The Blue Button Broadcast

The Accunet Mortgage and Realty Show 7-18-2021

• Accunet Mortgage

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This Week’s Highlights:

  • Adverse Market Fees & The Ever-Evolving World of Mortgages
  • Gray Areas in Mortgage Lending
  • Future Forecast for Home Prices: Numbers Behind the Emotions
Speaker 1:

The acronym mortgage and Realty show is sponsored by academic mortgage and equal housing lender at MLS 82 5 5 3 6 8 and accurate Realty advisors, which is a separate company from, but still affiliated with accurate mortgage.

Speaker 2:

Welcome to the Acushnet mortgage and real to show getting you inside information on buying, selling, and financing your home with expert advice from Acushnet, mortgage and Realty. And now here's Brian and David Wickers.

Speaker 3:

Good morning. Welcome to the acronym, mortgage and Realty show. I'm David Wicker, chief client experience officer at acronym mortgage. Join this this morning by my good friend, Libby Collins. Who's gonna play our audience, uh, with questions on what these guys, Brian and David, what are you guys talking about? So thanks for sticking with me,

Speaker 4:

Why I appreciate you asking me. And of course, if you have a question or a comment that accurate mortgage talk and Textline is open right now at 8 5 5 6 1 6 1 6 20 and also you've cut the podcasts of today's show and past shows. Uh, and of course that's at wtmj.com.

Speaker 3:

So quick agenda for today's show. We're going to start off talking about the adverse market fee reversal and a quick history of how we got here, but then we're going to segue into, I have a story on a borrower working to go rock solid while working for family. Also another story on home values using a recent, uh, recent home sales in Wauwatosa, and then some notes on how rates ended the week. We had an inflation reading from the bureau of labor statistics, and also a note from our operations manager at unit on the timing on appraisals as part of the approval process. All right. Uh, Libby, if you can please put on your nerd hat, we're going to get into some nerd nudes news here. Um, I want to talk about the adverse market fees. So ultimately let me tell you why you should care right now at the start of this story, what you think you know about the mortgage world can and will change. So when you're, when you're asked for advice by a parent kid, you know, grandkid colleague, a friend, the bet, the best advice is a two-part answer. Step one. Well, you know, here's what I remember from the last time I went through this myself and then step two, you should reach out to the pros at Acushnet mortgage because just because it was your experience doesn't mean that that is still the lay of the land. And so let me, let me get into the adverse market fee. Uh, it took me an unreasonable amount of time to find the original press release. But last year on Wednesday, August 12th, 2020, the federal housing finance agency, F H F a released that Fannie and Freddie had asked for quote permission to charge a new fee and that this permission was granted baloney, but that a new basis, a new 50 point basis, excuse me, a new 50 basis point fee would be charged for refinances starting on loans to be delivered starting September 1st, 2020. That was 20 calendar days after this announcement, uh, sidebar. I'm not okay with the fact that I couldn't find the original, uh, release on the actual government websites. I literally went to FHA is a press release website and the August 12th, 2020 press releases not there, but, um, I was able to find that double date and the data subsequent to this announcement coming out, the mortgage world promptly had an absolute fit. Cause you see, when you, when you're a borrower and you close on your loan, then it can take another two weeks for your loan to essentially get shipped down river, to arrive at receiving the blessing from Fannie Mae or Freddie Mac. It's not overnight. It's not, it's not you close on Monday. And then suddenly you get the pixie dust of Fannie Mae and Freddie Mac. So I've tried to like, what is the metaphor when you give, when you're given 20 days calendar day, notice I, is it like, Hey, you got to run a marathon in 20 days. You should start training right now or, or you're going to get married in 20 days. It is not enough time. Well,

Speaker 4:

Wait, it's like you could get married in 20 days if you really wanted to. It's true. It's going to be heard in 20 minutes if you really want it, it's gonna, it's gonna be

Speaker 3:

