1 00:00:00,000 --> 00:00:02,320 I'm taking the company forward with you guys. 2 00:00:02,320 --> 00:00:03,320 That's what I'm doing. 3 00:00:03,320 --> 00:00:04,320 Right? 4 00:00:04,320 --> 00:00:05,320 To the moon. 5 00:00:05,320 --> 00:00:06,320 To the moon. 6 00:00:06,320 --> 00:00:09,000 Like those Reddit investors, we're taking this to the moon. 7 00:00:09,000 --> 00:00:09,560 Let's get it. 8 00:00:16,880 --> 00:00:17,520 Welcome back. 9 00:00:17,520 --> 00:00:21,320 Welcome back to another episode of Value Nation. 10 00:00:21,320 --> 00:00:23,200 Special, special episode today. 11 00:00:23,200 --> 00:00:26,360 We got a special guest coming through, Charlie, don't we? 12 00:00:26,360 --> 00:00:27,040 Super pumped. 13 00:00:27,040 --> 00:00:27,920 Super pumped. 14 00:00:27,920 --> 00:00:30,320 He's kind of a big deal in our space. 15 00:00:30,320 --> 00:00:32,120 Well, I mean, at least for our company. 16 00:00:32,120 --> 00:00:33,240 We like to. 17 00:00:33,240 --> 00:00:35,320 And it's our first ever guest. 18 00:00:35,320 --> 00:00:37,160 I mean, it's our first ever guest, you're right. 19 00:00:37,160 --> 00:00:40,160 We actually got someone to come on the show with us. 20 00:00:40,160 --> 00:00:41,760 Well, hopefully it won't be the last. 21 00:00:41,760 --> 00:00:43,600 I think this is going to be a good one. 22 00:00:43,600 --> 00:00:46,040 Everybody's going to enjoy this one. 23 00:00:46,040 --> 00:00:50,040 All right, we want to welcome our esteemed guest, Mike Moore, 24 00:00:50,040 --> 00:00:53,040 our chief revenue officer from Nationwide, Property 25 00:00:53,040 --> 00:00:54,160 and Appraisals. 26 00:00:54,160 --> 00:00:54,760 Double the mikes. 27 00:00:54,760 --> 00:00:55,760 Thank you, my good man. 28 00:00:55,760 --> 00:01:02,160 The our Yoda, our El Capitan, if you will, leads the ship, 29 00:01:02,160 --> 00:01:03,240 keeps things going. 30 00:01:03,240 --> 00:01:04,720 Mike, say hi to your family and friends. 31 00:01:04,720 --> 00:01:05,800 Doing my best. 32 00:01:05,800 --> 00:01:06,840 Doing my best. 33 00:01:06,840 --> 00:01:10,040 I thought the esteemed guest was going to be Schwartz's dog. 34 00:01:10,040 --> 00:01:12,360 Hey, you got Liv back here. 35 00:01:12,360 --> 00:01:14,120 She's my co-host. 36 00:01:14,120 --> 00:01:15,120 She is not big. 37 00:01:15,120 --> 00:01:16,720 She has nothing to do with you. 38 00:01:16,720 --> 00:01:18,360 She has no clue what's happening. 39 00:01:18,360 --> 00:01:20,600 So Mike's a fellow Ohio guy. 40 00:01:20,600 --> 00:01:22,640 So Schwartz, you're outnumbered at this point. 41 00:01:22,640 --> 00:01:23,760 I feel real good about it. 42 00:01:23,760 --> 00:01:26,480 Although he does like the Buckeyes. 43 00:01:26,480 --> 00:01:30,800 So me and him, that's like oil and water being Irish. 44 00:01:30,800 --> 00:01:31,400 It doesn't work. 45 00:01:31,400 --> 00:01:35,440 Yes, but you're the oddity here. 46 00:01:35,440 --> 00:01:38,840 People growing up in Ohio don't root for Notre Dame. 47 00:01:38,840 --> 00:01:42,000 Some really strange people root for Michigan. 48 00:01:42,000 --> 00:01:43,840 But being a Buckeye means being a Buckeye. 49 00:01:43,840 --> 00:01:45,920 So you can't just kind of pick and choose. 50 00:01:45,920 --> 00:01:48,240 I don't know how you're getting away with that. 51 00:01:48,240 --> 00:01:50,360 Well, I mean, look, speaking of picking and choosing, 52 00:01:50,360 --> 00:01:51,440 you went to Xavier. 53 00:01:51,440 --> 00:01:54,080 So you guys didn't have a football team. 54 00:01:54,080 --> 00:01:54,800 So I get it. 55 00:01:54,800 --> 00:01:56,440 You wanted to find someone to root for. 56 00:01:56,440 --> 00:01:57,640 It's semi-close. 57 00:01:57,640 --> 00:02:00,880 And win some games. 58 00:02:00,880 --> 00:02:02,560 Well, hot off the presses, Xavier 59 00:02:02,560 --> 00:02:05,200 is actually looking to get back into football, 60 00:02:05,200 --> 00:02:08,920 which is really frustrating because the t-shirt that 61 00:02:08,920 --> 00:02:11,920 says, Undefeated since 1978 is going to go out of style. 62 00:02:11,920 --> 00:02:14,040 And I'm not happy about that. 63 00:02:14,040 --> 00:02:15,520 You're going to have to frame it. 64 00:02:15,520 --> 00:02:17,560 Put it up on the wall or something. 65 00:02:17,560 --> 00:02:18,080 For real. 66 00:02:18,080 --> 00:02:20,520 Are they really going to try and make that move? 67 00:02:20,520 --> 00:02:22,040 I mean, we do have the upper hand 68 00:02:22,040 --> 00:02:24,600 of having great colors for uniforms. 69 00:02:24,600 --> 00:02:26,080 So I mean, that's there. 70 00:02:26,080 --> 00:02:27,120 I got to give them that. 71 00:02:27,120 --> 00:02:29,160 But other than that, I don't really see the idea. 72 00:02:29,160 --> 00:02:30,600 I mean, they're trying to compete 73 00:02:30,600 --> 00:02:32,080 in the college landscape. 74 00:02:32,080 --> 00:02:33,160 You see what's happening. 75 00:02:33,160 --> 00:02:35,040 Realignment with all these conferences, 76 00:02:35,040 --> 00:02:36,240 it's all based on football. 77 00:02:36,240 --> 00:02:39,000 So in order to stay relevant, keep your basketball 78 00:02:39,000 --> 00:02:40,400 team in a big conference, they're 79 00:02:40,400 --> 00:02:42,160 going to have to get a football program. 80 00:02:42,160 --> 00:02:44,120 So all the folks at home might not know, 81 00:02:44,120 --> 00:02:49,400 but you're basically like Mr. McDonald's in Ohio. 82 00:02:49,400 --> 00:02:50,480 You got some. 83 00:02:50,480 --> 00:02:51,720 Mr. McDonald's, what is this? 84 00:02:51,720 --> 00:02:52,240 What is this? 85 00:02:52,240 --> 00:02:52,760 Mr. McDonald's. 86 00:02:52,760 --> 00:02:54,080 Oh, breaking news. 87 00:02:54,080 --> 00:02:56,160 Yeah, what is this? 88 00:02:56,160 --> 00:02:58,960 Give me a little something. 89 00:02:58,960 --> 00:03:04,160 My parents were owner operators for McDonald's for 50 years. 90 00:03:04,160 --> 00:03:07,360 They just actually sold last year. 91 00:03:07,360 --> 00:03:10,520 As you might imagine, I started my working career 92 00:03:10,520 --> 00:03:14,320 at McDonald's at 12 because my older brother started at 13 93 00:03:14,320 --> 00:03:16,040 and I had to one up him there. 94 00:03:16,040 --> 00:03:17,320 Were you a fry guy? 95 00:03:17,320 --> 00:03:18,400 Were you working the fry? 96 00:03:18,400 --> 00:03:19,480 I did it all, man. 97 00:03:19,480 --> 00:03:21,400 I did it all. 98 00:03:21,400 --> 00:03:23,640 This is when child labor laws apparently weren't a thing. 99 00:03:23,640 --> 00:03:26,200 So yeah, it was 12 years old. 100 00:03:26,200 --> 00:03:27,720 It was the middle of summer and I 101 00:03:27,720 --> 00:03:31,160 would spend eight hours on top of a grill 102 00:03:31,160 --> 00:03:34,040 cooking hamburger meat, literally eating my lunches 103 00:03:34,040 --> 00:03:37,680 in the freezer because I had been sweating all day. 104 00:03:37,680 --> 00:03:41,440 So but yeah, so I worked for 10 years at McDonald's 105 00:03:41,440 --> 00:03:45,160 and managed some stores through college. 106 00:03:45,160 --> 00:03:47,120 And my oldest brother got into it 107 00:03:47,120 --> 00:03:49,760 and I just I didn't like what I saw there. 