Will eliminating property taxes make Florida more affordable?

HousingWire

On today’s episode, Editor in Chief Sarah Wheeler talks with Orlando Diaz, president of the Florida Association of Mortgage Professionals, about how FAMP is fighting to make Florida more affordable, including their support of a property tax amendment and a change to FHFA condo rules.   Related to this episode:   The fight to make Florida more affordable  https://www.housingwire.com/articles/the-fight-to-make-florida-more-affordable/  HousingWire | YouTube⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠  https://www.youtube.com/channel/UCXDD_3y3LvU60vac7eki-6Q  HousingWire AI Summit – August 11  https://events.housingwire.com/AI-summit-2026?utm_source=housingwire&utm_medium=website&utm_campaign=hwd_podcast_0728  HousingWire Mortgage Banking Summit – October 1  https://events.housingwire.com/mortgage-banking-summit-2026?utm_source=housingwire&utm_medium=website&utm_campaign=hwd_podcast_0727  More info about HousingWire  https://lnk.bio/housingwire   Want more from Sarah? Don’t forget to subscribe!  https://www.housingwire.com/subscribe/   The HousingWire Daily podcast brings the full picture of the most compelling stories in the housing market reported across HousingWire. Each morning, listen to editor in chief Sarah Wheeler talk to leading industry voices and get a deeper look behind the scenes of the top mortgage and real estate.

Transcript

00:08Welcome, everyone. My guest today is Orlando Diaz, President of the Florida Association

00:13of Mortgage Professionals, or FAMP, to talk about how they are fighting to make Florida

00:18more affordable. Orlando, welcome to the podcast.

00:22Thank you for having me, Sarah. I appreciate being here.

00:24No, I appreciate you. You know, you and I got to talk last year before I went to the

00:29Florida Association of Mortgage Professionals event last year. I'm headed there again,

00:34right, along with Logan Motoshami. He's going to be one of your speakers. So it was really fun to

00:40catch up with you a year later and see what your priorities were when it comes to Florida,

00:46because we know, like, you know, we have some affordability challenges, even though some of

00:50those have gotten better. So really wanted to dig in with that with you today about those same things,

00:55maybe set the stage for where Florida is affordability wise.

00:59Well, as I think that it's not only happening in Florida, but it's essential, the accent is on

01:07Florida. Affordability is number one priority. It's a word that's been thrown around by a lot of

01:14politicians. Because obviously, you know, we have what seems like two classes we have, especially here

01:22in Miami, where you see a very evident, you have a lot of folks in the upper, upper class, upper

01:29middle

01:29class to high, high end, that keep moving down to Florida for XYZ reason. But then you also have,

01:37you know, main street that is that is suffering, is suffering because not only going to the shopping,

01:46going shopping for groceries today is what they used to spend $100 on, they can get very little. I

01:54always say that, that in my especially in Miami, it's like $100 tax just to leave the house.

02:00It's just super expensive over here. Not everybody can afford it. And it's causing

02:05gentrification in a lot of areas, especially in old areas in South Florida, like Coconut Grove,

02:13which used to have very diverse, you know, population. Now it's, it's basically every small little house

02:22is being converted into a larger home and, and, you know, obviously taxes as well. It's just overall

02:31becoming a, a not affordable in many areas. And Miami really highlights that area, but it's happening

02:38statewide. Now, there are some counties that are, that are benefiting from it in the sense that there's

02:45folks who cannot maintain a lifestyle, live properly as they would here in Miami, they're moving

02:51to smaller counties as well. They're moving to cities like Port St. Lucie, even Ocala, places in the West

02:59Coast that are, that are, I guess, more affordable. But yeah, we, we have issues on all, on all fronts

03:06and house, housing prices, insurance. So that's kind of a little better taxes, which is a big focus on

03:14what's going on here. I think, uh, what's happening in, in, uh, in Florida is very unique. Um, and, uh,

03:21you know, the, the, the insurance, the insurance and taxes, as I had mentioned in the article,

03:26is really the only things that we can actually legislate. Um, and, and it's a big portion of

03:31our priority for the Florida Association of Mortgage Professionals. Absolutely. You know,

03:35we've been reporting on, you know, the fact that you still have, Florida still has this

03:39really big in migration from other States. Um, so New York in particular, they go to either Texas

03:45or Florida. They're the number two, um, are the, are the two biggest markets they're going to.