Indeed. So basically everyone in the mortgage business, um, former director Calabria had he understood the mortgage business that would have, it would have been based upon application date and not delivery date. That's a little wonky, but let me tell you, okay, so then 12 calendar days later after lenders lawmakers and mortgage groups blasted the timing on August 25th, 2020, the FHF delayed the implementation of this adverse market fee until December 1st. And since then for loan amounts greater than$125,000 and not using the home ready or home possible special exclusion, all refinances have been paying Fannie Freddie and the FHF an extra 50 basis point fee. So let me quick review on the math here. 50 basis points is one half of 1%. 100 basis points equals one point. So on a$300,000 loan, that's an extra$1,500 in fees. And there are two ways to handle that. That's either absorbed into the rate by raising the rate, thus increasing the value of the mortgage downriver. And so we can cover that cost or you as a borrower would pay that out of pocket in order to hold onto the same rate. Had you gotten that rate, you know, before the implementation of the adverse market fee, I'm here to you 10 out of 10 borrowers, either knowingly or absentmindedly, just raise the rate by an eighth or a quarter to absorb this fee. And ultimately I can't get too hopped up on this because Fannie and Freddie literally facilitate the 30 year fixed to exist and are the smooth plumbing you might say of the American mortgage system. So we're going to fast forward now to June of 2020, but not before we take our very first break. So coming back from this first break, I'm going to tell you what changed and why it's going to make mortgage rates lower and sharper here, possibly in the next coming weeks. You are listening to the accurate mortgage and Realty show on am six 20 WTMJ

Speaker 2:

Old advice from McDonald's who know at best. This is the accurate ed mortgage and wheel T show with Brian Wicker on WTMJ.

Speaker 4:

And today it's with David Wicker. He is the chief client experience officer at accurate mortgage. And David, you're talking about the adverse market fee. I got to tell you my head's spinning. I don't know how you keep all this straight. I'm

Speaker 3:

Going to bring the plane in for a landing here now. Okay. So we're going to fast forward now to June of 2020, the Supreme court of the United States rules, that restrictions on the removal of the director of the CFPB, which is the consumer financial protection bureau were unconstitutional. Why do we care? Well, the FHF in the wake of the financial crisis was fashioned in much of the same way as the CFPB. So fast forward to June 23rd of this year and the Supreme court rules that the FHF a director basically serves at the pleasure of the president and the president doesn't need cause to remove the director from the post. And I literally, it was a matter of minutes. I don't know if somebody was like watching for the Supreme court to issue their ruling. And then they speed dial dirt director collaborator, be like, I'm sorry, mark. You no longer have a job, but it was, if it wasn't minutes, it was hours.

Speaker 4:

It's amazing how fast they can do things in Washington when they want to. They want

Speaker 3:

To. Exactly. So president Biden removes director Calabria from his post director. Calabria was an appointee of president Trump. So since then acting director, Sandra L. Thompson has taken the helm at FHF and on Friday, uh, I don't know what I was doing in the morning, but, uh, July 16th, the FFA announces, we have eliminated starting August. First of this year, the adverse market fee. Ta-da like you said, when they decide that they want to make something happen, it happens. So, and a quote from the, um, press release today's action furthers FHF has priority of supporting affordable housing while simultaneously protecting the safety and soundness of the enterprises. Part of this was for the brief overlap. When the Biden administration came into power and director Calabria was a carry over from the Trump administration. They don't have shared goals. That's how I'll say it. And so now that the FHA EFA has a director who has the same goals as the white house, they're all rowing in the same direction. So from the Chrisman blog, which is a weekday mortgage newsletter in case you want to be one of the cool kids like the mortgage kids, the move is welcomed, but quantitatively its removal might not be as wonderful as some expect that 50 basis point fee equates to about 10 basis points, higher mortgage rate for borrowers, perhaps more meaningful is how this move is indicative to the change in leadership at the FH F a okay. So here's the homework for the unit team this week. This happened on a Friday. And so here's what I think we're going to wake up to tomorrow. All of the outlets, so accurate being a mortgage banker, we place loans at whoever's got the best pricing and the who's going to ultimately serve our customer the best we want to make sure that they're going to report to us. You know, Hey, on Friday we all had our cup of coffee. And then we woke up here on Monday morning and we're going to remove that fee going forward, but we want to make sure that we get that update here on Monday. So Brian and I, we have homework for next week's radio show to report back and confirm that everyone's pricing is going to be able to, I'm going to say, get sharper here next week. And, and ultimately it's going to save people. It's going to save Acushnet clients money because as, as I noted in that little nugget, you know, the difference in the rate of, so the difference between a 2 8 7 5 and 2 9 9 on a 30 year on a$300,000 loan is a whopping$18 and 51 cents per month. That adds up well, but it's more, you totally, it's more the$1,500 that you're going to really save. Nobody ever calls 1-800-ACRONYM to be like, Hey, can I get that extra$18 a month? You know, savings? It's more like I'd like to lower my cost by$1,500, please. So again, to come back to our, why do you care as a listener? It's because things change in mortgage lending rules fluctuate in the last year, we've had this adverse market fee, uh, be implemented and removed. We've had self-employed documentation. As the joke goes, we would need everything except your baptismal certificate for being self-employed and even the age of documentation. So again, we love when we're able to help the kids, grandkids, friends, and coworkers of any of our past customers or anyone. Who's a listener to the show. And what we always want to remind everyone is that the rules can change. And it's our job to stay abreast of what those rules are. All right, when we come back, we're going to talk about some rules when you work for a family member, and you're thinking about buying a house, you are listening to the acronym, mortgage and Realty show on the biggest stick in the state am six 20. WTMJ

