How To Help Your Clients Eliminate Student Debt

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Go check it out right now. Visit LOKestudy.com and download your free copy today. Hey, hey, people, what is up? This is your friendly podcast host, Jeff Zimford, coming at you from my mom's basement. No, just kidding. It's coming you from a secluded secret bunker somewhere in the desert of Las Vegas, Nevada. All right, how you doing today? I'm doing fine. This is, it's a Friday. So, you know, why not have a little bit of fun? It's the end of the week, long week. How's your, how was your week? A lot of these weeks lately are long, aren't they? You're super busy. Mark, it's crazy trying to get your buyer's offer accepted. Trying to get, you know, maintain some margin in your life. I get it, I get it, I can relate, I can relate. I'm here for you. If you ever want to reach out, podcast at mortgagemarketingradio.com. That's my email podcast at mortgagemarketingradio.com. So, coming at you this week with a special episode, we're talking about two things. First and foremost, if you've not heard about the hybrid loan officer, that's right, the launch of the hybrid loan officer. I'm now going to, you're going to be hearing more about this from me. I've been teasing you for a past few weeks on one of our previous episodes. The one just before this, we did the launch of the hybrid loan officer. And we talked about my partnership with Bonzo, right? The Bonzo boys as we're calling it, where we are going to be awarding three scholarships. To the Bonzo platform, which includes all my content, my agent classes, my social media marketing training, all that stuff. In addition to a digital conversation platform, Bonzo, which helps you have conversations at scale. It also helps you address the golden goose, if you will. And that's consumer direct, self-generated leads, running paid Facebook leads, Google, paperclip leads with a built-in ads manager, ad templates, automated follow-up, SMS texting, video messaging, email marketing, souped in ads, a complete turnkey done for you, business platform that helps you be the best traditional mortgage originator that you can, such as relationships referrals, driving conversations with agents through our educational content over there. A turnkey library of done for you classes. You write the PowerPoints, a speaker knows the handouts, the invite system, the reminder and follow-up system, complete, video email text platform for maximizing your attendance at agents classes, but also maximizing your conversation and conversion rates with those agents. And then the other side of the coin of the hybrid loan office areas, as you heard me mention, is the digital side, right? Actually generating consumer direct business, actually having a stronger social media presence, running Facebook ads, Google, paperclip ads, without paying the usual agency fees that you may have run into in the past. A complete ads manager connection into your Google, you know, business platform, your Facebook business platform, the templates, right? The emails, the follow-ups, the scripts and all that kind of stuff to use. Imagine that. That is the hybrid loan officer. And we're giving away three scholarships to that for a full 12 months. That's a year, right? An entire year in the Bonzo hybrid loan officer platform. That's worth thousands of dollars if you add it at all up. If you also add in the amount of time you're going to get with additional weekly live coaching sessions, masterminds, you know, small groups and so forth. So do you want to apply? Do you want to be considered for a scholarship in Bonzo University? If so, go to hybridelo.com. There you'll find a brief intake form, an application, if you will. You know, just like you have to apply at a university and be accepted. This isn't for everybody. Maybe it's for you. I don't know. Go to hybridelo.com to find out. Okay, now to my special guest for this week. We are talking about student loan debt. How often do you have or have you had in the past buyers not be able to qualify because they're DTI with student loans being the biggest factor impacting their DTI? I know you have, if you've been in this business for any time and you know, it's an ongoing problem and issue in our community today. And what I'm excited about for my special guest today, Catalina, she has a company called Loan Sense. And what they're doing is to help potential home buyers who have student loans whose DTI is negatively impacting their ability to buy right is actually helping them forgive student loans. She has an amazing process, a system that helps match these people with student loans to the right government process does the paperwork form, everything like that to reduce the student loan payments within like a 30-day time frame or less so that if you're having somebody who doesn't qualify because of DTI's related to student loans, you can literally turn that around in 30 days and now have a potential buyer where you might not have had one before. I'll let her get into all the details of how this happens and everything. But we do have some special extra stuff for you as a podcast listener. So if you listen to this episode, you'll like what you hear and you want to take the next step. By the way, there's no sales pitch and none of that kind of stuff. It's just you getting access to the additional resources that you might be able to refer your clients to. You can go to myloansense.com forward slash mortgage radio. I'll say it once again and it's also on the show notes. Myloansense.com forward slash mortgage radio. Go check out some of the more details there so you can help convert more turn downs to buyers. So enjoy this