Phil Grossfield's Blog

My Schedule…and a little extra:   I’m a self-proclaimed geek.  Not the tape between the eye-glasses with a pocket holder geek…but the kind of geek that loves a good excel spreadsheet and finds pleasure in re-installing a hard drive or operating system.  As such, I’m a big fan of The Big Bang Theory, the TV sitcom about a band of super-intelligent scientific geeks and one pretty girl.  The Producer of the show, Chuck Lorre, writes vanity cards that show up at the end of each episode just before the credits…some are political, many are whimsical, and I find most of them to be hilarious.  For example, Vanity Card #255, or Vanity Card #378 or one of my favorites Vanity Card #382 (soon to be published).   |   Click here to read my Cystic Fibrosis post and click here to read my wife’s post and charitable contribution request.   Mystery Lyric:  My room looks out to the wide open spaces, My heart is touched by awakening faces — I see the panic of people in motion, I can stand here, look out on an ocean — I am a wall awaiting a catchword, I see the city laid out like a patchwork — Alone I am free from hatred and blindness, I hope that this life is frozen and timeless — My man is here, we grow old by inches, Tomorrow I’ll walk among heroes and princes — I feed the boys, I hear secrets whispered, I know the hearts that are battered and blistered — I am secure, In this world of apartheid — This is my cell, but it’s connected to starlight — Answer.   My Market Watch:  Nothing really going on today…it’s month-end and I’d be surprised to see any huge movements…. Disclaimer.   My Schedule:  I am home all day and done at 3p to prepare for a weekend trip to Palm Springs….

Pricing Engine (password required)     Rate Sheet for Today     InterBank Product Matrix

IT IS VERY LIKELY YOU CAN GET AN EXCEPTION if InterBank has an overlay permitted by Fannie Mae, and, I can usually get you an answer the same day.  The key is to get a DU Approve/Eligible.  If you get it, email me right away….

Comparing Overlays to Fannie Mae Guidelines:

• InterBank’s Product Matrix compared to Fannie Mae’s Product Matrix
• InterBank’s Overlays compared to Fannie Mae Guidelines

Locking:   If you need to lock immediately and cannot wait for an answer to the exception request, then lock the loan using loan parameters as close to the actual scenario as possible.  Please be mindful that if the exception is not granted, you will have to cancel the lock which could ultimately affect your scorecard.  Therefore, you might want to discuss the request with me before you lock to see if I feel we have a good chance to get it.  However, we cannot protect the rate for you unless you lock the loan.  Let me know if you have any questions, okay?

• There is no flood fee, tax fee, etc.
• Appraisal Waivers accepted with $75 waiver fee
• Appraisal Fees may be reimbursed at closing.
• Processing Fees may be charged to the borrower on borrower-paid transactions.  For lender-paid transactions, outsourced contract processing (NMLS Licensed) is considered a 3rd-Party Fee and therefore may be covered by YSP overage/excess rebate.
• YSP overage (excess rebate) may be used towards 3rd-Party Fees, Contract Processing (NMLS licensed), Prepaid Interest, Property Taxes, Hazard, and max $500 towards principal reduction.

My Schedule…and a little extra:   Yesterday I wrote about my wife’s efforts to raise money for Cystic Fibrosis, an illness our neighbor friends deal with each day for their two children.  Click here to read my post and click here to read my wife’s post.   Mystery Lyric:  I remember when a we used to sit, In a government yard in Trenchtown — Observing the hypocrites as they would mingle with the good people we meet — Good friends we have, oh, good friends we’ve lost…Along the way — In this great future, you can’t forget your past, So dry your tears, I say — Answer.   My Market Watch:  Bonds came out strong this morning after a horrible auction on 5-year notes yesterday…rates are back to where they were at the beginning of the day yesterday.  There’s a lot going on so I’m going to really compress it into three things.  First, there is more trouble in Europe, specifically Greece and Spain – to traders this means the economy in Europe is weak – this bodes well for our rates.  Second, the Initial Jobless Claims report came out higher than expected meaning there were more claims of people without jobs – to traders this means the economy is weak – this bodes well for our rates.  Last, there is an auction this morning for 7-year notes and this is where the guessing comes into play since yesterday’s 5-year note auction was nasty…if this morning’s auction is like yesterday’s auction, you can expect rates to get worse.  Otherwise, it could be a nice rally….  Let me know if you have any questions, okay?   My Schedule:  I have one meeting at noon but otherwise behind my computer all day until 4p…then I’m out….