108 00:03:49,760 --> 00:03:52,240 It didn't look like the career I wanted to get into. 109 00:03:52,240 --> 00:03:57,240 I decided I should use my degree on something else. 110 00:03:57,240 --> 00:03:58,680 I won't say better, just else. 111 00:03:58,680 --> 00:04:01,760 And got into being a loan officer actually 112 00:04:01,760 --> 00:04:04,720 for Charter One Bank, which then became Citizens Bank. 113 00:04:04,720 --> 00:04:07,000 Spent about five years there and went 114 00:04:07,000 --> 00:04:08,960 to work in the vendor management department 115 00:04:08,960 --> 00:04:12,320 managing our AMCs and appraisers from there. 116 00:04:12,320 --> 00:04:17,240 Got picked up by one of my vendors and AMC out of Chicago 117 00:04:17,240 --> 00:04:18,920 to go run operations for them. 118 00:04:18,920 --> 00:04:20,600 Spent a few years there, had some success. 119 00:04:20,600 --> 00:04:23,000 Funny thing, I live in Nashville and I had a guy 120 00:04:23,000 --> 00:04:24,200 calling me for about a year. 121 00:04:24,200 --> 00:04:25,920 It's like come to move to Nashville, 122 00:04:25,920 --> 00:04:27,720 help me run operations here. 123 00:04:27,720 --> 00:04:29,080 And I just laughed at him. 124 00:04:29,080 --> 00:04:31,080 I'm like, I'm not moving to Nashville. 125 00:04:31,080 --> 00:04:32,440 Are you crazy? 126 00:04:32,440 --> 00:04:34,520 Like, X. 127 00:04:34,520 --> 00:04:38,280 And I came down for a weekend and I'm like, I'm crazy. 128 00:04:38,280 --> 00:04:39,560 I'm an idiot. 129 00:04:39,560 --> 00:04:40,400 I need to live here. 130 00:04:40,400 --> 00:04:41,440 This place is amazing. 131 00:04:41,440 --> 00:04:45,120 So I came for that job and I've been here eight, nine years 132 00:04:45,120 --> 00:04:47,440 now and I don't see myself ever leaving. 133 00:04:47,440 --> 00:04:49,240 I love it. 134 00:04:49,240 --> 00:04:51,680 But through that journey, about five years ago, 135 00:04:51,680 --> 00:04:54,760 got hooked up with Nationwide to come run the sales division. 136 00:04:54,760 --> 00:04:58,880 We've had a great run the past four and a half, five years. 137 00:04:58,880 --> 00:05:00,200 Acquired some great companies. 138 00:05:00,200 --> 00:05:01,800 Mike Schwartz comes from OrderPro, 139 00:05:01,800 --> 00:05:03,720 which was the second company we picked up. 140 00:05:03,720 --> 00:05:05,360 We've just been really on the move 141 00:05:05,360 --> 00:05:09,440 and even changed investors once about a year ago. 142 00:05:09,440 --> 00:05:11,480 So we're just, again, we're doing a lot of things. 143 00:05:11,480 --> 00:05:12,920 I'm being very active in the space. 144 00:05:12,920 --> 00:05:16,360 We've grown threefold in the four and a half years 145 00:05:16,360 --> 00:05:17,200 since I've been here. 146 00:05:17,200 --> 00:05:19,400 So we've just had a great success story 147 00:05:19,400 --> 00:05:22,000 and you guys have joined that and been a part of that. 148 00:05:22,000 --> 00:05:22,640 Here we are. 149 00:05:22,640 --> 00:05:23,760 We have a podcast now. 150 00:05:23,760 --> 00:05:26,160 I mean, we're a big deal. 151 00:05:26,160 --> 00:05:27,160 We are. 152 00:05:27,160 --> 00:05:28,400 We're huge, man. 153 00:05:28,400 --> 00:05:30,800 We have like 10 subscribers right now. 154 00:05:30,800 --> 00:05:33,080 I just texted my brother and told him to get out there. 155 00:05:33,080 --> 00:05:33,840 What the heck? 156 00:05:33,840 --> 00:05:36,880 You haven't told everybody, like and subscribe. 157 00:05:36,880 --> 00:05:38,440 Rogan started with 10. 158 00:05:38,440 --> 00:05:40,640 I mean, he immediately went to a million, 159 00:05:40,640 --> 00:05:42,920 but he had 10 at one point. 160 00:05:42,920 --> 00:05:46,280 So Nashville for a minute or Nash Vegas, 161 00:05:46,280 --> 00:05:47,960 as you locals call it now. 162 00:05:47,960 --> 00:05:50,760 The taxi cabs say Nash Vegas on top of it. 163 00:05:50,760 --> 00:05:51,280 They do. 164 00:05:51,280 --> 00:05:52,080 It's wild. 165 00:05:52,080 --> 00:05:52,640 Are you kidding? 166 00:05:52,640 --> 00:05:55,000 And you guys live and breathe that. 167 00:05:55,000 --> 00:05:55,960 Well, maybe not you. 168 00:05:55,960 --> 00:05:56,920 You're a Burbs guy. 169 00:05:56,920 --> 00:06:03,120 But the downtown folks, hey, they're from another world. 170 00:06:03,120 --> 00:06:05,640 They throw up like in the middle of the street. 171 00:06:05,640 --> 00:06:07,560 It's weird. 172 00:06:07,560 --> 00:06:09,440 I want to be let's be fair here. 173 00:06:09,440 --> 00:06:12,280 It's Nash Vegas because there's all these people coming in 174 00:06:12,280 --> 00:06:13,360 from out of town to party. 175 00:06:13,360 --> 00:06:14,160 It's the tourists. 176 00:06:14,160 --> 00:06:14,960 Oh, it's our fault. 177 00:06:14,960 --> 00:06:15,960 Those are people growing up. 178 00:06:15,960 --> 00:06:16,440 Yeah. 179 00:06:16,440 --> 00:06:17,120 Yeah. 180 00:06:17,120 --> 00:06:19,720 We all live in the suburbs and appreciate you guys paying 181 00:06:19,720 --> 00:06:22,640 our sales tax for us. 182 00:06:22,640 --> 00:06:23,760 That's kind of how we roll. 183 00:06:23,760 --> 00:06:28,160 So Mike, you had a pretty solid Halloween costume, I will say. 184 00:06:28,160 --> 00:06:29,680 We just had that holiday pass. 185 00:06:29,680 --> 00:06:30,480 That was good. 186 00:06:30,480 --> 00:06:31,280 That was good. 187 00:06:31,280 --> 00:06:32,640 I was super jelly. 188 00:06:32,640 --> 00:06:33,600 Had a real beard. 189 00:06:33,600 --> 00:06:34,800 Maybe we can throw a picture up on the screen. 190 00:06:34,800 --> 00:06:36,320 Oh, Jordan, yeah, you got to go get it. 191 00:06:36,320 --> 00:06:37,160 You got to go get it. 192 00:06:37,160 --> 00:06:41,400 You know, Halloween, most years, you get to October 15th. 193 00:06:41,400 --> 00:06:42,760 You're like, what am I going to do? 194 00:06:42,760 --> 00:06:44,400 And you're scraping together. 195 00:06:44,400 --> 00:06:48,120 Literally, Jamie and I, on November 2nd of last year, 196 00:06:48,120 --> 00:06:52,160 we're like, oh, we should have been ripping Beth. 197 00:06:52,160 --> 00:06:53,960 We're doing it next year. 198 00:06:53,960 --> 00:06:56,920 So literally waited a whole year for that costume 199 00:06:56,920 --> 00:06:57,760 to come together. 200 00:06:57,760 --> 00:07:00,200 Oh, you were prepared. 201 00:07:00,200 --> 00:07:00,880 Yeah. 202 00:07:00,880 --> 00:07:03,200 Yeah. 203 00:07:03,200 --> 00:07:04,120 I was excited. 204 00:07:04,120 --> 00:07:05,560 You guys nailed it, though. 205 00:07:05,560 --> 00:07:07,840 I embraced the character. 206 00:07:07,840 --> 00:07:09,200 I became the man. 207 00:07:09,200 --> 00:07:10,600 That's your Nashville. 208 00:07:10,600 --> 00:07:13,520 Nashville's just seeping into you right there, 209 00:07:13,520 --> 00:07:16,400 even though he's way up in country, God's country. 210 00:07:16,400 --> 00:07:16,880 Where are they? 211 00:07:16,880 --> 00:07:18,360 Wyoming or something like that? 212 00:07:18,360 --> 00:07:19,080 Montana. 213 00:07:19,080 --> 00:07:20,000 Montana. 214 00:07:20,000 --> 00:07:21,280 Montana. 215 00:07:21,280 --> 00:07:23,560 So you weren't the Daisy Confused version of that actor. 216 00:07:23,560 --> 00:07:26,120 You were the modern day version of that actor. 217 00:07:26,120 --> 00:07:27,080 Yeah, correct. 