Phil Grossfield's Blog

My Schedule…and a little extra:   Yesterday I wrote about my wife’s efforts to raise money for Cystic Fibrosis, an illness our neighbor friends deal with each day for their two children.  Click here to read my post and click here to read my wife’s post.   Mystery Lyric:  I remember when a we used to sit, In a government yard in Trenchtown — Observing the hypocrites as they would mingle with the good people we meet — Good friends we have, oh, good friends we’ve lost…Along the way — In this great future, you can’t forget your past, So dry your tears, I say — Answer.   My Market Watch:  Bonds came out strong this morning after a horrible auction on 5-year notes yesterday…rates are back to where they were at the beginning of the day yesterday.  There’s a lot going on so I’m going to really compress it into three things.  First, there is more trouble in Europe, specifically Greece and Spain – to traders this means the economy in Europe is weak – this bodes well for our rates.  Second, the Initial Jobless Claims report came out higher than expected meaning there were more claims of people without jobs – to traders this means the economy is weak – this bodes well for our rates.  Last, there is an auction this morning for 7-year notes and this is where the guessing comes into play since yesterday’s 5-year note auction was nasty…if this morning’s auction is like yesterday’s auction, you can expect rates to get worse.  Otherwise, it could be a nice rally….  Let me know if you have any questions, okay?   My Schedule:  I have one meeting at noon but otherwise behind my computer all day until 4p…then I’m out….

Pricing Engine (user ID & password required)  Rate Sheet for Today   Product Matrix

IT IS VERY LIKELY YOU CAN GET AN EXCEPTION if InterBank has an overlay permitted by Fannie Mae, and, I can usually get you an answer the same day.  The key is to get a DU Approve/Eligible.  If you get it, email me right away….

Comparing Overlays to Fannie Mae Guidelines:

• InterBank’s Product Matrix compared to Fannie Mae’s Product Matrix
• InterBank’s Overlays compared to Fannie Mae Guidelines

Locking:   If you need to lock immediately and cannot wait for an answer to the exception request, then lock the loan using loan parameters as close to the actual scenario as possible.  Please be mindful that if the exception is not granted, you will have to cancel the lock which could ultimately affect your scorecard.  Therefore, you might want to discuss the request with me before you lock to see if I feel we have a good chance to get it.  However, we cannot protect the rate for you unless you lock the loan.  Let me know if you have any questions, okay?

• 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.