Pricing Engine (user ID & password required)  Rate Sheet for Today   Product Matrix

IT IS VERY LIKELY YOU CAN GET AN EXCEPTION if InterBank has an overlay permitted by Fannie Mae, and, I can usually get you an answer the same day.  The key is to get a DU Approve/Eligible.  If you get it, email me right away….

Comparing Overlays to Fannie Mae Guidelines:

• InterBank’s Product Matrix compared to Fannie Mae’s Product Matrix
• InterBank’s Overlays compared to Fannie Mae Guidelines

Locking:   If you need to lock immediately and cannot wait for an answer to the exception request, then lock the loan using loan parameters as close to the actual scenario as possible.  Please be mindful that if the exception is not granted, you will have to cancel the lock which could ultimately affect your scorecard.  Therefore, you might want to discuss the request with me before you lock to see if I feel we have a good chance to get it.  However, we cannot protect the rate for you unless you lock the loan.  Let me know if you have any questions, okay?

• There is no flood fee, tax fee, etc.
• Appraisal Waivers accepted with $75 waiver fee
• Appraisal Fees may be reimbursed at closing.
• Processing Fees may be charged to the borrower on borrower-paid transactions.  For lender-paid transactions, outsourced contract processing (NMLS Licensed) is considered a 3rd-Party Fee and therefore may be covered by YSP overage/excess rebate.
• YSP overage (excess rebate) may be used towards 3rd-Party Fees, Contract Processing (NMLS licensed), Prepaid Interest, Property Taxes, Hazard, and max $500 towards principal reduction.

IMPROVED RATES! 

My Schedule…and a little extra:   Dodgeball is a movie starring Ben Stiller and Vince Vaughn…it was on last night…it might be one of the dumbest movies ever.  But there’s a scene where Vaughn’s character is scared of being ashamed and he quits the team.  Enter Lance Armstrong who asks Vaughn, “what life-threatening illness is making you quit?”  My neighbor friends never think about quitting…they have two kids with Cystic Fibrosis…ages ten and six.  They have to swallow 35 pills and do a ton of other stuff just to get through each day.  My wife, the Travel Mama did a post on how my friends travel as a family and deal with CF…she also makes a plea to raise money for charity – click here to read her story.   Mystery Lyric:  Do you know what’s worth fighting for?  When it’s not worth dying for?  Does it take your breath away and you feel yourself suffocating?  Does the pain weigh out the pride?  And you look for a place to hide?
Did someone break your heart inside…you’re in ruins — Answer.   My Market Watch:  Sometimes after a good day in bonds and improved rates we see things correct the next day and go back down…not so today which is a good thing.  Rates are holding firm so far.   My Schedule:  I have one meeting at noon but otherwise behind my computer all day….

Pricing Engine (user ID & password required)  Rate Sheet for Today   Product Matrix

Our Lender Fee is only $699 “All-In”

• There is no flood fee, tax fee, etc.
• Appraisal Waivers accepted with $75 waiver fee
• Appraisal Fees may be reimbursed at closing.
• Processing Fees may be charged to the borrower on borrower-paid transactions.  For lender-paid transactions, outsourced contract processing (NMLS Licensed) is considered a 3rd-Party Fee and therefore may be covered by YSP overage/excess rebate.
• YSP overage (excess rebate) may be used towards 3rd-Party Fees, Contract Processing (NMLS licensed), Prepaid Interest, Property Taxes, Hazard, and max $500 towards principal reduction.

Procedures Updated:

• Quick Lock Instructions
• Detailed Lock Instructions
• Exceptions
• Register, Submit & Order Appraisal
• Appraisal Review Process
• Uploading Conditions
• Change in Circumstance
• Order Docs = Schedule Closing
• User IDs and Passwords

IMPROVED RATES! Read My Market Watch…. 

My Schedule…and a little extra:  It only took about 20 hours…I was determined to wipe my old laptop clean and start over by re-installing everything.  I tried to do a factory default re-install but it didn’t work (I really do not like Dell).  The good news is I’m completely done…the bad news is that I couldn’t figure it out on my own and I had to cough up $59 to Dell support to help me (I really do not like Dell).  They should not have charged me at all since their software didn’t work which should have been included in the original purchase.  But it’s done.  Did I mention that I do not like Dell?   

Mystery Lyric:  The more people talked about her, The more I had to see — I had to find out for myself, What could she do for me — Her lips were so inviting, Her hands soft to touch — After just one kiss, I knew I was out of luck — Answer.   

My Market Watch:  Ben Bernanke, the Fed Chairman who replaced Alan Greenspan, was speaking yesterday.  Traders listen to what he says and how he says it…they try and figure out where to invest their money based on the statements (I used to say that when Alan Greenspan showed up for a meeting, traders made decisions about the world economy based on the outfit he was wearing).  Anyway, Mr. Bernanke made comments regarding QE (Quantitative Easing).  In case you were wondering, QE is monetary policy central banks use to try and stimulate the economy.  In general, it means they buy assets from banks so the banks have more (quantitative) reserves to lend.  What’s interesting is bonds generally improve on comments about QE (which is good for rates), but bonds do not necessarily improve when the policy is actually made and implemented.  But for now, based on the comments about QE, I’m anticipating an improvement in rates.   

My Schedule: I have a conference call at 9:00a and one appointment this afternoon over the lunch hour.  I might be hard to reach until around 12:30 or so….

There is a new SPAM/virus out there that looks like an email from LinkedIn.   If you receive an invitation to LinkedIn network especially from someone you don’t know, look at the link inside the email. If  you  put your mouse over (DO NOT CLICK on the LINK) it will expose a link to a bogus website/URL.  Please always be careful and pay attention to the links that your click and files you open.

HARP 2.0 = DU REFI PLUS

Click here to find out if Fannie owns the Loan

Pricing

• Ø  Impounds are required…remember to select “YES” when using the Pricing Engine. 
• Ø  Adjustments are minimal…Adjustment Caps limit the amount of hits…it’s a beautiful thing, but always include escrows waiver, loan size, and extensions adjustments, and, Adjustments are cumulative.  Use the Pricing Engine for an exact price.

Guidelines

• Ø  LTV/CLTV:
  • ·       UNLIMITED LTV/CLTV for Owner-Occupied Properties Fixed-Rate
  • ·       NOO:  105% LTV – 110% CLTV
  • ·       ARMs:  105% LTV/CLTV, regardless of occupancy
• Ø  Minimum Credit Scores:
  • ·       660 Owner-Occupied
  • ·       680 Second Home & NOO
• Ø  Loans that currently require MI are not eligible
• Ø  Click here for abbreviated InterBank Guidelines – DU Refi Plus HARP 2.0
• Ø  Click here to find out if Fannie owns the Loan

Notes

• Ø  Appraisal Waivers accepted with $75 waiver fee
• Ø  Net Tangible Benefit required: 
  • ·       Reduced P&I, or ARM to Fixed, or Rate Reduction, or Shorter Term
• Ø  Loans that currently require MI are not eligible
• Ø  Original loan being repaid must have been delivered to FNMA on or before 5/31/09

Our Lender Fee is only $699 “All-In”

• Ø  There is no flood fee, tax fee, etc.
• Ø  Appraisal Waivers accepted with $75 waiver fee
• Ø  Appraisal Fees may be reimbursed at closing. 
• Ø  Processing Fees may be charged to the borrower on borrower-paid transactions.  For lender-paid transactions, outsourced contract processing (NMLS Licensed) is considered a 3rd-Party Fee and therefore may be covered by YSP overage/excess rebate.
• Ø  YSP overage (excess rebate) may be used towards 3rd-Party Fees, Contract Processing (NMLS licensed), Prepaid Interest, Property Taxes, Hazard, and max $500 towards principal reduction.