week's episode. Let's get into this week's show. Catalina, welcome to the show. Thank you. Thanks for having me. It's a pleasure to have you here. We're talking about student loans today and we're talking about how student loans can be a hindrance to people buying homes today in our country here. And we know it's a it's a big issue of student loan debt and things like that. So that's why I wanted to bring this conversation to our listeners here today. Let's start with this two parts. I know you have a story, but one, give us the kind of the explainer on what is loan sense. What do you guys do? How do you help people with student debt? Bottom line, we literally turn student loan payments into equity building mortgages by increasing affordability by approximately $98,000 in three weeks time. Wait, whoa, whoa, whoa. You're throwing out some big numbers there. What are you talking about? 90 would explain. So dollar for dollar every dollar we reduce your student loan by is now that increased dollar, right? We're decreasing your debt to income and now you have more money to go towards a mortgage. Well, what a lot of lenders don't understand is that there are government programs that subsidize the interest on your student loan payments that you could literally reduce your student loan within three weeks and now reduce your debt to income and be able to buy a house. So that's what we help lenders better understand so that they're not turning people away unnecessarily when if we just worked with them for a few weeks, they could in fact be ordered ready. Interesting. So can you give me any kind of case studies where, you know, how does this work in the real world for some people? Yeah, of course. So an example is like the biggest use case is people with undergrad degrees or with master's degrees and took out quite a bit of debt, but don't necessarily have the earning power. So like two teachers, two nurses, social workers, people like that, as well as people, even in medical professionals that earn a lot more money, but they take out significant amount of debt, right? All the way down to a person who might have defaulted on their student loans and they can't borrow at all until they get it into good standing. Those are all different use cases, but essentially what we do at loan sense is their default, we get them into good standing through loan rehabilitation program. If they have high DTI, the main customer we help is someone with like two 1.5 times student loan balance as compared to their annual income. So what we do is we bring them into our system and we connect two lenders, but we bring them into our system and then we estimate for them how much we could reduce their student loans based on federal programs and then loan sense in the background as all the paperwork filing. So they don't have to wonder what is it I'm supposed to do, what program do I enroll, and what do I do, where do I send it, who do I talk to, we eliminate all those questions so that if you're working with a student loan bar, you don't send them away, we file that paperwork, we assign them to an advisor who answers their questions to close because your financial plan may be very different once you close on a house, right? So we help them understand what do they need to do to lower their DTI to close, and then what is it they need to do to actually long-term manage their student loans? So we're literally a student loan advisory that focuses on student loan debt as the primary issue, but we could also help with like DTI management across other forms of debt as well. We just lead with student loans because 65% of first-time home buyers have student loan debt. Millennials are entering the market with crazy student loan debt and they may not have poor credit, right? It's not like they miss a bunch of payments, like they just have too high of DTI, it's the number one reason we're denying people. So that's the problem we focus on because it's missing in the lending industry and people really need to get in a house to start building equity, right? So with this could this also be used by somebody who's maybe doesn't need to buy a house, already has one, I just wants to give. Absolutely, absolutely, but absolutely. The reason we focus on this pipeline specifically is because there's such a great ability to increase affordability by addressing your student loans. It's also the first stage of wealth building. A lot of people think about that feel literally, you know, 36 million student loan borrowers are renters and 20 million of them are in home buying age and they feel defeated. They feel like, oh my god, I can't afford a house and a lot of lenders can't answer their questions about what they what it is they should be doing. So we eliminate that problem by answering those questions for you so you don't have to become a student loan expert, but then when they're mortgage ready, they can still go to you to originate the loan. Does that make sense? Yeah, so you're going to match up people with the sources available for is this how do you pay off the student loan? Tell me about that. These are government funds? Yeah, so 90% of all student loans are federal loans. Right. So the government has loans. Basically, the government has rules that say to simplify it. You don't pay back what you have borrowed. You pay back what you can afford and it's a formula. Okay. So does that make sense? And then after a certain number of payments, the government will forgive the remaining balance. Say what? Assuming you understood what the program is and assuming you filed into it properly. You just say the word forgive. The government is going to forgive one of those loans student loans. Yeah, of course. Yeah, the