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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) - 06/23/26 {{catlist}}
June 23, 2026
READ MORE **WTMS Blog Today = What's up in Mortgage Today (AM) - 06/23/2026** Tech stocks tanked overnight as Wall Street questions whether AI spending hype is justified, dragging down equity futures and shifting focus back to fixed income. The Nasdaq 100 futures fell 2.9% with semiconductor giants like SK Hynix and Samsung sliding over 10%, while the broader selloff pulled S&P 500 contracts down 1.3%. This pullback follows a spectacular first-half rally that left valuations stretched and retail investors nervous. Meanwhile, Treasuries found relief as traders dialed back rate-hike expectations, with the 10-year yield dropping 2.2 basis points to 4.49%. Agency MBS prices ticked higher on the equity weakness, posting gains of roughly an eighth of a point. The U.S. Senate passed the bipartisan 21st Century ROAD to Housing Act with strong momentum toward House passage later this week, aiming to lower housing costs and restrict institutional investors from outbidding families. The legislation, which pairs supply-side reforms with restrictions on Wall Street home buying, represents a rare moment of agreement in Congress driven partly by midterm election concerns. JPMorganChase released a policy brief showing how innovative construction methods including modular and manufactured homes can slash building costs by 20-30% and timelines by 30-50%, addressing the affordability crisis. Key state examples like Maryland, Colorado, and Texas are testing zoning reforms, building code changes, and permitting streamlining to enable faster housing development. For mortgage lenders, this legislative momentum signals potential demand shifts as supply increases and affordability improves. A notable disconnect emerged in bond markets as the 10-year Treasury weakened while related assets diverged, reinforcing a bearish technical picture despite modest intraday gains. The bond market remains unwilling to break through key technical support floors, keeping the "bearish until proven bullish" narrative alive for lock-and-float traders. Heavy stock selling is providing some support to MBS and Treasuries, but this relief appears fragile given the geopolitical backdrop and rate-hike concerns. Treasury auctions today include $69 billion in 2-year notes, which will test demand after recent auctions showed notable tailing. The economic calendar features ADP employment data at 8:15 AM and preliminary June PMIs at 9:45 AM, though neither is expected to move rates significantly. The AI adoption gap is widening rapidly across the mortgage industry, with most lenders still in pilot phase while a select few are operationalizing AI at scale. According to MISMO leadership, the difference between workflow acceleration (doing tasks faster) and operational intelligence (making better decisions at scale) will separate winners from losers over the next three to five years. Lenders experimenting with tools are missing the bigger opportunity: redesigning business processes around AI capabilities. This distinction matters for competitive positioning as the industry evolves beyond proof-of-concept stages. For originators and servicers, the message is clear—moving from testing to implementation determines survival. Iran sanctions easing through a temporary U.S. Treasury waiver created initial upward pressure on bond yields, though actual oil market impact remains modest with Brent trading around $77.30 per barrel. The geopolitical uncertainty from negotiations between the U.S. and Iran in Switzerland created volatility early in the week but has since settled as traders focus on economic data and Fed rhetoric. With Chair Kevin Warsh's recent hawkish commentary on inflation fighting, markets shifted expectations upward on rate hikes, pressuring long-duration assets like technology stocks and extending MBS duration risk. The Fed's dot plot projections added to rate-hike concerns despite the central bank cutting 175 basis points since mid-2024. Mortgage originators should monitor next week's PCE inflation report closely, as it represents the Fed's preferred inflation gauge. Market positioning favors mid-stack MBS coupons over higher-duration securities as investors adopt a "wait-and-see" stance toward rate decisions and geopolitical news. Despite MBS appearing attractive relative to investment-grade corporate bonds on a relative value basis, participants remain cautious given double uncertainty from Fed policy and global tensions. The bull-steepening Treasury curve reflects the equity selloff and reduced rate-hike expectations, providing some relief for mortgage servicers and portfolio managers. Mortgage lender hiring remains robust with firms like EPM experiencing record growth and actively recruiting underwriters, account managers, and entire teams. Verification and employment validation technology continues advancing, with platforms like Truework and Kind Lending offering cost savings of 20-50% on income documentation. **Locking vs Floating** Bond weakness persists despite modest intraday strength as the market refuses to challenge key technical support levels. Early-week momentum turned bearish as traders reassessed Fed rate-hike odds and digested hawkish Chair Warsh commentary. Lock strategy remains prudent until bond technicals prove strength, while floaters expose borrowers to lingering geopolitical and inflation risks. **Today's Events** 8:15 AM — ADP Employment Change (June preliminary) 9:45 AM — Markit Purchasing Managers' Indices (June preliminary) 11:30 AM — 6-Week Treasury Bill Auction 1:00 PM — 2-Year Treasury Note Auction ($69 billion) **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 | Market Data