218 00:07:27,080 --> 00:07:29,240 I don't know if I could pull off that guy. 219 00:07:29,240 --> 00:07:33,000 Took me two years to figure out where I knew him from. 220 00:07:33,000 --> 00:07:34,720 And it was Daisy Confused. 221 00:07:34,720 --> 00:07:37,240 Yeah, it did take a minute for me, too. 222 00:07:37,240 --> 00:07:38,360 He's got range. 223 00:07:38,360 --> 00:07:39,560 He does, man. 224 00:07:39,560 --> 00:07:41,520 I was impressed. 225 00:07:41,520 --> 00:07:45,120 I mean, Costner, he just owns the screen every time. 226 00:07:45,120 --> 00:07:46,600 He does his thing. 227 00:07:46,600 --> 00:07:47,120 Yeah. 228 00:07:47,120 --> 00:07:49,560 Ever show you that picture when I met him at NBA annual 229 00:07:49,560 --> 00:07:50,320 in Boston? 230 00:07:50,320 --> 00:07:51,040 No. 231 00:07:51,040 --> 00:07:54,680 Oh, I'm going to have to send it to you. 232 00:07:54,680 --> 00:07:56,800 He was out at a bar. 233 00:07:56,800 --> 00:08:00,280 And one person, it was some after party. 234 00:08:00,280 --> 00:08:01,520 I forget who was putting it on. 235 00:08:01,520 --> 00:08:03,080 Maybe Radiant or something like that. 236 00:08:03,080 --> 00:08:04,920 He just happened to show up. 237 00:08:04,920 --> 00:08:06,680 He's at the bar getting a drink. 238 00:08:06,680 --> 00:08:08,720 And somebody recognized him. 239 00:08:08,720 --> 00:08:13,000 And instantly, there was a line of like 50 people 240 00:08:13,000 --> 00:08:14,080 trying to get their selfies. 241 00:08:14,080 --> 00:08:15,840 Who leads the catalogue? 242 00:08:15,840 --> 00:08:16,640 No, no. 243 00:08:16,640 --> 00:08:17,640 I got in line. 244 00:08:17,640 --> 00:08:20,400 My man, he did Draft Day. 245 00:08:20,400 --> 00:08:22,040 That was close to my heart. 246 00:08:22,040 --> 00:08:22,840 We're a Browns fan. 247 00:08:22,840 --> 00:08:23,880 Oh, Cleveland, yeah. 248 00:08:23,880 --> 00:08:26,560 So I was like, I said, hey, I really 249 00:08:26,560 --> 00:08:27,920 loved your work in Draft Day. 250 00:08:27,920 --> 00:08:29,000 Can I get a picture? 251 00:08:29,000 --> 00:08:30,760 He said, absolutely. 252 00:08:30,760 --> 00:08:32,040 He gave me this little smirk. 253 00:08:32,040 --> 00:08:32,880 I'll send you guys. 254 00:08:32,880 --> 00:08:33,840 You guys will love it. 255 00:08:33,840 --> 00:08:34,640 It's perfect. 256 00:08:34,640 --> 00:08:36,280 But speaking, you said the NBA. 257 00:08:36,280 --> 00:08:38,440 Speaking of the NBA, segue. 258 00:08:38,440 --> 00:08:41,720 Ba-ba-ba-ba-ba-ba-ba-ba-ba-ba-ba-ba. 259 00:08:41,720 --> 00:08:42,480 We just got back. 260 00:08:42,480 --> 00:08:43,960 We just got back from Nashville. 261 00:08:43,960 --> 00:08:49,480 This is in Mike and his home city for the NBA National 262 00:08:49,480 --> 00:08:50,560 Conference. 263 00:08:50,560 --> 00:08:53,080 What's our takeaways from attending the show 264 00:08:53,080 --> 00:08:56,440 and getting to mingle with our industry's finest? 265 00:08:56,440 --> 00:08:57,480 They know how to party. 266 00:08:57,480 --> 00:08:58,440 That is a good point. 267 00:08:58,440 --> 00:08:59,760 Yeah, no, they do. 268 00:08:59,760 --> 00:09:01,240 Did you see Darius Rucker? 269 00:09:01,240 --> 00:09:03,280 Obviously, I was sick, so I didn't get to go, 270 00:09:03,280 --> 00:09:04,680 which I was disappointed about. 271 00:09:04,680 --> 00:09:05,440 No, no, no, no. 272 00:09:05,440 --> 00:09:06,400 I didn't see that one. 273 00:09:06,400 --> 00:09:09,040 Once an Old Dominion with you handsome gentlemen, 274 00:09:09,040 --> 00:09:10,560 that was a new one for me. 275 00:09:10,560 --> 00:09:12,520 Mike was feeling it. 276 00:09:12,520 --> 00:09:13,680 I had no idea who they were. 277 00:09:13,680 --> 00:09:14,640 They're a great band. 278 00:09:14,640 --> 00:09:16,800 They got good range as well. 279 00:09:16,800 --> 00:09:22,400 And what's cool about them is they were songwriters 280 00:09:22,400 --> 00:09:23,280 before they were a band. 281 00:09:23,280 --> 00:09:25,720 And part of their show is they get up there 282 00:09:25,720 --> 00:09:27,480 and they actually perform a lot of the songs 283 00:09:27,480 --> 00:09:29,400 that they wrote for other artists. 284 00:09:29,400 --> 00:09:32,680 And I think that's super cool. 285 00:09:32,680 --> 00:09:36,000 They've been around a lot longer than we realize 286 00:09:36,000 --> 00:09:37,960 because they were not on the radio, 287 00:09:37,960 --> 00:09:39,800 but they were writing songs for other people. 288 00:09:39,800 --> 00:09:41,880 So like I said, I thought they put on a great show 289 00:09:41,880 --> 00:09:44,560 and the venue was super cool. 290 00:09:44,560 --> 00:09:49,360 And look, it was a good night to get out together. 291 00:09:49,360 --> 00:09:53,440 And that's what I love about these shows 292 00:09:53,440 --> 00:09:56,480 is it's a good opportunity to get in front of people 293 00:09:56,480 --> 00:09:58,480 and just not talk about appraisals, 294 00:09:58,480 --> 00:10:01,480 not talk about loans, but just talk about everything else 295 00:10:01,480 --> 00:10:05,120 and connect with people in a way that you don't get to 296 00:10:05,120 --> 00:10:06,640 when they're visiting your booth. 297 00:10:06,640 --> 00:10:08,680 When they're visiting your booth, 298 00:10:08,680 --> 00:10:09,680 we're going to talk business. 299 00:10:09,680 --> 00:10:12,120 We'll try to keep it casual here and there. 300 00:10:12,120 --> 00:10:14,240 But you're kind of forced to talk about business. 301 00:10:14,240 --> 00:10:16,720 And at the end of the day, we all 302 00:10:16,720 --> 00:10:21,640 have lives that take place, take way more of our day 303 00:10:21,640 --> 00:10:23,640 than what we do for work. 304 00:10:23,640 --> 00:10:25,080 And it's nice to connect with people 305 00:10:25,080 --> 00:10:28,360 and learn things about them outside of just 306 00:10:28,360 --> 00:10:29,840 how many loans did you do this month? 307 00:10:29,840 --> 00:10:31,720 I agree with you. 308 00:10:31,720 --> 00:10:35,560 There was a lot of, at the NBA, there was a lot, 309 00:10:35,560 --> 00:10:40,760 people seem to be pretty focused, super dialed in this year 310 00:10:40,760 --> 00:10:45,360 versus in the years past where maybe they went to a speaker, 311 00:10:45,360 --> 00:10:48,200 maybe they listened to something. 312 00:10:48,200 --> 00:10:51,360 But this year, it was much more focused. 313 00:10:51,360 --> 00:10:55,720 People were much more scheduled and rigid. 314 00:10:55,720 --> 00:10:57,400 Some guys are talking about, we're 315 00:10:57,400 --> 00:11:00,320 in a period of change and reset. 316 00:11:00,320 --> 00:11:03,640 And I feel that's very accurate. 317 00:11:03,640 --> 00:11:05,960 Mike, I know you had some conversations one off. 318 00:11:05,960 --> 00:11:08,600 Anything what you learned from some of those people? 319 00:11:08,600 --> 00:11:09,120 I don't know. 320 00:11:09,120 --> 00:11:13,600 I would say, first and foremost, the sentiment there 321 00:11:13,600 --> 00:11:15,040 was not doom and gloom. 322 00:11:15,040 --> 00:11:17,800 It's easy for people to feel that way. 323 00:11:17,800 --> 00:11:19,960 But the people who are going to be successful, 324 00:11:19,960 --> 00:11:21,400 people who are going to recognize 325 00:11:21,400 --> 00:11:24,160 the opportunity in this type of market 326 00:11:24,160 --> 00:11:27,040 are the people who see past that. 327 00:11:27,040 --> 00:11:29,840 People see past the next three to six months. 