Phil Grossfield's Blog

A LITTLE EXTRA…

RATES WORSENING! HARP 2.0 RELEASED, I’M GETTING OLDER

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:

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