Phil Grossfield's Blog


The Saga Continues with Water Heater Woes; Need Remote Junior UWs

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

My Schedule…and A Little Extra:   Here’s something you should know…don’t fill up a bath when you have a defective water heater running loose in your house.  And my water heater saga continues….  My wife decided to give the kids a bath since the plumber was on his way to assess the situation.  Oh yeah, you know what happened, right?  The garage started to flood.  The good news is the plumber pulled up at the onset so he helped me get it under control or it could have been a worse mess.  I guess I got to be grateful for that, eh?  He is on his way this morning to replace the damn thing…good riddance I say!   |   We are looking for more Junior Underwriters.  The underwriter can work remotely from home. If you know anyone interested, please let them know and have them contact me.

Mystery Lyric:  I will stand by you, I will help you through — When you’ve done all you can do, and you can’t cope — I will dry your eyes, I will fight your fight — I will hold you tight, and I won’t let go…. — Answer.   

My Market Watch:  Rates are only slightly worse today.  Last night I put out a warning that rates looked to be worse today.  I think they would be a lot worse if not for negative economic news coming out of Europe and a devastating earthquake in Indonesia (earthquakes can affect international trading which affects markets around the world including the US).  This afternoon there is an auction on 10-year notes…if all goes well, rates should hold up without anything major happening.  If the auction does poorly, it would be a good excuse for traders to sell off bonds and if that happens you know what….

My Schedule:  Behind the computer this morning while a new water heater is installed and then headed to Irvine for an appointment in the afternoon.  Then working from a coffee shop late this afternoon to catch up and then headed back down to San Diego.

For Clean Underwriting Decisions – Read Me


  1. You may lock online into the night until 11:45p.
  2. If you want instructions on locking, let me know….
  3. We are looking for more Junior Underwriters.  The underwriter can work remotely from home. If you know anyone interested, please let them know and have them contact me.

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.

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