Subjects: 

Procedures Updated:

• Ø  Quick Lock Instructions
• Ø  Detailed Lock Instructions
• Ø  Exceptions
• Ø  Register, Submit & Order Appraisal
• Ø  Appraisal Review Process
• Ø  Uploading Conditions
• Ø  Change in Circumstance
• Ø  Order Docs = Schedule Closing
• Ø  User IDs and Passwords

My Schedule…and a little extra:  Normalcy and routine are a very welcome thing right now…my parents are on their way back to Minneapolis.  Last week was one of the craziest weeks I’ve had in a long time…partly because Mom and Dad were here but for other undisclosed and undeniable reasons as well.  Needless to say, I’m definitely ready for my ticky-tacky life –>    Mystery Lyric:  And the people in the houses…all went to the university — Where they were put in boxes…and they came out all the same — And there’s doctors and lawyers…and business executives — And they’re all made out of ticky tacky…and they all look just the same — Answer.   My Market Watch:  Where are rates headed?  This is the number one question I get from LOs.  For the record, if I knew where rates were headed, definitively that is, I would not be your AE…rather, I would be a shrimp-boat captain with Apple stock and a war-buddy with titanium alloy legs.  Nonetheless, I am willing to type this…my opinion is the Europe crisis is just beginning and it will play a role in how the economic markets play in America, and, it will drive rates down yet again over the course of this year.  Conversely, I believe you will see combative reports from Washington over the next year that try and tell the world an opposite story about how the country’s economic outlook is both improving steadily and on course for a major rebound.  But I believe these stories will be driven by politics as President Obama re-enters the race so to speak.  Don’t get me wrong, I’m not taking a political side…to do so might alienate some of my clientele and although stupid is as stupid does, or says in this instance, I’m not that stupid.  So, here’s my official prediction…rates will go up, and then come down again, and then later they will go up, and then come down, and then….    My Schedule:  Behind the computer all day…. 

Pricing Engine (user ID & password required)  Rate Sheet for Today   Product Matrix 

WARNING!  LinkedIn Spam Virus circulating

There is a new SPAM/virus out there that looks like an email from LinkedIn.   If you receive an invitation to LinkedIn network especially from someone you don’t know, look at the link inside the email. If  you  put your mouse over (DO NOT CLICK on the LINK) it will expose a link to a bogus website/URL.  Please always be careful and pay attention to the links that you click and files you open.

HARP 2.0 = DU REFI PLUS

Click here to find out if Fannie owns the Loan

Pricing

• Ø  Impounds are required…remember to select “YES” when using the Pricing Engine. 
• Ø  Adjustments are minimal…Adjustment Caps limit the amount of hits…it’s a beautiful thing, but always include escrows waiver, loan size, and extensions adjustments, and, Adjustments are cumulative.  Use the Pricing Engine for an exact price.

Guidelines

• Ø  LTV/CLTV:
  • ·       UNLIMITED LTV/CLTV for Owner-Occupied Properties Fixed-Rate
  • ·       NOO:  105% LTV – 110% CLTV
  • ·       ARMs:  105% LTV/CLTV, regardless of occupancy
• Ø  Minimum Credit Scores:
  • ·       660 Owner-Occupied
  • ·       680 Second Home & NOO
• Ø  Loans that currently require MI are not eligible
• Ø  Click here for abbreviated InterBank Guidelines – DU Refi Plus HARP 2.0
• Ø  Click here to find out if Fannie owns the Loan