03:49And Florida is still getting that share on the one hand. That's great. Right. Because I feel like for a

03:53while, the Florida narrative or the Florida housing narrative was kind of like, Oh, you know, it's, um,

03:59got hurricanes. It's too expensive on all these different things. And, uh, at some point,

04:03those things are going to affect the inflow. And it has, but like, you're still one of the most

04:09popular destinations. And with that comes rising home prices. Absolutely. And, um, and you know,

04:17I was in a previous meeting where we were talking about whether property taxes is going to get more

04:24people to come down. I mean, they put some parameters in place. So, so it, it, um, it's not

04:29this crazy migration, but there's going to be more people that are, when you cope, no property taxes,

04:35or at least for anybody who comes down, I think there'll be like a five-year window before they

04:38actually see any reduction in their property taxes. But when you cope that with no income tax,

04:44uh, business friendly state, there's, I mean, especially what's happening in other states,

04:49uh, this is, this is the place to be. And, um, you know, there's a very prominent story in,

04:56in, uh, in New York and what's happening over there, um, where a lot of New Yorkers used to come

05:01down to Florida just, you know, to avoid the winters, but now they're staying year round. Um,

05:06and, you know, today it's not as, as before where you had to have, uh, everyone in your physical

05:13office or you had to have all your meetings in one office. It's easier today to, to live in Florida

05:19and still be able to operate your businesses, you know, not only in New York, but, you know,

05:23international businesses as well. And then internationally we still have, that has never

05:29really ended. Um, my, my father used to say that whenever the, the U S, uh, sneezes, the rest of

05:40the world gets a flu. And, um, and, uh, so whenever there's turmoil, political turmoil in, uh, in

05:49areas, first place to come to is, especially if they're Spanish speaking, which is basically a good

05:54portion of central South America and the Caribbean, they're going to come over here. And, uh, so that

06:00has never stopped when you cope that with the migration of New York and California, uh, which

06:06are not business friendly States. And they come over here and see how we operate. This is, and year

06:12round, uh, weather. It's a, it's a, it's a no brainer for, for, uh, many of the migrants coming

06:19from Oklahoma. Well, let's talk about the, the property tax situation because, um, you guys were

06:24pretty famously a couple of years ago, the state that, um, that talked about that. And now there's

06:29a constitutional amendment that will be on the ballot in November that your organization FAMP is,

06:35um, supporting. So tell us what some of the parameters of that, um, constitutional amendment

06:40would be. Well, I mean, it's easier. It was a struggle and I had my doubts whether this would even

06:46pass the house in the Senate. Um, because the main problem was how do you take care of the smaller

06:56counties that make up to 90% of their revenue through property taxes? How do you, how do you

07:03take care of them? I mean, Miami-Dade and Broward and Tampa, um, Orlando, they're going to be fine

07:09because it's a smaller portion of it. I mean, they're going to take a hit. No, no, we're all going

07:13to take a hit in that. Um, but how do you handle the smaller counties? And there are, um, no

07:20pieces

07:20in place to be able to take, take care of the smaller counties. I like how the plan ended up,

07:25um, at, in the end. Now it's, it still has to be a 60% vote in order for it

07:33to pass. Now we had a

07:36similar bill, um, the marijuana, uh, bill to legalize marijuana in Florida also needed a 60% vote in

07:44order to, to pass. And it did not pass. I think they had 57, 58%. Uh, so it's not a,

07:49uh, it's not

07:50a no brainer, especially now what's going to happen is you're still going to start seeing, uh, well,

07:56you're starting to see already the lawsuits, um, that are coming out. And then you're also going to

08:01see all the advertisement against it saying that, you know, it could be that police are not going to

08:06show up on time to your house that, uh, you know, and all those, the, the services that we need

08:12and

08:13depend on are going to be cut. And in actuality, that's not what really happens. What ends up

08:19happening is unfortunately, what ends up happening is social services. A lot of those areas end up

08:24getting cut first. And then you can question whether depending on what side of the political

08:29scale you are, whether how much of the government should be involved in, in, in those, uh, services.

