Phil Grossfield's Blog


What is QE-Quantitative Easing? Virus Warning-2; I Do Not Like Dell

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….

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 your 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.


Procedures Updated:

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: