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HOME2023-01-22T13:43:33-07:00

Damn, there is so much great knowledge out there. Did you know that “BOOKS” are full of smart?? No, I mean like life changing, I-wish-I-knew-that-years-ago type stuff.

I know that I was waaaayyy late to the game figuring it out. And I know that a lot of you are too busy to read as much as you ‘should’. And that is why you need me.

I still remember how it started for me. It started in June of 2008. After 11  years …..Click to continue

Mortgage Today (AM) - 06/09/26 {{catlist}}
June 9, 2026
READ MORE **WTMS Blog Today = What's up in Mortgage Today (AM) - 06/09/2026** Bonds faded into the afternoon despite oil prices recovering, leaving mortgage originators watching mixed signals from Treasury yields that dipped 2 basis points to 4.54 percent on softer equities and reduced Fed rate-hike expectations. UMBS 30-year 5.0 coupons held steady at 97.65 with intraday gains of 5 basis points, while GNMA 30-year securities showed stronger performance with the 5.0 coupon climbing 11 basis points to 98.26. The broader market wrestled with conflicting forces: tech stocks rebounded on artificial intelligence optimism, oil slid 2.1 percent to $89.39 on Middle East de-escalation, and the dollar faced its biggest two-day retreat in a month. Mortgage spreads remain defensive after last week's strong jobs beat that triggered rate volatility, and traders are cautious ahead of Wednesday's inflation data and mid-June Fed decisions. The industry's longer-term outlook shows stabilization, with first-quarter profitability marking the longest positive streak since 2021–22. Weak employment data arrived ahead of schedule this morning, with ADP employment change clocking just 29,000 jobs versus the prior week's 35,750 and signaling softer labor demand than recent trends suggested. NFIB Business Optimism declined to 95.3 from 96.0 expected and 95.9 previously, suggesting small business confidence is eroding as hiring pressures ease. The U.S. trade deficit narrowed to $55.9 billion in April as exports accelerated at 2.6 percent while imports rose just 2 percent, beating forecasts and pointing to healthier demand dynamics abroad. These three datapoints together paint a portrait of cooling but resilient growth that favors rate stability rather than aggressive Fed tightening. For mortgage sellers, softer employment and reduced business confidence could translate into slower application volume in the coming weeks. Mortgage market profitability has stabilized on the back of modest refinancing activity and origination discipline across most lenders, with three consecutive quarters of positive earnings marking a psychological turning point after years of contraction. Refinance share has already faded sharply from its February peak, and refi-driven MBS issuance has retreated to its lowest level since November, signaling that the brief rate-cut rally has exhausted itself. Employment across the mortgage sector has stopped contracting, which signals the industry's painful right-sizing phase is largely behind it. Housing inventory remains below historical norms and affordability sits near multi-decade lows, yet the industry is transitioning from recovery mode into normalization—constrained growth but no longer in crisis. Originators should prepare for slower but steadier demand as the market finds its equilibrium. Lenders and brokers are doubling down on technology and operational excellence as competition for qualified borrowers intensifies and borrower retention moves center stage. Inside Real Estate's new BoldTrail lending-lead platform is generating buzz by connecting lenders directly with borrowers actively seeking both financing and real estate agent partnerships, with some lenders reporting qualified applications within the first week. Class Valuation's CVUE underwriting platform is reducing appraisal repurchase risk by assuming liability and cutting turn time by two to three days per file, saving lenders roughly $100 per file. AI-driven verification and compliance tools like Truework are cutting verification costs by up to 50 percent while improving accuracy and reducing manual back-and-forth between loan officers