Speaker 2:

Getting you into the home of your dreams. Here's more of the accurate ed mortgage and Realty show with Brian worker on WTMJ

Speaker 4:

And at 10 25, let's get back to David Wicker, the chief client experience officer at Mackinac.

Speaker 3:

So rules, uh, we're we're talking about this change in rules in the first two segments of the show. And so what I want to get into now is sometimes in mortgage lending, um, things are gray, uh, and you wouldn't think that they were gray. Uh, but I'm going to give you a story here about a home shopper. Who's employed by a family member, a story that I can relate to a lot, but so my colleague, Brad, uh, who's one of our senior loan consultants. He's been working with these home shoppers and I don't, I don't think we're comfortable declaring them rock solid. And I'm going to tell you why. So, so first of all, um, credit score, uh, their qualifying credit score is 635 minimum score for Fannie and Freddie. And thus Aconite is six 20. Uh, best pricing goes up to seven 40 as a qualifying credit score. And, uh, for, for us, it goes up to eight 50. So they're like right on the cusp of getting there with limited credit experience to open trade lines and medical collection. Okay. They're also doing 3% down, which is absolutely all that you need as a first time home buyer, but not a lot of wiggle room. I'm going to say. And the kicker is both of these borrowers are employed by the same family member, and I should have said three and a half things. Okay. And one of the borrowers received a raise equal to a 100% raise within the last year. And the other borrower received a raise basically from$12 an hour to$20 an hour. So Brian has this phrase that he likes to share with the self-employed, which I think I would call half joke, half reality. He, a version of this congrats on fulfilling the American dream of starting your own company and being your own boss now prepare to face a near outrageous level of legal discrimination from the mortgage world, as we give you a, you know, financial proctology exam. Uh, that's one way to put it. Yeah. That's one way to put it. So, so when you're self-employed, I think it's a reasonable extension then that, that this level of discrimination is probably the wrong word scrutiny that we apply this level of scrutiny now to the family member who also works for that family business, who is trying to buy a house. So, so this can sometimes fall into a category of what we call a underwriter discretion. Um, like, you know, yeah. The numbers line up, uh, but the story behind the numbers doesn't sit, right. Uh, the, the other way, the other thing we call this is risk layering. Uh, I, and I nailed the metaphor on this one, Libby. So think of risk layering, uh, zits. So like one zit on your face. It's not the end of the world. You know, you can still go out on your date or, you know, maybe this is just one zit, it's no big deal, but when you have a couple zits on your face, um, it starts to take away from your smile. That's what I like to say. And I can speak to that. Cause I'm a kid who used to have a lot of zits th that I'm reading the look on your face and that metaphor just like,

Speaker 4:

I don't think it's somebody needs Dr. Pimple popper.

Speaker 3:

So, so I'll speak to it, you know, for myself. So imagine if it's David and imagine if Brian doubled my income overnight first, I'd say, thanks, dad. And then, but imagine if my wife and I then went out looking for a loan based on my now higher income, don't you think that would kind of smell to everybody in the process? It's just like, could be a little flag there. Exactly. So, so the, the kicker in all of this, and thanks for sticking with me, the kicker and all this is that with the increase in income, they still barely qualify. And so ultimately I think they're going to get approved. Ultimately, I think they're going to be able to buy a house, but I'm not comfortable declaring that they are rock solid. I'm not, I'm not comfortable declaring that to a seller, communicating that, you know, acting out, we've done our review and we're ready to, you know, get going on the approval for these folks. It just it's, you know what it is, it's squishy. And so I hope we're gonna be able to help these folks. I have a couple more points I want to talk about for those like me who are employed by a family member, but we're coming up, coming up here on the bottom of the hour. So I'm going to hand it over to my friend rusty who's here at the 24 hour news desk.

Speaker 2:

Don't break. The bank did get into a house back to the accurate mortgage and Realty show with Brian Wicker on[inaudible].

Speaker 4:

And today David Wicker, who is the chief client experience officer at Acushnet mortgage is here. I'm Libby Collins and David you're the, I'm kind of at the edge of my seat here. So find out what happens when you, when you, when you work for a family member and can you still get that water? Of

Speaker 3:

Course. Um, the answer is absolutely. Uh, and I think so what this reminds me of when you are self-employed or you work for a family member who is self-employed and let's say, okay, so you're the business owner, Brian, and you know that your family member, Lieutenant David is about to go shopping for a house. You cannot go do this by yourself, standing in the living room of the home. You just fell in love with, cause that's the fear you get pre-approved at your online bank, who doesn't ask the follow-up question that I'm about to reference, you know, so you get pre-approved, you fall in love with the house. And then as soon as we start to unravel the rest of this with underwriting, we break your heart on the home that you've already moved into in your mind, I would rather be Brian's title is the chief honesty officer. So that makes me a deputy of some sort. I would rather, we be honest with a borrower and say, I'm sorry, we, we are not comfortable approving you for your rock solid hunting license. Then, then to prematurely declare you rock solid. So, and this reminds me of a story. Brian shared a couple of weeks ago, about two borrowers referred in by one of their dads who was a longtime repeat customer. And in that case, Brian observed that the co-borrower his last name, let's say, you know, Smith, for example, also matched the name of the business, you know, Smith plumbers. And so, so there's a, there's a line item now on the updated Earla the early is U R L a the uniform residential loan application. There's now a line item that asks yes or no. Are you employed by a family member or someone who is party to the transaction? So, so Fannie and Freddie have identified as an issue, at least that needs to be investigated more as part of the loan approval process. So when you work for that family business, there can be that extra layer of scrutiny. So this has happened to me having bought a home. So what we are going to end up asking for mortgage lending is all about good documentation. And so sometimes what we're trying to prove is we're trying to prove a negative. That's the turn of phrase. I think even though that, when I say that it doesn't make sense in my head, but stick with me. So what we're asking for is, oh, you're David Wichert and you work for Wichert mortgage company. Can I please have your last two years tax returns to prove, are you an owner? Is that family only business that you're working for? You know, do you have any ownership? Are you self-employed and you just didn't raise your hand to say as much, Hey, by the way, ultimately, um, I'm going to read between the lines. Ultimately we're trying to uncover is the family business that you are working for healthy because if you're working for your uncle and that business is on paper, losing a half million dollars a year, but you're getting paid a salary of a hundred thousand,

Speaker 5:

How long

Speaker 3:

That is a sick cow. And so how long are you going to continue to receive the milk, your salary from the sick cow? I think that's the most Wisconsin metaphor I could have possibly come up with to describe this, but, but that's the, that's the level of scrutiny, which let me declare out loud is, um, unfair. Because if you work for a large corporate parent, you know, there are plenty of publicly traded companies that have never, never turned a profit a day in their lives. And so wouldn't the same level of scrutiny be applied to this, you know, large company that I work for that's unprofitable, but you know, wall street is just allowing them to live in this fantasy world. Yes. Welcome to the double standard of mortgage lending, where the rules don't always apply. It's like NBA refs. Sometimes they call fouls on us that they're not calling on the other guys. So that's so the, so the moral of the story is 100% working for family is a blessing. Dad, I hope you're listening and you can get financing, working for a family member, but recognize that you are special. And that it's not just, uh, it's not as straightforward as working for a large company and you get a W2 and a pay stub allow us to participate in putting that game plan together so that when you do go out and write offers as rock solid, that that is also true. All right, when we come back from this next break, I want to answer the question with data, David, Brian, when's the housing market going to crash or what our home value is going to finally, you know, come back to reality. We're going to answer that with not with emotion, but with numbers, come on up after this break, you are listening to the acronym, mortgage and Realty show on am six 20 WTMJ

Speaker 2:

Important home buying questions and answers you can count on. This is the accurate mortgage and Realty show with Brian wicked on WTMJ.

