well hello there stranger what's going on man
i haven't seen your smiling face in oh so long
it's crazy i know what's up man hey you know
we've been we've been plugging along right just
uh one week one week one month at a time i mean
per usual things just you blink we're already
midway through almost midway through october
which is wild but how long has it been since
we've um Since we've had our little fireside
chat. I don't know. They thought they got rid
of us. But we're still here. Somehow, kind of,
in a way. Somebody greenlit this. I don't know.
Like, the last conversations I remember was talking
about how horrible the baseball season was going
to be. And lo and behold, those Kansas City Royals
are in the playoff. See me sporting my old team.
I'll see you. Are we, do we get like, do we get
tagged or hit if I say guard Indians? No, good.
You can call, I call them the Indians still.
They're the guard Indians. It's kind of funny
how like guardian just kind of flows right into
Indian. Guard Indians. They were real creative
with that, weren't they? Actually, now that you
mention it. Yeah. No, we're good too, man. Like.
It's good to, we have, you know, one real winning
team consistently here in the last few years.
And it's them. Although they have, you know,
a bunch of young cats. And they're hungry. Unlike
all the money we spend on the Browns. For nothing.
Yeah. What's the old logo called? Whatever Joe.
What was his name? Smokin' Joe, I think it was.
Was it Smokin' Joe? Yeah. From like, from the
movie Major League. Yeah, but like, you know,
you had the, they had a name for it. It was something
general or something like that. I'm still kicking
myself for like, I remember whenever they announced
they were going to change the logo, change the
team name. I got on like MLB's website, go to
New Era. I wanted to get one of the hats just
to have it because they're never going to make,
they're never going to make them again. And it's
like, I'm not an Indian fan, but it's like kind
of one of those things. You just want to have
that hat with that logo on it. So if you got
an extra one laying around, you know, your boy
is looking for a hat. All I have, I think, that
still has that old logo on it is my wife's cutoff
sweatshirt. Perfect. I don't think you want to
be running around showing off your abs. Crop
top? Yeah, crop top for sure. I would love that.
It's a giant neck. It's, guy, you're like a foot
taller than her, so it's going to look real weird.
That's a lot of midriff for you. He's football
player style, you know, like just came right
before their shoulders. Flashback because I definitely
had one of those in high school. Did you? I can
see that. Yes. You're in high school. You got
to show the abs. Yeah. Yeah. All you had to do
is wake up in the morning and you have a sick
bag. I mean, it was great. Yeah, it was great.
I remember I crushed like two Chipotle burritos
in a day and still just. Look fantastic. Like
magazine ready. When a magazine ready is kind
of pushing it because I still, it wasn't all
that, but you lose weight. You eat like 8 ,000
calories in a day and lose weight. Yeah. Yeah.
It was insane. But they have, speaking of these,
speaking of these Royals, speaking of these Indians,
or I guess guard Indians, there are three teams
out of the four teams left in the American league
playoffs. All three, three of them from the American
league central represent. Tigers, Guard Indians,
Royals, and then you got the Yankees. Did you
see the combined payroll of the three teams,
the American League Central, combined payroll
is still less than the Yankees payroll. Stop
it. Three teams? Yeah, all three of those teams.
Tigers, Guard Indians, Royals, combined their
payrolls, it's still less than the Yankees payroll.
Man, that's wild. Like, pretty solid. Yeah, I
guess it's... All right, if you think about it...
Those three teams are like all B markets, right?
In comparison to New York. While you know they're
going to have a lower payroll, but for three
of them to still be lower than one than New York
is insane. It's going to be sweet. It's going
to be great. When this podcast comes out, and
hopefully the Royals have a 2 -1 series lead.