government will forgive those loans after you file into the program for a certain number of years depending on your type of employer, basically. So how does this work? Let's say you match up. You've got somebody who fills out, you know, goes through your process, the onboarding, you know, gets qualified and all that and you guys start finding the appropriate match up for them. You're kind of a matchmaker, right? In that sense. Yeah. To relieve the student loan stuff. So we file all their paperwork. We tell them in three weeks, you're going to get a letter from your loan servicer. And we spit back all the debt to income calculations across all five mortgage types, Freddie, USDA, FHA, all the mortgage loan types. We spit it back to the loan officers so they know what's going to happen. And then in three weeks time, that customer will come unless, of course, they're in default. There's something like crazy that's going to take longer. But then they'll come with a letter from their loan servicer that they can go to the loan officer and the loan officer can take that letter and help them get to underwriting, right? So we're literally connecting like we're policymakers. We're connecting student loan policy to mortgage credit policy and making it so lender Joe no longer has to guess what's going to happen. And Susie here who's going to lender Joe who doesn't get what's supposed to be happening. Now both of them can get their answers, you know, their questions answered and both get to the final outcome, which is to help every American get into, you know, achieve the dreams of homeownership, really. Well, so I'm trying to piece the puzzle together here. The letter, right, with this loan, let me back up, let me ask it this way. Once you find the scores for paying off portions of the loan, because that's what's happening, right? They're using some type of government money to pay off these government loans, student loans. So is it, is it, okay, you're going to get X amount of money that's going to pay off this portion of the student loan. And now their DTI is in a better spot, but you also refer to something about a letter. So yeah, their DTI is in a better spot, but once that loans pin it off, though. No, no, no, no, no, they're DTI immediately within three weeks is improved. Why, though, because that loan's still there, isn't it? The student loan? No, no, no, because their payment has decreased. Also, let's say your payment is $700, but the government says you can only afford to pay a hundred. Let's say you're fully amortized student loan balance is $700. And the government has said, Sally, you can only afford to pay $100 based on many factors, your family side, your employer type, there's many factors. So Sally now has that letter that says, Hey, my student loan payment is $100 and not $700. But is that so now the one that also reflected on credit, though, for that? Yes, it is because it's the payment. Yes, but the way we accelerate them to get them to closing isn't waiting for the credit to get updated. It's literally coming with that letter from their loan surface saying, Hey, look, my loan is now updated. It's not $700. It's $100. I know you seeing lenders accept that versus a credit report. Yeah, yeah, they'll accept it. It's standard to accept that letter. Yes, to go through underwriting. So you've got some success stories. I would imagine. Yes, yes. And back we're integrating with mortgage coach. We're integrating with some large lending technology companies to make referrals when someone's identified to have student loans pretty automated. Yeah, and we're also our next like our product roadmap coming up will be to actually automate like debt payoff planning according to the mortgage DTI calculations. So even if you deny somebody, they should leave with a plan, right? And not just be denied. Yeah. Well, this is better than credit repair, right? Because this is much faster. It sounds like well, it's not credit repair. I mean, I don't like to be associated with that, right? No, I don't want to do that. You get what I'm saying, though, as I credit repair takes a year, this, I mean, 90 days, you could have your DTIs in a better spot. Oh, yeah, yeah, yeah, absolutely. It can be done in three weeks. If student loans is the primary reason for not qualifying, it could be done in three weeks. I mean, obviously, if you defaulted or you're in bad standing loan rehabilitation takes nine months, but you know, that's not the majority case for most people. Most people just need their loan balance. Two thirds of Americans qualified to reduce their monthly payment. Two thirds. So it's not some niche population of Americans that can qualify to reduce their monthly payment. Well, let me finish this thought then. So I've qualified on a reduced payment because of my life situation, circumstances, like you said, these qualifying elements, if you will, programs. I get my payment reduced from 700 to 100. Let's say, how long, like, does that 700 just go away forever? And that difference of balance? Or are we just extending the term? No, you're not extending it. So after, if you work for non-profit, it's after 10. So basically, the time length of time you pay back your loan is dependent on your employer type. But basically, the government says, if you file into these programs annually, whatever balance is left after 10 years, if you work for non-profit, if you work for not a non-profit private sector, it's after 20 years. So you might be done paying it by then. But the point is, is like, any balance left over this payment term will be forgiven by the government. So what can you give me actual like hard examples of like, you know, numbers, you know what I mean? Yeah, there's an average, our user base right now has an average projected forgiveness is $74,000. So if you continue to file into these programs, you not just defer paying it back, there's a bunch of users, like, and I'm not even talking about like, only lower income people. I'm talking about like doctors earning 200,000 that have like 500,000 of debt for medical school and fellowship, you know, that literally can get $280,000 of loan forgiveness. So I'm not like talking about low earning people and it's only exclusive to low earning people. I mean, literally, if your debt to income is significantly impacted by student debt, or you're in default, right? Because default is a huge other disqualifier. Yeah. And you literally can get your loans forgiven because let's say the government says your payment is only in the, in the example of $100. Well, year after year, you have to qualify your income again, right? And people's income zone jumps significantly. It's not like someone this year pays $100, now they're going to pay 600 the next year. It's pretty rare. So they literally Sally will pay $100 every month if she happens to pay off her loan balance before the forgiveness term will then she'll pay it off. But if she happens to have a lot of loan balance at the date in which her payment date is up, then the government says, okay, the remaining balance is forgiven. And a lot of Sally's of the world will never even have to pay back the principal they borrowed on their student loans. And that's why in the lending industry, I'm telling you, don't tell someone to go refinance their student loans. First of all, only a quarter of Americans qualify to refinance their student loans. But second of all, there is no interest forgiveness once you privatize your student loans. So you're literally obligated to pay back the full amount plus interest no matter what, whereas if you're enrolled into a federal government program and something happens to you, you lose your job, you can get $0 payments. You want to stop working to start a family, you can still get $0 payments. So all of these things, the government has accommodated people so that it's flexible. Does that make sense? And so it's not deferring payment down the line. Yeah, usually there was a lot in there. One of the things you said is there is no forgiveness once you privatize your student loans. And that usually happens if you're refinancing that you're going into a private company that's now, right? And of course, anybody with student loans, myself included, gets those offers quite a lot. Oh, it's like, yeah, I mean, you're going to get marketed refinance all day long. But the reality is only a quarter of people will qualify, you know, because they want to get borrowers that are like Kremlin, Dayla Kremlin, you know, I'll give you one right now. Do you know Naviant? Yes, they're private and public servicer. I have a loan with them. Oh, okay. You see, and people think average payoff is 43. And people think, oh, own student loans only affects people in their 20s. No, there's 8 million people who have the age of 50 with student loans. What are you trying to say? You can tell them over 50 just by looking at me. Oh, I'm just I'm just stating stats. I'm just stating like people think, oh, it's a problem of like 20 year olds. And I'm like, no, no, no, no, no. Well, I heard a stat the other day. Somebody shared this. I forget who it was. I think it might have been on the Joe Rogan podcast. I don't know, but somebody had said that Barack Obama did not pay off his student loan until he was in office. I don't know if that's true. Oh, yeah. I mean, I knew it all the time. Dockers being like, oh, I didn't pay off my student loan. And they're doctors, right? You think, oh, they paid off right away. No, no, no, no. They're carrying their student loan balances into their late 40s. Yeah, well, I mean, that's against me and quite honestly part of it. It's just being lazy and not cutting a check. But um, and it just kind of sits there. And now you remember, you really make me think of what I need to do here. But I'm an example. Yeah, I mean, I obviously I don't have a DTI issue, but still a lot of people do. A lot of people do that. So what we help what we help customers do is just make intelligent decisions. Like what is their loan decision best for them right now to achieve their financial goals? And then once they buy a house, for example, that's our primary goal. What does it they need to do to optimize long term financial wellness, right? So we have our advisors help people make those decisions. And frankly, if we're connected to you as a lender, you benefit by getting their DTI information, right? And have that extension of an advisory arm that's there to assist you when you have those cases come up, you know? So for the consumer, then like what's the investment on their side to go through your process? They pay 197 for the for they pay 197 up front. And then they pay three months of 97 dollars. But that is to make sure our advisor can have that preliminary meeting. They file all their paperwork successfully. And if they need a post closing plan, they can get that. So you know, so it's a four month program. Yeah, but you're getting turned around from the government on paperwork in like three weeks. Yep. That's like unheard of. Well, I mean, it's a pretty standard process. It's, yeah, yeah, it's a pretty standard process. It sometimes even takes less than that. It takes two to three weeks. And it suddenly goes wrong. Like it's quick enough for us to troubleshoot it and even refile, right? Yeah. So it doesn't work correctly. Yeah. That's a that's a no-brainer kind of deal, though. If you, you know, are trying