328 00:11:29,840 --> 00:11:32,520 I think we're in that space, obviously. 329 00:11:32,520 --> 00:11:35,520 We believe that we can be resilient through this process. 330 00:11:35,520 --> 00:11:41,200 And we're actually looking at, hey, what opportunities 331 00:11:41,200 --> 00:11:44,160 do we have here to actually come out of this thing 332 00:11:44,160 --> 00:11:46,840 better than where we started? 333 00:11:46,840 --> 00:11:50,000 And I think that, again, was the sentiment of a lot of people 334 00:11:50,000 --> 00:11:53,280 there, like, hey, what do we need to think about? 335 00:11:53,280 --> 00:11:54,840 What do we need to do differently? 336 00:11:54,840 --> 00:11:58,360 What do we need to reshape in our own organizations 337 00:11:58,360 --> 00:12:01,200 so that when the market comes back, because it will, 338 00:12:01,200 --> 00:12:03,640 it always does, and housing comes back first, 339 00:12:03,640 --> 00:12:07,080 so that we're in a position that we're, again, 340 00:12:07,080 --> 00:12:09,720 a better spot than when this all started? 341 00:12:09,720 --> 00:12:12,840 Because let's face it, guys, you're 342 00:12:12,840 --> 00:12:14,040 both tremendous salespeople. 343 00:12:14,040 --> 00:12:15,880 We have an amazing sales organization. 344 00:12:15,880 --> 00:12:19,200 But a lot of what we experienced in 2020 and 2021 345 00:12:19,200 --> 00:12:21,000 was just rising tides. 346 00:12:21,000 --> 00:12:24,480 We all could sit back and just kind of let the orders come in 347 00:12:24,480 --> 00:12:26,200 and just figure out a way to manage it. 348 00:12:26,200 --> 00:12:27,720 So it was so much business. 349 00:12:27,720 --> 00:12:31,120 And this is when, again, the good 350 00:12:31,120 --> 00:12:32,840 gets separated from the bad. 351 00:12:32,840 --> 00:12:35,600 And we're going to see a lot of organizations fall down. 352 00:12:35,600 --> 00:12:38,680 We're going to see a few organizations grow. 353 00:12:38,680 --> 00:12:41,680 And again, we've been saying AMC consolidation 354 00:12:41,680 --> 00:12:43,400 is coming for a long time. 355 00:12:43,400 --> 00:12:44,160 It's here. 356 00:12:44,160 --> 00:12:46,000 It's legit happening. 357 00:12:46,000 --> 00:12:47,800 There's going to be a lot of companies that 358 00:12:47,800 --> 00:12:49,880 don't have the cash flow to get through this piece. 359 00:12:49,880 --> 00:12:54,400 And we're not somebody that anybody's worried about. 360 00:12:54,400 --> 00:12:57,480 We're going to come through and look at more opportunities 361 00:12:57,480 --> 00:12:59,960 at other organizations who need our help, who 362 00:12:59,960 --> 00:13:01,320 want to partner up. 363 00:13:01,320 --> 00:13:04,400 And we're going to come out of this with another order pro, 364 00:13:04,400 --> 00:13:07,080 another first choice, another old city, all of that. 365 00:13:07,080 --> 00:13:08,720 And we're going to be even better. 366 00:13:08,720 --> 00:13:11,560 So does it look scary in the next three to six months? 367 00:13:11,560 --> 00:13:12,080 Sure. 368 00:13:12,080 --> 00:13:13,880 I mean, everybody feels that way. 369 00:13:13,880 --> 00:13:16,920 There's no denying the fact that 8%, 9% interest rates 370 00:13:16,920 --> 00:13:20,160 are bad for us. 371 00:13:20,160 --> 00:13:22,480 But we know that that's not sustainable for the long term 372 00:13:22,480 --> 00:13:23,120 for the market. 373 00:13:23,120 --> 00:13:25,720 So we're just going to weather that storm and get through it. 374 00:13:25,720 --> 00:13:28,240 And like I said, I think a lot of the lenders out there 375 00:13:28,240 --> 00:13:29,560 recognize that as well. 376 00:13:29,560 --> 00:13:32,400 A lot of the title companies, the other people who are at MBA, 377 00:13:32,400 --> 00:13:34,360 everybody who is there are the people 378 00:13:34,360 --> 00:13:35,640 who are the long term thinkers. 379 00:13:35,640 --> 00:13:38,280 The people who are freaked out are at home. 380 00:13:38,280 --> 00:13:41,360 So that's why I thought the Senate was so positive there. 381 00:13:41,360 --> 00:13:43,080 So all right. 382 00:13:43,080 --> 00:13:46,680 So Mike, from what all we learned at MBA, 383 00:13:46,680 --> 00:13:48,560 the conversations you had, there's 384 00:13:48,560 --> 00:13:52,080 a lot of talk about alternative valuations 385 00:13:52,080 --> 00:13:54,720 and a lot of concentration there, of course. 386 00:13:54,720 --> 00:13:58,320 Obviously, why don't you tell some of the folks at home, 387 00:13:58,320 --> 00:14:00,680 how do we fare in this kind of space? 388 00:14:00,680 --> 00:14:05,320 And any news that you can break for us? 389 00:14:05,320 --> 00:14:06,760 Yeah. 390 00:14:06,760 --> 00:14:08,720 A lot going on there, obviously. 391 00:14:08,720 --> 00:14:13,680 Alternative valuations, it's been a hot topic for years. 392 00:14:13,680 --> 00:14:18,640 Modernization of appraisals and all that has been around. 393 00:14:18,640 --> 00:14:21,400 And it's been something that's kind of stopped and started 394 00:14:21,400 --> 00:14:22,360 several times. 395 00:14:22,360 --> 00:14:26,160 And a lot of that has been market driven. 396 00:14:26,160 --> 00:14:31,240 And honestly, it just kind of had a bad run during pilot. 397 00:14:31,240 --> 00:14:34,000 But I do believe, talking to some folks 398 00:14:34,000 --> 00:14:36,640 I know at Fannie and Freddie, it's coming. 399 00:14:36,640 --> 00:14:37,320 It's happening. 400 00:14:37,320 --> 00:14:38,640 It's going to be a real thing. 401 00:14:38,640 --> 00:14:41,240 Freddie's already rolled it into policy. 402 00:14:41,240 --> 00:14:43,720 But Fannie and Freddie are approaching it two different ways. 403 00:14:43,720 --> 00:14:45,600 So the way Freddie's handling it is 404 00:14:45,600 --> 00:14:50,600 they're taking actual situations where a full valuation would 405 00:14:50,600 --> 00:14:51,520 have been done. 406 00:14:51,520 --> 00:14:53,640 And they're saying, we feel pretty good about this. 407 00:14:53,640 --> 00:14:54,920 We'll let you do a hybrid. 408 00:14:54,920 --> 00:14:58,320 So that's going to be like an ADM with an inspection done 409 00:14:58,320 --> 00:14:59,720 by someone who's not an appraiser. 410 00:14:59,720 --> 00:15:02,400 It could be an appraiser, but they don't have it. 411 00:15:02,400 --> 00:15:04,240 Fannie's going at it a little bit differently. 412 00:15:04,240 --> 00:15:06,240 What they're going to be doing, and this is expected 413 00:15:06,240 --> 00:15:09,280 to roll out in 2023, is they're going 414 00:15:09,280 --> 00:15:12,560 to take loans that would have previously 415 00:15:12,560 --> 00:15:14,320 qualified for a waiver. 416 00:15:14,320 --> 00:15:17,720 And those will be done with a hybrid, or possibly just 417 00:15:17,720 --> 00:15:19,400 an inspection. 418 00:15:19,400 --> 00:15:23,040 And when you really think about it, this had to happen. 419 00:15:23,040 --> 00:15:25,520 And the reason it had to happen is the model 420 00:15:25,520 --> 00:15:27,760 that they make these decisions on 421 00:15:27,760 --> 00:15:30,280 has to have data fed into it. 422 00:15:30,280 --> 00:15:33,480 So if you're putting appraisal waivers on 50% of the orders, 423 00:15:33,480 --> 00:15:35,120 that means half the properties out there 424 00:15:35,120 --> 00:15:39,280 are not getting fresh data input into their model. 425 00:15:39,280 --> 00:15:42,120 So they kind of got to pull back on the waiver piece. 426 00:15:42,120 --> 00:15:44,040 And they don't want to go all the way back 427 00:15:44,040 --> 00:15:45,440 to full traditional appraisals. 428 00:15:45,440 --> 00:15:46,640 So what are they going to do? 429 00:15:46,640 --> 00:15:48,400 They're going to do the hybrids in between. 430 00:15:48,400 --> 00:15:51,000 So it makes a lot of sense. 431 00:15:51,000 --> 00:15:53,720 Again, we're being told that that's going to happen. 432 00:15:53,720 --> 00:15:57,040 But they originally said it was going to happen this quarter. 433 00:15:57,040 --> 00:16:00,520 But we all know anything in the public space 434 00:16:00,520 --> 00:16:02,440 doesn't happen on time. 435 00:16:02,440 --> 00:16:04,200 There's a lot of moving parts in there. 436 00:16:04,200 --> 00:16:07,760 So I would say probably Q2, Q3 of next year, 437 00:16:07,760 --> 00:16:09,880 we're going to see those rolled into policy. 438 00:16:09,880 --> 00:16:13,280 And what that means is if you're an AMC that only 439 00:16:13,280 --> 00:16:15,800 offers traditional appraisals, your value 440 00:16:15,800 --> 00:16:17,880 just dropped in half, because you can only 441 00:16:17,880 --> 00:16:20,360 deliver half of what your lenders are going to need. 442 00:16:20,360 --> 00:16:22,560 Quit the roadshed. 443 00:16:22,560 --> 00:16:23,200 Exactly. 444 00:16:23,200 --> 00:16:26,240 So for us, that's been a big focus. 445 00:16:26,240 --> 00:16:29,400 And we're about two weeks away from being 446 00:16:29,400 --> 00:16:32,200 going to make a pretty big announcement about how we're 447 00:16:32,200 --> 00:16:33,000 going to do this. 448 00:16:33,000 --> 00:16:35,760 But we're going to have all of our alternate valuations done 449 00:16:35,760 --> 00:16:37,400 in-house. 450 00:16:37,400 --> 00:16:40,120 We won't be leveraging any third parties 451 00:16:40,120 --> 00:16:41,920 to take care of that for us. 452 00:16:41,920 --> 00:16:45,040 And we're going to do it in a way that is going 453 00:16:45,040 --> 00:16:46,360 to make us a leader in the space. 454 00:16:46,360 --> 00:16:48,760 So maybe I'll have to come back. 455 00:16:48,760 --> 00:16:51,080 I'll give you some more details at that point. 456 00:16:51,080 --> 00:16:54,840 But again, we recognize the importance of that product set. 457 00:16:54,840 --> 00:16:57,240 And we're investing heavily to get what 458 00:16:57,240 --> 00:16:59,800 we need to be a leader in it. 459 00:16:59,800 --> 00:17:01,400 I like that you're already asking 460 00:17:01,400 --> 00:17:02,440 to come back on the show. 461 00:17:02,440 --> 00:17:03,840 It makes me feel real good about it. 462 00:17:03,840 --> 00:17:04,600 Yeah, yeah, yeah. 463 00:17:04,600 --> 00:17:05,360 Hold on a second. 464 00:17:05,360 --> 00:17:08,480 And I didn't even offer you a bottle of bourbon for that. 465 00:17:08,480 --> 00:17:10,000 That's legit. 466 00:17:10,000 --> 00:17:12,880 That was very heartfelt. 467 00:17:12,880 --> 00:17:15,240 I feel like at this point in time with this show, 468 00:17:15,240 --> 00:17:17,000 anybody can invite themselves on over. 469 00:17:17,000 --> 00:17:18,000 Sure, come on. 470 00:17:18,000 --> 00:17:19,040 Let's go. 471 00:17:19,040 --> 00:17:20,040 Let's see. 472 00:17:20,040 --> 00:17:22,200 We'll talk to anybody. 473 00:17:22,200 --> 00:17:22,960 That's totally fine. 474 00:17:22,960 --> 00:17:26,680 You guys have any different feelings about any of that? 475 00:17:26,680 --> 00:17:29,160 What are you guys thinking? 476 00:17:29,160 --> 00:17:29,880 Swarovski? 477 00:17:29,880 --> 00:17:30,880 I'm thinking Arby's. 478 00:17:35,680 --> 00:17:38,520 About the alternate valuations, the way things are going. 479 00:17:38,520 --> 00:17:40,280 The beef and cheddar, that's what you're thinking. 480 00:17:40,280 --> 00:17:43,840 Yeah, no, I like that chicken bacon and Swiss, actually. 481 00:17:43,840 --> 00:17:48,920 Well, yeah, and I was going to chime in when you were talking. 482 00:17:48,920 --> 00:17:51,360 I feel like the increase in waivers 483 00:17:51,360 --> 00:17:53,240 the past couple of years was a response 484 00:17:53,240 --> 00:17:55,800 to how nutty things were. 485 00:17:55,800 --> 00:17:58,120 Because that was an unprecedented percentage of waivers 486 00:17:58,120 --> 00:17:59,680 that were happening, where they're 487 00:17:59,680 --> 00:18:00,600 saying we don't need an appraisal, 488 00:18:00,600 --> 00:18:01,600 we don't need that yet. 489 00:18:01,600 --> 00:18:03,120 Looks good enough. 490 00:18:03,120 --> 00:18:05,320 Non-risk, let's go. 491 00:18:05,320 --> 00:18:08,480 And so I fully agree with you that waivers 492 00:18:08,480 --> 00:18:11,000 are going to go down if they haven't already. 493 00:18:11,000 --> 00:18:13,480 They're going to have to find another source where they don't 494 00:18:13,480 --> 00:18:16,360 want to go through the full appraisal process for people 495 00:18:16,360 --> 00:18:20,600 who are well-qualified, low-risk loans, low loan value, 496 00:18:20,600 --> 00:18:21,320 so forth. 497 00:18:21,320 --> 00:18:24,400 And so you have to be a player in this space 498 00:18:24,400 --> 00:18:27,160 to be able to provide an alternative valuation 499 00:18:27,160 --> 00:18:34,360 source that has been a full $500, $600 appraisal 500 00:18:34,360 --> 00:18:35,480 to get these things moving. 501 00:18:35,480 --> 00:18:37,720 So I agree with what you're saying, 502 00:18:37,720 --> 00:18:40,080 and you have to be set up for this. 503 00:18:40,080 --> 00:18:42,240 I know it's something that's been going on for years. 504 00:18:42,240 --> 00:18:44,440 We talked to appraisers who have been doing this 505 00:18:44,440 --> 00:18:45,200 for a long time. 506 00:18:45,200 --> 00:18:46,740 They've been saying they've been trying 507 00:18:46,740 --> 00:18:49,720 to get the appraiser out of the process since the 80s. 508 00:18:49,720 --> 00:18:51,120 That's always been the fear. 509 00:18:51,120 --> 00:18:52,520 They're going to automate this. 510 00:18:52,520 --> 00:18:53,680 They're going to take us out. 511 00:18:53,680 --> 00:18:56,640 You can never take that piece of it out. 512 00:18:56,640 --> 00:18:58,320 Even if it is alternative valuations 513 00:18:58,320 --> 00:18:59,320 and they're doing an inspection, they're 514 00:18:59,320 --> 00:19:01,960 still going to need that desktop appraisal from somebody 515 00:19:01,960 --> 00:19:03,880 who's in the market that knows the market, that 516 00:19:03,880 --> 00:19:06,560 can run the data and actually analyze it and produce 517 00:19:06,560 --> 00:19:08,960 some kind of number for them. 518 00:19:08,960 --> 00:19:12,040 Yeah, and I think the reason, part of the reason 519 00:19:12,040 --> 00:19:14,520 it's struggled in the past was appraisers 520 00:19:14,520 --> 00:19:16,360 didn't need to do them. 521 00:19:16,360 --> 00:19:18,240 Like they had enough traditional appraisal work 522 00:19:18,240 --> 00:19:21,280 they could do more than they could do. 523 00:19:21,280 --> 00:19:26,680 And we all know, I mean, appraisers are calling us 524 00:19:26,680 --> 00:19:28,120 nonstop asking for work. 525 00:19:28,120 --> 00:19:33,160 They're open to different valuation sources at this point. 