1
00:00:00,000 --> 00:00:05,000
And welcome back to take 10 2025. First one. Oh my gosh.

2
00:00:06,000 --> 00:00:11,000
Yours truly Lisa Wiles. Corey Frills. We're here to preach.

3
00:00:12,000 --> 00:00:14,000
Absolutely. What are we, what are we preaching about?

4
00:00:14,000 --> 00:00:19,000
Um, I would like you to preach the market as we do. Let's do it. Um, well,

5
00:00:20,000 --> 00:00:22,000
I have actually a pointed question for you. Okay.

6
00:00:23,000 --> 00:00:27,000
Something that somebody asked me and I actually have never asked you this in 2025. Okay.

7
00:00:27,000 --> 00:00:31,000
Do you think rates are going to drop? Um,

8
00:00:32,000 --> 00:00:40,000
I would answer that by saying there is not a forecasted drop in rates by the smartest people in mortgage right now. No, no, no.

9
00:00:41,000 --> 00:00:50,000
Do you, guru, Corey Frills have a feeling as to what the rates are going to do in 2025?

10
00:00:50,000 --> 00:00:57,000
And if, if you do have a feeling or if you don't have a feeling that you want to talk about, go ahead and expose what you think that's going to be.

11
00:00:58,000 --> 00:01:06,000
Well, I'll say that what's going to cause rates to drop is you're going to have a significant negative economic, uh, happening.

12
00:01:07,000 --> 00:01:14,000
Something has to happen that's not good for the economy for rates to drop. Um, do I think that's going to happen?

13
00:01:14,000 --> 00:01:24,000
Uh, I think it could. I think we could see rates in the high fives by the end of the year. Um, by employment getting a little weaker.

14
00:01:25,000 --> 00:01:37,000
We've seen that. So we had in December, uh, was one of the highest unemployment, uh, numbers that we've had, uh, prior to since 2020 and then prior to that since 09.

15
00:01:37,000 --> 00:01:47,000
So we are seeing, uh, actually that was today, the challenge of job cuts from today, from last month, we had the highest number of mass layoffs today since 2020.

16
00:01:48,000 --> 00:01:49,000
How are rates still going up?

17
00:01:50,000 --> 00:01:57,000
You know, they have, you guys, they have been steadily going up for the last two weeks.

18
00:01:57,000 --> 00:02:07,000
Yeah. I mean, well, since the middle of December, early December, I mean, we're up, we're up well over half a point, almost a point since the middle of December.

19
00:02:08,000 --> 00:02:12,000
And that's good for you guys to know because your pre-approved buyers need to go back and readjust their price points.

20
00:02:13,000 --> 00:02:20,000
It is. And then our buyers that are under contract are talking to their friends at work that went under contract in early December and they're like, well, I got this rate.

21
00:02:23,000 --> 00:02:28,000
It's very different in a short amount of time. So do I think rates could get better this year? I do.

22
00:02:29,000 --> 00:02:32,000
Better not forecasted to do so. So I think we work like they never get better.

23
00:02:33,000 --> 00:02:36,000
I think we work and we plan as if these are the rates forever.

24
00:02:37,000 --> 00:02:39,000
I am tired of the heartbreak.

25
00:02:42,000 --> 00:02:45,000
I honestly just want that to be something that I don't even care about anymore.

26
00:02:47,000 --> 00:02:48,000
And, um, do I think rates are going to get better?

27
00:02:48,000 --> 00:03:01,000
I honestly am going to go ahead and take the position that I do not believe they're going to get better because I do believe that anything an administration puts into play takes time to have negative impact or positive impact.

28
00:03:02,000 --> 00:03:11,000
And so in my humble opinion, it's going to take COVID point two or something out of the frickin blue.

29
00:03:12,000 --> 00:03:14,000
And I'm not going to ever bet on something like that.

30
00:03:15,000 --> 00:03:16,000
I'm not going to bet on 9 11.

31
00:03:16,000 --> 00:03:20,000
I'm not betting on COVID point two or the Gulf of America happening this year.

32
00:03:21,000 --> 00:03:26,000
Well, a friend of mine used to say never bet on the end of the world because you're only right once and you can't collect.

33
00:03:37,000 --> 00:03:48,000
The rest of this and what we want this take 10 to be used for is we want you guys to be able to have some content that will save one deal of yours or make one deal.

