:00):
See okay, And now you want.

Speaker 9 (46:02):
To use it?

Speaker 2 (46:03):
Is there a you know me, I live in a
very expensive town. In my house over 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.
So all of that amount of money that is just
really I'm I'm property rich but cash poor. As a
lot of older people are tapping into that man, how

(46:24):
much money can you take out as much as you
can or is there a limit to tell me about that?

Speaker 10 (46:29):
Okay, so a reverse mortgage, how much you would have
access to is dependent upon number one the appraise value
of the home and number two the age of the
youngest barrower. We want to make sure that all numbers
are based on the younger person living on at the
home because we want to make sure that if something

(46:51):
should happen to the eldest borrower that they're still protected.
So we're not one hundred percent finance thing. What we
would have to do is run numbers to tell you
exactly what you would have access to. Let's just put
this way. The older you are, the more money you

(47:12):
would get because we have to use some numbers a threshold,
so we use the age of one hundred. Okay, Okay,
it doesn't mean at age one hundred we're going to
come and tell you need to leave. It's just a
number that you know for the threshold because we need
a date. Right, So the closer you are to your

(47:33):
one hundredth birthday, the more money you would get, and
the younger you are we would expect that you would
live longer, so you make it a little bit less money.

Speaker 2 (47:42):
I see. So it's a bit of a sliding scale,
but certainly you're going to tap into a large portion
of what you have in equity in the house to
do kind of whatever you want to do with it. Right,
you can absolutely, you know, help somebody else buy a home,
or you could keep it in the bank or whatever
it is.

Speaker 10 (47:56):
You could buy some more some property, yeah, absolutely, or
you know, you can just keep it there. A lot
of people don't particularly have long term care. And even
my brother said that he had long term care for
many many years. It kept on going up and he
just could didn't want to do it anymore. So what
you can do is, the younger you are, you take

(48:18):
out the reverse mortgage, leave the money 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 term care, guess what you can tap into
that money.

Speaker 2 (48:32):
Yeah, that's a pretty good idea. Now what you're talking
about is you take a lump sum out but leave
it in there.

Speaker 10 (48:37):
Or you just do right now, let's say you know
you'd have access to you know, let's say you know
five hundred thousands, right, whatever the number is, and let's
say you just don't use it. You want to put
that money away for ten fifteen years from now, Well,
you let that money grow for ten or fifteen meters,
it's going to turn into quite a bit of change, right.

(48:58):
You know. It's always want numbers for you to show
you what the line of credit would do. I love
that line of credit. It's very very, very desirable.

Speaker 2 (49:07):
And are you locked into that rate too, or at
least on the high end.

Speaker 10 (49:11):
No, the rates will adjust, Okay, Unfortunately, it's an adjustable rate.
Right when you 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 occurring interest so much? Right, but
your line of credit growth rate is very high.

Speaker 2 (49:29):
What's what's the line of credit growth rate? What does
that mean?

Speaker 10 (49:33):
Well, whatever money you don't use on the adjustable rate
sits in the line of credit kind of like a
heel lock, so speak. It's there for you. However, the
amount every month that you can tap into increases.

Speaker 2 (49:50):
I see, I see so right.

Speaker 10 (49:52):
Now, interest rate to seven percent, your line of credit
would be seven percent, So if you can almost imagine
having five one thousand dollars sitting in an account you
can have access to, but when you're not touching it,
the amount you can access continues to grow. And right
now it's seven percent.

Speaker 2 (50:11):
Seven percent a year. Agos is up.

Speaker 10 (50:12):
You're saying seven percent on the balance every month just
as this. Wow, yeah, wow, really impressive.

Speaker 2 (50:19):
That's really impressive. Now a future date, let's say rates
go down. How can someone refinance what they have and
adjustable into something more of a fixed Would you then
have to go for a lump sum payout?

Speaker 10 (50:30):
Yes, if you were to switch into the fixed rate,
it would be a lump sum payout.

Speaker 2 (50:36):
Oh excellent.

Speaker 10 (50:37):
But remember you know on the adjustable rates, when the
interest rates go down, your rate will go down. Right,
And if you have a fix rate, if interest rates
go down, you have to refinance to come out of it.

Speaker 2 (50:51):
Right. Okay, Well you know you have a lot of
different great options here. I know that you also do
purchase reverses, right, which a lot of people don't understand.
Just we have about a minute left. If you quickly just.

Speaker 10 (51:03):
Tell us what that is, sure based upon your age,
will run the calculation. So let's say you buy a
house for one hundred a million dollars. Maybe you have
to come in with you know, let's say six hundred thousand.
We're going to give you a loan for four hundred thousand. Okay,
that's it. It's all the same benefits as if you
just pay cash. You'll pay taxes, insurance on your own

(51:25):
and the loan that we gave you will have a
little kitty or deferred interest until the time you sell
a home or you pass right and then the loan
is due.

Speaker 2 (51:38):
Okay. Wow, that's a lot info right there in about
ten minutes. Thanks Nina for doing that really well. I
say that, hey, y'all, let people know how they might
be able to get in touch with you. This is
a great product. I know I was acting as if
I was aneaphyte knew nothing, but that's what a lot
of people do. They don't know what reverse is, so
acting like that is is good.

