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Welcome back.

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We gave you a couple weeks off of take 10 mainly because it was fall break and there

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was plenty to talk about but there's also plenty of time to catch up.

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So let's start with our resident market reader, Corey Freel.

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Let's do it.

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Fortune telling business is not good right now.

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It's not good for the fortune tellers.

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So interest rates bottomed out right before the Federal Reserve dropped rates and then

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they moved higher.

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That was September 18th.

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That was the 18th of September.

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And so now here we are a month later and people are kind of like, hey, where those

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low rates are at about since the Fed dropped like they're lower, right?

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And we're like, no, they're not.

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So just like the Cinderella one hit wonder in the late 80s, you don't know what you

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got till it's gone.

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We had so many conversations with people, both buyers and people looking to refinance.

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They were like, you need to do this.

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We got a window and they're like, no, no, no, no, we'll wait because things are going

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to get better.

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Are they?

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And hope is not a strategy.

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So so yeah, I mean, interest rates are probably half a point worse now at least.

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Also though, let me just go ahead and say it still could make sense to refinance.

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You just need to look at the cost of waiting calculator.

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That's right.

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So we have a calculator that doesn't an analysis of where your rate is now.

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So let's say you've got a rate in the mid sevens and you could get to the mid sixes,

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but in your mind, you want something that starts with a five.

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We can do an analysis on that and say, okay, what would happen if you waited until they

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hit the fives to refinance?

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And then how much of that cost you?

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Because every month you keep paying your payment at that higher rate.

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It costs you money.

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That's money going out the door that doesn't have to because the market's better now.

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So I think the lesson that we can all take from this is and this has been true for two

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years now.

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Yeah.

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When you get a good interest rate day and literally sometimes it's a day, you take it.

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You grab it.

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What is it?

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What is it you say pigs get fat?

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Hogs get slaughtered.

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Right.

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Yeah.

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Don't be slaughtered.

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That's right.

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Don't be a hog.

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My version of that is bulls eat bears eat pigs get slaughtered.

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That's a lot of animals.

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It is.

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That's a Wall Street thing.

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That is the truth.

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So if it makes sense for you to buy, if it makes sense for you to refinance, if it makes

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sense for your customers to move, they need to move now because all you have is today

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and you don't know what tomorrow is going to bring.

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Truth.

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And can you give a quick down and dirty as to why this movement up and what reports happened

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that caused the...

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Yeah.

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Absolutely.

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So what made markets move lower in the beginning was from the highs of April until September

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18th, markets were already moving lower, interest rates were already moving lower in anticipation

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of the Fed making this cut.

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And so when the Fed releases their statement, they not only say, hey, we're cutting rates

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today, they also give you a forecast of what they think they're going to do for the next

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couple of years.

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And so we got that forecast and it met with the market's thought, hey, we're going to

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drop another 50 for the end of the year and then another 100 next year.

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And so markets were like, check, all right, we know that now they move their focus to

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the employment picture.

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So two things that the Fed looks at, inflation is one, we got that one whooped, we think.

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The other now is employment.

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So how do we keep Americans employed?

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So now everybody's looking at every employment report really closely and we saw employment

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go down where we thought it would stay stable or go up and that is not good for interest

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rates.

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So it doesn't signal that we're in any economic slowdown.

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It's not great for inflation.

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And so markets are trading now off stronger than...

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And it continues to be, every where we get is stronger than expected, stronger than expected

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for employment, but it just keeps pushing rates higher and higher every time.

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So with all that said, something that I've noticed as a trend is as the rates start going

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higher and higher, the deals get harder and harder.

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But you know what?

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We're also more and more willing to make those hard deals happen.

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So I want to talk a little bit today about the problems solved, a couple of strategies.

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We've got 99 problems.

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That's another song, reference from the 90s, I think, maybe early thousands.

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We've got 99 problems.

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But these are ones that we...

