Phil Grossfield's Blog


Appraisal Waivers Accepted, New Home Sales, Messes With Your Head

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 



  • 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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