08:35So, you know, we're, we're going to see a battle. This is not going to be a gimme. Uh, we're

08:41going

08:41to see a battle to see, uh, we support it because we have a huge affordability crisis, which we

08:46mentioned, uh, earlier. And, uh, and you know, it's gotten to the point where, and I, and I did based

08:54on our last conversation, I mentioned that, you know, I'm, I'm a prime example of my mortgage

08:59right now is, is, and my, you know, you have principal and interest and you have your taxes

09:06insurance. The, they are equal right now in how much am I, so I pay the same amount as

09:11I paid for principal and interest than I do for taxes and insurance. And that wasn't the

09:15case before. And, um, you know, where I really see it hurting, um, and I wish that there was

09:23a caveat for that, uh, for people who are 65 and older, um, the elderly that are on fixed

09:29income, social security income, when you raise their taxes year in, year out, they get priced

09:35out. They can't afford it. And, uh, you know, I had to take over, um, you know, helping out

09:41my mom and, and, and, and luckily she has a support system with my brother and sister.

09:46Um, so we're able to take care of it, but that's not the case for everyone. And, and you have

09:50to

09:51have somewhat of a bleeding heart for that. And, and, you know, it's happening in the condo

09:56situation as well, which we spoke about. You, you have a lot of people that retire in Florida

10:01and, uh, and by the way, Florida is no longer just a retirement place, but, but, um, but there's

10:06still a lot of retirees down here. And, uh, when you go up 10 bucks, even that affects them.

10:13That's $10 that they cannot use at the grocery store. That's $10 they cannot put in for their

10:18gas. So, um, I do believe that property taxes is going to help with affordability. Now, the

10:28question is, what are the unintended consequences of, of that? Is it going to be a larger migration,

10:35uh, down here? Is it going to be that house property values go up to the point where you're

10:42covering that difference where you thought you were saving? Now you're really, um, covering

10:46it in, in, in prices going up is the fact that the housing price isn't going up, going

10:50to price more people out. And then, um, you know, I, I watch all these financial rules

10:54and say, Oh, you know, if you could rent or sometimes it's better than renting than, than,

10:59than buying the rents are based on what the landlord bought the property for. So the chances

11:05are that the rents are going to be higher. And it just another quick, uh, personal anecdote,

11:12you know, I have a property that I own. That's a small little condo and the condo rent is higher

11:19than my mortgage. And, uh, it's, it's just, it's not affordable. And, uh, it's just, it's

11:26gotten to that point where, um, the legislature had to do something and going after the property

11:33taxes, I think, um, you know, was good. There may be some, like I said, unintended consequences

11:39that may come out of it, but I do believe that it's the right move. Uh, and especially, you

11:45know, we like to be different in Florida. Uh, we like to make, we like the fact that we

11:51are a business friendly state. We like the fact that we were the first state to really come

11:57out of COVID. Uh, we like those, uh, those things about us. We like the fact that we have year

12:03round weather. We like the fact that we live where people vacation. So, um, you know, that's one of

12:09the major reasons why, I mean, it was heavily debated, uh, within our association because of

12:15these potential, um, consequences of, of taxes. But at the end of the day, affordability is the

12:22biggest issue we have, and this will help with affordability and it will help from people

12:27having to sell their house and moving that to, to another state. I mean, or, or moving to another

12:32city that, that uproots families that are uproots, um, you know, uh, kids that go to school and have

12:39to gut start somewhere else. I mean, it is a serious problem and I, and I, I see it in

12:44traveling

12:45throughout the state. I see it differently in different, in different cities. Um, especially

12:50the smaller ones are, are, are, are taking a hit. And, and I think that they will, um, based

12:56on the new plan put in place, uh, will benefit from this, but all local governments, all counties

13:03are going to have to look at their budgets and they're going to have to make some strong cuts.

13:06Um, and, uh, and if, you know, the, the, the people will revolt if they start taking them out of,

13:14you know, uh, police and, and, uh, and fire and, and those things that are needed, they need to come

13:20out with some areas that I believe there's no doubt that, that, that we overspend, you know,

13:25we have a great CFO blazing gold here and he, um, he did a doge effort in, in, uh, into

13:32most of the

13:32counties. I mean, that's controversial. Some people like it, some people don't, but they, they came in

13:37and basically said, all the major counties are overspending or spending money on, on things that

13:42we shouldn't be spending on. So there's room to cut without cutting, uh, vital services.

