Phil Grossfield's Blog


DTI IRRELEVANT; Trilogy Time; Fed Meeting

My Schedule…and A Little Extra:   The show is called Trilogy Time:  Han shot first.  Last night at the end of a very long day I watched “How I Met Your Mother” from a couple weeks ago (I never watch live TV unless it’s a sporting event).  Ted, the main character and narrator, and his friends make a pledge while watching the Star Wars Trilogy (before it became a Sextology or Hexology…not sure what to call it now).  They vow to watch the Trilogy every three years from beginning to end.  Each time they gather to watch the Trilogy they think about what they accomplished over the last three years and what things will be like three years from now.  Where were you 6 years ago…three years ago?  And where will you be three years from now…?  Deep, eh?   |   According to Rob Chrisman there is a lack of young people entering our business.  I have to agree…I see mainly veterans…survivors…but very few young people doing what we do.  I guess to a college graduate, the future in our business is questionable.  Your thoughts?

My Trivia:   What is the best movie ever? No, this is not opinion…it’s a fact.  — Answer.

My Market Watch:  Today the Fed speaks…this always has the potential to turn the markets upside-down, sideways and put it into unmentionable contortions.  Moreover, Ben Bernanke, the Fed Chairman, will take questions…depending on what he says or doesn’t say, traders will be listening and looking for body language to make predictions about the future…if he twitches or blinks while speaking, expect a trader to infer something serious.  I expect rates to move quickly one way or the other today, but which way?  If I knew, I’d be figuring out a way to take a flight into space…damn the costs.  One thing is for sure, if traders feel there is optimism about the economy, you can expect rates to worsen significantly.  And if they feel pessimistic about the economy, then expect rates to get better…but not by much…there just isn’t much room for dramatic improvement.  Therefore, my opinion is there is more downside than upside…but I defer to your expertise to decide what to do….  Disclaimer

My Schedule: I have two appointments today…one at 10:30 and another in the early afternoon.  I’m available by phone and email but expect delays in responses….


Yesterday I got quite a few emails asking exactly what I meant by “Unlimited DTI.”  To be exact, we have no overlays with respect to DTI…if you get a DU Approve/Eligible, then the DTI is absolutely irrelevant.  That means if your DTI is 51%, but you get a DU Approve/Eligible, then we’ll do the loan.  Another example is if your DTI is 500%…as long as you get a DU Approve/Eligible, then we’ll do the loan.  Keep in mind that after you release the DU Findings to InterBank, then our underwriter is going to be making changes as she underwrites the loan.

For a Long List of Conditions, a Huge Hassle, and Massive Frustration – Ignore Me

For a Clean Underwriting Decision Resulting in Happiness and Adulation – Read Me


Locks  |  Running DU/DO  |  Register, Submit & Appraisals  |  Upload Conditions  |  CICs  |  Order Docs

Our Lender Fee is only $699 “All-In”

“All-In” means 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 but not for lender-paid.  YSP overage also permitted for Prepaid Interest, Property Taxes, Hazard, and max $500 towards principal reduction.

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