There’s a moment most mornings, when it’s just me, a cup of coffee that’s already going cold, and a screen full of loans, emails, and conversations that need to be turned into something coherent before the rest of the industry wakes up. It’s not glamorous. No one is posting about it. But that hour tells you almost everything you need to know about this market. The people still doing the work, still refining their process, still picking up the phone when it would be easier not to, are the same...