526 00:19:33,160 --> 00:19:38,000 And I hate to look at it like they're desperate. 527 00:19:38,000 --> 00:19:40,280 I don't want to seem like we're taking advantage. 528 00:19:40,280 --> 00:19:42,720 I think what it is is that we're, again, 529 00:19:42,720 --> 00:19:44,280 looking at an opportunity. 530 00:19:44,280 --> 00:19:46,640 And this is an opportunity to get that product out there 531 00:19:46,640 --> 00:19:51,000 because the appraisers who specialize in these things 532 00:19:51,000 --> 00:19:53,080 love them. 533 00:19:53,080 --> 00:19:55,520 Think about what their job really is. 534 00:19:55,520 --> 00:19:59,280 They're meant to give value, to give their opinion 535 00:19:59,280 --> 00:20:01,000 on the value of a property. 536 00:20:01,000 --> 00:20:03,880 Measuring that house doesn't contribute to it. 537 00:20:03,880 --> 00:20:09,640 That's not the skill that they have spent decades 538 00:20:09,640 --> 00:20:10,840 crafting, right? 539 00:20:10,840 --> 00:20:14,720 What they've done is figure out how do I value this property? 540 00:20:14,720 --> 00:20:17,800 Well, that's all they do in the desktop space 541 00:20:17,800 --> 00:20:19,400 is they work on the value. 542 00:20:19,400 --> 00:20:23,640 And measuring to make sure that the septic tank is 543 00:20:23,640 --> 00:20:27,320 100 feet away from the property or 150 feet away 544 00:20:27,320 --> 00:20:28,680 from a well on a property. 545 00:20:28,680 --> 00:20:31,760 That's not included. 546 00:20:31,760 --> 00:20:33,320 That's not what they signed up for. 547 00:20:33,320 --> 00:20:35,280 It's like, I was going to appraise these houses, 548 00:20:35,280 --> 00:20:38,440 figure out the market value of them, and go from there. 549 00:20:38,440 --> 00:20:41,240 And that repetitive ANSI revisions. 550 00:20:41,240 --> 00:20:44,080 Crawling around in crawl spaces and attics and. 551 00:20:44,080 --> 00:20:45,840 Oh, yeah. 552 00:20:45,840 --> 00:20:50,800 But it is like you said, it's taken a while for this 553 00:20:50,800 --> 00:20:51,600 to really take off. 554 00:20:51,600 --> 00:20:54,080 And we talk about what is it going 555 00:20:54,080 --> 00:20:59,040 to take for it to really sink in and the changes to happen. 556 00:20:59,040 --> 00:21:00,640 Danny and Freddie are doing their part. 557 00:21:00,640 --> 00:21:06,680 And we talked about it at the NBA, the VA finally 558 00:21:06,680 --> 00:21:11,560 opening up their scope, so to speak, to say, hey, look, 559 00:21:11,560 --> 00:21:16,360 we need to be able to help our veterans get secure a home 560 00:21:16,360 --> 00:21:18,800 faster than 60 days. 561 00:21:18,800 --> 00:21:22,640 They want to open up conversations up 562 00:21:22,640 --> 00:21:26,040 to look at some of these alternative valuations 563 00:21:26,040 --> 00:21:28,000 where they can get there and get there faster. 564 00:21:28,000 --> 00:21:30,960 So I mean, it's progress. 565 00:21:30,960 --> 00:21:32,880 It's been a little bit of progress 566 00:21:32,880 --> 00:21:34,160 over the last couple of years. 567 00:21:34,160 --> 00:21:37,040 But we might actually be there. 568 00:21:37,040 --> 00:21:39,920 And it's exciting for us, for nationwide. 569 00:21:39,920 --> 00:21:42,680 We're going to be leading the charge. 570 00:21:42,680 --> 00:21:43,640 I feel it. 571 00:21:43,640 --> 00:21:45,440 Feel it in my bones. 572 00:21:45,440 --> 00:21:47,840 Hey, evolve or die. 573 00:21:47,840 --> 00:21:50,080 Right? 574 00:21:50,080 --> 00:21:51,240 That's the way it is. 575 00:21:51,240 --> 00:21:52,720 Amen. 576 00:21:52,720 --> 00:21:58,040 You remember when EAD dropped? 577 00:21:58,040 --> 00:22:03,680 And changing from good average, new, to the C ratings 578 00:22:03,680 --> 00:22:05,200 and all that stuff on appraisal, they 579 00:22:05,200 --> 00:22:08,360 changed the appraisal language back to 2009, 580 00:22:08,360 --> 00:22:10,120 something like that, 2009, 2010. 581 00:22:10,120 --> 00:22:13,560 And man, it took years for people to get the hang of these. 582 00:22:13,560 --> 00:22:15,720 It was UAD ratings, right? 583 00:22:15,720 --> 00:22:19,640 But that was for the EAD system. 584 00:22:19,640 --> 00:22:21,400 But it made all the sense in the world 585 00:22:21,400 --> 00:22:23,320 when you sit back and look at it, right? 586 00:22:23,320 --> 00:22:25,480 Good is a relative term. 587 00:22:25,480 --> 00:22:30,960 C3 is something that's clearly defined on a page. 588 00:22:30,960 --> 00:22:33,000 And again, you got to come up with a way 589 00:22:33,000 --> 00:22:35,640 to beat it into analytics. 590 00:22:35,640 --> 00:22:38,240 Because anybody who thought that analytics 591 00:22:38,240 --> 00:22:40,480 weren't going to be a major part of this business 592 00:22:40,480 --> 00:22:43,000 is just kind of wearing blinders, I think. 593 00:22:43,000 --> 00:22:45,480 It's everywhere. 594 00:22:45,480 --> 00:22:46,920 Data is king, my friend. 595 00:22:46,920 --> 00:22:47,800 Data is king. 596 00:22:47,800 --> 00:22:49,640 So Mike, I'm going to put you on the spot. 597 00:22:49,640 --> 00:22:53,480 If you don't know the answer to this, we can cut it. 598 00:22:53,480 --> 00:22:54,880 OK. 599 00:22:54,880 --> 00:22:55,760 We have that power. 600 00:22:55,760 --> 00:22:56,520 We have that power. 601 00:22:56,520 --> 00:22:57,360 We do have that power. 602 00:22:57,360 --> 00:23:01,000 But to keep one last current news piece 603 00:23:01,000 --> 00:23:03,280 that we got going on here, Fed once again 604 00:23:03,280 --> 00:23:06,760 announced rate increase. 605 00:23:06,760 --> 00:23:11,160 Now, I want to say most people, but a lot of people 606 00:23:11,160 --> 00:23:12,600 hear that, and they instantly think, 607 00:23:12,600 --> 00:23:14,600 oh, mortgage rates are going up. 608 00:23:14,600 --> 00:23:20,240 Yes, in the like a couple of steps down the road, 609 00:23:20,240 --> 00:23:22,360 that's usually what ends up happening. 610 00:23:22,360 --> 00:23:27,000 But that actually isn't directly what that means. 611 00:23:27,000 --> 00:23:29,160 Do you have an insight on a simple way 612 00:23:29,160 --> 00:23:33,000 to explain on when the Fed says rates are increasing 613 00:23:33,000 --> 00:23:35,880 or increasing rates, whether it's a 0.75 again, 614 00:23:35,880 --> 00:23:38,840 what does that do to our industry? 615 00:23:38,840 --> 00:23:42,240 How does that end up in the back end affecting mortgage rates? 616 00:23:42,240 --> 00:23:43,720 Well, yeah, what they're increasing 617 00:23:43,720 --> 00:23:46,120 is the short-term interest rate. 618 00:23:46,120 --> 00:23:48,800 And it's actually what we pay for the money 619 00:23:48,800 --> 00:23:52,040 we borrow from China and everywhere else, too. 620 00:23:52,040 --> 00:23:54,480 So it's not directly correlated to mortgages. 