13:48So some of the, um, some of the specifics on that amendment, it would raise the homestead

13:53exemption from 50,000 to 150,000 in 2027, and then to 250,000 in 2028. It would also wipe

14:02out

14:02non-school property taxes for roughly 60% of Florida homestead owners. Um, and the amendment directs

14:09the legislator legislature to eliminate the tax altogether, but they have to do that, you know,

14:15through the law. Um, and then I thought, I think it's interesting that they put in that five-year

14:21requirement. Tell us a little bit about that. Well, I think that that was a smart move, um, because,

14:28you know, if you, county's got to adjust and you're giving them time to adjust because if, if all of

14:38a

14:38sudden tomorrow, next budget year, no property taxes coming in, you still have commitments that

14:44you've made as, as a, as a county that you may not be able to meet. And that's really going

14:48to cause

14:49it. So I think that the tiered approach is, is sensible. Um, and it will give time for the

14:56legislators on the local level, commissioners and, and, uh, and to, to be able to have time and say,

15:02okay, you know what, next year, we expect our budget to be cut by X amount. You know,

15:06we can make adjustments accordingly instead of having one big swoop. And, uh, so we're,

15:12we're, we're all in favor of the five-year, um, approach. I think that this was done sensible.

15:17Also, it, um, when you think about it, it, uh, mitigates what you said, like you won't have this

15:22huge migration of people coming in because they're going to have to have residency for five years,

15:26correct? Yeah, absolutely. And that was a big, uh, big issue because we wouldn't want to come over

15:32here. You know, no income tax and, and, and at the same time, no property taxes. Why wouldn't you

15:37want to come here? Um, but at, at doing this way and, and, uh, DeSantis was very clear about this.

15:44Governor DeSantis was very clear that he wanted this to be tiered. And, and he also wanted, he was

15:50trying to avoid that large migration, especially with the situation that's happening in, in, in New York,

15:57where, where I, I joke that, uh, that, you know, he's been, that Mayor Mandami has been called the,

16:04uh, realtor of the year in Florida. Um, you know, he's had a lot of people that have come over

16:09here,

16:10uh, for that. And he's lost a lot of base and I'm not at any means trying to get political,

16:16but facts are facts that, that has had a major effect on us. And, and, uh, and a lot of

16:21New Yorkers

16:22continue, continue to, to, to come down and, and now, um, something that, that he said while he

16:29was campaigning and he's putting through was rent controls. And, uh, that's going to cause a lot

16:34of landlords to, to potentially not buy more and, you know, bring their money down to, to Florida.

16:40So the losses are, are, are gained. And again, not trying to get political about, about the situation,

16:46but we're seeing the net effect of, of his policies here in Florida.

16:50So when, when I talked to you last year, FAMP was really focused on, uh, Fannie and Freddie condo

16:56changes and you, you guys did great work on that. You worked with other, um, housing associations,

17:02but that turned out a little bit different than you thought. Maybe walk us through that,

17:06what you're trying to see change in, in those condo changes from, from FHFA.

17:12Yeah. And just to wrap it up, I'm glad you brought that up, uh, to, to put it in, um,

17:18um, simply, you know, we were pushing, uh, at the time there was, um, Florida was the only state

17:25that had to put a larger down payment for what they call the limited review process, uh, to buy

17:31a condo. The rest of the country was at 10%. So you go from three or 5% down, that's

17:36called the full

17:37review, uh, to 10%, which is called the limited review. Um, and it was great. It worked, it worked

17:44great, but in Florida, it was 25%. So we were singled out as a state and, uh, we decided to

17:50make this, uh, not our singular issue, but our most important issue. We just thought it was fair.

17:55And then because of the issue of affordability, we felt that this would, uh, would help if we were

18:01just put in line with the rest of, we didn't want any more than the rest of the states were

18:04getting.