As of right now, as of filming, the Royals won
last night. And my guard Indians are 1 -1. Yeah,
we got some good series. A little bit of a goose
egg last night. It was not with Class A on the
mound. I was hoping it was going to be all the
way around. All right. Well, I mean, we love
talking sports, but let's talk about, I mean,
not as fun of a subject, I would say, the current
state of the United States and things that are
going on right now that are also relevant to
kind of what we do is the unfortunate situation
that occurred a couple weeks ago with Hurricane
Helene. And then right now, as we film this,
Hurricane Milton is approaching Florida. And
so by the time this comes out, your lane fault
will have already happened. So thoughts and prayers
with everybody still dealing with the aftermath
of the lean in North Carolina, Georgia, the surrounding
areas, and definitely thoughts and prayers with
what's approaching Florida right now. And once
again, when this airs, it will have hit. So hopefully
something happens and it's not as bad as what
it's projecting to be right now, but it's not
looking good. It's not looking good. Fingers
crossed. I mean, I was telling you earlier, my
nephew's at a school in Tampa. And when they,
I think it was the attorney general of Florida
or somebody in office came out and said, you
know, if you're in one of these counties, the
affected counties that are going to get hit by
this, and you decide to stay, you might as well
write your name in Sharpie on your arm because
it's not going to be good. It's not going to
be good. Yeah, it's not looking good, right?
So I texted my brother right after that. I'm
like, what's the deal? Like, you going to get
them out of there? And they were scrambling to
find flights, no flights out of Tampa. And my
brother's in upstate New York, so the only big
airport up there is Buffalo. So he had to scramble
and get them on the last flight out of Orlando,
actually this morning, on Wednesday, to get them
up there, to get them out and get them, you know,
because. Even their school sent an email yesterday,
two days ago, and said, you know, we're going
to, we plan to have classes on Monday. Monday
classes will be in session and we'll keep monitoring
this and all that. Literally two hours later,
everybody get the hell out. Yeah, get out. Please
don't stay here. It's comical when people like
schools or, you know, administrations try and
do something like that when you know it's going
to be bad. I would want to, I'm sure traffic
is a nightmare, but I'd want to drive out of
there. Cause if you have a car, your car's toast.
Yeah. Orlando is at least going to be enough
further up enough. So actually Delilah's in Orlando,
our old guest, Delilah Ramos, the taco queen
shout out. And she's been, you know, she's, she's
sitting tight. They're going to get wet. It's
going to be wet, but it won't be nearly as bad
from the wind perspective. It was something like
200 miles per hour winds, 200 plus. Just like
yesterday? It got upgraded to a Cat 5. So, real
quick, Katrina was like a 3 or a 4? Maybe a 3?
Katrina was New Orleans, right? Yeah. I don't
think it was a 5. I don't think it was a 5. And
then what was the one that hit Houston? The problem
with the one that hit Houston was it stalled
and just sat in one spot and spawned and rained
forever. Kind of like what happened in North
Carolina, where it was just so much rain in an
area that doesn't get that much rain. And so
obviously you just can't handle it. That's what
happened in Houston. Katrina, obviously, that
city's below sea level. And it was a big one.
The levees broke. It's just, all of it's very
unfortunate. It's kind of part of what you deal
with living in those areas of the country. You
kind of know what's coming. It's a possibility.
So with that, and tying it back into kind of
what we do. So whenever there is a disaster,
whether it be a tornado, earthquake, hurricane,
and how it ties into the loan process is if you
have a loan or you bought a house recently, done
a refinance, I believe, also, and that loan is
recently closed and it has not yet been purchased
by the investor, they order something that's
called a disaster inspection where they, you
know, obviously it's a fresh loan, the house
is the collateral, so they want to have somebody
once. Once the disaster happens, FEMA then goes
in and declares what counties were affected by
that disaster. And so those become, what, FEMA
disaster areas. Disaster areas, yeah. Yeah, is
what it's called. And so you can go on FEMA's
website and see what counties have been declared
affected by a disaster. So if that house that
you purchased is in that county and it has not
yet been purchased by the investor, and don't
take this as possible because we're pretty sure
that's how it works. It's before it gets purchased
by the investor. We're not in the secondary department
at mortgage companies. We're appraisal guys.
We fill these orders. We're sending the guy out
on the boat to make sure that the house is still
there. And so what they want to do is make sure
that the house was not significantly damaged.
And if so, obviously repairs need to be made.
And so those are something that we deal with
here at Nationwide Property and Appraisal Services.