34
00:03:54,000 --> 00:03:55,000
We've been the freaking deal saviors this week.

35
00:03:57,000 --> 00:03:58,000
We're in a cape this month.

36
00:03:59,000 --> 00:04:00,000
We are flying in and saving deals.

37
00:04:01,000 --> 00:04:03,000
And so since there are so many today is a save day.

38
00:04:05,000 --> 00:04:06,000
Okay.

39
00:04:06,000 --> 00:04:29,000
So one of the saves that we're working on actively right now is a self-employed borrower has only one tax return under this new employment to 99 worker and has a half of a year under the previous tax return.

40
00:04:29,000 --> 00:04:34,000
2024 ain't nobody got that return yet.

41
00:04:36,000 --> 00:04:37,000
So can't use that got told by their lender.

42
00:04:39,000 --> 00:04:40,000
Need two years.

43
00:04:41,000 --> 00:04:43,000
Do you you actually don't on a conventional loan.

44
00:04:44,000 --> 00:04:45,000
You don't need two years.

45
00:04:46,000 --> 00:04:49,000
You need one year tax return and you need that person to have been in the business for two years.

46
00:04:50,000 --> 00:04:54,000
And you do have to average the 17 months that they had or 18 whatever it was.

47
00:04:55,000 --> 00:04:56,000
You have to average that out.

48
00:04:56,000 --> 00:05:03,000
But then after that as long as their P&L is showing that it tracks and it's on the up and up you're good to go with that income.

49
00:05:07,000 --> 00:05:10,000
How is that possible that if we have the same guidelines or the same rules as everybody else.

50
00:05:11,000 --> 00:05:12,000
Why can't we do the deal and they can't.

51
00:05:13,000 --> 00:05:18,000
I believe it's because we approach deals with logic and does it make sense.

52
00:05:19,000 --> 00:05:20,000
And do we have something we can hang our hat on and defend.

53
00:05:22,000 --> 00:05:23,000
And if it's defendable we're going for it.

54
00:05:24,000 --> 00:05:25,000
And this one's defendable.

55
00:05:26,000 --> 00:05:27,000
She is on the up and it's pretty awesome.

56
00:05:31,000 --> 00:05:38,000
So we have a travel nurse came in hot like New Year's trying to actually tried to close on Tuesday.

57
00:05:39,000 --> 00:05:42,000
But we got it like the week before.

58
00:05:43,000 --> 00:05:45,000
So we are closing it Friday.

59
00:05:46,000 --> 00:05:47,000
So we closed it in less than two weeks which is.

60
00:05:49,000 --> 00:05:50,000
But travel nurses are very difficult to underwrite.

61
00:05:50,000 --> 00:05:53,000
So they just the nature of the job.

62
00:05:54,000 --> 00:05:58,000
I mean literally variable over two years you could have easily eight assignments.

63
00:05:59,000 --> 00:06:05,000
Nondidae contracts you could have eight different W2s eight different pay stubs eight different verification of employment.

64
00:06:06,000 --> 00:06:07,000
And you could be two months without a job.

65
00:06:09,000 --> 00:06:13,000
But our we have something we don't talk about enough our support staff here.

66
00:06:14,000 --> 00:06:15,000
I mean really shouldn't be called support staff.

67
00:06:17,000 --> 00:06:23,000
Like are the people that we have to work with us Rachel Kelly Tasha Jesse.

68
00:06:24,000 --> 00:06:28,000
They are unbelievable at their jobs and they will chase something down and get a deal done.

69
00:06:29,000 --> 00:06:33,000
And so Rachel on our team she grabbed this one chased down all the verifications of employment.

70
00:06:34,000 --> 00:06:39,000
Her and Leslie got together made this deal work was turned down by that lender a week before closing.

71
00:06:40,000 --> 00:06:42,000
We turned it around close it a week and a half.

72
00:06:43,000 --> 00:06:47,000
Yeah I mean it's literally just what Lisa just said.

73
00:06:48,000 --> 00:06:53,000
If we have a defendable position we're going to use logic and we're going to get it done and kudos to Fairway for having that kind of culture.

74
00:06:54,000 --> 00:06:55,000
Yeah I do love that.

75
00:06:56,000 --> 00:07:04,000
Another one that we're saving and we're going to be closing this one in so five business days eight business days eight business days.