18:05So we wanted to move up to 10% from 25%. And that would really, really help out with some

18:10affordability. But, um, you know, we put on a, uh, you know, full press, uh, on it. We had a

18:18champion

18:19in, in, uh, in Congressman Donald's who, uh, we had a chance to flew to DC. We spoke to him,

18:25we explained the issue and he was like, what? We had no idea. A lot of people don't know that,

18:31that this is, this is the case. So he got on it and true to his word, uh, he went

18:36and, uh, and,

18:37and lobbied for this and it caused, uh, we did enough noise that it caused the FHFA to, to make

18:45a decision. Now we got word that that decision was coming and we were all excited. We knew that

18:51something was, we didn't know exactly what was going to come, but we knew that something was going to

18:55come. And, uh, so when that, uh, when finally the, the, the mortgagee letter came out, it basically

19:03said that it was wiping out, uh, the whole limited review process. Yeah. They put some caveats in

19:11there, some, some, some things that do help out the market, uh, with insurance and, and, uh, and, uh,

19:17a few, a few items that they added in there that really, uh, it was like consolation prizes that they

19:24put into, into the, into the bill and to, into, uh, uh, with full review and got rid of limited

19:29review.

19:30So we were shocked, uh, to say the least, it took me a couple of days to digest what went

19:37down.

19:38Um, and so basically the FHFA felt that it was better to get rid of limited review altogether

19:49than make Florida in line with the rest of the state. So it was exactly what we did not expect.

19:57I mean, we were, we spent a lot of time on this and when we, when we got that word,

20:02it was

20:03demoralizing, uh, to say the least. And, and, and, uh, it, you know, they added on top of getting rid

20:09of

20:09limited review, they wanted to change. They're going to change. Uh, they announced a change from the

20:15reserve requirements for condominiums from 10 to 15%. Now, just to backtrack a little bit,

20:23I mean, we spent a good portion of two years after the Champlain towers, after they came down,

20:29they put some, some pretty draconian, um, and let me not say draconian, let me, let me say that they

20:35were tough, um, guidelines in place, uh, for, for condominiums, no more reserve, no more deferring

20:43maintenance, uh, issue, which totally agree with that, but they made it, uh, very, they wanted

20:51everything done right away. So it caused a lot of assessments and again, fixed income people.

20:56That's what I'm focusing on. A lot of fixed income people could not, could not afford that. So we worked

21:00our way through all of that, the two condo laws that, that, that passed. So we made it so that

21:05they do have either a reserve study or reserve requirements on there. So we started making the

21:11condos overall healthier, um, in, in, in the state of Florida. So another reason why we should have just

21:17gone, uh, to, to 10%, but when, when, um, when they passed this, um, when we got all, a lot

21:26of these

21:26associations to get to 10% reserves, now they're switching it on us and making it 15 on, and that's,

21:34that's already starting next year. So that is, we just barely got some of these condos to get to 10

21:40%

21:40and, and for them to reserve another 5%, where's that going to come from? It's going to come from

21:46associate assessments or raising HOAs. So, uh, affordability there is, is, uh, is, this is an

21:54anti-affordability move. And, uh, and so it's, it's, it's really gonna hurt. So right now, you know,

22:00one, we're trying to spread the word that this is happening. And two, we're, we're trying to really

22:04put a pause on this to, to, to give us time to legislate properly and, and to really put a

22:11point

22:11across, which is, which is, this is, this, or at a time when affordability is an issue, this is going

22:18to make things worse. And, uh, and, and we're, we're, we're already seeing some of that because

22:24even we already saw that in some of these condos that had to go to reserve for the first time

22:30ever,

22:3010%. And, and, and the unintended consequences of that is come January, if you're building,

22:37you have a new budget and your budget does not have 15%, you cannot refinance at, for a Fannie Mae

22:45or Freddie Mac loan. So if you want to refi rates go down, you want to refi, you're not going

22:50to be

22:50able to, you're going to have to go to a private, the private capital market or the non-QM market

22:54in

22:55order to be able to get a loan, which is going to be costlier and a higher rate. So I,

23:00you know,

23:00the fact that they want to push this through, uh, so fast is just not really thinking about mainstream.

23:06It's not thinking how that's going to affect, uh, people with fixed income living accounts.