621 00:23:54,480 --> 00:23:57,760 Mortgages are actually tied more closely to the 10-year bond 622 00:23:57,760 --> 00:24:03,720 rate, which, look, when they raise short-term rates, 623 00:24:03,720 --> 00:24:05,160 long-term rates are going to go up. 624 00:24:05,160 --> 00:24:06,280 But it's not like for like. 625 00:24:06,280 --> 00:24:08,000 So if they raise 3 quarters of a point, 626 00:24:08,000 --> 00:24:10,480 it doesn't mean 30-year mortgage rates or even 627 00:24:10,480 --> 00:24:13,360 15-year mortgage rates are going to go up 3 quarters of a point. 628 00:24:13,360 --> 00:24:15,920 They're going to go up because people 629 00:24:15,920 --> 00:24:20,440 are making loans on other types of transactions and stuff 630 00:24:20,440 --> 00:24:20,960 like that. 631 00:24:20,960 --> 00:24:23,240 So that all kind of carries over. 632 00:24:23,240 --> 00:24:26,920 But the insinuation that 3 quarter point Fed 633 00:24:26,920 --> 00:24:30,960 rate increases is going to result in rates going from 7 634 00:24:30,960 --> 00:24:33,280 to 7.75 is not the case. 635 00:24:33,280 --> 00:24:36,280 And in a lot of cases, you actually sometimes 636 00:24:36,280 --> 00:24:40,160 see a short-term dip in mortgage rates 637 00:24:40,160 --> 00:24:42,000 right after the Fed rate increase. 638 00:24:42,000 --> 00:24:46,600 So we usually will see our appraisal orders go up 639 00:24:46,600 --> 00:24:48,320 for a few days after these increases. 640 00:24:48,320 --> 00:24:52,480 And then, of course, they come down a little bit. 641 00:24:52,480 --> 00:24:55,800 I'm an econ major, if that helps. 642 00:24:55,800 --> 00:24:57,040 So he knows. 643 00:24:57,040 --> 00:24:58,320 There's a perfect guy for this. 644 00:24:58,320 --> 00:24:59,560 He knows it. 645 00:24:59,560 --> 00:25:03,600 20 years ago, I studied econ for a couple of years 646 00:25:03,600 --> 00:25:04,920 extensively. 647 00:25:04,920 --> 00:25:06,800 And I remember very little of it. 648 00:25:06,800 --> 00:25:08,200 How do you do that? 649 00:25:08,200 --> 00:25:09,360 How? 650 00:25:09,360 --> 00:25:10,600 I'm bombed. 651 00:25:10,600 --> 00:25:12,120 I had to take one econ class. 652 00:25:12,120 --> 00:25:13,000 And I was like, I'm up. 653 00:25:13,000 --> 00:25:14,400 Never again. 654 00:25:14,400 --> 00:25:18,520 So Sorcy has some quick hitters for you, Mike. 655 00:25:18,520 --> 00:25:20,280 So no pressure here. 656 00:25:20,280 --> 00:25:22,160 Rapid fire questions. 657 00:25:22,160 --> 00:25:24,200 He's going to give you some options. 658 00:25:24,200 --> 00:25:25,600 And first thing that comes to mind. 659 00:25:25,600 --> 00:25:27,040 We're going to close you out with this. 660 00:25:27,040 --> 00:25:28,480 And you can elaborate if you want. 661 00:25:28,480 --> 00:25:30,600 You don't have to just answer it with one word answer. 662 00:25:30,600 --> 00:25:33,720 Just a little background works if you want to. 663 00:25:33,720 --> 00:25:36,600 So we're going to start off with nice and easy. 664 00:25:36,600 --> 00:25:38,760 We might know the answer, but I don't know. 665 00:25:38,760 --> 00:25:40,720 What is your favorite band? 666 00:25:40,720 --> 00:25:41,760 Band or musician? 667 00:25:41,760 --> 00:25:42,920 Boo Fighters. 668 00:25:42,920 --> 00:25:44,160 Ooh. 669 00:25:44,160 --> 00:25:44,840 Boo Fighters. 670 00:25:44,840 --> 00:25:45,680 Good choice. 671 00:25:45,680 --> 00:25:46,400 Big variety. 672 00:25:46,400 --> 00:25:48,160 Lots of music, big catalog. 673 00:25:48,160 --> 00:25:48,800 Good choice. 674 00:25:48,800 --> 00:25:52,000 But I got the Beatles going on back here for what it's worth. 675 00:25:52,000 --> 00:25:53,440 So I'm plus. 676 00:25:53,440 --> 00:25:53,960 Yeah. 677 00:25:53,960 --> 00:25:54,880 The Beatles. 678 00:25:54,880 --> 00:25:57,320 I mean, yeah. 679 00:25:57,320 --> 00:25:59,960 Hot coffee or cold brew? 680 00:25:59,960 --> 00:26:01,640 Cold brew. 681 00:26:01,640 --> 00:26:02,120 Gotcha. 682 00:26:02,120 --> 00:26:03,280 No matter what season. 683 00:26:03,280 --> 00:26:04,240 How would be coffee cake? 684 00:26:04,240 --> 00:26:07,240 Dunkin' or Starbucks? 685 00:26:07,240 --> 00:26:08,160 Dunkin'. 686 00:26:08,160 --> 00:26:08,960 Ooh. 687 00:26:08,960 --> 00:26:09,480 Oh. 688 00:26:09,480 --> 00:26:10,240 Good guy. 689 00:26:10,240 --> 00:26:11,200 All day. 690 00:26:11,200 --> 00:26:12,360 Really? 691 00:26:12,360 --> 00:26:13,200 Yeah. 692 00:26:13,200 --> 00:26:15,280 I thought you were better than that. 693 00:26:15,280 --> 00:26:16,320 Pumpkin spice. 694 00:26:16,320 --> 00:26:19,720 Legit or overhyped? 695 00:26:19,720 --> 00:26:22,800 Leave it for the ladies. 696 00:26:22,800 --> 00:26:23,720 Oh, enough. 697 00:26:23,720 --> 00:26:24,720 That hurts my heart. 698 00:26:24,720 --> 00:26:27,040 iPhone or Android? 699 00:26:27,040 --> 00:26:28,760 iPhone. 700 00:26:28,760 --> 00:26:31,280 Now, don't get those green messages out of here. 701 00:26:31,280 --> 00:26:33,560 It's because he's old. 702 00:26:33,560 --> 00:26:35,000 Simplicity. 703 00:26:35,000 --> 00:26:37,480 There's a definite gap, right? 704 00:26:37,480 --> 00:26:41,720 So we have me and Schwartz are kind of in the middle. 705 00:26:41,720 --> 00:26:44,240 Mike, you're older. 706 00:26:44,240 --> 00:26:46,640 And by older, I mean you're like a year or two old and older 707 00:26:46,640 --> 00:26:47,360 than me. 708 00:26:47,360 --> 00:26:48,680 And then we have everybody else. 709 00:26:48,680 --> 00:26:50,400 We would have been in high school at the same time. 710 00:26:50,400 --> 00:26:51,160 Take it easy. 711 00:26:51,160 --> 00:26:51,720 I know. 712 00:26:51,720 --> 00:26:52,280 I'm sorry. 713 00:26:52,280 --> 00:26:53,600 But you have more gray hairs than me. 714 00:26:53,600 --> 00:26:56,400 I think I was in elementary school, boys. 715 00:26:56,400 --> 00:26:57,560 Wait, hold the phone. 716 00:26:57,560 --> 00:27:00,040 Well, yeah, you might have been. 717 00:27:00,040 --> 00:27:02,280 But there's a gap, right, where the iPhone started 718 00:27:02,280 --> 00:27:03,920 to get real cool. 719 00:27:03,920 --> 00:27:05,160 And it was cool in college. 720 00:27:05,160 --> 00:27:06,160 I had a good time with it. 721 00:27:06,160 --> 00:27:07,760 And then I switched back over to the green message. 722 00:27:07,760 --> 00:27:08,960 So I'm on the dark side. 723 00:27:08,960 --> 00:27:10,920 But then we got our producer, Jordan. 724 00:27:10,920 --> 00:27:13,360 I would think she's iPhone all day. 725 00:27:13,360 --> 00:27:16,040 So I'm torn. 726 00:27:16,040 --> 00:27:17,640 I'm torn. 727 00:27:17,640 --> 00:27:20,000 But you have your iPhone. 728 00:27:20,000 --> 00:27:22,800 Look, Apple was genius, right? 729 00:27:22,800 --> 00:27:26,440 They reeled you in with iTunes and stuff like that. 730 00:27:26,440 --> 00:27:29,720 And for a while, I was like, well, I can't switch devices 731 00:27:29,720 --> 00:27:33,960 because all my music is saved in whatever that format is. 732 00:27:33,960 --> 00:27:35,960 And then music went online anyway. 733 00:27:35,960 --> 00:27:36,840 And it didn't matter. 734 00:27:36,840 --> 00:27:39,640 But at that point, I'm like, I'm too old to figure out 735 00:27:39,640 --> 00:27:40,680 a new phone at this point. 736 00:27:40,680 --> 00:27:41,640 Yeah, you're already hooked. 737 00:27:41,640 --> 00:27:43,480 You're already hooked. 738 00:27:43,480 --> 00:27:46,320 But you don't have a cool flip phone like I do. 739 00:27:46,320 --> 00:27:48,280 Hashtag Samsung. 