We will get an appraiser or an inspector to go
out there. Sometimes they require it to be an
interior inspection. Sometimes require it to
be exterior. It usually depends on the type of
disaster that's been declared. Usually flooding
is a possibility. They will want the inspector
to come inside the house. It just all depends.
And that's also like, that's with an asterisk,
right? Like, if possible. You know, we've seen
a lot of these already in, obviously, well, North
Carolina, South Carolina, some in Georgia. Yeah,
a little bit of Virginia too. A little bit of
Virginia. Yeah. And, you know, they just, they're,
they trickle in to your point. Like it's, it's
not every single loan and it's not the older
loans. So, you know, there's been a lot of activity.
Yeah. It's a fresher, it's a fresher loan, but
the product they call it a CDAIR, see there.
The old C there. Yeah. And so, yeah, if you're
listening to this, wondering, you know, if you
have any questions about ordering these, if you
have any questions, you know, you're a mortgage
broker, loan officer, and you just. closed a
deal a month ago and you might want to look into
it and get ahead of it and be prepared to order
these. You're not missing out because whenever
these things happen, you got to think how many
homes have sold in these areas. There's going
to be a mad rush once everything clears and people
ordering these and inspectors, appraisers get
behind. And so you want to be on the ball getting
ready to order these things. Don't you have a
place for people to reach out to? Yes, absolutely
do. So, you know, if you have questions on whether
the area has been designated a disaster area
by FEMA or anything about the product and what
it looks like and how it might compare to any
other kind of exterior or drive -by inspection,
shoot us an email at cdair at nationwideamc .com.
That's C -D -A -I -R at nationwideamc. And the
team will get you a quick response and hopefully
help you out in what you're... I think this might
be a good time to have a word from our sponsor.
What do you think? That's right, folks. We're
leveling up a little bit. We've got some paid
advertisements, and I use paid in air quotes
because we're not seeing any of that. Maybe Jordan
is. Maybe Jordan's getting some stuff under the
table. We'll see. Jordan's keeping all the kickbacks
to herself. She's smiling. You guys can't see
her, but we can. She's smiling. She's laughing
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right, so let's talk about in the recent weeks,
we've had the Fed drop some rates. Rate drop,
rate drop. So, you know, what does that mean
for the mortgage side, right? Because it's not
a direct, like, we'll just say one -to -one correlation.
Wait a second. You're saying when I see news
that the Fed rates drop, that... Mortgage rates
are instantly lower and I can't refi and get
a lower mortgage rate? That is correct, Michael.
That is what I am saying to you. It's not a direct
one -to -one correlation. What? Let's try some
knowledge on these people. So the Fed dropped
it, what, 50 basis points? And that is, you're
looking at, well, we're talking about these Fed
rate drops. We're talking about interest rates
on simple things like your car loans, your credit
cards, things like that, right? Short -term.
kind of loans if you will right mortgage bonds
right like things like that yes thank you so
you know when those numbers start to come down
then people get we'll just say the banking industry
gets a little more of an appetite to be able
to lend because you're going to have more income
available to send right there is also the misconception
that when these rates drop that all of a sudden
the banks and the lenders are going to just slam
their rates which is not the case. Oftentimes,
these guys are so far ahead of the curve and
they know it's coming because they're in these
Fed meetings. They understand what the Fed is
going to do and when they're going to do it.
They already bring the rates down in anticipation
for the Fed to cut their rates officially. So
you're saying it was preemptive? Yeah. And you
might see half a percent, something like that,
in the banking world already. And they're already
there. And now with all this buzz and this energy
from the Fed announcing it, you know, then that
creates people picking up the phone, calling
their broker, their LOs. Like, okay, what can
we do to refi? Okay, I think I'm ready to get
off the fence and actually go buy this house.
That's what an offer is. Because they can, they're
okay with it. I mean, you know, half a point.
I mean, it might only be like a hundred bucks.
Maybe you save a hundred bucks on your monthly
mortgage payment, but that's enough for a lot
of people. In a lot of markets. Yeah. A hundred
bucks is a hundred bucks. I mean, have you been
to the grocery store lately? Yeah, I have. Yeah.