76
00:07:05,000 --> 00:07:06,000
It's closing on next Friday.

77
00:07:06,000 --> 00:07:11,000
The they were working with the credit union no doubt credit unions have such good rates.

78
00:07:12,000 --> 00:07:14,000
Corey how good is a rate that you never close on.

79
00:07:15,000 --> 00:07:19,000
Is that a great it's zero percent really because you don't have the mortgage to pay back.

80
00:07:20,000 --> 00:07:24,000
You never got a mortgage because they close close so closing costs either.

81
00:07:28,000 --> 00:07:32,000
So these credit unions didn't even order the appraisal didn't have time to pick up a phone.

82
00:07:32,000 --> 00:07:36,000
Never called the HOA thinks that there could be a problem with the condo.

83
00:07:37,000 --> 00:07:40,000
They honestly don't have a the first clue about how to do a condo but man they have good rates.

84
00:07:41,000 --> 00:07:43,000
Yeah so we're going to go ahead and close that on Friday.

85
00:07:45,000 --> 00:07:48,000
It's like finding the coolest pair shoes ever and they're the wrong size.

86
00:07:49,000 --> 00:07:52,000
Like who does Jordan's are sick but there are six and I wear a 12.

87
00:07:54,000 --> 00:07:55,000
Go look at it and then keep going.

88
00:07:56,000 --> 00:07:57,000
Okay one more.

89
00:07:57,000 --> 00:08:01,000
Oh no I have one too.

90
00:08:02,000 --> 00:08:03,000
Yeah you go.

91
00:08:04,000 --> 00:08:15,000
All right so self-employed when we did the old fashioned conventional income calculation we got $6000 a month which take two years tax terms.

92
00:08:16,000 --> 00:08:17,000
Yeah yeah yeah.

93
00:08:18,000 --> 00:08:23,000
We have another way where we can do 12 or 24 months of bank statements take all those deposits.

94
00:08:24,000 --> 00:08:27,000
And apply an expense ratio to it means nothing.

95
00:08:28,000 --> 00:08:33,000
Anyway self-employed borrower $6000 this way couldn't qualify for the house they want.

96
00:08:34,000 --> 00:08:36,000
We did with bank statements $12000.

97
00:08:38,000 --> 00:08:40,000
And guess what they didn't have to claim it on their taxes.

98
00:08:41,000 --> 00:08:44,000
That's right and for this agent it's going to free up two deals the listing of the house that they have.

99
00:08:46,000 --> 00:08:47,000
And then the purchase on the new one.

100
00:08:48,000 --> 00:08:49,000
You guys think outside of the box and use these things.

101
00:08:50,000 --> 00:08:59,000
Also if you are a developer or no a developer or a builder inventory may be they may not get that top dollar right now.

102
00:09:00,000 --> 00:09:02,000
They may start seeing those prices drop a little bit.

103
00:09:03,000 --> 00:09:09,000
It could be a good idea to use the DSCR loan because developers and builders have a ton of different businesses.

104
00:09:10,000 --> 00:09:11,000
We don't want to get into all that.

105
00:09:12,000 --> 00:09:15,000
They probably take huge losses because I would because they own massive real estate.

106
00:09:16,000 --> 00:09:17,000
Why wouldn't you write it off.

107
00:09:17,000 --> 00:09:24,000
So DSCR debt service coverage ratio that loan has the property approve itself with the rental income.

108
00:09:25,000 --> 00:09:34,000
They can refinance out of that construction loan into a loan an arm product even an interest only arm and hold that asset rented out.

109
00:09:35,000 --> 00:09:43,000
And then in two years or one year when the market comes back sell it for for 50% more than they could have sold it now instead of taking that loss.

110
00:09:43,000 --> 00:09:48,000
It seems like a no brainer to me and we can handle them all at one time.

111
00:09:51,000 --> 00:09:52,000
And that's the end of our 10 minutes.

112
00:09:54,000 --> 00:09:55,000
Don't take it for no get it done.

113
00:09:56,000 --> 00:09:57,000
We work on weekends.

114
00:09:58,000 --> 00:09:59,000
Yes we do.

115
00:10:00,000 --> 00:10:03,000
After hours at the LTW group.com eight eight eight days a week.

116
00:10:05,000 --> 00:10:15,000
All right have a good one.