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Mortgage Masterclass: Building Your Strategy
20 Plays3 months ago
Our guest today is Drew Fisher, owner and lender at Pure Rate Mortgage. Drew shares his extensive experience in the mortgage industry, closing over a billion dollars in loans making him one of the top 0.1% of mortgage originators in the country. They discuss key topics such as the impact of market conditions on interest rates, the importance of working with a knowledgeable lender, and how Drew's company provides transparent and competitive rates. They also delve into the nuances of mortgage refinancing and the benefits of getting pre-approved. This conversation includes practical advice on the significance of embracing change and technology in the industry.
Get in touch with Drew and his team at:
email: [email protected]
Phone: 704-675-7089
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Transcript
Introduction and Guest Overview
00:00:10
Speaker
Hello everybody, this is Matt Rine with All Roads Lead to Real Estate and I have a very timely guest with me today and this guest is a lender. Now I haven't spoken to a lender in a hot minute on the podcast but I think considering that's almost Every buyer conversation starts now with interest rates in the lending world. I thought it was appropriate to re ah reintroduce one of my preferred lenders that I've been working with for years. And so my guest today is Drew Fisher, and he is the owner and lender with pure rate mortgage. So thank you, Drew, for joining me today. Thanks for having me, Matt. It's ah nice to see you. We're almost face to face, but not really. But yes, number one question.
00:00:56
Speaker
What's your rate? That's what everybody asks. What's your rate? I say, well, what's the weather? Right. you know It depends on where you are. Right. um But the good news is I think we're through the storm.
00:01:08
Speaker
And I think we're on the other end other side of that right now. well Well, we'll find out. But I just got to brag about you first here, Drew, because I think what you've done and what you've built and and some of your your experience is worth talking about because ah there's a lot of lenders out there that I could be talking to today. And it's one of those questions I ask myself, like, who do I want to highlight with this little platform I have here on the podcast? And so I selected you, and I just asked you a little while ago about some of your brag sheet, if you will. and And it's pretty remarkable. um And you probably, if I can imagine, you know, the younger version of yourself when you started out, because you've been doing this about 20 years, the type of numbers I'm about to discuss probably would have blown your mind back then, I would imagine. And so you've closed over a billion dollars of loans. um You've helped over 5,000 families. You are in the top one tenth of one percent of all mortgage originators in the country. And Scotsman's Guide, you're consistently ranked in the top 100.
00:02:06
Speaker
And so, you know, I think that's pretty remarkable. And certainly, um you know, any lender that I choose to work with and give my precious clients to, you know, like yourself are deserving of ah ah being highlighted and celebrated a little bit. So first off, congratulations on ah on those statistics. I think that's pretty incredible.
Keys to Success in Lending
00:02:25
Speaker
Yeah, well, um I'm going to actually thank my my wife for giving me four children because I don't think I would have ever done those type of numbers if I didn't have the motivation And every time I go to Costco, it's, you know, you basically need a second mortgage in 2024. So I have, that's my motivation. That's my why. Um, you know, I have to, you know, close a lot of loans to, you know, buy a lot of food and, yeah um, and keep things going. But honestly, it's more like, like you've been in real estate for a long time. You know, it's like the spider web just keeps on going out and out and out. Yeah. You and I started about right here about the same time, actually within about a year or so. Yep.
00:03:03
Speaker
So, and, and, and actually I'll tell you a quick, cool story. So yesterday I got a referral actually from my next door neighbor. And, um, and so she works at Wells Fargo and I can't, you know, specifically to tell her her name, but she goes to her boss and says, I'm buying a house. Is this a good deal? And he, and the guy goes, you gotta call my guy. Turns out I was his guy, right? The feedback loop right there. And he texted me. He's like, drew, Oh my God. I did, you know,
00:03:31
Speaker
my My employee is is buying her first home. She showed me the loan estimate and i I said, you have to call my guy without saying, looking at the name and it was you. And so like the longer you do it, it's just, you know, as long as you're doing the right thing consistently over time, like good things happen, right? And you put goodness out. If you help people get what they want, you get what you want. Um, and honestly, the other thing is like, I actually really enjoy what I do. Like, like every morning I wake up excited.
The Challenges and Rewards of Real Estate
00:03:57
Speaker
I get like these endorphin rushes every time I pick up a deal, you know, just kind of get those little reward, you know, sensory overloads every time. right And also like the more challenging it is, like it's never the same thing. You know, in real estate, every house is different, every bar is different. Speaking of that, I mean, talk about a story, guys. Just today we finally closed something and it was, what you you commented it was one of the most challenging that you've ever dealt with and it can happen. So for every easy loan that just goes through and you know It doesn't seem to be too challenging. Folks, there is ah there's just so many potential road bumps and hiccups throughout this process, and I think you probably hit almost all of them with this last file we closed. So first off, thank you. I haven't even had a chance prior to this to even thank you for for your assistance in getting that one over the finish line. Yeah, that one was a tough one, but I tell everybody, if everything were easy
00:04:50
Speaker
you in in real estate and mortgage, like you wouldn't make any money, right? It would not, you you know, you get paid in the market based on how hard things are, right? So if it were super easy, everybody would do it that you wouldn't make, you know, there wouldn't be good, good money to be made. yeah Um, but also like the longer you do it, you see more things. So I always like, look at like, not that I'm Tom Brady, but Tom Brady saw every defense, right? And so,
00:05:14
Speaker
could Could somebody trick him and and he throw an interception? Yes. But if he goes out there probably 90, 95% of the time, he's going to know exactly what it is and where to put the ball. Right. And it's the same thing in lending and in real estate. Like you've seen, like you see these patterns, you things, see things over and over and over again. And then every once in a while you get something new that you've never seen before. That's totally different and off the wall. And you know, and it's just how you respond to that and change and, and,
00:05:41
Speaker
you know and most people will fit into that mold, but sometimes you gotta to you know change the mold. Well, and that's something that I try to remind folks when they consider who they work with in general. It doesn't have to be real estate, but i of course, that's where we live in our
Choosing the Right Professionals in Real Estate
00:05:53
Speaker
world. And so even if you think you don't have a complex situation, sometimes you don't know. You don't know what's gonna pop up during the sale, during the issues that a seller might bring to the table and have those issues. You sometimes find collections. You can you don't know what you're gonna find all the time. and so you know When you get somebody that has less experience and and of course in lending, like we seemingly always write focus on rate first and that should absolutely come into play. Rate, and fees, those are all important but equally as important, it's it's actually who's gonna help you because if you solely go just with rate and you don't care about anything else, you're setting yourself up for a horrible experience potentially and you might not even know it yet.