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These strategies and things that we did made a deal happen that otherwise would not have

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happened and successfully got people into homes and streamlined that process.

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So I was just going to go through a couple of those.

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This year.

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One that we just...

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A crowning moment.

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On Monday, we closed a person with a 431 credit score.

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That's so solid.

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How?

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We have a program that...

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That's a record.

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I mean, how do you close one lower than that?

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How do you get that low?

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Yes, sometimes you do.

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Sometimes you get that low and you never have a closed one ever with a credit score in the

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force.

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But we did and we did that on Monday and we did that using a blended score.

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And so...

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What's a blended score?

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It is when you have a co-borrower with a higher score and you can take the two scores and

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blend them into whatever that average score is and utilize that for qualification.

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Specific program to use for that, but it worked also on a manufactured home, which was hard.

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But...

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Also in a flood disaster area.

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Also in a flood disaster area.

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And we wish the best for all the people there, but it was fine.

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And we were able to do a Zoom call...

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To verify that it was still there.

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To verify it was still there.

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So we were able to get that done same day, which was nice.

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Because that's also been a little hitch in the giddy up since we are so close to the

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affected areas.

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Rescores on credit.

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That's one of our oldest tricks, but it's more relevant now than ever.

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The credit reports, we have a program that will allow us to give specific instructions

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to the client on what they need to do, what steps they need to take to get that credit

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score up to a certain space that would make them approvable.

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And when you say specific, you mean specific.

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I mean, if they say pay this card down to $221.72, it needs to be exactly that.

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Exactly.

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Or you're not getting your score back.

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And it takes about five business days.

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But that's been a game changer across the board.

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Also to get better rates, right?

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Because your rates are also sometimes sensitive to credit.

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So we just closed one two weeks ago.

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It was a 10-day turn upfront underwrite.

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She only got that contract because she could close in 10 days and we could wait for the

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finance contingency.

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I know you guys have already heard about that trick.

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Just wanted to bring that back to the forefront.

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Any file that's suspect on will they qualify, we're doing that for you guys anyway.

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That upfront underwrite, just to make sure we have a sure thing because we don't want

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you driving around if it's not.

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But also if they want to get really aggressive, your client does.

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It takes five business days from the time that we received their documentation to get

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them fully through underwriting and approved.

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And that will make your offers way stronger and give you something to negotiate.

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Something else that's been great.

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What if you, there's been a lot of people who need to buy without selling.

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So we, and if they can qualify for both of the payments, but all this cash is going to

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come as a large lump sum cash infusion afterwards.

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And they don't want to pay that higher mortgage payment forever because they had to only put

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5% down on what they were buying because all their cash is over here on the house they're

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selling.

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We use a recast.

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Do that all the time.

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I mean, probably three or four months.

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We don't do them on government loans.

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That's correct.

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Only conventional loans.

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I mean, let's say you, you're going to sell your house, but you have to make your offer

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non-contingent and the house is 600,000.

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I can put 5% down conventional on the $600,000 house.

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So my house, say I clear 200 on my house.

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Now I'll put the 200 down on the big house and I can drop mortgage insurance and make

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that payment resemble what it would have been with a 400,000 or a loan, whatever, 350 loan.

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More or less on one fell swoop.

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In one fell swoop.

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Now one fell swoop doesn't mean it's like a K-grott.

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Like they don't want to do it.

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Take 45 days.

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Service just don't want to do it.

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We make them do it.

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And it's the deal that they made.

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So anyway, do that all the time.

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This is an interesting one that just got one approved, which I love this, is that on VA

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loans, you can actually pay off the veterans revolving or installment debts to help them

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qualify with seller pay closing costs.

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So little known hack.

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We're doing two like that this month.

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That is awesome.

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Like what a cool little nugget, you know.

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And what a better, let's just think about the feeling around it.

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This veteran is feeling like they have all these payments pushing down on them.

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They have this new house payment.

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They feel stressed.

