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46 whether that's giving presentations or keeping clients informed of new issues coming down the pike. is podcast goes hand in hand with that, as we get to educate the listeners on some truly fascinating topics, while learning from the guests as well. at's a win-win for us. Kent and I are having a great time with the podcast, and we want to continue to grow the audience. We want to make sure that we provide guests, topics, and issues that are of interest to listeners. We invite everyone to reach out through social media or email us. Let us know things you would like to hear about. In addition to our guest interviews, we added a segment where we discuss hot legal topics within the industry- anything from a state-specific foreclosure bill that just passed in New York from a national court deci- sion dealing with the CFPB. If it is relevant to the industry, we want our listeners to know about it. e podcast is a fantastic way to provide vital information to our listeners as quickly as possible. McPhail: I agree with that completely, Steve. e podcast format provides such an easy and direct way to communicate information. It's wonderful to be able to provide up-to-the-minute updates to our listeners. Steve and I can record an episode in the morning and have it up by the afternoon so that our listeners never miss an important development within the industry. WOULD PEOPLE OUTSIDE THE INDUSTRY, SUCH AS POTENTIAL HOMEBUYERS, FIND USEFUL INFORMATION IN THE PODCAST TOO? Hladik: I think, particularly from the eco- nomic side, some of what we talk about is very industry-specific, which can come with a lot of industry nomenclature. However, we strive to be conscious of that and explain things as clear- ly as possible, using terms that are accessible to any listener. In addition to providing informa- tion that we think will benefit industry insiders, we endeavor to also give a 20,000-foot view, and be mindful of what concerns homeowners and potential homebuyers might have. I would encourage anyone to give the podcast a listen. We've been fortunate enough to talk to some amazing people and I'm wowed by their level of competence and intelligence. And as for the podcast itself, I think that we're getting expo- nentially better as we go. McPhail: Again, I agree, Steve. While the podcast is directed at the default industry, indi- vidual consumers and potential homebuyers will find extensive information that could assist them with their immediate and long-term financial planning. I would again reference the episode with Rick Sharga. While we are all "reading tea leaves," trying to figure out what happens next, Rick spoke at length about expectations for the economy as a whole and about the industry spe- cifically. is sort of micro and macro-economic information is extremely valuable to industry professionals and non-industry consumers. CHANGING TOPICS, HOW IS YOUR INVOLVEMENT WITH THE LEGAL LEAGUE BENEFITING YOUR ORGANIZATIONS? Hladik: We have been a member of Legal League for a number of years now, and we've truly benefited from and enjoyed our membership. For me, it's not just the live interactions at the conferences, but again, I enjoy the educational component. e webinars we have been putting on are becoming hugely successful with both servicers and clients. Our quarterly publications, which contain all the latest information on new case law and regulations, also give firms a place where they can promote their achievements from the past year. We get top-level speakers from within the industry and the government who provide educational benefits to servicers and clients. As a Legal League member, you also get exposure on the internet. So that's a long answer to your short question! ere are numerous benefits to membership and we plan to continue setting the bar very high. We want to be the best trade industry organization for law firms within the default servicing industry, and what we want to do is grow and be a leader in this industry. We want quality membership. We want everyone to be involved. We want to have as many law firms involved in participating as possible at our events. We want to be able to have the best educational opportunities for servicing clients and members. We've even started a certification process where employees can come in and receive education taught by members, and receive an industry certifi- cation. So, a lot is going on with the League and we intend to grow it even further. McPhail: I think Steve hit it out of the park with that assessment. From my standpoint, it was a great opportunity to get further plugged into meeting great people within the industry. I would not know Stephen Hladik but for my involvement with Legal League, and making those professional connections is where I see the greatest value for me and my firm. AS ATTORNEYS, WHAT MAJOR CHANGES DO YOU SEE HAPPENING WITHIN THE INDUSTRY, YOUR ORGANIZATIONS, AND THE ECONOMY? Hladik: at's a complex question. Every- body in the industry, including my law firm, is trying to predict what is going to happen in the future. With COVID, there was extensive reg- ulatory involvement, and from that involvement we saw very positive loss mitigation programs that saved a lot of people from going into foreclosure. It was absolutely the right thing to do. e government took good, aggressive steps to keep people in their homes. But change is a constant, and rising interest rates and inflation will create wholly separate economic issues that are going to impact 2023 and beyond. McPhail: With regard to the industry and the economy, what everyone is trying to figure out- including my firm and Steve's firm- is what the aftermath from COVID and the current economic upheaval are going to look like. You've got interest rates going up, at the same time, inflation continues to climb and you're starting to see some property values slipping in certain markets. Prior to and during COVID, home values were climbing, which provided homeown- ers with record amounts of equity in their homes. ese factors made loss mitigation opportunities far easier for servicers and regulators to craft, and far easier for homeowners to obtain. Now, with rates rising and values slipping, loss mitigation is becoming a much more difficult path. How do you modify a loan to assist a homeowner where the rate is a fixed 3%, but current rates are hovering around 6%? It's just difficult to make that math work. Honestly, from my perspective, I don't believe there's been a point in the history of this country where we've had a convergence of factors like the ones that currently face us. With regard to my firm and how we've faced these unprecedented factors, our goal throughout COVID, and now in the current slow market, was and remains to be a stronger firm coming out than we were going in. We implemented Legal Industry Update