00:06:36
Speaker
So, yeah you know yeah we didn't like for example, like the closing we just had, it didn't appear that it would be that difficult um at first glance. The more you dug on you know dug into it um it, it became difficult. And I should add, on a specific case, I was on the selling side, so I was the listing agent, and I had to bring you in to save the day for the buyer that I didn't represent.
00:06:59
Speaker
So it's bizarre. It depends on who you know. So if you're listening to this and you're in real estate, make sure your bench is deep. And so you have options, you know, when you hear the right potential situation. It's like your comment with Tom Brady, um you know, I feel like I have enough good you know players around me and I know enough about who's right for each potential scenario. You brought in the right player for the right, you know, for the right ah call.
00:07:23
Speaker
Yeah. And, and honestly, every, everybody's situation's different. They're, you know, different people vibe with different people. And, and honestly, sometimes too, like the the deal that you don't take is the best deal that you keep like is the best deal for you. Right. Um, but the way we do it and the way I liked it, I like to fully vet to people before we even hand them back to you. Um, and if you are buying real estate, let but talk to a lender early on, give them all your documents, get, get fully underwritten.
00:07:52
Speaker
That way when you come to the realtor, like it's a legit deal,
Current Market Conditions and Misconceptions
00:07:55
Speaker
right? There's nothing more frustrating than spending a bunch of money on inspections, appraisals. Um, you know, you put earnest money, maybe it's non-refundable. And then, then you find out that, Oh, well, ah you know, this person, well, you know, well, it actually wasn't a W two employee. They were 10 99, right? And, and they're, like we can't use their income because they haven't done it for two years. Um, so it's just, you know, it's the longer the runway you have the better.
00:08:19
Speaker
And it's always better to take your time. And I think we're still kind of in the mindset, it's 20, 21 are you like, if I don't do something right now, like the house is gone, right? and And that is like one of the nice things about this market is that we do have, you know, you still have to be on top of it, but it's not as crazy. And, and you actually have the ability to negotiate, you have the ability to maybe think about it a little bit, which I think is like, when you're moving, that's a massive decision that you have to make.
00:08:49
Speaker
Well, and you and you just highlighted something. I want to jump in to make sure that people hear that loud and clear because it is consistently a conversation that I have as a real estate agent. People just want to go and see homes. That's what they want. They don't want a mortgage. They want a house, right? And so oftentimes I'll be told, I feel like I'm going to go up to X price and I'll you know i'll just make up 400,000, 600,000. They'll make up a number and say, I'm comfortable there. I know my numbers. I've discussed it with my spouse. Good to go with that number.
00:09:19
Speaker
And I'd say, well, have you spoken to anyone? Have you spoken to a lender that's great? No, I don't need that. I did my numbers, I'm good. I know my i i know my credit, I have credit karma. I know, and yeah, we're good at this number. And they are entirely resistant to speaking to someone. So Drew, how often do you see in here what I describe? Or by the time they get to you, or they are they you know are there are they more willing to have that conversation? Because I can tell you, that is challenging. And that is something that as a younger agent, I found more challenging to overcome.
00:09:48
Speaker
And as a more seasoned agent, it's a little bit easier to try to overcome that hurdle because that is an absolute you know op you know obstacle that I have to jump. Not every time, but almost every time. Yeah, I mean, I think there's basically, what doing this for a long time, you're able to feel people out and and kind of see patterns. So there's basically two type of people, in my at least in my world. If I ask you, hey, what's your credit score? You tell me 800, 802. I believe you have great credit. You say, I don't know.
00:10:16
Speaker
You have lousy credit, right? Those are two types, right? Because if you have lousy credit, right it's like you don't want to look in the mirror if you're ugly. you know so so And those are the people that are the most resistant usually to wanting to talk to a lender because they're honestly, and it's a self-esteem thing, right? If you're like, I don't know, but I really want to buy a house. but i you know But I don't want to disappoint. Maybe they're married or in a relationship and they don't want to disappoint the person and feel bad about it. But it's also, I think equally, I think I i hear you there, but I've seen it where they are extremely well qualified. But instead, they assume like they they genuinely are qualified like they know they are. But then they don't understand that just because maybe they have high income, they might also have high expenses or if they're a business owner, they write everything off and they show very little net income.
00:11:03
Speaker
Right. So there's all these scenarios that they don't necessarily think about that it had they had, you know, talked to someone like yourself and early, they could have figured things out.
Drew's Career Journey
00:11:13
Speaker
Yeah. I mean, one of the most dreaded words and in in mortgage is self-employed. Sure. I guess that's two words. Right. So if you're self-employed and you're listening out there, get your tax returns for the last two years and actually make sure that there is net income because um I own a business. And one of the beautiful things about owning a business is being able to expense things and reduce your taxable income. Right.
00:11:33
Speaker
because it's not how much money you make, it's how much you keep, right? right And an uncle Sam wants all of it, right? so that we got that's your So that's a great thing about owning a business. However, it's a double-edged sword when you're going to buy a house. All right, you made,000, but you also wrote off 400,000 dollars in expenses, not so now you have zero, right? But you don't feel broke, but on paper you are, right? And that's one of the big challenges. So self-employed borrowers,
00:12:01
Speaker
look at your income, make sure you're actually making money on paper well if you want to buy a house. Well, there you go. So that's a little side note. So I want to get back to kind of the meat and potatoes of what I really wanted to bring in here for is A, highlight how in the world you're different because you're not my local lender. like So I have local lenders. I love them. I use them. I've spoken to them on this podcast before. They're fantastic.
00:12:21
Speaker
you are not local to the Maryland area. So you are um you know from a company, i you used to be with Wyndham for what, 18 years, almost somewhere in that ballpark? And so Wyndham is is a company that you were referred, like essentially I tried to bring someone who did not know me, right ah that was new to me. I tried to get them to my local preferred lender and instead they were insistent upon using you. They've used you in the past and they refused to budge.
00:12:48
Speaker
And it's as a result of that insistence, I started to understand your method, what you were able to do, and I was very impressed. So I'd like to know, A, a little bit about Wyndham, if you could briefly, about why you were there for so long, and then why in the world someone that had that experience and that success chose to start their own mortgage company. Because it sounds sexy, but I bet you it's hard.
00:13:12
Speaker
And so I'd be interested to hear a little bit about a Wyndham and what that was like, and then kind of why you transitioned to owning your own company. Yeah. So Wyndham capital was the first job I got that was, um, in the mortgage space and they were the owner. His name was Jeff Douglas. Um, he was one of the original executives with lending tree and lending tree is a Charlotte based company. Okay. And so he started, he started working at lending tree and then he saw like, Oh, this is like, ah this is like, this is like 99 98 somewhere in that, that timeframe. And he saw.