Speaker 4:

And today David Wicker, the chief client experience officer at Acushnet mortgages here on Libby counts. David, I think what everybody wants to know is what about those home prices? Are they stable now or are they going to go up? Are they ever going to go down? What's the answer. We're going

Speaker 3:

To answer that. Shout out to my man, Isaac, for a postal service intro, by the way. Very, very oh of you. I appreciate that. All right. So w so we get that question, Libby. Um, and it's, uh, it's always a version of itself, like when will the market crash or it's clickbait, you know, for online headlines, mostly I think to feed the frustration of home shoppers. A lot of times that question, some people call into our office and they use acronyms like WEDA or FHA, and very rarely does that mean what they think it means. It's it's we have to translate it into what it actually means means which has helped me buy a house. So, so on this one on home values, so home values are still tied to gravity. They are tethered to a formula of income plus leverage, you know, how much money do you make and how much will a lender allow you to leverage that into what you borrow? So I pulled the data from the last 30 days of sold homes in Wauwatosa. I will admit, I am biased to Wauwatosa having lived there with my wife, but in the last 30 days, 91 homes have sold the median price was$326,000. The average price was nearly 3 59. The average amount paid over the listing price was 4%. So 104 cents on the dollar. So basically if you listed for 3 46, you sold for 3 59 on average, I'm waiting for brand to come back next week as a statistician and poke holes in my numbers, but we're going to run with that for right now. So, and there are some lofty over bids, you know, don't get me wrong. So 24 of those 91 were for 10% or more above the list price. And there are even four of those 91 homes that sold for over 20% of the list price. So there are some frothy bits, okay. But the question is, can income still swing that kind of price? I'm going to leave down payment aside for the moment. Um, at least for two reasons, all but seven of those homes sold in our data all but seven, we're still under the jumble limit of 548,002 50. And figuring out how to swing at least the 3% or 5% down payment when you are a regular is, is within reach between savings, stimulus, and gifts. So we're just going to set down payment aside for a second. So there's a search tool on Fannie Mae's website, where you can look up area median income, literally by census track. So it's more narrow than zip code. It's quite essentially, it's like block by block. So I typed in the address that my wife and I had for our apartment in Wauwatosa as a point of reference. So the median income for that little slice near the village is$84,400 a year. So, so we've prepared now for the question, can the income 84,400 swing a$359,000 home purchase an average priced home? The answer is yes, but let's dig in. So the way that I want to do this math is I want to start with the income. 84,000 a year comes out to about a monthly number of$7,000. Pre-tax today in America, we can dedicate 50% 49.9, 9% of your income to all your payments. So you have a budget then of$3,500 to qualify for your mortgage, roughly the payment on a$359,000 average house with 5% down, it's about$2,300. So what that means is there's another$1,200 of your budget. If you needed to, to go to other debts, you know, car payment, student loan, payments, credit card minimums. So again, the answer is yes, income can swing these payments and these home values. But back to our original question, home value is tied to a formula of income times leverage. So if you wanted to dedicate all of your budget to the payment and the leverage remained the same, and you didn't have any other debts, this ceiling for that same$359,000 house is 600,000 bucks. That's the ceiling. Of course, you know, that's still using, that's using median income. The value could be higher if you had more income. And that, that, that is if you don't have any other debts, but that is the ceiling. It's not a million, it's not 2 million, but we're not at the ceiling yet, at least in terms of income, you with me so far.

Speaker 4:

Yeah, I am. I'm, I'm thinking if you buy a house right now, it's kind of a, and based on that,

Speaker 3:

Imagine that it's all about perspective, is it not all right? So when we come back from this last break, I'm going to talk about the other variable. It's not just income. It's also leverage as we talk about what this ceiling of home values might be. You're listening to the acronym, mortgage and Realty show on am six 20 WTF WTMJ

Speaker 2:

W2, 77 CV and WK T I HD to Milwaukee from the annex wealth management studio. This is news radio. WTMJ signed up place to call home without the headache. This is the accurate mortgage and Realty show with Brian record on WTMJ.