Notes

• Ø  Appraisal Waivers accepted with $75 waiver fee
• Ø  Net Tangible Benefit required: 
  • ·       Reduced P&I, or ARM to Fixed, or Rate Reduction, or Shorter Term
• Ø  Loans that currently require MI are not eligible
• Ø  Original loan being repaid must have been delivered to FNMA on or before 5/31/09

Our Lender Fee is only $699 “All-In”

• Ø  There is no flood fee, tax fee, etc.
• Ø  Appraisal Waivers accepted with $75 waiver fee
• Ø  Appraisal Fees may be reimbursed at closing. 
• Ø  Processing Fees may be charged to the borrower on borrower-paid transactions.  For lender-paid transactions, outsourced contract processing (NMLS Licensed) is considered a 3rd-Party Fee and therefore may be covered by YSP overage/excess rebate.
• Ø  YSP overage (excess rebate) may be used towards 3rd-Party Fees, Contract Processing (NMLS licensed), Prepaid Interest, Property Taxes, Hazard, and max $500 towards principal reduction.

BONDS opened strong again this morning lost ground and we have already seen a price worsening – reflected below. 

My Schedule…and a little extra:  Running behind today with my parents in town…so no Extra today…but read My Market Watch below and try and figure out what movie this line is from –>   Mystery Movie Line:  They sent him back through time to 1984. Man, he hadn’t even been born yet. It messes with your head. Mom and him were only together for, like, one night, but she still loves him, I guess. I see her crying sometimes. She denies it totally of course, like she got something stuck in her eye. — Answer.   My Market Watch:  Again, rates came out strong and again lost the gains early in the morning.  InterBank was quick with a reprice this morning even before I had my computer turned on.  I’ve been asked why we are so quick to reprice…the answer is simple…we’re a price leader.  When you’re a price leader, you dance the line and market volatility can be devastating.  I think our Capital Markets guys must feel like air-traffic controllers…one bad move could be destructive.  But this morning’s market shift is confusing to me, partly because I haven’t had a chance to really dive-in and research it (I have files I need to tend to) so I’ll have to rely on you to do some research today.  But from what I can gather so far, it looks like the New Home Sales report was weaker than expected.  Now this is one of those confusing reports because it’s hard to determine how it affects traders.  It was a weak report which you would think would negatively affect our industry and drive rates higher.  But often a weak housing report negatively affects stocks because it indicates a weak economy.  But InterBank worsened rates, presumably on the news.  Like I said…it’s confusing.  It reminds me of The Terminator, the Arnold Schwarzenegger movie, it messes with your head (as does Arnold).   My Schedule:  At home working until the afternoon and then a chauffeur again…. 

Pricing Engine (user ID & password required)  Rate Sheet for Today   Product Matrix 

APPRAISAL WAIVERS ACCEPTED – HARP 2.0 = DU REFI PLUS – UPDATED

Pricing

• Impounds are required…remember to select “YES” when using the Pricing Engine. 
• Adjustments are minimal…Adjustment Caps limit the amount of hits…it’s a beautiful thing, but always include escrows waiver, loan size, and extensions adjustments, and, Adjustments are cumulative.  Use the Pricing Engine for an exact price.

Guidelines

• LTV/CLTV:
  • Owner-Occupied:  105% LTV – 110% CLTV – effective for all new locks and new registrations
  • NOO:  105% LTV – 110% CLTV
  • ARMs:  105% LTV/CLTV, regardless of occupancy
• Minimum Credit Scores:
  • 660 Owner-Occupied
  • 680 Second Home & NOO
• Click here for abbreviated InterBank Guidelines – DU Refi Plus HARP 2.0

Notes

• Appraisal Waivers accepted with $75 waiver fee
• Net Tangible Benefit required: 
  • Reduced P&I, or ARM to Fixed, or Rate Reduction, or Shorter Term
• Loans that currently require MI are not eligible
• Original loan being repaid must have been delivered to FNMA on or before 5/31/09