00:13:43
Speaker
how this model worked. And he's like, well, why don't I just go out and open my own broker shop? So in 2000, he opened Wyndham Capital and is actually the first, they had banks on the network, but he was actually the first broker on the lending tree network. And it wasn't more than just because he knew lending tree, right? And they're like, all right, this is Jeff. We're going to put them on there. um I came on board in January of 2006, and this is still the Wild West days. This is stated income, stated asset,
00:14:10
Speaker
Um, no doc, you know, it was the crazy time in the mortgage industry. However, the cool thing about Wyndham, we did nothing but a paper at the time. And at the time, everybody was doing subprime. There was so much. I mean, there's so much. Explain what a paper is for folks. All right. So a paper is you have to verify income, verify assets, good credit. Back then, like literally you could have no credit score. You could have a 500 credit score.
00:14:36
Speaker
You could have had a bankruptcy, a day out of bankruptcy, doubt of foreclosure. Like anybody could get a loan. Literally, if you had a pulse, you could get a loan. In fact, they might even have had a, it was just a crazy, crazy time. And that's when I came in. And so I got into the business. I'm like, Oh my God, this is you know crazy. And um and and they they have all these reps. There's hundreds and hundreds of companies just cause it was, it was, it was a crazy time. And we had all these reps, but we had always do these eight paper loans, right? And, and again, as full doc. And so.
00:15:04
Speaker
And we're like, why aren't we doing these other lines? Like, no, this is, this is what you want to do. And this is space. It's a better type of bar or it's a, it's a better long play. Right. So fast forward, 2008, everything crumbles. Right. And actually I got married that year and I'm at, I'm at, you know, some wedding event and you know, pre-wedding event and with the family and they're like, Oh, sure I'm so sorry. You're in the mortgage. And I'm like, actually it's great. They're like, what?
00:15:31
Speaker
Everything we've seen in the news says that like every mortgage company is going on business is done. And because we'd done nothing but a paper, when everything crumbled, interest rates came way down, which, and then on top of that, they came out with harp, which was even if your value was below what you owed, you could refinance if you had a Fannie Mae or Freddie Mac loan. So we are able to refinance our entire book of business. And in fact, like 2008 was but like,
00:15:57
Speaker
I made more money in 2008 than I did in six and seven when it was like the wild, wild, wild days, right right? And then, and then we continued to to build our book and we were one of the first lenders that was actually doing like most at that time, the only people online were refi, right? Cause refi is a significantly easier, you know, everything is local, local, local. And Jeff's vision was like, well, why, you know, the world is going to this, this internet, right? And and see this is like,
00:16:23
Speaker
2006, seven, this is before the iPhone, right? So this is no smartphone. I actually had a blackberry. You remember the blackberry? Yeah. Uh, with a little rolly thing. And, but he's like, no, this is one day, everybody's going to do everything online. And then, you know, and again, we're like still with flip flones and blackberries, we're like, oh, whatever, you know, we're like, all right. But we started doing it and we became the number one purchase lender on the lending tree network. And, and so that's how we hunt our skills. And, and, and the premise was super simple.
00:16:53
Speaker
going to give amazing rates, we have a great customer service, and we're going to build relationships. And then we're going to rinse and repeat. And then and for a bunch of years, what would happen in the summer months, it was kind of like the price of gas summer months rates would go up, that's when we do all the purchase volumes. So like, you know, May, June, July, August, everybody goes back to school, volume goes down, but for whatever reason, every year, it seemed like the rates would go down and in in the fall and winter. And we would just refinance everybody that we just done the purchase.
00:17:20
Speaker
Right. And so then you get that consistency, you you stay top of mind. Um, we learned a lot about like database management, um, which is like massively huge. Um, and, and we were learning as we were going, but we were building something pretty great. And and it's almost like the American success story. I was actually sad to be, see it so successful because Jeff ah in April of 23 sold to SoFi for massive, big, big time money.
00:17:49
Speaker
Um, American success story guy starts mortgage company, you know, does really well creates, you know, tons of great relationships through the years, sells to, you know, FinTech company. Is it public? What did he sell that company for? I have no idea. Yeah. I don't know if it's public. Okay. But a large, a large sum. Sure. There are a lot of zeros involved. Sure. Um, and,
00:18:11
Speaker
But like any great story, right, it it had to come to an end. And and I worked for SoFi for about nine, 10 months. And it just wasn't the same as working for a small owner-founder company. And at that point, the market kind of stunk. And I was like, all right, if there's ever a time to do this, this is it. And then about a year earlier, the guy that built all of our tech for Wyndham, he'd gone out and started working for this startup called Relku.
00:18:39
Speaker
which it's a mortgage CRM and a mortgage platform. And so he, he left. So when I went, you know, I'll say he was my confidant cause he did all the technology and I'm like, Hey, I'm, I'm thinking about doing it. And he's like, Drew, don't even think it, just do it with the mate. There's the technology that, that you helped me develop at Wyndham. I've, I've made it significantly better. And, and I want you to beta test a lot of stuff for me.
00:19:02
Speaker
So I brought him, his name's Tripp Gendron. I brought him on board, you know, and he doesn't work for the company, but he's close advisor and great friend. He lives in my neighborhoods and and we have a lot of fun together too, right? So that's, that's important, but he's more connected than anybody I know in the mortgage industry, just because of, of what he did for Wyndham. He bought all our leads. You know, we're talking tens of millions of dollars of leads.
00:19:26
Speaker
a year, right? So, so he, so just sitting next to him for 13 years, it taught me so much just about the business side, the the buying lead side, um basically how to filter for them. And, and really, it gave me like a fresh start based in the market sucked, right? In the late 22, 23, early 24, it was a terrible market, you know, seven, 8% interest rates. So I was like, all right, my book of business, which is normally great,
00:19:55
Speaker
is not very big right now. If I'm ever going to leave, this is the time to do it. And it was scary. I mean, I have four kids. My wife was a stay at home mom. She, she went, actually went back to teaching just a couple of weeks ago, but I'm the, I was a sole, sole earner. So, you know, I was lucky though. I was smart. I saved my money. I, you know, I was okay. So if it didn't work out, I could always go work for somebody, somebody would hire me in a heartbeat. So I wasn't you know overly concerned.
00:20:21
Speaker
But same time, it's like, it's scary, right? Like like having the same job consistent for close to 20 years, or now all of a sudden you're self-employed.