I have a 12 year old daughter and a wife and
we dropped $300 like every other week. It's bad.
There's only three of us. It's insanity. Yeah.
So, I mean, it makes a big difference. And so
what you were saying though, to circle back real
quick, just so I fully understand. So what you're
saying is maybe a bank is going to say, okay.
We've been working with the Fed. We get the rumblings
that Fed's going to drop rates here next month.
So let's lower our interest rates maybe a quarter
percent, 25 basis points, whatever you want to
say. Let's lower it a little bit. I like the
word bips. 25 bips? Bips. And then let's see
if they do announce it. Okay, they did announce
it. It was 50. And so then let's ride it out
for a month or two and see how things kind of
change and if there is more of an inflow. And
then we have room to lower it a little bit more
based on money getting spent, money moving across
the board. And then once again, we got maybe
another one coming in November. So that'll help
keep things trickling in the right direction
where people want to go. But that in mind. What's
our housing inventory looking like? If you've
been on the fence to buy a house, man, and you've
been waiting for lower interest rates, I'm telling
you, I know you've seen it. I mean, we live in
a day of social media, TikTok, Instagram, everything.
And, you know, you can't get away from this stuff.
People are telling you now is the time to buy.
They are not lying. If interest rates drop down
to 5%, 5 .25%, 4 .75%, which I don't think will,
who knows? That'll never happen. It's going to
be quite a long time before we see it. But, I
mean, even if they drop to five and a quarter
for a 30 -year fix, five, I mean, it's going
to be absolute mayhem where people are like,
okay, I'm ready to buy now. And the problem is
that home that they were looking at that was,
say, $350 ,000 is now going to be $425 ,000.
There's just more demand with less inventory.
Oh, yeah. You bring up a great point that drives
everybody crazy. Yeah. The inventory and the
new construction, so delayed. You know, they're
eight plus months behind, something like that.
I don't even know. It's like the stock market.
It's like, when do I buy? When do I sell? It's
very similar. And, you know, this is why we encourage
you to reach out to the professionals. This is
why loan officers exist. This is why realtors
exist. This is why it's not fully automated and
you could do it by yourself on a computer. You
know, like, and you have to talk to the people
that are in the trenches dealing with this every
day. This is why we exist. helping out with the
appraisal process and helping appraisers and
helping everybody guide them through it. There
are so many ebbs and flows to this whole business
and this whole world that you really do need
to talk to people that are in it for true advice.
Don't believe everything you see on social media.
Don't believe everything you read in the news,
especially about the doom and gloom that comes
with the news when it comes to the whole real
estate industry. Talk to the professionals. We're
in it every day. We're not trying to dupe you.
We're trying to help you. 100%. A lot of people
will put a lot of faith in, you know, Zillow
and Redfin Analytics and not to knock anything
out because AI and what those guys do is great.
And it's taken the industry, you know, leaps
and bounds where it was, you know, five years
ago, shoot, even three years ago. But you need
more information, I guess, is the long and short
of it. You need to talk to a true professional
that's in the business and that's in the area,
in the market, and not just... a computer algorithm.
That's the smart move, right? And, you know,
with the, also, you know, when it comes to the
inventory and the, you know, getting off the
fence and, you know, there's a lot of moving
parts and we don't have time to get into it today,
but a lot of moving parts with the NAR settlement,
how that, the LO comp is going to come into play,
all those things, like the buyers have a lot
more, we'll just say control than they have in
the past. Yep. Which is fantastic. Like, it's
where we want it to be. And, again, reach out
to your local professional on some of that stuff.
And your local LO, they'll hook you up. They're
there for a reason. They're there for a reason.
Yeah, they're there for a reason. Hey, you could
say they're right beside you. Okay, moving on.
Bring it back. Snuck it in. Have you been on
the road much lately? Have you been doing anything?
Aren't you leaving today? I know you're a road
warrior, man. I don't know how you do it. Yeah.
And, you know, still married 10 years later.
It's working. Yeah. So recently, yeah, October
is a huge month for our teams and nationwide
in general. So, you know, it keeps Jordan busy.
