Phil Grossfield's Blog

My Schedule…and a little extra:  The dog almost died at Grandma’s Shiva.  About 4 months ago my grandmother passed away at age 95 and I flew to Minneapolis for the services.  We had the Shiva (get-together to mourn) at my parents’ apartment – the party room.  So, my brother brings his dog to the Shiva and asks me to take him upstairs and put him in my parents’ apartment.  Little did I know that people had been delivering flowers and baskets for my Mom…there was a bowl filled with 2 pounds of chocolate candies.  The dog ate the whole thing.  Ahhhhhhhhhhhhhhhhhhh!  We rushed to the vet getting there 10 minutes before they close, pumped his stomach, and rushed back for the mourners’ service just in time.  Talk about drama!  P.S. last night I was reminded of this story watching Conan, in case you were wondering. 🙂   Mystery Lyric:  There’s a sign on the wall but she wants to be sure, Cause you know sometimes words have two meanings — In a tree by the brook, there’s a songbird who sings, Sometimes all of our thoughts are misgiven — Ooooooooooooooooh, it makes me wonder — Answer.   My Market Watch:  With the crazy volatility in the stock and bond markets and with rates going up, I have received a fair number of questions about what index I follow to see which direction rates are headed.  I watch the 30-year Fannie Mae Bond at the 3.500% coupon.  Unlike the 10-Year, the 30-year Fannie bond is a direct indicator of rates…it it goes up, rates get better and if it goes down, rates get worse.  The 10-year is more of an indirect indicator and it isn’t always the best to watch.  Let me know if you have any questions, okay?   My Schedule:  Behind the computer all day until 4:30p. 

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

HARP 2.0

• Launching on Monday officially…I will send out a separate email on this a little later in the day….

Our Lender Fee is only $699 “All-In”         

• There is no flood fee, tax fee, etc.
• 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.

Subjects: 

Procedures Updated:

• Quick Lock Instructions
• Detailed Lock Instructions
• Exceptions
• Register, Submit & Order Appraisal
• Appraisal Review Process
• Uploading Conditions
• Change in Circumstance
• Order Docs = Schedule Closing
• User IDs and Passwords

My Schedule…and a little extra:  I tried to warn you…bonds got ripped yesterday…read below….  We’re launching HARP 2.0 today or tomorrow.  Rumor is we’ll have aggressive terms…more to come….   Mystery Lyric:  Who propped you up when you were stopped low motivation, had you on the ground — I know your first reaction you slide away – hide away goodbye — But if there’s a doubt maybe I can give out, a thousand reasons why…you have to say it isn’t so — Answer.   My Market Watch:  Yesterday the blank hit the fan…why?  Well, there were several factors.  First, the Fed made a statement essentially saying the economy was improving while the bond market remained distressed. Moreover, they failed to mention anything about QE3.  To a trader this means ‘buy stocks now and sell bonds!’  Second, the Fed said inflation might be on the rise…‘sell bonds!’  Third, JP Morgan reports positive news…‘buy stocks!’  Simply put, traders look for a reason to buy and sell…they watch reports, domestic politics, geopolitical news, or statements made by the powerful, i.e., the Fed.  Then they interpret that information to make a decision…if their interpretation is the economy is strong, then they buy stocks and typically sell off bonds at the same time.  Conversely, if their interpretation is the economy is weak, then they sell of stocks and typically buy bonds.  When bonds are sold off rates get worse.  If you look at all the news in the last week, it’s been focused on a stronger economy…rates have suffered as a result.  Does that make sense?   My Schedule:  Behind the computer all day….   

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

HARP 2.0

• We are announcing our launch of HARP 2.0 today or tomorrow…standby for more information….

Our Lender Fee is only $699 “All-In”

• There is no flood fee, tax fee, etc.
• 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:

• Quick Lock Instructions
• Detailed Lock Instructions
• Exceptions
• Register, Submit & Order Appraisal
• Appraisal Review Process
• Uploading Conditions
• Change in Circumstance
• Order Docs = Schedule Closing
• User IDs and Passwords

My Schedule…and a little extra:  Yesterday I told you about the sick birthday kid who sneezed all over the cake and “spit” his candles out.  The dilemma was how to prevent my eager kids from eating the germ-infused cake without instantly triggering deafening screaming and crying.  I received many replies asking what I did.  What I failed to tell you was there were cupcakes off to the side so I quickly busted a move and nearly escaped with our health, lungs, and sanity intact.  But those parents dished that nasty cake out to the rest of the kids, and other parents, while I remained silent and repulsed, but safe off to the side.  Bullet-dodger…whew!    Mystery Lyric:  So take a good look at my face, you’ll see my smile looks out of place — if you look closer, it’s easy to trace, the tracks of my tears — Answer.   My Market Watch:  Capital Markets must be having a challenging time with the triple whammy yesterday.  First, the Fed made a statement essentially saying the economy was improving while the bond market remained distressed. Then they acknowledged inflation might increase, and then there was encouraging news about JP Morgan.  The result, traders pumped their money into stocks and bonds suffered…when that happens, rates get punished.   My Schedule:  Behind the computer most of the day with one errand to drop off my tax documents to my awesome CPA this afternoon….   