740 00:27:48,280 --> 00:27:49,000 That's a fact. 741 00:27:49,000 --> 00:27:52,000 Apple, they'll put one out there about three years from now. 742 00:27:52,000 --> 00:27:52,960 They need to. 743 00:27:52,960 --> 00:27:54,640 I really want an Apple flip phone. 744 00:27:54,640 --> 00:27:55,840 You guys got to get hip to it. 745 00:27:55,840 --> 00:27:57,720 The good old days have just gone. 746 00:27:57,720 --> 00:27:59,200 Gosh, it's a good feeling. 747 00:27:59,200 --> 00:28:00,080 It's great. 748 00:28:00,080 --> 00:28:02,840 All right, Michael, college or pro football? 749 00:28:02,840 --> 00:28:04,920 College, all day. 750 00:28:04,920 --> 00:28:08,920 Even with the changing landscape where college football is 751 00:28:08,920 --> 00:28:11,080 pretty hard to watch if you're not 752 00:28:11,080 --> 00:28:12,520 one of the top four or five teams. 753 00:28:12,520 --> 00:28:14,560 I mean, it's the same teams in the playoff every year. 754 00:28:14,560 --> 00:28:16,120 I'm one of the top four or five teams. 755 00:28:16,120 --> 00:28:19,560 Oh, my god. 756 00:28:19,560 --> 00:28:23,440 Listen, part of that is just biased 757 00:28:23,440 --> 00:28:27,120 because I didn't grow up with a protein. 758 00:28:27,120 --> 00:28:30,920 I was in Toledo, which is between Detroit, Cleveland, 759 00:28:30,920 --> 00:28:32,200 and Cincinnati. 760 00:28:32,200 --> 00:28:34,800 So you had all kinds of options. 761 00:28:34,800 --> 00:28:35,760 A lot of good options. 762 00:28:35,760 --> 00:28:37,240 Terrible options. 763 00:28:37,240 --> 00:28:40,080 Terrible options. 764 00:28:40,080 --> 00:28:42,880 Detroit was a pretty solid option. 765 00:28:42,880 --> 00:28:45,920 They were decent for a minute, but I just 766 00:28:45,920 --> 00:28:47,760 never really left them. 767 00:28:47,760 --> 00:28:51,880 Last question, Christmas decorations, 768 00:28:51,880 --> 00:28:57,240 do they go up before Thanksgiving or after Thanksgiving? 769 00:28:57,240 --> 00:29:01,760 You know, I think as a society, it's after. 770 00:29:01,760 --> 00:29:03,840 But for me, it's like you're having people over 771 00:29:03,840 --> 00:29:08,000 Thanksgiving, it kind of feels good to shoehorn your way 772 00:29:08,000 --> 00:29:09,720 into Christmas a little bit. 773 00:29:09,720 --> 00:29:11,640 So I decorate before people come in. 774 00:29:11,640 --> 00:29:13,040 I'm with you, Clark Rizwold. 775 00:29:13,040 --> 00:29:13,760 Let's do it. 776 00:29:13,760 --> 00:29:17,160 Is it like a 100% all of it's up, 777 00:29:17,160 --> 00:29:19,480 or is it like a little transition to it, 778 00:29:19,480 --> 00:29:23,160 and then it's like full blown, let's go Clark Rizwold 779 00:29:23,160 --> 00:29:24,400 after Thanksgiving? 780 00:29:24,400 --> 00:29:26,320 I don't get it out of the basement twice. 781 00:29:26,320 --> 00:29:29,560 I mean, if I'm doing it, it's coming out. 782 00:29:29,560 --> 00:29:31,560 You get a fake tree or real tree? 783 00:29:31,560 --> 00:29:32,920 That's the most important question. 784 00:29:32,920 --> 00:29:34,960 Fake tree. 785 00:29:34,960 --> 00:29:36,680 Gosh, I got to get another one. 786 00:29:36,680 --> 00:29:39,080 Freelit, fake trees are a life saver, man. 787 00:29:39,080 --> 00:29:41,160 Am I the only man in this group right now? 788 00:29:41,160 --> 00:29:43,760 I've been cutting my tree down since my daughter was born. 789 00:29:43,760 --> 00:29:45,480 All right, Clark, easy. 790 00:29:45,480 --> 00:29:47,200 Amen. 791 00:29:47,200 --> 00:29:47,680 No. 792 00:29:47,680 --> 00:29:48,720 It's my name. 793 00:29:48,720 --> 00:29:51,960 Oh, he's talking about me. 794 00:29:51,960 --> 00:29:55,200 All right, Michael, well, appreciate your time, man. 795 00:29:55,200 --> 00:29:57,280 I mean, we took too much of your time as it is. 796 00:29:57,280 --> 00:29:59,880 We are way over budget, way over time, man. 797 00:29:59,880 --> 00:30:02,720 We can't afford to pay you like we promised, I'm sorry. 798 00:30:02,720 --> 00:30:03,960 It's all right, yeah. 799 00:30:03,960 --> 00:30:05,480 Seree's probably been blowing you up. 800 00:30:05,480 --> 00:30:08,480 What are you doing? 801 00:30:08,480 --> 00:30:10,600 I'm taking the company forward with you guys. 802 00:30:10,600 --> 00:30:12,680 That's what I'm doing, right? 803 00:30:12,680 --> 00:30:14,640 To the moon. 804 00:30:14,640 --> 00:30:17,280 Like those Reddit investors, we're taking this to the moon. 805 00:30:17,280 --> 00:30:19,280 Let's get it. 806 00:30:19,280 --> 00:30:21,000 Well, Schwartz, that was another, 807 00:30:21,000 --> 00:30:23,040 I feel like it was another fantastic episode. 808 00:30:23,040 --> 00:30:23,880 Yeah. 809 00:30:23,880 --> 00:30:25,640 Valuation, we're growing. 810 00:30:25,640 --> 00:30:28,280 We are getting a little better each time. 811 00:30:28,280 --> 00:30:29,800 I hope everyone has enjoyed it. 812 00:30:29,800 --> 00:30:31,880 I feel like there's improvement. 813 00:30:31,880 --> 00:30:32,720 For sure, for sure. 814 00:30:32,720 --> 00:30:34,200 Marginal, but we can do that. 815 00:30:34,200 --> 00:30:35,440 Marginal? 816 00:30:35,440 --> 00:30:39,240 So let's get more comfortable with this podcast thing. 817 00:30:39,240 --> 00:30:39,960 Absolutely. 818 00:30:39,960 --> 00:30:44,280 Let's make sure to mention our fantastic producer, Jordan 819 00:30:44,280 --> 00:30:44,920 Sandlin. 820 00:30:44,920 --> 00:30:47,080 She would have been doing a great job for us, 821 00:30:47,080 --> 00:30:48,120 keeping us in line. 822 00:30:48,120 --> 00:30:49,480 I can see you today. 823 00:30:49,480 --> 00:30:50,920 I can see you. 824 00:30:50,920 --> 00:30:53,320 Make sure to go like and subscribe 825 00:30:53,320 --> 00:30:57,840 on all of our new social media platform handles. 826 00:30:57,840 --> 00:30:59,920 Valuation podcast. 827 00:30:59,920 --> 00:31:00,520 We've got it. 828 00:31:00,520 --> 00:31:04,680 IG, Facebook, YouTube, and TikTok. 829 00:31:04,680 --> 00:31:06,880 Schwartz is going to be out there ticking and talking, 830 00:31:06,880 --> 00:31:08,800 like a grown man doing his thing. 831 00:31:08,800 --> 00:31:10,000 I don't do the TikToks. 832 00:31:10,000 --> 00:31:11,080 You're going to have to. 833 00:31:11,080 --> 00:31:12,880 It's now to think. 834 00:31:12,880 --> 00:31:14,080 You're going to have to go live. 835 00:31:14,080 --> 00:31:14,920 We had a chance. 836 00:31:14,920 --> 00:31:17,720 We were just in person twice in about the span of a month. 837 00:31:17,720 --> 00:31:20,760 And I don't remember doing a single talk tick, TikTok, 838 00:31:20,760 --> 00:31:21,880 tickety-tick-tock. 839 00:31:21,880 --> 00:31:22,360 Oh, yeah. 840 00:31:22,360 --> 00:31:23,080 We'll get better. 841 00:31:23,080 --> 00:31:23,960 We'll get better. 842 00:31:23,960 --> 00:31:27,120 Maybe we'll Snapchat, chat-snap. 843 00:31:27,120 --> 00:31:28,360 Snapping and chatting? 844 00:31:28,360 --> 00:31:29,360 All right. 845 00:31:29,360 --> 00:31:30,320 Go check us out. 846 00:31:30,320 --> 00:31:31,800 Just throw it up on the Facebook. 847 00:31:31,800 --> 00:31:33,800 Valuation podcast. 848 00:31:33,800 --> 00:31:34,720 Go subscribe. 849 00:31:34,720 --> 00:31:37,480 Get those downloads in. 850 00:31:37,480 --> 00:31:40,680 Thank you very much for joining us. 851 00:31:40,680 --> 00:31:45,680 Thank you.