and underwriters. Down payment assistance programs are becoming loan closers: Click n' Close lowered its SmartBuy second-lien rate to 7.99 percent, directly addressing affordability and borrower purchasing power. The fastest-growing lenders are not working harder—they are working smarter through data, automation, and systems that keep them present with borrowers at every financial inflection point. Industry leadership and employment turnover continued this week with FHA Commissioner Frank Cassidy resigning after his temporary leave in April to return to private-sector deal work, citing excitement to support the Trump administration's housing agenda from outside government. Maryland mortgage veteran Mike Sterner, former President and CEO of Susquehanna Mortgage and founder of Mortgage Department Services, passed away after battling cancer; Sterner was a 2003 MMBBA Mortgage Banker of the Year and 2021 Hall of Fame inductee. The Chrisman Job Board remains active with new openings for account executives across the West Coast and emerging opportunities in technology and operations roles, reflecting the industry's ongoing rebalancing. STRATMOR Group's latest capital markets analysis indicates pricing trends remain supportive for borrowers willing to shop and compare, while broader mortgage intelligence systems are becoming table-stakes for competitive lenders. These transitions underscore the industry's maturation and the premium placed on talent, systems, and strategic positioning in a normalized lending environment. A critical question emerged this week from MISMO's President Brian Vieaux: do borrowers want a lower rate or a better house? In the 2020–21 boom, historically low rates masked brutal inventory constraints, forcing buyers into bidding wars and appraisal gap negotiations with limited choice. Today, inventory is gradually improving, rates are higher, but borrowers have negotiating power and can actually choose their homes rather than accept whatever they can get. Most effective mortgage advisors have shifted their conversation opener from rates to goals, understanding that while mortgages can be refinanced, the home itself is a much more durable life decision. This philosophical reorientation—from rate focus to outcome focus—matters profoundly for loan officer retention, borrower satisfaction, and long-term pipeline health in a normalized market where choice has returned. **Locking vs Floating** Defend your rate locks in this volatile environment until you see clearer evidence of support in the bond market. After last week's strong jobs print drove rates higher, short-term momentum has stabilized but oil price recovery did not translate into the closer bond market closes you might have expected. Remain cautious and wait for better technical evidence of support before shifting back to a neutral stance. **Today's Events** NFIB Business Optimism Index (May): 95.3 vs. 96.0 forecast, 95.9 prior ADP Employment Change Weekly: 29K vs. prior week 35.75K Trade Gap (Apr): -$55.90B vs. -$56.1B forecast, -$60.3B prior Later today: Redbook same-store sales, existing home sales for May, Treasury auctions (6-week, 1-year, 3-year) **Bond Pricing** **UMBS 30 yr** | Coupon | Price | Intra-Day Change | **GNMA 30 yr** | Coupon | Price | Intra-Day Change | **Treasuries** | Term | Yield | Price | Intra-Day Yield Change | **UMBS 30yr** | Coupon | Price | Intra-Day Change | |---:|---:|---:| | 5.0 | 97.65 | 0.05 | | 5.5 | 99.88 | -0.06 | | 6.0 | 101.77 | -0.11 | **GNMA 30yr** | Coupon | Price | Intra-Day Change | |---:|---:|---:| | 5.0 | 98.26 | 0.11 | | 5.5 | 100.38 | 0.07 | | 6.0 | 101.73 | 0.1 | **Treasuries** | Term | Yield | Price | Intra-Day Yield Change | |---|---:|---:|---:| | 2yr | 4.135 | 99.506 | -0.023 | | 3yr | 4.19 | 98.073 | -0.027 | | 5yr | 4.266 | 98.256 | -0.026 | | 7yr | 4.398 | 99.115 | -0.026 | | 10yr | 4.54 | 96.695 | -0.024 | | 30yr | 5.017 | 95.882 | -0.02 | Stay informed and subscribe free at WellThatMakesSense.com. Market Data
The Uncomfortable Reason Your Marketing Isn't Working (And Why Spending More Won't Fix It) {{catlist}}
June 9, 2026
READ MORE reading notes from Alex Hormozi on the Modern Wisdom Podcast.  You should listen to Modern Wisdom.  It's good.