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We're taking a ton of those little tiny payments off of them or that one big installment off

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of them.

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And so they really just have that house payment left.

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And they can manage it a lot easier and they're going in more or less debt free.

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Right.

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So it, it betters their position.

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It's a wonderful little trick that we've been using and it's awesome.

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So this one has been happening more often than not post closing repair escrows.

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Yep.

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So we don't have to hold up a closing for repair items unless it's health and safety

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health and safety structural.

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Yeah, so like, yeah, like a, even though like a fence, like a railing around the porch,

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got to get that done first.

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But if it's something minor,

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It's over 36 inches.

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Didn't you get, as long as it's, as long as it meets code, you don't have to do it

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at all.

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But repair escrows, things we can do, we can go ahead and close alone, get something fixed

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after to make it sellable.

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So yeah.

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So that's been really nice just to allow everybody to close, move on and do the repairs

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as they see fit.

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Yeah.

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And sometimes a seller doesn't have the money to fix it.

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That's true.

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Right.

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Or you don't want them to fix it.

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Or you don't want the seller.

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You want your own contractor to fix it.

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So the seller may not have the funds.

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You certainly don't want your buyer spending their money on the seller's house before

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they own it.

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Yeah.

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And so this is a way to protect everybody.

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So just a quick reminder, because I know you guys know that probably as well, but it's

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very relevant right now because a lot of the housing stock has repairs needed right now.

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You guys are seeing these houses.

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A lot of them come with repairs.

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So I want to add one thing to that.

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If you don't do a lot of these and I hope you don't as an agent, which we did less,

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there is a contingency there.

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So if like say the repair costs $2,000, we're going to need a contingency.

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What is it 25%?

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Yeah, something like that.

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So you're going to need between, you know, probably 500 bucks in contingency to hold

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on top of the money that you need to make sure that those repairs get done.

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So in that instance, if the repair is $2,000, we're going to hold 2,500 when the work is

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done.

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We're going to hold 2,500 from the seller when the work is done.

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We're going to reimburse the seller as soon as we get the invoice from the contractor.

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And if the bill is two grand, then we give the seller back 500 bucks and pay the contractor.

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Whatever the difference is.

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This has been very helpful.

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Our E-Close, our branch is doing 90 to 100% E-Close.

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And what is so amazing about that is that the clients are getting 90% of their documents

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at home that morning to click through.

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And by the time they get to the title company, it takes 20 minutes to close.

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So even on, you know, just trying to slide things in at the end of the day, move things

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up, do any of that moving and shaking, that E-Close is huge in fitting multiple closings

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in in a day and last minute type things.

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So it's helped us be very flexible working with that department.

250
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Just a lot more pleasant to when you're buying and moving in on the same day, you know, any,

251
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if you get 30 minutes back from the title company, that's a huge win.

252
00:12:46,520 --> 00:12:48,600
Yeah, nobody wants to spend all day there.

253
00:12:48,600 --> 00:12:50,800
Also I keep missing my closings.

254
00:12:50,800 --> 00:12:52,120
That is the only problem.

255
00:12:52,120 --> 00:12:53,520
I get there and they're done.

256
00:12:53,520 --> 00:12:55,600
Yes, you don't mean the loan closes.

257
00:12:55,600 --> 00:12:56,600
You just can't get there.

258
00:12:56,600 --> 00:12:57,600
I can't get there in time.

259
00:12:57,600 --> 00:13:00,600
They each sign go in 10 minutes later.

260
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We don't miss closing dates.

261
00:13:01,600 --> 00:13:03,200
Oh yeah, sorry.

262
00:13:03,200 --> 00:13:04,200
Was that a misfit?

263
00:13:04,200 --> 00:13:09,160
That was a just just clarified just in case I like I like the clarification.

264
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And then now that the rates are higher as a nice little bow around this whole thing,

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that temp buy down you guys, the temp buy down is the play.