to buy a home and your DTI is preventing you because of your student loan debt and number one, number two, even if you're not, right? Wouldn't you want to look at having some of that relieved, you know what I mean? Forgive me. Yeah. So yeah, that's why I recommend like whether you're a lender, a real estate professional or somebody with two loan debt, just going on a website and looking at the affordability tool and just playing with it. You can see that there's so much that there's a way to reduce your student loan payment so you can ultimately close, right? Yeah. And so the myth like around debt is so about fear or like, oh, paid off as quick as possible, paid off as quick as possible. Well, if that we have them mentality, then people are going to buy until their 40s. Like let's optimize payout to optimize overall wealth building financial, like good financial decisions and help people get there. Right. And then, you know, help them meet their goals because if we just tell people in their 20s and 30s, delay living your life until your 40, I mean, that just doesn't make any sense. Yeah. And, and so anyways, that's kind of like our motto is understanding the cost of whatever decision you have, like not just from an interest savings perspective, but then also the cost of doing the opposite, right? And like weigh them, right? So if the cost of paying off your student loan debt faster means you may not get a house, which means how much are you paying in rent? How much equity are you losing? Like understand the full cost, you know, of your decision. Well, that's why you work wealth mortgage coach. I'm sure because it's a total cost analysis, right? Yes, precisely. I love those guys over there. Dave Savage showed up. Yeah. And I'm looking at your calculator on your website here, which helps people figure out like what their new payment would be or their new structure. And it looks like it's pretty involved calculator there. It's done a lot of work. Yeah. Yeah. So it's an estimate. And then the next step they click after they get an estimated estimated monthly saving and increase affordability, is then it goes into our application. And that's where we do all the paperwork filing and all the they want to book a call and all that that happens on our platform after they leave calculator. Which by the way, I love on your on your site that you put this on your calculator as far as like they're going to fill out some basic info. And then, you know, the next steps and you have this button right above it, it says get a free loan plan. No, we don't robo call you. I think that's it's cool because for sure, nobody wants to press that next button because all crap that's going to open up a bunch of calls. You know what I mean? Yeah. Yeah. No, we don't. The only way they will talk to someone is if they book a call themselves. That's it. You know, that's awesome. So yeah, that tells me that tells me you're very consumer centric. You know what I mean? Oh yeah, everything's been tested by consumers. You know, everything like we did significant testing. Like we want to provide the best in class service to get people where they want to go. You know, so it's very consumer centric. Yes. And you've got some stats. I'm just pulling this right off your website, which we'll give you guys all the links at the end here and in the show notes as well. But, um, originate two to five more loans annually per loan office. Yep. So, so are those real numbers or is that? Yeah. So yeah, we pulled some encompass data from a few lending partners and we just saw people with high DTIs and the leading DTI issue. And we identified people that they didn't they they gave that adverse action letter to that it's like, no, these are people we can help. These are examples of people we could help right here. Like without any increased lead cost, these are people you literally are declining right now. Like we could be helping. Like, and that's two to five per loan officer. So I'm not saying per lender, but per loan officer on average, they're getting in about 10 leads. Um, and they're originating about two to three a month. That's from the data like of actual lender data, right? And so we're going in and saying, hey, if we can help two right now, like through this lender data. And then if we can help, even if they're not ready today, there's even a portion we can help get ready that can come back later, right? Even if it's six months later, the point is is like, don't just turn them away because once you turn them away, the number that people coming back is like under two percent, right? And they're going to go get caught up with quick and loans. They're going to get caught up with all these digital lenders. And it's like, why not nurture them? And then you have their data and you can trigger like a reengagement with them, right? Instead of just saying goodbye and we can't help you. Well, for sure. And then you're becoming a real advisor, you know, it makes total sense. Hey, you know, unfortunately, not now because of your DTIs who are related to student loans. However, right? I have a potential solution. Would you be open to checking it out? Right? It's called loan sense. And here's the next steps and you give them the link. They go check it out and then they're on their own and they decide if they do it or want to do it or not. But yeah, I mean, if you could, I mean, that's probably very conservative of the percentage of loans we're seeing, you know, not qualifying, not qualifying with with DTIs because of student loans. Even if you got just say five more loans a year, you do the math on that. Let's just say it's worth three grand to you. You know, that's another 15 grand a year. Pretty, pretty good raise, you know. Yeah, absolutely. And yeah, and those are just immediate numbers. So that's how you make accounting people we could work on, right? Right. Right. Absolutely. 