Understanding Mortgage Rates and Pure Rate's Advantage
00:20:29
Speaker
But by the grace of God and everything else, like everything has gone literally as good as it as it can be. And in fact, like I have other people that I work with that have also started companies. And what I've noticed is ah a lot of the technology that I, you know, have, have used and have been open about,
00:20:46
Speaker
they've actually went and used the same technology, right? um So what is, I guess, what's the purpose of this technology you speak about? ah like Is it just behind the scenes? just Yeah. So, so there's two, two things that we use. So relku, that's the CRM. So the, so it it brings our client relationship management software. yeah Yep. Yes. But, but I can, but it manages my leads, but also I email, I text, I call,
00:21:11
Speaker
It tracks everything. So I can, like, if I have a lead, I can look in and there's a little time glass thing. You could see every piece of communication that's ever been made to that client. Did I send them a quote? Did I talk to them? Did I text them? Right. So it it organizes. And then after it closes, you can organize and you can filter it, filter the data any way that you want. So, and then on then on top of that, it talks to my leads. And so it comes in there and and it's just a one-stop shop. So I don't have to pay for a so separate phone system.
00:21:41
Speaker
separate. It's, it's all inclusive. and And it's basically everything that I ever asked him to build is in there. There's a lot of automation. So that helps. So that's helping you as a business owner. Does that impact a client or client experience in any in ah any shape, way, shape, or form? A million percent because in this with, I can tell you within two seconds, I click on your file. All right. I closed the loan for you in January of 2024. I got, you got a 4.2% interest rate. Not that he got that rate in 24. That's a bad example, yeah but I can tell you everything about you, right? And we keep detailed notes and I can tell you every piece of communication. So like, you know, we talked to a lot of people on any given day, right? So I don't know. Did I, did I send this guy a quote that I not, did I have this conversation that I not,
00:22:23
Speaker
and Um, and I'm, I have a pretty good memory, but again, once you start, you know, getting into the minutia, it it really helps that. But then on top of that, it's, it's integrated into everything that we do.
00:22:34
Speaker
but it's kind of like a one-stop shop. So I don't have to go from this system, that system, this, right? Well, does this system help influence because the name of your company is quite on the nose, right? It's called Pure Rate. And so when I heard about you and the way I heard about you originally put it this way, and I think it's probably consistent, I would imagine, to people that know you, it's that you always offered rates that local lenders had a tough time competing against.
00:23:03
Speaker
And so they what I hear, that you know the to combat dealing with someone like yourself that's online, is that you would never use that guy. He's not around here. He doesn't know anything. It's going to fall apart. It's going to be a mess. It looks great on paper, but it's not going to be great in reality. um But you consistently beat out local companies. Is it simply a matter of I can charge less because I have less overhead because I'm more virtually based like what in the world gives you the ability to do numbers that a lot of local lenders like laugh at they're like that's not that's not right they he'd misquoted you and I've heard that about you by the way that is real feedback I get consistently that's not a real quote yeah so and here's basically what it comes down to so anybody there so there's different models in the mortgage world like the one of the most classic model it's it's a retail loan officer
00:23:53
Speaker
Retail loan officers on average make a ton more basis points because they're not doing as many deals. What's a basis point? So it's a percentage of the loan amount. So a hundred basis points is 1%. Got it. Okay. So, so what's pretty typical in the mortgage industry? I mean, it varies. So like online lenders, like, like loan officers that work at an online lender, you know, if, if they're buying new leads might make 25 to 50, right? Okay.
00:24:18
Speaker
but some retail loan officers are making 150 to 200 and that's just their compensation, right? That's not talking about the expense. That's between 1% and maybe up to 2% of the loan value. Correct. So that money comes from somewhere and it comes from the rate, right? So I learned a long time ago, like I'd rather make a little bit of money on a lot of loans and in the people that don't have great rates, the the the thing that they always say is, Oh, it's a race to the bottom. And And I've been inspired by it. I've actually just read the Elon Musk book that just came out or it's out for a while. But it's it's actually, in my opinion, a race to efficiency. So the more efficient you can be in your process, the better rates you can offer. and And it's just like if they can build a Tesla for twenty thousand dollars, which they will, which they will one day. Yeah. Instead of 80. Right. You can charge less and then you can sell a heck of a lot more. Right. And and so that was kind of my like the inspiration is, OK,
00:25:18
Speaker
I don't need to be greedy. right i can and And my system is good enough where we can close a lot of loans in a month because we're efficient. And and I kind of like want to treat it almost like a McDonald's. right The quality is going to be better than McDonald's, but i want the system I want every deal to be exactly the same way. So it's almost muscle memory. It's almost like it can bear a belt. OK, on day one, this is what we do on day two, three, four. you know and But in lending, that's easier said than done because every deal is different. Every bar is different.
00:25:48
Speaker
But what I've learned is when you set the expectations up right on the front end, hey, this is what I expect from you. This is what you can expect back from me. you know And I make them commit to that. Hey, can you get your docs in two days? Well, if we don't need the closer 45, why do you need it in two? Because I don't know what else is going to, when I get those docs, what else I'm going to have to ask for, right? right um And so we want to be real consistent, real efficient,
00:26:13
Speaker
And also, not as greedy. By the way, all these, ah you know, for example, what I earn as a real estate agent, this is a question I've had for lenders. Everybody knows exactly what's agreed upon in terms of my compensation. It's it's pretty straightforward. And so more specifically with this NAR, National Association of Realtors Settlement, it's exceptionally ah made public in the news. It's very much talked about. Every client knows um it's very much in your face.
00:26:37
Speaker
in the lending world it's kind of hidden behind ah rate and on average you know you might have and ah you know an admin fee associated with it or origination fee that's separate might be a thousand two thousand bucks and that's a line item but then the rate is all you have to hide behind in a weird way so i think consumers don't have any idea what their loan officer is making, no idea, and then all they know is the rate. And so they're going around hunting trying to figure out who's going to give me a rate. it's I think it's more challenging for the average consumer to figure out the differences between a good lender, bad lender, local lender, internet-based
00:27:14
Speaker
Does that make sense? I feel like there's quite a bit of confusion as to, you know, what who's getting paid and how much and what am I paying? It's just do you agree or does this not ring a bell? No, no, no. yeah I do agree. and and And honestly, like the other thing is like, I don't think there's a good or bad lender. I think there's great loan officers at bad companies. And I think there's lousy loan officers at great companies. Right. So I think it all honestly comes down to the loan officer and and and the team around. them And historically though, the stronger loan officers, they're gonna put the better ops teams with them, right? So if you're a great loan officer, they're not gonna give you the worst processor, they're gonna give you the best, right? um And what we learned at Wyndham Capital is like the top 10% loan officers made 90% of the profit for the company. so so And that's where you should put your resources, right? Because of sure hey if if if I have a product, it doesn't matter what you're selling, and this is where 90% of my profit comes from, that's where you need to you know concentrate your efforts.