Our Lender Fee is only $699 “All-In”

• There is no flood fee, tax fee, etc.
• 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.

Subjects: 

Procedures Updated:

• Quick Lock Instructions
• Detailed Lock Instructions
• Exceptions
• Register, Submit & Order Appraisal
• Appraisal Review Process
• Uploading Conditions
• Change in Circumstance
• Order Docs = Schedule Closing
• User IDs and Passwords

Notes:

• 3-Day UW Turn-Time For Purchase Transactions
• $699 All-In Lender Fee (no flood fee, tax fee, etc.)
• Condos Accepted – no 51% owner concentration rule and limited reviews accepted…email me for details.  Condos up to 70% LTV and 80% CLTV with exceptions available
• Forward (Pre-Locks) Permitted – file must be submitted within 10 dyas.
• Minimal Overlays – see below
• Killer Rates:  click here

Minimal Overlays:

• Click here for a comprehensive list of our Overlays
• Exception to overlays are possible…let me know if you need one….
• Condos – 70% LTV and 80% CLTV with exceptions available
• Interest Only – not permitted in CA
• Cashout – 70%
• Purchases max LTV 80%
• Refis max LTV 90%
• NOO max LTV 60%
• Minimum 700 Fico for all FHA loans
• No income-producing properties

Resources: 

Pricing Engine | Current Rate Sheet | Product Matrix | Broker Guides | Overlays

Submission Procedures | Appraisal Instructions | Underwriting | Disclosures

Forms | Mortgagee Clause | Broker Tutorial | County Loan Limits | RESPA

My Blog:  philgrossfield.com | Team Purple Help

My Schedule…and a little extra:  I took my kids to a birthday party on Saturday.  As the homemade (nasty-looking) cake was placed in front of the birthday boy, he immediately sneezed all over it.  Then he basically spit all over the thing while trying to blow out the candles.  So I ask you…how do I tell my kids they don’t get birthday cake?  Can you visualize the scene?  How much screaming and crying is worth keeping them from certain sickness?   Mystery Lyric:  But my dream, they aren’t as empty, as my conscience seems to be — I have hours only lonely, my love is vengeance, that’s never free — Answer.   My Schedule:  I have been experiencing technical issues the last couple days with my email being switcxhed to a new server and with my laptop, so I apologize if you have not received my daily email.  I am in Irvine this morning and available in the afternoon….

Updated Procedures:

I have updated my procedures almost every single day since I started.  If you want the most current procedure, please click the link below and shoot me an email:

• Quick Lock Instructions
• Detailed Lock Instructions
• Register, Submit & Order Appraisal
• Appraisal Review Process
• Uploading Conditions
• Change in Circumstance
• Order Docs = Schedule Closing
• User IDs and Passwords

My Schedule…and a little extra:  I own a Honda Odyssey which is a van-like vehicle perfect for traveling and hauling 2 kids and an 85 pound dog.  However, filling the beast up with gas these days is downright torturous. Gas near my house, which is usually reasonably priced, is $4.60/gallon…and that’s for the regular cheap gas.  It costs $80 to fill our tank.  What the….?  Part of the problem is clearly Iran, they cut oil exports and increased the price per barrel.  But did you know the state of CA makes 40 cents per gallon in taxes?   |   Speaking of vehicles, did you see this cool Mercedes-Benz F-Cell advertisement?   Mystery Lyric:  If I had a million dollars, We wouldn’t have to walk to the store — If I had a million dollars, We’d take a limousine cause it costs more — If I had a million dollars, We wouldn’t have to eat Kraft dinner.  — Answer.  In Economic News:  Bonds are taking a beating despite InterBank’s reprice for the better this morning.  In Greece private creditors agreed to a bond-swap which is good news for their economy…this in turn positively impacts our economy.  Additionally, the payroll reports came in strong with the Jobs number better than expected.  All this news bodes well for the stock markets because traders buy stocks when they feel the economy is stronger.  Subsequently they will usually sell of bonds which worsens rates.   My Schedule:  I am available all day until happy hour (I wonder when that starts?)

