Post Trump bump? Mark and Jeff dive into economy changes, DOGE having an impact out of the gates, as well as return-to-work impacting housing inventories across the country. They also discuss Great Stay Economy and the lower job and housing turnover. Additionally, Deep Seek is examined and how it is driving down AI costs - making a strong case for the open source model.

Jeff and Mark talk to the loan officer whisperer Brian Vieaux covering the evolving role of loan officers as financing consultants for their borrowers. They also discuss how appraisers and lenders can more effectively interact and support each other's businesses, how appraisal speed and accuracy improve pull-through closing rates for loans, and why Brian would still want an appraisal for a home purchase.

Former FHFA Director Dr. Mark Calabria joins Mark and Jeff to share valuable perspective on FHFA Director nominee Bill Pulte, the economy, foreclosures and forbearance policies, a potential virtual rate reduction cycle, FHFA's response to the COVID pandemic, what receivership means for Fannie Mae and Freddie Mac, recapitalization progress to date, and the likely future of Fannie and Freddie.

Mark and Jeff host guest author Jim Amorin (The Generative Shift) to examine Deep Seek disrupting the AI market, including Nvidia stock prices. They discuss updates on Google Deep Research, OpenAI Operator and agents coming in 2025, and the Stargate investment. As the topics unfold, Mark and Jeff's eyes are opened when it comes to the endless possibilities using AI in real estate, including using ChatGPT to satisfy FNMA/Freddie Mac's new time adjustment requirements, going into effect February 4. Additionally, Amorin shares a home price index tool and does a deep dive into several valuation demo use cases for AI.

Are you tracking the United States debt clock and its recent DOGE addition (we might have broken in on the podcast)? Mark and Jeff examine the debt as well as the "return to work" executive order that's adding momentum to the trend of ending remote work options. The duo also discusses Bill Pulte as the new FHFA director and Trump's executive order to lower housing costs. Delivering Emergency Price Relief for American Families and Defeating the Cost-of-Living Crisis – The White House Jennifer Burns: Milton Friedman, Ayn Rand, Economics, Capitalism, Freedom | Lex Fridman Podcast #457

Mark and Jeff discuss the devastating California wildfires and the impact on people and real estate (including Jeff's inspection story during a prior wildfire). Other topics include Artificial Intelligence (AI) - will it take over the world in the next five years? Additionally, Mark makes a call on Fannie and Freddie stock prices. The nation's largest mortgage companies' stock prices are down significantly from mid September 2024 as they inversely follow the mortgage rate increases over that time. Lastly, Jeff and Mark touch on the Business Insider article on the ARCC call to action for appraisal and AMC fee disclosure.

Jeff and Mark discuss hot topics in real estate, including malls being turned into condos and apartments to address the housing shortage. Additionally, they talk about how mortgages with over a 6% interest rate have been increasing since 2022, creating refinance pockets. The episode also highlights housing inventory and pending home sales rising, plus Bill Ackman on privatization of Fannie Mae and Freddie Mac during Trump's presidency, along with his related stock play.

What do Mark and Jeff think will happen in 2025 real estate? Are appraisal waivers distorting market pricing? What do industry leaders like Matt Ishbia and Jeff Bezos think about change and disruption? How is artificial intelligence more like electricity than the internet?

Mark and Jeff welcome Freddie Mac's Senior Director of Single Family Valuation, Danny Wiley, to round out the perspective on appraisal waivers from one of the enterprises actually using them. Recently, Freddie Mac published a study comparing appraisal vs. appraisal waiver loan defaults, which is a big topic in this episode. What do appraisal users think about appraisals? Do they want to eliminate appraisers? How can appraisers outcompete the algorithm?

Can the real estate market get any worse in 2025 or is there reason for hope? Mark and Jeff digest a number of data points that give insight into expectation for mortgage rates, housing affordability, and buyer sentiment. What is coming in 2025?