Phil Grossfield's Blog

My Schedule…and a Little Extra:   I let my license to practice law expire years ago.  Yesterday I received a number of interesting comments to my post about not many young people entering our business today.  I had a few individuals tell me they had promising careers in other industries, for which they received an education, but chose to go into the mortgage business because that’s where the money was.  Some starting working in mortgages as a second job to supplement their income but they started making more money in mortgages than their primary job.  But now, after the economic downturn which is arguably the worst or second worst in our history, trying to change gears to another industry would be very difficult, particularly now that the economy is struggling.  I can relate to this…I used to be a lawyer and practiced for close to 10 years before entering the mortgage industry.  Since then I’ve let my law license in MN expire since I decided years ago to dedicate myself long-term to this business.  Although I have no intentions of leaving the business, to even consider returning to the law would require I first get re-licensed.  Then I would either have to find a job or start my own firm.  Like so many industries distressed by the economic times, the legal industry is not what it used to be.  I have many friends who are lawyers…making a living is more difficult than ever and many lawyers are working harder for less or have trouble competing over cases.  For one, I am dedicating myself to this business because (1) I really enjoy it (most of the time), and (2) I got nowhere else to go!  🙂

Mystery Movie Line:   Don’t you do it!  Don’t!  You…  I got nowhere else to go!  I got nowhere else to go (sobbing)… I got nothing else  — Answer.

My Market Watch:  Ben Bernanke answered questions yesterday but didn’t say much about QE3…normally this would result in worse rates.  However, the overall sentiment was positive for bonds and rates held steady.  Whew!   Disclaimer

My Schedule: I have one appointment this afternoon and working from a colleagues in the correspondent divisions office today.

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 Clean Underwriting Decision Resulting in Happiness and Adulation – Read Me

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