Mortgage Today (AM) - 06/18/26 {{catlist}}
June 18, 2026
READ MORE **WTMS Blog Today = What's up in Mortgage Today (AM) - 06/18/2026** Trump's Iran deal signature late Wednesday sparked an overnight bond rally that mortgage originators are watching closely, as UMBS securities climbed back into positive territory by mid-morning trading. The 10-year Treasury yield dipped to 4.44 percent—down 5 basis points from Wednesday's close at 4.49 percent—providing temporary relief after Tuesday's post-Warsh sell-off rattled the MBS market. GNMA 5.0 securities outperformed UMBS, rising 41 basis points to 98.69, signaling continued demand for government-backed pools. Federal Reserve Chair Kevin Warsh's debut meeting sent mixed signals: he held rates steady at 3.5-3.75 percent but signaled the central bank remains laser-focused on inflation without committing to a rate path. Bond traders are now pricing in a 25-basis-point rate hike as soon as October, reflecting Warsh's hawkish inflation rhetoric. Jobless claims came in at 226,000—exactly in line with forecasts—while continuing claims ticked up slightly to 1.81 million, suggesting the labor market remains steady but not accelerating. The Philadelphia Fed's June manufacturing index surprised to the upside at 10.3 versus forecasts of 10.0, but prices paid surged to 53.20, marking a significant jump in inflationary pressure at the regional level. These economic readings keep the Fed's attention on inflation rather than employment, reinforcing Warsh's message that rate cuts are off the table. For mortgage sellers, a data-dependent Fed means every CPI print and jobs report will swing Treasury yields and MBS valuations sharply. Markets are closed tomorrow in observance of Juneteenth, removing a full trading day from the week. Geopolitical de-escalation in the Middle East—the US-Iran memorandum of understanding restores Strait of Hormuz traffic within 30 days—is easing oil-supply anxiety and pushing crude prices lower. West Texas Intermediate slid to $75.29 per barrel on the Iran deal news, helping gasoline prices dip below $4 per gallon for the first time since March. Lower energy costs could theoretically reduce inflation pressures, but the Fed and markets are skeptical that oil alone will cool the sticky 4.2 percent inflation still running well above the 2 percent target. Any sustained relief at the pump may provide modest tailwinds to mortgage demand if consumers feel less financial pressure at the checkout counter. Warsh's refusal to provide forward guidance leaves traders guessing about the Fed's next move, creating intraday volatility in MBS. Technical levels matter right now for hedging and positioning decisions, so originators should watch the 10-year yield's 4.42 percent floor—where bonds rejected hard on Wednesday morning before recovering most losses. The 2-year yield, however, lost more ground than longer maturities, steepening the yield curve slightly as traders price in eventual rate hikes while longer bonds rally on disinflationary hopes tied to artificial intelligence and tech productivity gains. UMBS 5.0 settled at 98.29 (up 29 basis points), while 6.0 coupons climbed to 102.02, indicating strong repricing across the coupon stack. If the 10-year breaks back above 4.50 percent, expect MBS to weaken sharply, particularly shorter-duration coupons. Conversely, a hold below 4.45 percent keeps the overnight recovery intact. **Locking vs Floating** Economic data remains mixed: labor markets are holding steady (jobless claims on forecast), but regional inflation signals are flashing red (Philly Fed prices paid surged 11 percent month-over-month). Rate-hike bets have shifted from "unlikely" to "possible by fall" after Warsh's hawkish debut, making float positioning risky for borrowers who assumed the Fed was done. Originators should counsel rate-sensitive customers to lock sooner rather than later, as the cost to float is rising with each inflation print and each Fed speaker emphasizing inflation discipline. The Iran deal may buy two to three weeks of relative calm, but the technical rejection at 4.42 percent suggests bond market confidence remains fragile. **Today's Events** Jobless Claims (Jun/13): 226K vs. 225K forecast, 229K prior Continued Claims (Jun/06): 1,810K vs. 1,800K forecast, 1,795K prior Philly Fed Business Index (Jun): 10.3 vs. 10.0 forecast, -0.4 prior Philly Fed Prices Paid (Jun): 53.20 vs. no forecast, 47.90 prior Conference Board Leading Index (May): 0.1% MoM (released 10:00 AM) **Bond Pricing** **UMBS 30 yr** | Coupon | Price | Intra-Day Change | | 5.0 | 98.29 | 0.29 | | 5.5 | 100.3 | 0.22 | | 6.0 | 102.02 | 0.08 | **GNMA 30 yr** | Coupon | Price | Intra-Day Change | **Treasuries** | Term | Yield | Price | Intra-Day Yield Change | **GNMA 30 yr** | Coupon | Price | Intra-Day Change | |---:|---:|---:| | 5.0 | 98.69 | 0.41 | | 5.5 | 100.46 | 0.31 | | 6.0 | 101.87 | 0.21 | **Treasuries** | Term | Yield | Price | Intra-Day Yield Change | |---|---:|---:|---:| | 2 yr | 4.168 | 99.443 | -0.016 | | 3 yr | 4.181 | 98.099 | -0.032 | | 5 yr | 4.22 | 98.459 | -0.04 | | 7 yr | 4.319 | 99.587 | -0.048 | | 10 yr | 4.44 | 97.479 | -0.045 | | 30 yr | 4.882 | 97.932 | -0.046 | Subscribe free to receive market updates each morning at WellThatMakesSense.com. Market Data
The Real Reason You Can't Scale Your Real Estate Business (Hint: It's Not About Working Harder) {{catlist}}
June 18, 2026
READ MORE reading notes from Alex Hormozi on the Modern Wisdom Podcast.  You should listen to Modern Wisdom.  It's good.