Our Lender Fee is only $699 “All-In”

• There is no flood fee, tax fee, etc.
• Appraisal Waivers accepted with $75 waiver fee
• Appraisal Fees may be reimbursed at closing. 
• Processing Fees may be charged to the borrower on borrower-paid transactions.  For lender-paid transactions, outsourced contract processing (NMLS Licensed) is considered a 3rd-Party Fee and therefore may be covered by YSP overage/excess rebate.
• YSP overage (excess rebate) may be used towards 3rd-Party Fees, Contract Processing (NMLS licensed), Prepaid Interest, Property Taxes, Hazard, and max $500 towards principal reduction.

Subjects: 

Procedures Updated:

• Quick Lock Instructions
• Detailed Lock Instructions
• Exceptions
• Register, Submit & Order Appraisal
• Appraisal Review Process
• Uploading Conditions
• Change in Circumstance
• Order Docs = Schedule Closing
• User IDs and Passwords

BONDS opened strong this morning but has lost ground.  Rates came out late this morning so the early movement is likely already priced in.  I’ll keep watch throughout the day….

My Schedule…and a little extra:   I apologize for the boring Extra lately, but all my attention has been on this new HARP 2.0 program.  I get a lot of calls and emails about it so I just want to make sure everyone is comfortable with it.  As you are probably aware by now, our HARP program was altered yesterday…we are now limited to 105% LTV and 110% CLTV.  Unfortunately, we felt that with other players changing their guidelines, it wouldn’t be prudent to continue to offer unlimited.  Of course, this could change back but for now….  Tomorrow I’ll write something a little more fun.   Mystery Lyric:  Shadows grow so long before my eyes, And they’re moving…across the page — Suddenly the day turns into night, Far away…from the city — But don’t…hesitate…’cuz your love…won’t wait — Answer.   My Market Watch:  Jobless Claims reported the lowest number in 4 months.  Think about it…“Jobless Claims” is a report that specifies people without jobs…if that number is lower, then it means the economy is better.  Remember, when traders feel the economy is improving, they will throw their money into the stock market.  If they are putting money into stocks, then they are not putting money into bonds, and, they are probably selling off bonds to get money to put into stocks. This analysis means rates get worse.  The trend lately is not good for rates…for things to turn around, something semi-dramatic needs to happen.  If my sister asked me what to do, I’d tell her that I’d be ready to lock on a moment’s notice.  Disclaimer:  I am not a specialist or expert…please make your own decisions based on your own research when deciding to lock or float.   My Schedule:  I’m dropping my parents off here, then finding a coffee shop to work in, then talking them there, and then finding a coffee shop to work in…you get me? 

HARP 2.0 = DU REFI PLUS – UPDATED

Pricing

• Impounds are required…remember to select “YES” when using the Pricing Engine. 
• Adjustments are minimal…Adjustment Caps limit the amount of hits…it’s a beautiful thing, but always include escrows waiver, loan size, and extensions adjustments, and, Adjustments are cumulative.  Use the Pricing Engine for an exact price.

Guidelines

• LTV/CLTV:
  • Owner-Occupied:  105% LTV – 110% CLTV – effective for all new locks and new registrations
  • NOO:  105% LTV – 110% CLTV
  • ARMs:  105% LTV/CLTV, regardless of occupancy
• Minimum Credit Scores:
  • 660 Owner-Occupied
  • 680 Second Home & NOO
• Click here for abbreviated InterBank Guidelines – DU Refi Plus HARP 2.0

Notes

• Appraisal Waivers accepted with $75 waiver fee
• Net Tangible Benefit required: 
  • Reduced P&I, or ARM to Fixed, or Rate Reduction, or Shorter Term
• Loans that currently require MI are not eligible
• Original loan being repaid must have been delivered to FNMA on or before 5/31/09

Our Lender Fee is only $699 “All-In”

• There is no flood fee, tax fee, etc.
• Appraisal Waivers accepted with $75 waiver fee
• Appraisal Fees may be reimbursed at closing. 
• Processing Fees may be charged to the borrower on borrower-paid transactions.  For lender-paid transactions, outsourced contract processing (NMLS Licensed) is considered a 3rd-Party Fee and therefore may be covered by YSP overage/excess rebate.
• YSP overage (excess rebate) may be used towards 3rd-Party Fees, Contract Processing (NMLS licensed), Prepaid Interest, Property Taxes, Hazard, and max $500 towards principal reduction.