Speaker 4:

And David Wickford is here today. He's a chief client experience officer at[inaudible] mortgage. And I just checked out that tool that is quite a website. Yeah,

Speaker 3:

We can nerd out on income in any, anywhere in the United States. So we're talking about, okay, what is the ceiling of home values? Cause we get the question all the time and versions of it. You know, Brian, David winter home value is going to come back to reality. So we just tackled the first half of this formula, which is income, you know, can your income swing XYZ value? So the other part of that formula is leverage. So right now, the maximum leverage or what we call debt to income ratio is 50% or really it's 49.99% without getting into the weeds on like the QM patch and blah, blah, blah. Let's just pretend like FHA or Fannie Freddie decreased the leverage. We went from 49 to 39 that would put your maximum budget at about$2,700. And our remember we're using income for this household of about$84,000 in wa in a census tract, in Wallatosa as an example, if you had no other debts, you could still qualified to buy that house, which sold in the last 30 days for 3 59, you could afford and qualify to buy that home and swing the payment up to 5, 4 80. So between income and leverage, by the way, there is 0% chance that Fannie and Freddie are going to reduce the debt to income ratio that people can use. If only because especially now that FHA is in the hands of a affordable housing advocate, we want to help people buy houses. But what that means for home shoppers is there is room to run on home values. Especially if you have more income than just the median income you can afford to pay even more. So if you have it, if anyone in your life who is telling you that home values are likely to decline, that person is only telling you what you want to hear to protect your feelings from being hurt, because that is not what any of the data tells us. And it's all relative too, right? There's a funny video floating around, comparing the home, buying to buying an apple. And one of the characters that the guy plays on the video is from California, who bids on the house. And he's just like, this is the cheapest house I've ever seen. It's all relative to what you're expecting, right? So maybe you aren't okay paying that much for a house in that particular part of town, but someone else maybe is okay paying that much because they want to be well to walk to the farmer's market in the village on a summer Saturday for fresh mushrooms and fresh flowers. So that's our diagnosis on home values, um, and that there's room to run. So, uh, rates remain awesomely low, outrageously low, uh, so at the close of business on Friday, um, and especially if we're going to start removing that adverse market fee, uh, ACC unit could offer on a refinance of a$300,000 loan on a 30 year fixed 2.7, 5% with an APR of 2.76, that is with nine and$95 in cost. That is awesome. Um, on a 15 year fixed, uh, again, uh, I can't sometimes when I'm quoting these rates, I'm just like, is this real on a 15 year fixed 2.25%? And that is also the APR because that's for wait for it. Zero cost rates are low and, uh, FHA did us a favor this week in the mortgage business by removing that adverse fee. You know, ultimately what they're trying to do is make it easier for everyone to take advantage of lower rates. If people continue to feel financial hardship from the impacts of COVID-19 being able to refinance your mortgage and maybe lower your monthly payment, that's a very real, that is, uh, better than a stimulus check if only because that savings shows up every month for the rest of your mortgage. Um, and the other, um, amazing thing or interesting thing is, um, inflation, uh, continues to be hot. Uh, the consumer price index reading came out this week at, um, 5.4% year over year. But I think as soon as that number came out, everybody, um, either at the bureau of labor statistics at the fed and at the white house was like, well, but you know, it's because used cars are pricier and that weighs heavily on that index. Um, but still the amazing thing is you can finance a home for what is at least below, uh, and awesomely below, uh, the rising cost of goods. So, um, it's a tough time to be a home shopper out there, but what you need in your, uh, in your arsenal is that rock solid pre-approval if only because it may be, we're going to come back to this next week, as I noted in some of that data, there are some homes in hot markets going for 10% over the asking price, or even 20% over the asking price. So figuring out how to put your best foot forward, um, is key. Uh, and, and you know, the other option, uh, especially as home values, continue to rise is to improve the house that you're already in a cash out refinance, uh, to take advantage of some of that rise in value might be the trick. If you're thinking about improving your home, investing in your home, the place you already are, all you gotta do to get started, to figure out a great game plan for you is click on the blue button at[inaudible] dot com Libby, thanks for hanging out with me today. Uh, everybody you've been listening to the accurate mortgage and Realty show on am six, 20 WTMJ

Speaker 1:

Proceeding was a paid program. Advice and opinions expressed during the accurate mortgage and Realty show are solely that of the hosts or guests of academic mortgage and accurate Realty advisors and not WTMJ radio or good karma brands, Milwaukee LLC,