The Real Reason You Can't Scale Your Real Estate Business (Hint: It's Not About Working Harder)

Alex Hormozi's framework for why most agents hit an income ceiling and how to actually break through it

Blog post

There's a moment in every successful real estate professional's career when they realize they've hit a wall. They're working harder than ever, closing more deals than most agents dream of, making good money, and somehow they can't grow beyond their current level. They've maxed out their personal capacity and don't know what to do next. Alex Hormozi would say this isn't a capacity problem—it's a business design problem. And the solution isn't working harder, it's completely restructuring how you think about scaling. On Modern Wisdom, Hormozi broke down why most service businesses—including real estate—can't scale beyond the founder's personal capacity. The answer is uncomfortable: they've built a business that requires them personally for every transaction. They haven't created systems that work without them, they haven't built teams that can execute independently, and they haven't developed leverage that allows one hour of their time to generate multiple hours of output. They've built a high-paying job, not a scalable business. The real estate industry makes this problem worse by celebrating individual achievement. We worship the solo superstar agent who closes a hundred deals a year through sheer personal effort. We give awards to the loan officer who personally processes more loans than anyone else. We've created a culture that equates scaling with working more hours rather than building better systems. Hormozi would say we're optimizing for the wrong thing entirely. Here's the brutal truth: if your business can't grow without you working more hours, you don't have a scaling problem—you have a business model problem. Hormozi built multiple companies to eight figures not by working more hours than everyone else, but by building systems and teams that could execute without his constant involvement. Most real estate professionals never make this shift, which is why they hit an income ceiling and stay there.

The Three Scaling Constraints Nobody Talks About

Hormozi identifies three primary constraints that prevent businesses from scaling: time, energy, and attention. You have limited time—twenty-four hours per day, same as everyone else. You have limited energy—you can only personally do so much before burning out. You have limited attention—you can only focus on so many things at once before quality suffers. Every business that fails to scale is hitting one or more of these constraints. For real estate professionals, time constraint shows up when you're personally involved in every showing, every negotiation, every transaction detail. There are only so many hours available, which means there's a hard ceiling on how many deals you can personally close. Energy constraint shows up when you're working sixty-hour weeks and can't maintain that pace without burning out. Attention constraint shows up when you're trying to manage leads, current clients, marketing, and administration simultaneously and everything suffers. Most agents try to scale by working harder—more hours, more hustle, more personal effort. This temporarily increases output but inevitably hits one of the three constraints. You run out of time, energy, or attention, and growth stops. Hormozi's solution: remove yourself as the constraint by building systems and teams that don't require your personal time, energy, or attention to execute. This requires a fundamental mindset shift from "I need to do more" to "I need to build systems that do more without me." For most real estate professionals, this is terrifying because their entire identity is wrapped up in being personally excellent. Hormozi would say your personal excellence should be in building systems, not in executing transactions. The latter has a ceiling, the former doesn't.

The Delegation Disaster Most Agents Create

When real estate professionals finally decide to scale, they usually hire an assistant or buyer's agent and immediately screw it up. They delegate tasks without delegating authority, they micromanage every detail, they step in whenever something isn't perfect, and they wonder why their team can't execute without them. Hormozi would say they're delegating wrong, which is almost worse than not delegating at all. Real delegation means transferring both responsibility and authority. It means creating systems so clear that someone else can execute them without constantly asking for your input. It means accepting that they'll do things differently than you would and that's okay as long as results are achieved. It means building accountability systems rather than supervision systems. For listing agents, this might mean creating a complete listing presentation system that a team member can execute—scripts, materials, pricing analysis templates, marketing plans—everything documented so thoroughly that you
 
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