00:28:11
Speaker
But now how how does how does a consumer possibly know that if they're just online or if they're just looking around? That's what I'm referring to. It's pretty challenging to say like, how do I find a Drew Fisher? How do I find someone who's in the top half of 1%? Does that make sense? it's It'd be challenging because they're just clicking a button going to a big company's website or a credit union.
00:28:31
Speaker
that's been ah That's been a question when people come to me. Yeah. So here's here's how you do it. And and it's it's not easy because unfortunately online, everything's a teaser rate. You have to be real careful. If you see a rate that has a 9-9 at it, like 3-9-9-4-9-9, they're always going to advertise the lowest rate they can, but it's always going to have three points. That's normally like if you see anything online, three points, that's going to be 3% of the loan amount. Okay. you I was just going to clarify. yep Yeah. One point is 1% of the loan amount. So on a $400,000 loan,
00:28:59
Speaker
if it's three points, that's 12K, right? So the rate might look great, but you have to pay $12,000 upfront to get that rate. That's a lousy deal, right? So you want to make sure when you're shopping for a mortgage that, and and a lot of loan officers, if you work for like a big bank, they don't even know what the margin that the bank's making on the loan. And in fact, like at the big banks, if you want an exception,
00:29:23
Speaker
You have no idea, it's like the Wizard of Oz, right? then you know You have no idea what their margins are. They don't want their loan officers to know how much money they're making, right? Because they they're probably not paying them as much as they they might be able to, and or the loan officer might be able to you know get big bigger exceptions. um So the truth of the matter is, most loan officers, they have no clue. And that's the big advantage I have, because I know exactly how much I make on every deal, and I'm transparent about it. Hey, well you know the average lender in America is gonna make 250 or 2.5 to 3%, that's their margin. Now- So if my rate is 4.5% or well, let's just say now it's around, let's just say 6%. So of the 6% I agreed to pay as a 30 year fixed mortgage, you're saying on average about 2.5% of that goes to the lender as profit and or you know gross margin. and Correct. So 2.5 to 3, right? And like for instance, my lender paid comp that I do, that I advertise is 1.375.
00:30:22
Speaker
Um, so if there are two and a half, I'm a full 1%, one and a one and an eighth lower. And sometimes we even go lower and than that, right? it And it depends on the deal. Um, so if I'm seeing six and a half percent online, for example, by default, you might be able to beat that by a full point. No. Well, a point in price. So if it's a $400,000 loan, one point would be $4,000. So I could get the same rate.
00:30:49
Speaker
If I would charge zero, they would, they would pay $4,000 for that same rate. So what that's a good distinction to make there because I think some people could have gotten that confused. Yeah. And, but so instead of you paying that $4,000 with us, you could have used that same $4,000. You could buy your rate down significantly lower. Right. And on average, I would say, you know, it's usually a quarter to three eighths of a point, um, better than, than retail banks. Um, and it's nothing to do. It's I'm not doing anything crazy. I just have, you know, I don't have a you know bank of America stadium.
00:31:19
Speaker
or I work for SoFi, they pay $20 million dollars a year for their naming rights, right? Where does that money come from? yeah you know You know, one day maybe I'll have- It's like a casino. It's like the casinos, they're so fabulously and fancy fancy inside, right? And you're always just like, well, I know why I shouldn't be inside if you're putting my money in. I know other something's getting pain for all of this. Yeah, yeah. yeah it's And it's then consumer. And and honestly, like the big banks too, they have so many other, like from a compliance standpoint, nobody can make a decision quickly. So if you wanted to change one document, that has to go through 17 rounds of compliance, attorneys, review it 62 times, and that's expensive. But because they're holding on to trillions of dollars, and they have so many systems, they're all into it. Oh, and they also have all the folks that are tied into it, whether it's Bank of America or these other large banks, they have so many clients already that they're gonna capture a certain percentage of that by default.
00:32:16
Speaker
Yeah. And they they don't, they don't have to compete for it. So it's like, if you go to a ball game beers, $18 or $14 or whatever it is, depending on where you are, yeah it's, ah it's like, it's, they, you can't shop for it. They know, Hey, yeah we have them already. Oh, it's my bank. I trust them. Right. And that's the one thing I'm like, well, do you have like $20 million dollars with bank of America? Because unless you do, they don't care about you. You know, I'm sure a high worth client that, you know, that could care less.
00:32:41
Speaker
Yeah, so I mean, it's I think it's a fascinating world and what I will say and just an exception to what you just described that I've personally learned is that if you have a really great producer and a great individual loan officer, even if they're at a slightly larger bank or if it's a regional bank,
00:32:56
Speaker
They can get exceptions made. They might even have the best processors. They might have their own team. They actually can separate themselves and ah and so with some degree of autonomy that I've experienced in the past that some of these other, let's say, more junior folks that can't produce on their own,
00:33:16
Speaker
And I've also seen, my experience at least, is that the really good loan officers that might have started in a Wells Fargo or another big bank, oftentimes they leave there after they've had a certain amount of success and they've proven themselves to find a different opportunity where they can make better margin and make better better money for themselves and their own family. And so is that also like congruent with what you've seen? Yeah, 100%.
00:33:38
Speaker
when When you work at a bank, it doesn't matter if you're, if you're a rock star employee yeah and you make them money, they figure out a way to make you more competitive. And and honestly, like from an exception standpoint, like when I was at Windham, this is something I'm really proud of, but this is what we'll tell you that a lot. they They did profitability for 10 years. I was the most profitable banker, right? But the other thing, I also gave away more money in exception dollars than any other banker. All right. So is that a coincidence? Yeah. No.
00:34:08
Speaker
ah you know Hey, I'm trying to get these people good deals. right And then guess what happens? Oh, I got a great deal from Drew. You got to go talk to this guy. He gave me an amazing deal. right right And it's not rocket science. And the thing is, when you when you operate like that, you get these referrals for free, which costs you $0 in marketing. so So a lot of people look at it like cost per loan. right And I always look at like every deal that you have is your opportunity for free marketing.
00:34:34
Speaker
because if you do a great job, you know, as a realtor, people are talking about buying their house. Oh, and they have party. They're going to have their housewarming party that, you know, every, everybody's going to, Oh, I work with this great realtor. His name's Matt Ryan. He helped us get into this house. You know, he had connected me to this great lender and they're talking about this is a life accomplishment. You know, it's still the American dream. I know it it feels like for a lot of people it's, it's unattainable right now, but it's still the dream. Right. So we, we have the opportunity to help these people.