My Schedule…and a little extra:  They can’t get married in Minnesota, so my big sister and her fiancé are driving to Iowa.  I love my sister and I’m extremely proud of her…she’s a brave and soulful person…I wish I could be there for the ceremony.  But they have a webcam set up so we can watch over the Internet and next month I’m flying to Minneapolis for a reception, so that’s good.   |   Our HARP 2.0 program is getting a lot of attention…if you want details, see below…I included the high points.   Mystery Lyric:  For gangs, clubs and nations causing grief in human relations — It’s a turf war on a global scale, I’d rather hear both sides of the tale — See, it’s not about races…just places, faces where your blood comes from — Is where your space, is I’ve seen the bright get duller, I’m not gonna spend my life being a color — Answer.   My Market Watch:  News from China and Portugal is not favoring stocks as traders compare what happened to Greece.  As a result, because traders are interpreting the news as a weak economy (which translates to the U.S.), they are investing in bonds instead of stocks which has helped rates this morning.  If you watch moving averages of rates and see where they stop and reverse, there have been some predictable movements in the last week.  Let me know if you want to discuss further….   My Schedule:  I have two appointments today and will be checking email and calls periodically.

Pricing Engine  user ID & password required       Rate Sheet for Today       Product Matrix 

HARP 2.0 = DU REFI PLUS – UPDATED

Pricing

• Impounds are required…remember to select “YES” when using the Pricing Engine. 
• Adjustments are minimal…Adjustment Caps limit the amount of hits…it’s a beautiful thing, but always include escrows waiver, loan size, and extensions adjustments, and, Adjustments are cumulative.  Use the Pricing Engine for an exact price.

Guidelines

• LTV/CLTV:
  • UNLIMITED LTV/CLTV for Owner-Occupied Properties Fixed-Rate
  • NOO:  105% LTV – 110% CLTV
  • ARMs:  105% LTV/CLTV, regardless of occupancy
• Minimum Credit Scores:
  • 660 Owner-Occupied
  • 680 Second Home & NOO
• Click here for abbreviated InterBank Guidelines – DU Refi Plus HARP 2.0

Notes

• Appraisal Waivers accepted with $75 waiver fee
• Net Tangible Benefit required: 
  • Reduced P&I, or ARM to Fixed, or Rate Reduction, or Shorter Term
• Loans that currently require MI are not eligible
• Original loan being repaid must have been delivered to FNMA on or before 5/31/09                     

Our Lender Fee is only $699 “All-In”

• There is no flood fee, tax fee, etc.
• Appraisal Waivers accepted with $75 waiver fee
• Appraisal Fees may be reimbursed at closing. 
• Processing Fees may be charged to the borrower on borrower-paid transactions.  For lender-paid transactions, outsourced contract processing (NMLS Licensed) is considered a 3rd-Party Fee and therefore may be covered by YSP overage/excess rebate.
• YSP overage (excess rebate) may be used towards 3rd-Party Fees, Contract Processing (NMLS licensed), Prepaid Interest, Property Taxes, Hazard, and max $500 towards principal reduction.