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The temporary buy down can take that interest rate.

267
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You know, we have a three to one, a two one and a one oh and what those numbers signify

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are the percentage amounts below the locked in rate.

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So if you have a one oh buy down and let's say the rate six and a quarter, then the first

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year it will be the customer will pay 12 payments at five and a quarter as we sit and wait this

271
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market out if and when it changes, right?

272
00:13:43,200 --> 00:13:45,840
I think economists are still saying it's going to change.

273
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I do.

274
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I think rates are going to move down eventually, but the question is when and then how long

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do your buyers have to wait?

276
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How long do your people have to wait?

277
00:13:53,840 --> 00:13:54,840
Right.

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So if they don't, if they want that lower payment and that lower rate now, temp buy down,

279
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right?

280
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And then whatever money that let's say that the rates do drop in six months, whatever

281
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money is sitting in that escrow account with the temporary buy down funds in there because

282
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the money that's collected in that is the interest differential between the two interest

283
00:14:12,400 --> 00:14:17,240
rates, whatever money is left over, they get it back.

284
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It's not a fee.

285
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Awesome product.

286
00:14:19,240 --> 00:14:21,440
So the client will get that money back.

287
00:14:21,440 --> 00:14:26,440
So building that in is not a bad thing because what they are doing is utilizing the equity

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to help them make a lower payment and feel comfortable and pull the trigger now.

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That's all we're trying to do is give you guys ideas around products and programs and

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strategies to pull the trigger now and do it in a way that is responsible that helps

291
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your client feel comfortable in this uncomfortable market.

292
00:14:44,720 --> 00:14:45,720
Sure.

293
00:14:45,720 --> 00:14:46,720
Absolutely.

294
00:14:46,720 --> 00:14:47,720
Yeah.

295
00:14:47,720 --> 00:14:51,120
Because when it gets comfortable, your inventory is going to dry up.

296
00:14:51,120 --> 00:14:52,120
Yeah.

297
00:14:52,120 --> 00:14:53,120
You got your inventory, right?

298
00:14:53,120 --> 00:14:56,120
Now you got choices, but when it gets comfortable, not going to have inventory.

299
00:14:56,120 --> 00:14:57,840
Then it will be comfortable in a different way.

300
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Yeah.

301
00:14:58,840 --> 00:14:59,840
Or you're bidding on like six houses.

302
00:14:59,840 --> 00:15:00,840
So we're always uncomfortable.

303
00:15:00,840 --> 00:15:01,840
Yep.

304
00:15:01,840 --> 00:15:02,840
Which is comfortable.

305
00:15:02,840 --> 00:15:03,840
That's great.

306
00:15:03,840 --> 00:15:07,800
So as a wrap up, we have somebody on our team nights and weekends.

307
00:15:07,800 --> 00:15:08,800
That's right.

308
00:15:08,800 --> 00:15:09,800
Always after hours at theeltwgroup.com.

309
00:15:09,800 --> 00:15:10,800
That's how you get it.

310
00:15:10,800 --> 00:15:11,800
After hours at theeltwgroup.com.

311
00:15:11,800 --> 00:15:12,800
All right.

312
00:15:12,800 --> 00:15:13,800
We'll take care of you.

313
00:15:13,800 --> 00:15:14,800
Peace.

314
00:15:14,800 --> 00:15:15,800
Peace.

315
00:15:15,800 --> 00:15:26,120
Be safe, and our next Évidios will be around Wednesday.

316
00:15:26,120 --> 00:15:27,000
Okay.

317
00:15:27,000 --> 00:15:28,040
Sorry.

318
00:15:28,040 --> 00:15:29,420
Bye.

319
00:15:29,420 --> 00:15:30,580
Bye.

320
00:15:30,580 --> 00:15:31,900
Okay.

321
00:15:31,900 --> 00:15:33,160
Yeah.

322
00:15:33,160 --> 00:15:34,760
Bye!