00:35:03
Speaker
And honestly, it's there for them. Well, it is. And so I want to kind of transition this a little bit. So first off, understand you can find Drew's website, PureRate. His website is very, I think he did a great job there. It's very clear. You can absolutely check and put in the specifics of what you're looking for. And you don't have to do a lot of digging, guys. You can actually see his quotes directly there, which I think is pretty different. Yeah, no credit checks. Yeah, and there's a thing. It's not a lot of lead capture up front. Does that make sense? Like normally you have to give all your information times 10 to get any information back. And in your situation, your website is so clean. It's just right there. You just put in the basics of the home and your credit. Like just you enter the very basic stuff without any lead capture and they're able to see the rates. I think that's pretty,
00:35:54
Speaker
Well, that helps us with efficient. Yeah, that helps us. No, it's not even generous. we're We're proud of our rates, right? Yeah. These other banks are not proud of the rates. That's why they make you go there because by the time you've spent 15 minutes online filling everything minus your first born child, then you don't want to shop anymore. You're you're you're over it, right? With us too, it it helps us with efficiency because if you don't like my rate, you don't like the deal that we're able to produce on that day. Well, you're not going to call me, right? And then I don't have to waste my time just chasing people that don't even want to work with me. It's like, I'm been married since 2008, but before the days of Tinder, but like, it's like they're swiping, right? Like if they want to talk to me, I'll talk to them. If they don't, then I don't have to waste my time. Um, and we're very proud of, uh, and that's the other technology we use. It's called banking bridge. And essentially the way it works is we have 15 to 20 investors or lenders that we work with on the broker side. My technology talks to the, basically, if you put your scenario in and prices that out, but it doesn't only price it out, it gives us the best rate execution for all those lenders.
00:36:52
Speaker
So one might be great at VA, might stink at conventional one, may great at FHA, might might stink at VA, you know, and might, one might be great pricing in the state of Maryland. They might stink in Pennsylvania, you know? So, so it like gives you a specific, and then also it actually gives you a dashboard where it tracks rates for you. So if the rate isn't where we want, it's a refi situation. Hey, I'm, I'm at six. I need to get the, you know, five and a half or five and a quarter for it to make sense.
00:37:16
Speaker
it will let you know once you get there. So it's all about being transparent. Well, shout out to PureRate. Check it out if you want to go get a ah glimpse. I just comment on that because it's really rare to see those type that type of transparency without having to give information. So shout out there, but I want to transition one more time here to understand about this market so i open this up with saying i thought it was appropriate to talk to a lender right now because you know this you know next portion is really around today like we're going into an election obviously and uh...
Timing in Real Estate and Market Misconceptions
00:37:48
Speaker
rates are going to uh... to go down that's what we've been told the fed chair has told us that they're gonna take rates probably down a quarter point and so uh... i want to first ask it from a lender's perspective because when they hear that they assume if it's
00:38:03
Speaker
6.5% interest rates offered now, I'm gonna get it for exactly 6.25 as soon as the Fed adjusts rates. So help people understand how that actually works and what you as a lender, especially a high producing lender, how you coach people through. So if someone was calling you today asking you, basically role play, tell me what you would tell them and it would help educate you. Okay, call me up, ring, ring, ring, ring, Drew. What's going on Drew? I need to get a mortgage. I heard rates might be going down soon.
00:38:33
Speaker
All right. Well, the good news is rates or are actually have already come down and there's the biggest misconception in the history of mortgages. Anybody, when the fed cuts rates, that is only impact impacts your prime rate, which impacts credit cards and home equity lines of credit. Other things hope to prime the way that mortgage interest rates work. It's based on expectations of the market. So whenever, so months ago or a couple of months ago,
00:38:59
Speaker
when when the market, and when I say market, the Wall Street smart money thinks that rates are going to go down, they start buying bonds and mortgage backed securities accordingly. And those rates come down ahead of time. So one of the best analogies I like to use is if if analysts on Wall Street think Apple's going to have a blowout quarter in and next quarter, right? The stock price goes up, not at their earnings, but in anticipation of their earnings, right?
00:39:25
Speaker
So same thing with the mortgage interest rates. The second that the market thinks it's going to do that, that's when you see the rates. So actually like the the best website I like, and I tell everybody to go there, if you want to actually see what you like, what wall street, the smart money, it's, it's a CME, which is a Chicago.
00:39:41
Speaker
mercantile exchange fed rate watch tool. This is what every analyst on Wall Street uses. And it's a really cool tool because it shows you the probability of where the rate is going to change and by how much. And then it also shows you over time, like where it was a week, a day ago, a week ago, a month ago.
00:40:00
Speaker
And you can actually go out into into the future and look at the Fed meeting for for you know ah September, for December. and i So what you're telling me is that we already know that they anticipate cutting rates. Therefore, the rate you offer me right now is already kind of baked into today's rate. Correct. And the only thing that's going to change rates in the future are going to be economic activity that's going to impact that future rate change. Right. So what are rates going to be in six months? All right. so You know, what's the weather going to be like in six months to the day? Right. It's the same question. oh So and I'm glad you brought that up because in December of 2023, the Fed, they have a they they predicted that there would be six rate cuts in 2024. Right. And the Fed is filled with the best analyst, the most PhDs in economics and finance, the smartest people in the world.
00:40:54
Speaker
when it comes to that type of thing. And just like a weatherman, if you ask the weatherman, what's weather going to be like in six weeks? I don't know. Well, it's it's summer, so it's probably going to be hot, you know but is it going to rain? And the same thing with the Fed. they they They can make predictions, but nobody knows. There's so many moving parts to the economy. you know there's There's jobs. There's inflation. There's there's geopolitical risk.
00:41:18
Speaker
You know, let's just say something crazy happens in Israel and messes with the oil supply. So, you know, or China decides they're going to invade Taiwan and now we can't get our chips. So you're telling me I should wait. Well, no, I'm never wait if the deal is right. Right. and and And rates, nobody knows where rates are going to go. Nobody has the crystal ball. Right. If the deal works for you today, do it. Right.
00:41:46
Speaker
And the beautiful thing is when you work with a good lender like myself, and there's a ton of great lenders out there that have very low cost, refinance opportunities. And the thing I developed, we call it the mortgage ladder where effectively we get you in at the top of the ladder. So let's just say pretend we get you in, let's say rates are at six. Let's say six months later later rates dip.
00:42:06
Speaker
We refinanced, but we actually give you lender credits that cover all your closing costs. So you're saving money from day one. And is it is hard to refinance because this was hell to get, you know, get this origination of my pride, you know, this ah original mortgage. Uh, is it as hard for me to refinance? You sound like it's very simple and straightforward to refinance. Well,
00:42:26
Speaker
For some people it is. yeah For some people it's not. right And it depends on your situation and how organized you are. If you have if you have your W-2s, your pay stubs, your tax returns, your tax and insurance information, all readily available and and uploadable.