The Uncomfortable Reason Your Marketing Isn't Working (And Why Spending More Won't Fix It)

Alex Hormozi's framework for why most real estate marketing is expensive noise that generates zero ROI

Blog post

Quick question: how much did you spend on marketing last month? Now the follow-up: can you directly trace that spending to specific closed transactions? If you just got uncomfortable and started mentally calculating whether your Facebook ads actually generated any real business, welcome to the club. Alex Hormozi has built multiple eight-figure businesses spending almost nothing on traditional marketing, and his Modern Wisdom breakdown of why most marketing is worthless should make every real estate professional reconsider their entire strategy. Here's the brutal truth Hormozi shared: most businesses—including real estate professionals—confuse marketing with branding, spray with strategy, and activity with results. They spend thousands on Facebook ads that generate "engagement" but zero closings. They invest in glossy postcards that look beautiful and accomplish nothing. They pay for social media management that produces content nobody cares about. Then they conclude they need to spend more on marketing when the real problem is they're doing marketing completely wrong. Hormozi's framework is simple and uncomfortable: marketing should be directly measurable, immediately trackable, and ruthlessly accountable to ROI. If you can't trace a marketing dollar to a specific result, you're not doing marketing—you're doing expensive hope. And hope, as Hormozi loves to say, is not a strategy. The real estate industry has a particularly toxic relationship with marketing because we've conflated visibility with effectiveness. We think if people see our face on a bus bench, that's successful marketing. We believe if we're posting daily on Instagram, we're "building our brand." We assume if we're sending monthly market updates, we're staying top of mind. Hormozi would ask one simple question: how many of those activities directly resulted in a closed transaction? For most agents, the answer is somewhere between "I have no idea" and "probably none."

The Attribution Problem That's Bankrupting Your Marketing Budget

Hormozi obsesses over attribution—the ability to trace every dollar spent to a specific result. In his businesses, he knows exactly which marketing channels produce which results at what cost. He can tell you the customer acquisition cost for every source, the lifetime value of customers from each channel, and the ROI of every marketing dollar. Ask the average real estate professional the same questions and you'll get vague answers about "brand building" and "staying visible." This isn't because real estate professionals are stupid—it's because the industry has sold us a lie that marketing effectiveness is unmeasurable. We've been told that branding is a long-term investment that can't be directly tracked. We've accepted that some marketing is just about "awareness" rather than results. We've bought into the idea that we need to be everywhere, doing everything, all the time, and eventually it'll all work together somehow. Hormozi calls this "marketing malpractice." He argues that in the digital age, almost everything is trackable. You can know exactly which ad generated which lead that became which client. You can measure the conversion rate of every marketing channel. You can calculate the exact ROI of every marketing dollar. The question isn't whether you can track it—it's whether you're willing to do the work to track it and make decisions based on data rather than feelings. For real estate professionals, this means completely rethinking how we approach marketing. Instead of asking "what marketing should I be doing," start with "what result do I want and what's the most cost-effective way to generate it?" Instead of "I need to be on social media because everyone says so," ask "does social media actually generate closable leads for me, and if so, at what cost?" Instead of doing marketing because it feels right or looks professional, do marketing because you can prove it works.

The Offer Problem Nobody Talks About

Hormozi has a saying that should be tattooed on every real estate professional's forehead: "You can't fix a bad offer with good marketing." Most agents and loan officers assume their marketing isn't working because they need better ads, more visibility, or slicker graphics. Hormozi would say the problem is usually the offer itself—what you're actually proposing to potential clients is either unclear, uncompelling, or undifferentiated. Think about most real estate marketing. It says something like "experienced agent, great service, proven track record." That's not an offer—that's a description. An offer answers the question: why should someone choose you specifically, right now? What's in it for them? What problem are you solving? What unique value are you providing that they can't get elsewhere? Hormozi built his fortune on creating what he calls "grand slam offers"—propositions so compelling that the decision to buy becomes obvious. For Gym Launch, it wasn't "we help gyms get more members." It was "we'll fill your gym with paying members in thirty days or you don't pay." That's an offer—specific, valuable, risk-reversed, and compelling. Most real estate marketing has no offer at all, just vague promises of good service. For loan officers, a real offer might be "we'll get you pre-approved in twenty-four hours with a rate guarantee, or we'll give you five hundred dollars." For listing agents, it might be "we'll sell your home in forty-five days at ninety-eight percent of list price or reduce our commission." These are actual offers with specific value propositions and accountability. They're also terrifying to most real estate professionals because they require confidence in your systems and willingness to be held accountable.