Subjects: 

Procedures Updated:

• Quick Lock Instructions
• Detailed Lock Instructions
• Exceptions
• Register, Submit & Order Appraisal
• Appraisal Review Process
• Uploading Conditions
• Change in Circumstance
• Order Docs = Schedule Closing
• User IDs and Passwords

BONDS ARE DETERIORATING…I AM CONCERNED THERE MIGHT BE A REPRICE FOR THE WORSE
Pricing Engine  user ID & password required       Rate Sheet for Today       Product Matrix 

My Schedule…and a little extra:  They came from Minneapolis where the weather is better than San Diego…my Mom and Dad are in town this week.  My Dad packed only shorts since in Minneapolis it’s been nearly 80 degrees all last week.  Good thing I called Mom and told her to make sure my 79-year old Dad wore pants on the flight out here.   Mystery Lyric:  Well, I’ve been afraid of changing, cause I’ve built my life around you — But time makes you bolder, even children get older and I’m getting older too — Yes I’m getting older too — Answer.   My Market Watch:  There are no economic reports today and it’s a light week…I’m glad to have a little breather after all the volatility lately.  Rates seem to be about the same as Friday but worried that things are getting worse…not sure why yet….   My Schedule:  Behind the computer all day but working in coffee shops while I chauffeur my parents around…. 

HARP 2.0 – Enhancements to DU Refi Plus
Effective Monday, March 19

• LTV/CLTV:
  • Unlimited LTV/CLTV for Owner-Occupied Properties Fixed-Rate
  • NOO:  105% LTV – 110% CLTV
  • ARMs:  105% LTV/CLTV, regardless of occupancy
• Minimum Credit Scores:
  • 660 Owner-Occupied
  • 680 Second Home & NOO
• Appraisal Waivers accepted with $75 waiver fee
• Net Tangible Benefit required: 
  • Reduced P&I, or ARM to Fixed, or Rate Reduction, or Shorter Term
• Loans that currently require MI are not eligible.
• Original loan being repaid must have been delivered to FNMA on or before 5/31/09

Our Lender Fee is only $699 “All-In”

• There is no flood fee, tax fee, etc.
• Appraisal Fees may be reimbursed at closing. 
• Processing Fees may be charged to the borrower on borrower-paid transactions.  For lender-paid transactions, outsourced contract processing (NMLS Licensed) is considered a 3rd-Party Fee and therefore may be covered by YSP overage/excess rebate.
• YSP overage (excess rebate) may be used towards 3rd-Party Fees, Contract Processing (NMLS licensed), Prepaid Interest, Property Taxes, Hazard, and max $500 towards principal reduction.

Subjects: 

Procedures Updated:

• Quick Lock Instructions
• Detailed Lock Instructions
• Exceptions
• Register, Submit & Order Appraisal
• Appraisal Review Process
• Uploading Conditions
• Change in Circumstance
• Order Docs = Schedule Closing
• User IDs and Passwords

HARP 2.0 – Enhancements to DU Refi Plus
Effective Monday, March 19

• LTV/CLTV:
  • Unlimited LTV/CLTV for Owner-Occupied Properties Fixed-Rate
  • NOO:  105% LTV – 110% CLTV
  • ARMs:  105% LTV/CLTV, regardless of occupancy
• Minimum Credit Scores:
  • 660 Owner-Occupied
  • 680 Second Home & NOO
• Appraisal Waivers accepted with $75 waiver fee
• Net Tangible Benefit required: 
  • Reduced P&I, or ARM to Fixed, or Rate Reduction, or Shorter Term
• Loans that currently require MI are not eligible.
• Application dates on or after 12/1/11
• Original loan being repaid must have been delivered to FNMA on or before 5/31/09

Our Lender Fee is only $699 “All-In”

• There is no flood fee, tax fee, etc.
• Appraisal Fees may be reimbursed at closing. 
• Processing Fees may be charged to the borrower on borrower-paid transactions.  For lender-paid transactions, outsourced contract processing (NMLS Licensed) is considered a 3rd-Party Fee and therefore may be covered by YSP overage/excess rebate.
• YSP overage (excess rebate) may be used towards 3rd-Party Fees, Contract Processing (NMLS licensed), Prepaid Interest, Property Taxes, Hazard, and max $500 towards principal reduction.