00:42:42
Speaker
It's very, very simple. I found that organized people that that have their stuff together sure are very easy to work with, right? And and you you know if if if you know if you're an organized person or not. If you're disorganized, you don't know you know where anything is.
00:42:57
Speaker
It's going to be a terrible story for a guy like me. I must admit um it's challenging because I own a bunch of real estate. I own multiple businesses. It's not fun getting a mortgage at this point in my life. um But you know, I jump through it. But what I like to hear for what you're saying, there's a lot of complexity. The idea that what you just said is if the deal makes sense, you should proceed. And I feel like that's something people forget. I feel like timing the market is a fool's errand. I don't think the smartest PhDs you just described that work for the Fed don't know.
00:43:26
Speaker
And the idea that a realtor and your lender are gonna have the answer, that's the crystal ball, is crazy. Nor is your your twitter yeah your uncle Jimmy who's you know drinking at the barbecue. Like the the worst advice is like family, good natured family and friends that are trying to help. That's what I've always found. Yeah, and here's a statistic actually I looked up earlier today because I was just curious. I was like, hu Inflation versus the price of home. And in 1953, the median home price was $18,000, right? And what what year was that? 1953. We're talking Eisenhower, post-war, times are good. 2024, that reached 412,000. So that was about a 2,000% increase while over that same period of time inflation was 1,078. So it basically doubled inflation.
00:44:17
Speaker
So in other words, guys, it's an inflationary hedge, a very ah once in general, it's one of the best inflationary hedges that we have. And I will add something you haven't mentioned yet, but we have either a housing shortage or a housing surplus at the moment. What have you seen? What do you know?
00:44:34
Speaker
It depends on the area, depends on the street, depends on the area. Well, I'll tell you nationwide, we have a tremendous shortage, the largest shortage we've ever had. We're not building enough homes. And I just, I personally believe in real estate as an asset class.
00:44:48
Speaker
ah I just think it just supply and demand alone, um, alongside with traditional inflation. It's a great hedge. I think people who choose to wait and that's in general, as long as the numbers make sense, do it. And then you can always refinance. I think people, I have so many people that are waiting and it's always just it. but What are you waiting for though? And that's the thing. yeah And here's the thing. I think the most people that wait just aren't comfortable with the payment. Right. And,
00:45:15
Speaker
And that's, you know, if you can't afford it, now you know, I don't want to work with anybody. You never want to make you have to eat, you know, like food with your meals, as they say. But also, you know what, rent, rent is way up to. So it's like you pick your, pool it's it's basically pick your boys. Right. Right. And, and over time, if, you know, and if you have a five and I always say 10 year horizon by the house, you know, it will average out, you know, even if it goes down, which I think there's only been like three or four years you know since they started recording where home prices like 2008 was one of them.
00:45:44
Speaker
and But there's only you know one time in the 90s and I think you know maybe another time in the 70s. But besides that, i mean if you're looking at a long period of time, almost every year it goes up. right And there's a reason why these big hedge funds are coming in and buying all the real estate. These guys are are professionals at making money. And they're not going to buy an asset class if they think it's a bad investment.
00:46:10
Speaker
Um, and in fact, there's like legislation where they're trying to ban like the black rocks of the world from, from buying single family residents because it's, it's squeezing people out and they're buying actually the more affordable homes. And I agree. I just spoke to someone. I was helping someone in that, that price category just moments ago. And same thing, it hasn't affected the Baltimore, Maryland region as much as others because we're not a, like a class A market for real estate, but elsewhere in this country.
00:46:33
Speaker
it is really tremendously hard to get an entry home because of the Wall Street money that's out there snatching these things up, all cash, just crazy. It's you can't compete if you're a first time home buyer. And so it's a real problem that I don't know why I don't hear as much noise about it as they probably should have, but it's- Let's control the media, Matt. Well.
00:46:54
Speaker
Well, that's why we have X. We're ah we're freeing some of this media, um you know, for better or for worse. You're going to hear some things you either like to hear or not like to hear, but it should at least not be as regulated as it is. But it's um it's wild. But so.
00:47:10
Speaker
Basically, I'm trying to summarize what you just said. so you know For those that are listening that are that are thinking about making a move or even if you're a professional trying to describe this to somebody else, hopefully you can take some nuggets out of that because it's a challenge. and people um you know The hardest thing is to say that you're an expert and want to predict and have exact answers. If anyone tells you exactly what's going to happen, don't listen to anything else they have to say because they're full of it.
00:47:33
Speaker
Um, you can only give, you know, indications as to what's happened in the past and predictions of what may or may not happen in the future. It's less certain than we all want to admit. Yeah. There's no time in in history like now. Right. And they always try and find these patterns. Oh, well back in, you know, the 2000, you know, bubble of of the internet bubble or 2008 or 1929. Yeah. Well, have we ever come out of a global pandemic? Have we ever printed that amount of money?
00:47:59
Speaker
right Have we ever had 10 years of zero interest rate policy where we had rates in the twos and threes? right We've never had a time. Have we ever developed this new technology that that's going to take a ton of jobs away, but make people more efficient in their jobs? We've never had a time like this in history. Unemployment in the next 10 to 20 years is going to go wild. Wait till AI comes. No one's talking about what's going to happen there, but it's going to affect every aspect of our lives, including housing.
The Role of AI and Technology in Real Estate
00:48:26
Speaker
So construction of housing is going to change to modular housing is going to change everything's changing. Changes is the only constant. Yeah. And you got to embrace it though. So I, I'm a firm believer that if you, if you embrace it, like I was thinking in the 1890s, right? If you ah made horseshoes, right? And you see this automobile sure and there goes, there goes our business, right? Well, no, you you flip and you you make tires, right? And there's always going to be money to be made, but, but but there's never been a technology that you know that can take more jobs then than than AI, right? and It's gonna transform jobs. it'll It'll keep people honest. I think people that rely on it too heavily currently and kind of don't embrace the aspects of the jobs, like we should use it as a tool, not a replacement. And ah so I think someone like yourself, um I'd like to say in my and myself,
00:49:19
Speaker
We've already been, to a certain extent, semi-replaced in certain aspects with technology. They're going to try to take really lenders and realtors as much out of the process to too efficient to make the market more efficient. and I think there's still a place for us um to relate to folks, to walk them through a very challenging process. and so I like to highlight you, and I want to be cognizant of your time and not going too long here. but you know If anything, you get from this, if you're listening, is is find somebody that can speak as eloquently on this as Drew that has had the experience and that can walk you through your options. Drew's not alone, there's plenty of them, and I'm grateful to say I know several that are are you know quality folks, um but there's so many non-qualified people out there that just because they're licensed or work with a company, they might not have it all together. so um Be careful with who you listen to is what I would say. and
00:50:09
Speaker
And I'm grateful that, you know, that I have you as a, as an extra resource for people. And, and, uh, you know, I'm using you currently for a loan. So I thank you for, for what you're doing for me as well. And and for many of my clients. All right. Well, awesome. I appreciate it too, Matt. And we we love working with you. And, um, and it's really, you know, the thing that, that gets me out of bed every morning is, is, and it's, it sounds kind of cliche, but like every day is different in this business, yeah right?