The Channel Confusion Costing You Thousands

Hormozi's approach to marketing channels is ruthlessly simple: test everything, measure everything, kill what doesn't work, scale what does. Yet most real estate professionals do the opposite. They commit to marketing channels based on what's popular or what their coach recommended, then continue spending money on them regardless of results because "you have to give it time to work." This is insane. If a marketing channel isn't generating measurable results within a reasonable testing period, kill it and try something else. Hormozi doesn't care if everyone says you "need to be on TikTok" or "have to do direct mail." He cares about what actually works for your specific business, in your specific market, targeting your specific audience. Everything else is noise. For real estate professionals, this means getting brutally honest about what's working. That expensive Facebook ad campaign—is it actually generating closable leads or just likes and comments from people who will never do business with you? Those monthly client appreciation events—are they generating referrals and repeat business or just free food for people who like parties? That weekly newsletter—is anyone actually reading it and taking action, or is it just something you do because you think you should? Hormozi recommends a simple framework: for every marketing channel, track three metrics—cost per lead, lead-to-client conversion rate, and average client value. Multiply the conversion rate by average client value and subtract the cost per lead. If the number is positive and meaningful, scale it. If it's negative or barely positive, kill it. This sounds obvious, but most real estate professionals have literally no idea what these numbers are for any of their marketing channels.

The Content Trap That's Wasting Your Time

The modern real estate marketing playbook says you need to create content constantly. Daily social media posts, weekly blog articles, regular video content, podcasts, newsletters—the list never ends. Hormozi would ask a simple question: is any of this actually generating business, or are you just creating content because everyone says you should? Content marketing can work, but only if it's strategic. Hormozi's content serves specific purposes: attracting his target audience, demonstrating expertise, generating leads, and nurturing relationships. Every piece of content has a clear goal and a measurable outcome. Most real estate content has neither—it's just random posts about market stats, motivational quotes, or personal updates that nobody asked for. The test Hormozi recommends: if you stopped creating content tomorrow, what would happen to your business? If the answer is "nothing would change," you're wasting your time. Content should either be generating new leads, nurturing existing relationships, or establishing authority that leads to business. If it's not doing one of those things measurably, it's entertainment, not marketing. For real estate professionals, this might mean creating less content but making it more strategic. Instead of posting daily random thoughts on Instagram, create one piece of high-value content per week that actually solves a problem your target audience has. Instead of generic market updates nobody reads, create specific neighborhood analyses that help people make decisions. Instead of motivational quotes, share case studies that demonstrate your unique approach and results.