Updated Procedures:

I have updated my procedures almost every single day since I started.  If you want the most current procedure, please click the link below and shoot me an email:

• Quick Lock Instructions
• Detailed Lock Instructions
• Register, Submit & Order Appraisal
• Appraisal Review Process
• Uploading Conditions
• Change in Circumstance
• Order Docs = Schedule Closing
• User IDs and Passwords

My Schedule…and a little extra:  Today is my daughter’s 7^th birthday. SEVEN! Are you kidding me?  And she’s so grown up (which is a little scary).  This may be a bit sappy but I don’t care…this morning on her way out the door I told her I loved her and to have the best day ever and she replied, “Daddy, you’re my best present.”  My heart melted.  Of course, she knows presents and cake are coming but I’m gonna take that one and put it in the vault.   Mystery Lyric:  Well I’ll never be a stranger and I’ll never be alone — wherever we’re together that’s my home — Answer.  In Economic News:  The news is focused on Europe, specifically in London where the stock market is improving because of optimism over a Greek debt swap. Typically improved markets overseas improves our markets too.  If our market improves, investors typically will sell off bonds and buy stocks.  When that happens our rate generally get worse.  By how much is uncertain but rate appear to be off by 0.250 from yesterday.     My Schedule:  I am available all day but with a birthday girl to attend to the day will be cut short slightly…might be hard to reach after 4:30p.

Updated Procedures:

I have updated my procedures almost every single day since I started.  If you want the most current procedure, please click the link below and shoot me an email:

• Quick Lock Instructions
• Detailed Lock Instructions
• Register, Submit & Order Appraisal
• Appraisal Review Process
• Uploading Conditions
• Change in Circumstance
• Order Docs = Schedule Closing
• User IDs and Passwords

My Schedule…and a little extra:  The dogs are barking, barking, barking in this frenetic symphony and it makes the back of my neck feel all tingly….  If you recall, a couple weeks ago my wife, who is a travel writer for MSNBC and creator of TravelMamas.com, went on a press trip to Quebec.  Dog-sledding was the highlight (jealous? me?) and wrote about it here.  Colleen is skilled at expressing her experience in a concise and exhilarating manner…I encourage you to read it.  Oh, and please comment on her blog and don’t forget to mention she owes me a trip to Vegas, you dig?   Mystery Lyric:  Everything I want the world to be, Is now coming true especially for me — And the reason is clear, It’s because you are here, You’re the nearest thing to heaven that I’ve seen — Answer.  In Economic News:  Last week purchases increased but refis decreased making overall mortgage applications slightly on the negative side.  An interesting note, Arm applications have increased…because of rates?  Barring an unforeseen geopolitical development, rates should be stable….   My Schedule:  I am available all morning and have just one appointment in the afternoon….

Correspondent Flow – Non-Delegated (“Mini-Correspondent”)

We have two ways to work with you.

1. Wholesale:  traditional delivery – pricing is fantastic.
2. Correspondent Flow – Non-Delegated (also referred to as “Mini-Correspondent”):  same awesome price as wholesale.  In this model we underwrite the loan, you pull docs, and you fund in your name on your line. You also receive a discount from the wholesale lending fee.  There is no minimum net worth requirement but you have to have your own warehouse line.  Let me know if you want more information….

My Schedule…and a little extra:  We had a birthday party Saturday for our son (just turned 4) and daughter (7 on Thursday).  My mother-in-law went along to get the balloons.  We get out of the store with her carrying all the balloons…she takes a different path to avoid some foot traffic.  What she didn’t see were all the little trees she walked into…pop! popppitty popp..pop..popppp!  The kids start screaming…“our balloons!”  Without hesitation, I’d give my iPad away for a video of that one (and I love my iPad).  It’s a beautiful thing.  Mystery Lyric:  Cause we all know in our minds, That there ought to be a time, That we can set aside, To show just how much we love you — And I’m sure you would agree, It couldn’t fit more perfectly, Than to have a world party on the day you came to be —  Answer.  In Economic News:  Early this week the economic reports are not too interesting but on Thursday we get the Jobless Claims and on Friday we get the employment reports.  So, Thursday and Friday we could some serious activity, like every month, depending on how far off expectations the reports come in.   My Schedule:  I am available all day today….

No Prepayment Penalties
We have none…that’s all I have to say about that.

My Schedule…and a little extra:   InterBank funded over $1,000,000,000 in February (and January too). That’s a big number!  I know I’m new to this company, but I want a piece of that action…get your loans and locks in!   |   My daughter and I were playing a game where I would sing a lyric from one of the songs she digs and she would have to guess the name of the song and the artist.  I call it “Mystery Lyric.”  Let’s give it a try:   Mystery Lyric:   And all the roads we have to walk are winding — And all the lights that lead us there are blinding — There are many things that I would like to say to you but I don’t know how  Answer.  In economic news:  Yesterday there was a price worsening because some economic reports were strong and Chairman Ben Bernanke’s made comments that the economy was growing with positive developments in the labor market. Traders interpreted this news to mean the economy is stronger and therefore invested in stocks rather tan bonds. When that happens, rates get worse.   My Schedule:  Behind the computer all day.