Speaker 10 (52:00):
And the thing is, Jeff, we got to give people information.
If we give people information, then you can make a
decision right right now.

Speaker 2 (52:06):
That's what the show is about. And I do appreciate that.
Let let them know how they can get in touch
with you.

Speaker 10 (52:11):
If you would, you can definitely call a text me
at four to eight oh six three five two four
one oh, or email me at n h P E
and n Y.

Speaker 2 (52:28):
Are you there? We lost Nina? How is that possible?
She was just about to give us the email address.

Speaker 10 (52:35):
Oh do you have me now?

Speaker 2 (52:37):
Yeah? I got you? Now go ahead.

Speaker 10 (52:38):
Okay, So email is n h P E, n n
Y at MSN dot com and my phone or text
is four eight oh six three five two four one oh, Nina.

Speaker 2 (52:53):
Thank you very much. Always love having me on jeah. Okay,
that's hey, Nina, Penny from uh you with Malibu Funding. Yes,
i am Indepenny of Malibu Funding. I'm Jeff Barton, your
voice in the mortgage industry. We'll see you next time.
Thank you.

Speaker 1 (53:08):
You're listening to the Martgage Voice with Jeff Barton. For
more on today's topic, visit www dot Malibu Funding dot nets.

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(55:00):
who care about you. Shop at the Tri City Center
in Redlands and see why they call it the Mall
with a Heart.

Speaker 7 (55:09):
This segment brought to you by the Mega Mix Expo
in Ontario. Do you need to liven things up, get
a little juice or energy in your business or program?
Coming this Wednesday and Thursday, August seventh and eighth, it's
the Megamix Expo at the Ontario Convention Center. Bringing the
community together, building new partnerships. Help you unlock the power
of effective networking. You'll see all kinds of businesses and

(55:29):
programs such as accounting services, martial arts, real estate, medical,
events services, and everything from A to z. Whether you're
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banks and beyond. You can expand your horizons where potential
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(55:50):
your business or bring new life to your special program,
nonprofit or organization. You can go to megamixexpo dot com.
That's Megamixexpo dot com. A call six six, eight nine
oh join this station at the Megamix Expo August seventh
and eight at the Ontario Convention Center.

Speaker 13 (56:12):
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Speaker 14 (56:47):
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Speaker 15 (57:03):
Tune into The Farran Dozier Show Music Marks Place in Time,
the soundtrack to Life. Sunday nights at eight pm are
KCAA Radio playing the hottest hits and the coolest conversations
Sunday nights at APM on the Ferroan Dozier Show within
the array of music, talk, sports, community outreach and veteran resources.

(57:24):
The hits from the sixties, seventies, eighties, nineties and today's hits.
The Ferant Dozier Show on KCAA Radio, on all available
streaming platforms and on a six point five FM and
ten fifty AM The Ferron do Zier Show on KCAA Radio.

Speaker 5 (57:58):
NBC News Radio on Listen's A Carton. Democratic presidential nominee
Kamala Harris will be interviewing three candidates today to be
her running mate. The vice president is scheduled to meet
with Senator Mark Kelly of Arizona and Governor's Tim Walls
of Minnesota and Josh Shapiro of Pennsylvania. The New York
Times says Harris will be meeting with the candidates at

(58:18):
her residence at the Naval Observatory in Washington, d C. However,
it's unclear if the other potential candidates, including Kentucky Governor
Andy Basheer and Transportation Secretary Pete Boodagig, were still in
the running. Harris is expected to announce her VP on Tuesday.
Ohio Senator JD. Vance is defending his place as Donald
Trump's running mate. In an interview with Fox News' Sunday

(58:41):
Morning Futures, Vance was asked about criticism that he's a
poor choice to be Trump's vice presidential nominee.

Speaker 16 (58:48):
Is that there are a lot of folks even in
the GOP establishment and certainly on the far left who
don't like the fact that Donald Trump picked me. I
actually take their criticism as a badge of honor.

Speaker 5 (58:57):
Vance argued that the media will attack people they fear
the most. He said he plans to prosecute the case
against Kamala Harris and show that Americans were more prosperous
during Trump's time as president. Tropical Storm Debbie continues to
get stronger as it heads toward landfall in the Big
Bend area near Tallahassee, Florida. National Hurricane Center Director doctor

(59:18):
Michael Brennan says pressure is dropping as the storm starts
to develop the classic features of a hurricane.

Speaker 16 (59:24):
Some signs and radar imagery. That is starting to try
and develop an eyewall, and that will be the key
for Debbie to go on and intensify, perhaps even rapidly
strengthened before it makes landfall along the Florida Big Ben
Coast tomorrow.

Speaker 5 (59:35):
Debbie is expected to be a Category one storm by
the time it reaches land in the Saint Mark's area
Monday morning. Team USA's men's swimming individual gold medal streak
is still alive. Bobby Thinks successfully defended his fifteen hundred
meter freestyle gold medal. Sunday, you're listening to the latest
on NBC News Radio.

Speaker 2 (59:56):
NBC News on CACAA level. The day sponsored by Teamsters
Local nineteen thirty two Protecting the Future of Working Families
Teamsters nineteen thirty two, dot org