She's taught a lot, a lot of our play from marketing.
Don't roll your eyes at us. Do not roll your
eyes at us. We can see you. Don't forget, we
can still see you. Yeah. So, yes, this month
I was at the Housing Wire IMB in Dallas. So the
independent mortgage bankers. And that was kind
of like a leadership conference, if you will.
They had a lot of high -producing loan originators
from around the country come out and speak. Some
C -level execs, they're on a couple panels talking
about what's coming in 25 and how to educate
and coach your teams as the rates come down.
And everybody wants to kind of pivot towards
a mini refi boom. And I use air quotes, right?
It's going to be super mini. But they all said,
don't sleep on the purchases. What's been the
bread and butter? right for so long as these
rates have been high, purchases are still going
to be very strong into the new year. Well, like
the saying goes in the realtor world is what?
Sell to survive? Sell to survive. Yeah, yeah.
If you're not getting listings, if you're not
selling homes, that's how you survive long -term,
right? If you're getting people that use you
to sell your homes, that's how you become a long
-term established realtor. The same thing as
a loan officer, you've got to have a purchase
market. You can't rely on refi boom to stay in
business. You have to begin leads and purchase
those leads to long -term sustainability. 100%.
So, you know, shout out to Housing Wire for that.
That was a great show. I've only been to one
other smaller event of theirs, and they did a
really good job with this one. They're trying
to get bigger. What else do we have coming up?
This week, actually. Sorry. Cross -country mortgage
sales rally down in Austin. Man, I didn't get
invited to that thing. I bet that's huge. It's
monstrous. What else? The NEXA sales rally, which
is this week as well, in Dallas. I've got a couple
team members there. Yes, I'm getting on the road
this afternoon, going down to Virginia Beach
to the Virginia NBA annual convention. That kicks
off tonight. Get a couple crab legs. You know,
what they do down there. Throw some dice. Man,
I wonder if they've got a casino down there.
What else this week? I'm sorry, this month. Apex,
it's a credit union show in the Northeast. And
then the big ones, guys. NAMM out in Vegas, which
is a monster broker show. Yeah, we used to go
to that. I think I've been to that three or four
times I've been out to that one. Yeah, Caesars.
So is it Caesars? Yes. It'll be at Caesars again.
Caesars Palacios. He is hosting the event once
again. Did Caesars actually live there? Like
the real Caesars? You know what? I'll ask while
I'm there. We'll see what they say. Appreciate
it. For sure. I'll come back with a report for
you. Thank you. We will be exhibiting there a
full booth. Lots of entertainment for the clients,
for our current clients and future ones. What
else? NBA Annual. Another big one later this
month. Big one. Our CEO, our CRO, myself, and
maybe a couple others will be out there. Possibly.
Possibly? Possibly. And I think we're going to
wrap up October with the American Credit Union
Lending Conference. So we got a mixed bag, right?
October is a giant month. That's not even all
the shows we did this month. That's just what's
this weekend beyond. Yeah, it's coming up. You're
going to see us on the road a lot. Watch out
for the social media posts from the teams. Value
Nation. We're going to be hitting it hard. Maybe
some TikToks. You always say that. I don't think
I've seen a Value Nation TikTok. Well, I guess
we're just going to have to fix it. Partially
because I refuse to put it on my phone. I refuse
to download it. That makes two of us. So Jordan
is going to have to show up somewhere and give
us a TikTok. Yes. See, I'm just helping her out.
Get on the road. I'm an adult. I watch TikToks
two weeks later on Instagram. You and me both.
You and me both. All right, man. Well, hey, it's
been a great, I think, comeback episode. I feel
like we've got some real good stuff going. We're
trying really hard not to fall into that podcast
that fail category. I feel like it's like you
make it 10 episodes, then you drop off and never
get going again. That's where podcasts go to
die. We're survivors. And even if you don't listen
to us, we're still going to keep pumping them
out. It's going to happen. Yeah, they can't shut
us off. We're like the guard Indians and the
Royals. You know, we just super low payroll,
but we keep fighting super low payroll. All right.
Don't forget, if you are not already, go like
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