00:50:34
Speaker
And like I feel bad for people that go into work and do the same thing, same monotonous job. And that's those are probably the jobs that AI is going to take. But as long as you can relate to people. Well, that's what you said. It's because we're in a people business, not really a house business. It's it. That's the facts of life. It's like we, you know, you sell a mortgage. I help people buy. It's there's thousands of people that do it. But I think the reason you're good is because You know you you look in think about the person and if you're a people person like your background heck i didn't get to it what kind of interview or am i but you started off in the in the comedy club. and you know Interacting with people some of the biggest names in the comedy world and as a general manager of a big club like that's it's kinda you know you can hear it in your tonality and the in your speech pattern and it's like.
00:51:19
Speaker
um ah you know it's It's interesting, you're fun to talk to, and it's it's good to work with, and I think it's a reason you're successful, it's the reason you're referred. um Does that make sense? There's more to it, in my opinion, than just, so you know, you offer a low rate. That's like, that gets you in the door, and then it's the rest of it that keeps you. Well, you gotta be funny, first of all. I mean, life is boring. like Nobody wants to talk to somebody like, like we hi, Mr. Johnson. yes I'm good calling it a morgue. Like, that sucks, yeah right? You want somebody that actually is real and and truly cares, and and that's the thing, too, is like,
00:51:48
Speaker
You can tell if somebody's authentic or not, right? You know, if they really care or not. And honestly, if you love what you do and you're good at it, like you're going to come through that way. And, and, and, you know, I, and I'm really thankful for the way I came up because I mean, I was randomly, I i worked at a nightclub in Pittsburgh during college just to pay my way through, which is great and awesome. The guy that ran the nightclub.
00:52:13
Speaker
moved to Charlotte and the mothership for, they they ran like 50 or 70 nightclubs, or but they're headquartered in Charlotte and they happen to be opening a comedy club. Um, and, and that was like the best job ever. First of all, it's right out of college. Like I'm Jeff. Are you kidding me? I'm 23 years old running comedy club and I'm meeting Dave Chappelle and Polly Shore and Bob Saget. And like we had every major comedian come through there. Um, but also it was like, it taught me how to market. It taught me how to deal with like celebrities.
00:52:42
Speaker
taught me how to work with media. It taught me how to deal with drunk drunks, you know, or, you know, and in the just, you learned it was a people business, right? But also like people, I love that job because people came to escape, right? And what were they escaping? And then, but, but good comedy, it tells truths about the world, right? And that's what's so funny of it. The best comedians, they they hit on things. I love Larry David. I don't know if you're like a little David fan, but like, just, just how he points out just the little things in this world,
00:53:12
Speaker
that are just so funny yet so real, right? And that was a better than any MBA I could have ever got because it taught me more i mean and it just was and it was super fun. And on top of that, I watched comedy straight for like three years, like, like, you know, three to four hours a day.
00:53:27
Speaker
So, you know, I hacked a lot of material through three years. ill sara We borrow material. Yes. Yeah. borrow borrow I mean, Joe Rogan hates when people hack, but yeah but like when I would meet my wife's friends, like I think I was hilarious and none of it was my own material. and I'd listen to comedy all night and, you know, you kind of.
00:53:43
Speaker
emulate and you you steal their, their, their bits and, you know, and had a lot of bits for the time. oh my god So it was a good run, but that was like, that was like the best way to learn and deal with people sure and really, really, you know, in any sales business, it's a people business. I hate when people are like, I'm a people person, what are a dog person. Like, you know you know, like, of course we're people persons, but like,
00:54:04
Speaker
Not everybody has that experience. Not everybody got to learn that way. And I like to have fun, right? And I like to laugh and and I like to crack jokes. And often like people when I was at Wyndham, they're like,
00:54:16
Speaker
i you know I was always on the edge, right? Like this is a bank. But like, they're like dude, this dude gets away with saying stuff that nobody yeah would ever get away with, but people loved it, you know? And authentically yourself, it's that's a fun. Well, give Drew a call if you want to have a little fun with a mortgage. Yeah. so I mean, they usually, all those tours usually they don't go together, but we're trying to make it happen. and That sounds great. all right Drew, well I want to thank you once again for joining me today. Hopefully, um we were able to kind of describe a little bit about your journey, something about some key points to think about as a consumer or as an agent considering going through this process. There's a lot of change happening in our market right now, but um like I said, the only consistent we can try to do is provide good information and resources at the time. and
00:54:59
Speaker
and And I'll have your information out here so if folks have interest and want to learn more, they can go to Pure Rate and check you out. and And once again, thank you and I'm sure I'll be talking to you soon on the next deal. All right. Well, we got one done today, Matt. So, um, I'm thankful and, uh, this has been fun. And if you guys ever need anything, you know, give me a call, www.purerate.com yeah and, uh, and we're big in Maryland. we're We're in a bunch of different States, but, Oh, I did want to say one thing that, um, this actually speaks to what a good you're in Baltimore, Maryland. I'm originally from Pittsburgh, Pennsylvania. So, you know, we have that natural rivalry, of course but, you know, you know, so, so,
00:55:35
Speaker
All the Steeler fans out there, if you're moving to Maryland, it's all right. they'll they'll even Matt will even sell you a house. I will. Listen, I think I've owned season tickets now for about, I don't know, 15 years for the Ravens. I love them, but it's we beat up on you guys so bad these days. So it's really a one-sided...
00:55:51
Speaker
ah Fight lately, so um I love messing with Steeler fans, but you guys do come out to Baltimore I will say there's a lot of yellow going on in that stadium a lot of users And you know what I love about Baltimore like actually people from Baltimore sound very similar to people from Pittsburgh like that Yeah, the the the accent is almost it's as close to a Pittsburgh accent as you can get. yeah So you guys are more similar than we actually think. That's why that's why the rivalry is so good is because they're they're you know kind of like blue collar, hard nosed towns. you know I like having an enemy, but but i also you know we we like having fun. And and and like life is more fun when when when you can battle with somebody.
00:56:28
Speaker
you know That's it. All you fans in Baltimore, you know we'll we'll be down there. well We're probably going to get a couple of victors this year, but if we don't, we're going to have fun. We'll see what our MVP does to you. Sorry. I'll end on that. Thanks, Drew. All right, buddy. Bye-bye.