The Marketing Stack That Actually Works

So what does Hormozi-style marketing look like for real estate professionals? It starts with a clear offer—a specific, compelling reason someone should work with you right now. Then you identify the channels where your target audience actually is and actually pays attention. You create a simple system to drive them from awareness to action. You measure everything ruthlessly. You kill what doesn't work and scale what does. This might mean your entire marketing stack is three things: a compelling offer, a referral system that incentivizes past clients to send you business, and targeted outreach to your ideal client profile. No fancy ads, no social media circus, no expensive branding campaigns. Just simple, measurable, effective activities that generate actual business. Or it might mean you discover that video content on a specific platform generates qualified leads at a profitable cost, so you double down on that and eliminate everything else. The point isn't that there's one right answer—it's that you should be making decisions based on data about what actually works for your business, not based on what's trendy or what some marketing guru says you "have to" do. Hormozi's marketing philosophy is almost offensively simple: make a compelling offer, put it in front of the right people, make it easy for them to say yes, measure everything, and optimize based on results. No mystery, no magic, no massive budgets required. Just strategic thinking and ruthless accountability to ROI. Most real estate professionals will continue spending thousands on marketing they can't measure, hoping it somehow works. The smart ones will adopt Hormozi's framework and actually know whether their marketing dollars are investments or expenses. Choose wisely.
  Want marketing strategies that actually generate ROI instead of just pretty pictures and vague "brand awareness"? Subscribe to Well That Makes Sense at WellThatMakesSense.com for frameworks that help you spend less on marketing while getting better results. Because your bank account cares about closed deals, not Instagram likes.
Mortgage Today (PM) - 06/08/26 {{catlist}}
June 8, 2026
READ MORE **WTMS Blog Today = What's up in Mortgage Today (PM) - 06/08/2026** The mortgage market sold off hard on Monday as bond yields climbed and MBS prices fell sharply despite oil price recovery during afternoon trading. The 10-year Treasury yield rose 3.2 basis points to 4.564 percent, while UMBS 5.0 coupons dropped 0.17 points to 97.60. Markets displayed defensive positioning as traders remained cautious following last week's strong jobs report that beat expectations, fueling concern the Federal Reserve may hike rather than cut rates. American Pacific Mortgage closed its acquisition of Synergy One Lending, creating a roughly $14 billion retail lender with broader product mix and nationwide distribution. However, internal turf wars are already surfacing—Preferred Rate president Phil Lekousis left a sharp comment on LinkedIn questioning the deal's logic before deleting it. M&A retention costs are climbing, with some rivals offering 40 to 100 basis points on trailing twelve-month production to keep branch talent, which will pressure APM's balance sheet and profitability. Two Harbors issued a direct ultimatum to UWM: if your $12.50-per-share bid is truly superior, submit a fully financed all-cash offer. The REIT delayed its shareholder vote to June 23 while tightening the screws on Capital City Mortgage's pending merger agreement. The challenge matters because analysts are already questioning whether UWM's economics remain attractive if funded entirely with cash rather than stock. Housing market momentum stalled in May as new listings fell 0.8 percent from April and 4.1 percent year-over-year, according to Zillow. Existing-home sales slipped 2.9 percent annually as higher borrowing costs continue dampening buyer demand, and homes are taking eighteen days to go pending—one day slower than last year. Nearly one in four listings saw price reductions, signaling sellers must price aggressively in this buyer-cautious environment. A Miami jury awarded $47.8 million in compensatory and punitive damages after a real estate agent was cut out of an $84,000 commission on a $2.8 million waterfront deal. The defendants' attorney is challenging the verdict, arguing Florida law caps punitive damages at roughly $240,000 and will seek a new trial. The case signals industry scrutiny of buyer broker agreements post-NAR settlement and whether brokers will aggressively enforce them in court. Lock rates now given upward momentum in yields despite intraday volatility and weaker-than-expected bond performance relative to oil prices. Expect defensive positioning to persist until technical support appears near 4.51 percent on the 10-year, making this an environment favoring rate locks over floating for borrowers without immediate closing timelines. **Locking vs Floating** Another leg higher for rates confirms that defensive positioning makes sense following the strong jobs report sell-off. While upward momentum waned slightly, the bond market's weakness despite oil price recovery offers insufficient solace to shift toward neutral stance. Wait for clearer evidence of support around 4.51 percent before reconsidering more neutral lock-float tactics. **Bond Pricing** **UMBS 30 yr** | Coupon | Price | Intra-Day Change | | 5.0 | 97.60 | -0.17 | | 5.5 | 99.93 | -0.10 | | 6.0 | 101.88 | -0.02 | **GNMA 30 yr** | Coupon | Price | Intra-Day Change | | 5.0 | 98.14 | -0.19 | | 5.5 | 100.31 | -0.01 | | 6.0 | 101.63 | -0.01 | **Treasuries** | Term | Yield | Price | Intra-Day Yield Change | Market Data
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