Phil Grossfield's Blog


Massive Frustration; Quick-Lock & Faster Turns! Friday The Thirteenth

My Schedule…and A Little Extra:   I’m not superstitious (unless the powers in the universe are listening in which case I apologize for my statement).  When I was a kid I watched Friday the Thirteenth on Halloween.  I don’t consider myself a wimp when it comes to scary movies, but this movie rocked me…I was scared.  There are a few other movies that got to me…such as Poltergeist and Aliens.  But just because today is Friday the Thirteenth doesn’t mean I need to be jumpy (WHAT WAS THAT).  The Ten Commandments with Charlton Heston…now that was a frightening move with the power of God and everything…it totally freaked me out (but in a good way God so please don’t be upset with me).

Mystery Lyric:  It’s close to midnight and something evil’s lurking in the dark — Under the moonlight, you see a sight that almost stops your heart — You try to scream but terror takes the sound before you make it — You start to freeze as horror looks you right between the eyes — You’re paralyze — Answer.   

My Market Watch:  Now it’s China…they reported their lowest growth in three years and traders are selling off stocks and investing in bonds…when that happens, rates improve. There are a couple other reports giving a boost (CPI-inflation) but that information is a bit boring so let’s just go into the weekend on a high with no information overload, eh?

My Schedule:  Behind the computer all day working from home…doors locked – windows shut – weapons ready.

For a Clean Underwriting Decision – Read Me
For a Terrible List of Conditions, a Huge Hassle, and Massive Frustration – Ignore Me


Purchases are prioritized throughout the process…UW is three (3) days from submission and sometimes faster.  For refis we recently hired over 30 underwriters and other key personnel to handle the load. As a result, we are underwriting refis submitted on April 10th – That’s three days ago folks!


  • Files must be submitted within 10 calendar days of locking or lock will be cancelled
  • I recommend 30-day locks for purchases and 45-day locks for refinances assuming you submit the loan the day you lock
  • I recommend you cushion your lock with extra rebate in case an extension is required (0.125/week)


Step 1.        Login at InterBank Portal.  If you do not have a login and password, check with your administrator in your office to set you up.

Step 2.        If this is a forward lock (pre-lock), then go to Step 3 below.
If the loan is already in the pipeline, then go to Step 4 below.

Step 3.        There are 2 ways to register:

  1. Choose Loan Registration and manually enter the information in.  This is fast and easy.
  • or
  1. Upload your loan:

Step 4.        Lock your loan.  Go to Pipeline–>Manage Pipeline.  Find your loan and click on the lock  icon under the Tools column…follow the instructions….  Call me on my cell if you need assistance 619-549-9797.

Step 5.         Make sure you choose a rate and rebate that is sufficient to cover your commission.  If it’s a refi, lock 45 days.





Lock  |  Running DU/DO  |  Register, Submit & Order Appraisal  |  Upload Conditions  |  CICs  |  Order Docs

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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