Phil Grossfield's Blog


Satisfy Conditions, QE3, Water Heater

TODAY’S RATES:  Pricing Engine (password required)     Rate Sheet for Today     InterBank Product Matrix 

My Schedule…and A Little Extra:   My water heater busted.  I tried to believe I could get it fixed without chucking out $1,500 to have it replaced, but alas, it has to go.  Oh well.  As a result of this experience, I’ve become quite knowledgeable about water heaters, and, how my wife has a harsh aversion to living in a house where she cannot shower.  I stopped researching and hired a guy.

Mystery Lyric:  She’s a good girl, loves her mama, Loves Jesus and America too — She’s a good girl, crazy ’bout Elvis, Loves horses and her boyfriend too — Answer.

My Market Watch:  Rates continue to improve and rumor is the quantitative easing discussions are back in full force.  If so, we could see momentum for mortgage rates continue.  Other than that, things are quiet for now….

My Schedule:  Behind the computer all day…and dealing with plumbers.

Satisfying Conditions

  • Timing:  Condition sign-off is always 48 hours…and we are very consistent at keeping that time frame.  The most challenging issue we have is when you piecemeal-upload conditions and expect that condition to be cleared while you still have a bunch of outstanding conditions.  This is a big waste of time.  GET ALL YOUR DOCUEMENTS UPLOADED ON THE SAME DAY…the last document uploaded is cleared after 48 hours.
  • Uploading Documents to Satisfy Conditions:  click her for specific instructions
  • Notes:  Conditions may not be uploaded until an underwriting decision has been made, and, if you want to talk to the underwriter on a file, I can request it.

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.



Phillip L. Grossfield

Correspondent Flow/Wholesale Account Executive

(619) 549-9797

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