23:10Condos is the lowest point of entry in real estate. And, uh, and, uh, and now you're going to go

23:16ahead and raise, uh, assessments and raise HOA. FHA is not personally doing that, but their acts are

23:22going to cause that to happen. So, um, you know, right now we are, you know, working with, uh, NAM,

23:29uh, National Association of Mortgage Brokers in order to, uh, and we're also with our contacts in,

23:36Congress in order to, to put a halt on us and, uh, and give us some time to, to really

23:41let us

23:41legislate and talk to the proper people in order for them to realize the effects that this is going

23:47to have, especially in Florida. I mean, I, I, I'm assuming that this is going to hurt, um,

23:53the rest of, uh, of the country, but, uh, but you know, as president of FAMP, my singular focus is,

23:59is Florida and it's going to affect Florida, uh, immensely, especially down here in South Florida.

24:06You know, one of the things that struck me when, um, I did the interview for the article was

24:11just seeing how you're working with other housing groups, the mortgage brokers, the, uh, realtors,

24:17uh, both the, at the state level and the national level. Um, and, and that's why you guys did,

24:22you know, such good work on getting the changes, uh, the condo changes that you worked so hard.

24:27I, it just turned out maybe a little bit different right there at the last moment, but

24:30I do think that that is the way forward is that, you know, because housing is such a huge part

24:36of, of everyone's lives. Right. And we know that this administration cares about housing,

24:41um, talks about housing a lot more than, um, than we've heard other administrations. So

24:45it will be really interesting. Orlando, we're almost out of time,

24:48but I'm looking forward to the FAMP trade show next week.

24:51I'm really excited about that. Uh, this is actually my, my exit as, as, uh, as president.

24:58Um, you know, we spend our year planning for this event. Uh, it is, uh, August 5th through 7th

25:03and JW Marion in Orlando, Florida. It's a three day event where we have, uh, speakers like

25:11Housing Wires, Logan Motoshami, who is, who is, uh, you know, there are, uh, fans from all around,

25:19uh, the country that come in and see him. And he was a big coup for us to get. And,

25:23and I, and I had him now he's on our serving, uh, or speaking for our second year and he's

25:30a huge

25:31draw and, and, uh, he's very, very timely. And, and, uh, there's a lot of people that follow

25:35chart daddy and, and, and everything that, that, uh, that he represents. And so that's going to be big,

25:41but we also have an AI speaker, um, that's coming in and talking about what's the latest and greatest.

25:46Plus we talked, you know, obviously the, the non-QM that used to be a small part of a market

25:52brokers, uh, toolkit, and now it's become a larger player in, in, in the market, especially as,

25:59as, uh, uh, Fannie and Freddie seems to me like they're, they're really backing out of the condo

26:04business by some of these moves that they're making. The non-QM market really comes in and steps in

26:09on that. Um, so the non-QM market, plus it's really the socialization, uh, within the market

26:16of, uh, of how, you know, lifers like myself for 30 years get together, meet, you talk, you see each

26:23other two or three times a year. And some of these events that, that, that we put together, they all

26:28network, they all used to work together. And, and just, and not only that the loan officer that may have

26:34a

26:34loan that's having a hard time placing it, talks to other people and says, man, why don't you try

26:38this? Why don't you try that? And that camaraderie, um, that we foster at the trade show is, is, is,

26:46is, uh, is bar none. It is the largest, uh, mortgage trade show, uh, in the state of Florida. Some

26:52say

26:52in the country, uh, I like to say in the country, but I'm sure that California would have some say

26:58in

26:58that. Uh, but I, I think that it, that it's, that is a time for all of us to get

27:03together

27:04and talk about issues like affordability. We have our lobbyist that comes in and speak. We

27:08have the office of financial regulation that comes in, which we have a phenomenal relationship with.

27:12And, and this is, this is the time for us to celebrate our industry, because at the end of

27:18the day, what do we do? We put people into homes and I, and the American dream. And, and today,

27:23if the theme is FAM celebrates America 250 years. So, you know, we have some surprises in,

27:29in place, um, some fun stuff. The party that we throw at the, at the end on Thursday night is,

27:34is heavily attended. Uh, so we're really looking forward to, to really going out,

27:40especially my administration, uh, going out with the bank.

27:44Well, that sounds like a great time. Orlando, thanks for being on today and, and just

27:48updating us on all the things that you guys are prioritizing. I really appreciate it.

27:52Thank you, Sarah. And thank you, Housing Wire for giving us an avenue to speak and

27:55and giving us the podium to speak. Thank you.

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