100%. That's cool. All right. Now I know you've got a personal story attached to this. Why this for you? How the heck did you get involved in this? Yeah. So I, you know, well, thanks for asking. How did I get involved in this? Well, I graduated with student loan debt myself and I'm like, you're still paying it. And I didn't grow up with a lot of housing security, you know, like my mom was always renting. She didn't have a college education. She worked a lot of manual labor jobs and her fingers literally told her fingers crippled, but the point that I'm saying this is because I remember my grandfather was a real estate agent and he gave back all the money he made to help my mom get this house. And it wasn't until almost high school where I'm like, oh, my God, I get my first room for the first time. But that, that feeling of home ownership is just so great to me. And I came out with sumo debt myself and I was renting an apartment downtown. So at the time, and my mom's like, why don't you buy this house? It's literally a seven minute drive away from downtown. And it would literally one third your monthly costs like in terms of your monthly payment by this house. So I never went to Zillow or anything. I literally went to this house. My mom saw him for for closure. I went into it. And I'm like, okay, where do I start the process? And I had a couple lenders turn me down because I was a 1099 worker at the time until I met one lender who said, well, can you convince your employer to turn you into a W2 and we can help you? So I did that and I ended up closing that house about five months later because it was a short sale. And literally, I airbeat and beat a couple of those rooms and like say for down payment to another house that I converted to a duplex. And I did that over three times and literally started accumulating all these assets in my 20s. And when I graduated from MBA and accumulated more student loan debt, I was like, I don't have to go work in strategy consulting. I have this financial freedom to do the work. I truly love because I had asset bill in my 20s. And I had literally try to pedal all these programs. Government programs try to figure out how I can close on my first house, which was quite difficult. And then move into how to now become like really a real estate investor, right? All in my 20s. And it really changed the trajectory of my financial freedom and my life. And I think as a millennial, I have so much to share with my peers and so much I can bring into the lending industry, right? So beyond that, yeah, so that's a personal story, but I got sent to the Hill and started doing all this policy work. And I just saw and I said, if we can just start there and do this right, we can make a huge difference. So I did a few $100 million of student loan counseling and built out loan sense. So yeah, that's how we got here. Wow, great story. By the way, very personal as well. Thank you. Did you say you did a few $100 million of loan consulting? You $100 million of student loan advising on spreadsheets because I wanted the best advisory product that exists in the marketplace to answer people's most pressing question. And I can't do that without actually counseling people, right? I should call it counseling advising because I know counseling is reserved for a very special kind of counseling. So advising people and then I built that into a software. Wow, how long have I done? I got an engineer. Yeah, sure, right? Stay in your lane. How long have you had loan sense? How long has it been operable? I started it while I was getting my MBA in 2018, but I didn't really full time start working on it until 2019. So we're fairly new to the market, but we're new, but powerful, I would like to say. So yeah, and then the pandemic hit and it really made us think about where we're going to focus our time and energy. And we just realized so many of the questions and concerns once two loans got went into pause, right? Came into how do I get out of pausing my loans because it negatively impacts the calculation for conventional lending. And so we kind of fell into the niche between student loans and home ownership. Right, right. Well, there's definitely a need for it. And so if anybody's listening and you're thinking, Hey, man, I have some people who would be great for that that you've recently had to turn down because of DTIs or even or it's like, let's look at for those that may not be trying to buy a house, but also want to reduce their, you know, spend on their student loans. What the heck? You know, because the phrase, well, the phrase and by the way, I'm curious if you have any reaction to some of the some of the talk you've seen thrown around with the latest administration about forgiving student loan debt. You have any reaction to that? Oh, my reaction is, I think it's great. Like people say it, but isn't your business predicated on people not getting their debt forgiven? I'm like, no, my business is predicated on people getting their net forgiven. Because here's the thing, I want what's best for the end person, like I don't exist as a business to perpetuate a problem. I exist as a business to help solve a problem, you know? And so if the problem can get solved, I will survive because I will go iterate and do the next best thing for that person, right? And so like the government's going to require a bunch of paperwork to be filled out to do anything anyways. And that's where we come in, you know, we can help with that process. And my belief on that is I don't think that that maybe I'm wrong. Who am I? Just some random guy sitting in his mom's basement. You don't think that's going to happen? No, I don't I mean, I don't think the government's going to forgive all student loan debt. No, I don't I don't think all. I think there might be like kind of like what President Obama did. He tried to he created more the more generous forgiveness programs we have now, but it's not immediate forgiveness. It's forgiveness over a certain amount of time. I mean, I had a think tank in DC reach out to me and they're trying to support more young people going into entrepreneurship. So they propose a debt equity swap where the government says, we'll forgive your student loans. You don't need to make a payment, but any money you make as an entrepreneur over the next 10 years, we make 1% of. So if you exit a billion dollar company, the government gets 1% of your billion dollar company, right? Not saying that everybody would do that, but it's a way to the government. It's like a debt equity swap. The government gets some of the wins if they forgave your debt burden, right? So they're trying to propose all kinds of like innovative ways for taxpayers to not feel like, oh, we just have to write it off, but there are some ways that we could use private market economics that venture capitalists use to benefit taxpayers as well. You know, we say don't take on this huge debt burden, but if you win, we should win too, right? Because we forget that debt. And so there's all kinds of super innovative like financing that I really want to be a part of helping think about because I think from a policy perspective, even with Freddie Fanny, FHA, if anybody's listening on leadership of FHA, I would love to give my insight, you know, because I think there's so much FHA can do to help first-time home buyers with student debt. So I think there's a lot of innovative solutions that doesn't require the government to just write it off. The problem with their government is they don't have enough financially minded people making policy, right? We just have this like, forgive it or pay it. Like, there is something we can work out that's like in between that, right? That still lets people benefit from getting an education without financing every penny of it as a government, you know? Exactly, exactly. Yeah, very creative idea there. Okay, so for the lenders listening, what should their what should their next steps be if they're interested? Well, they should, the contact information you leave in your podcast notes, they should definitely contact. Well, let's do this. We've set up a couple of special things for you guys. If you want to learn more, you can go to MyLonesense.com forward slash mortgage radio, right? And so that's the first step. Learn more, get educated, have a conversation with Catalina and her team, but if you got somebody you think this is right for, that'd be the first place they go and you take them from there. Yep, yep, yep, yeah, awesome. So, is there any other way people listening if you'd want them to connect with you besides MyLonesense.com forward slash mortgage market radio like on the socials anywhere? Sure, you could. I can give you a few social tags because they're all called different. So I can leave, I can leave it, but yeah, please, the number one I'd like to do is shout out for YouTube because I want to pick up, because YouTube is great. If we share videos around this content and you subscribe to us on YouTube, you'll automatically get it. Yeah, that's what I'd recommend is the fastest way to get info from us. Otherwise, you'll join an email list, but who likes to read emails nowadays? Nobody. Well, so you just gave me another idea. I thought is that for anybody who's content producers out there, you always like struggling with what do I post? So whether it's a video or something else, a video would be great for this. If you, you know, took what you heard on this podcast, you go to the MyLonesense page, you know, the links in the show notes. That's a piece of content for you. Hey, do you happen to have student loan debts? Has that kept you from qualifying to buy a house? I might have a solution for you, right? It's called MyLonesense. Yeah, but also if you can't, yeah, but also if you contact us, and get old demo and talk to my team, you'll automatically get put into an email list where we send weekly updates with the information you can be sharing, you know? So if that's like, you want content ideas like we can help you create content ideas every week because we're doing it anyways. So just hopped into your newsletter or whatever. Yeah, we'll opt into MyLonesense.com and ask, um, mortgage radio. And yes, federal demo that countably will automatically kick you into our newsletter list. Yeah, awesome. Fantastic. Well, listen, um, I know you're incredibly busy. I want to acknowledge you for the great work you're doing. It's well needed. It's definitely coming from a servant heart. Um, so I love that and appreciate you sharing your story with everybody. Yeah. Thank you for having me. You bet. Everybody listening. You know what to do. You can go to MyLonesense.com for slash mortgage radio. Check out more. We appreciate you tuning in and we'll see you on the next one. Bye for now. Hey guys, what's up real quick? You've heard about the mortgage marketing pro membership before and you just want to quickly remind you if that you're in a place in your business where you simply need more purchased loans. You need to fill your pipeline with purchase business. Let's just face it, agents are still a solid pillar of business and sources of purchase business for you. Well, good news. 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