Phil Grossfield's Blog


HARP 2.0 Guidance, Rates Look Good, Iowa Wedding, It’s a Turf War

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 



  • 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.



  • 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.


Procedures Updated:

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