Phil Grossfield's Blog


Where are Rates Headed? Virus Warning; Ticky Tacky

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.



Click here to find out if Fannie owns the Loan


  • 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.



  • 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.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: