Phil Grossfield's Blog

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.

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.

• 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.

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.

• 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.

• 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.

–Phil

Phillip L. Grossfield

Correspondent Flow/Wholesale Account Executive

(619) 549-9797  pgrossfield@interbankwholesale.com

If you wish to unsubscribe from this email, please click here and let me know….

My Schedule…and Very Little Extra:   I got back in town late last night…I’m dealing with water heater issues…you get it….  I’m behind the computer all day, but today’s daily email is limited.
My Market Watch:  Rates continue to look good and things appear quiet.
My Schedule:  Behind the computer all day….

Read For a Clean Underwriting Decision:

• FOLLOW YOUR DU EXACTLY…do not send documents DU does not require.
• We follow DU findings on Tax Returns but we always require 2-years 4506T…if DU only requires one year of returns, then only send one year.  EXCEPTIONS:  please keep in mind that if there is Interest/Dividend income, then two years are required per FNMA and DU should capture this.  If you have Schedule E income or unreimbursed expenses are filed, then two years tax returns are required to validate 2 year history/trend.  The UW also has discretion to request 2 years if there is a compelling reason…for example, if the borrower works for a spouse, then 2 years would be required.
• Always send the K-1s along with the returns, whether or not the income is used.
• Only send the asset statements required to close the loan. Do not send retirement accounts, or more than one (1) months bank statements, unless the DU requires additional statements.
• Send all pages of bank statements.
• Large deposits must be sourced and documented.  Large deposits are defined as deposits exceeding 50% of the borrower’s gross monthly income, in either a single deposit, or cumulative deposits in a month.
• If the borrower owns other property(s), then you must always document the tax/insurance/HOA expenses. The best method is with the tax returns Schedule E.  It is highly recommended you get tax returns if the borrower owns rental property, even if you document these expenses otherwise, as the transcripts will show Schedule E earnings, causing Interbank to require the returns; but only one (1) year of returns is required.
• We always require a letter of explanation on any inquiries, excluding the mortgage inquiry, or inquiries within the last 120 days.
• We always require proof of borrower’s residency status as a prior to close condition.

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.

RATES IMPROVED!  HELLO! 
HAPPY PASSOVER, GOOD FRIDAY & GOOD MORNING!

My Schedule…and A Little Extra:   Yesterday, I learned our water heater was leaking.  Hello!  of course, this happens while I’m away in Scottsdale AZ.  Thank goodness my good friends and neighbors were there to turn it off before it destroyed the place.  Anyone know the best and least expensive way to buy and install a 75gal water heater?   |   If you’re a Master’s Golf follower, then root for Tiger, I insist.   |   Click here to read my Cystic Fibrosis post and click here to read my wife’s post and charitable contribution request.   Mystery Lyric:  She’s Walking down the street, Blind to every eye she meets — Do you think you’ll be the guy, To make the queen of the angels sigh? — Answer.   My Market Watch:  The Jobs Report, which is usually one of the biggest market movers each month has not disappointed this morning…rates have moved significantly better!  The report was expected to show 200,000 new jobs in March but only came in at 120,000…that’s a big difference and sends a clear message to traders that the economy is not doing well.  Remember, when traders feel the economy is weak, they typically liquidate stocks and put their money into bonds…and when bonds increase, rates get better.  Hello!   My Schedule:  I am working until about 2p or 3p today and then will be off the clock as I suspect most of you will be too.  If course, I am available by phone but I’m more likely to respond to a text after 2p, you dig?  Have a great weekend y’all!

Pricing Engine (password required)     Rate Sheet for Today     InterBank Product Matrix

For a Clean Underwriting Decision:

• FOLLOW YOUR DU EXACTLY…do not send documents DU does not require.
• We follow DU findings on Tax Returns but we always require 2-years 4506T…if DU only requires one year of returns, then only send one year.  EXCEPTIONS:  please keep in mind that if there is Interest/Dividend income, then two years are required per FNMA and DU should capture this.  If you have Schedule E income or unreimbursed expenses are filed, then two years tax returns are required to validate 2 year history/trend.  The UW also has discretion to request 2 years if there is a compelling reason…for example, if the borrower works for a spouse, then 2 years would be required.
• Always send the K-1s along with the returns, whether or not the income is used.
• Only send the asset statements required to close the loan. Do not send retirement accounts, or more than one (1) months bank statements, unless the DU requires additional statements.
• Send all pages of bank statements.
• Large deposits must be sourced and documented.  Large deposits are defined as deposits exceeding 50% of the borrower’s gross monthly income, in either a single deposit, or cumulative deposits in a month.
• If the borrower owns other property(s), then you must always document the tax/insurance/HOA expenses. The best method is with the tax returns Schedule E.  It is highly recommended you get tax returns if the borrower owns rental property, even if you document these expenses otherwise, as the transcripts will show Schedule E earnings, causing Interbank to require the returns; but only one (1) year of returns is required.
• We always require a letter of explanation on any inquiries, excluding the mortgage inquiry, or inquiries within the last 120 days.
• We always require proof of borrower’s residency status as a prior to close condition.

• 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.

IMPROVED RATES!

My Schedule…and A Little Extra:   I used to be tough back when I lived in Minnesota, not a temperature wimp.  Winters with glacial temperatures and wind-chill that froze the inside of your nose in seconds…and then summers with blistering heat and humidity that would make you wish you could take your skin off.  Okay, but Scottsdale Arizona is hot.  Yeah, I know, it’s a “dry-hot” and not like being in humidity.  I don’t care, it’s still frickin hot.  I guess I’m a wimp after living in San Diego for 12 years.  Actually, now that I recall, when I lived in Minnesota I had an automatic car-starter on my car so I could get into a toasty or chilly vehicle, depending on the season.  So, full circle…I guess I am a wimp.   |   Click here to read my Cystic Fibrosis post and click here to read my wife’s post and charitable contribution request.   Mystery Lyric:  Little darling, It’s been a long cold lonely winter — Little darling, It feels like years since it’s been here — Answer.   My Market Watch:  It’s all about the unemployment report tomorrow…traders are jittery and sweaty…you can just see them sitting there biting their fingernails and picking at themselves like monkeys. If you have a loan that is rate sensitive right now, I’d be close to a computer and ready to lock should the market turn.  As I type this Watch, bonds and rates are in a good place but things could change fast and fierce.  Tomorrow is Good Friday, a short day, and as such volatility might be extreme.  With that said, based on my research traders expect the unemployment numbers to come out flat…that is, as expected.  If the numbers are slightly higher or lower, we could see a dramatic shift in bonds and if so, rates would move significantly as a result.  Higher or Lower?  Well, I wouldn’t want to spoil all the fun, would I?   My Schedule:  I am working all day and not sure if I’ll be at my in-law’s place or a Starbucks, but who cares…as long as I have an internet connection and coffee I’m solid, like the sun.

Pricing Engine (password required)     Rate Sheet for Today     InterBank Product Matrix

• 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.

• Quick Lock Instructions
• Detailed Lock Instructions
• Exceptions
• Register, Submit & Order Appraisal
• Appraisal Review Process
• Uploading Conditions
• Change in Circumstance
• Order Docs = Schedule Closing
• User IDs and Passwords

My Schedule…and A Little Extra:   I’m in Scottsdale at my in-laws all week…I am working.  We arrived last night after a long day of driving from Palm Springs.  Being in the car with a seven and four year old, and a wife, took a long time.  Along the way we hit more toilets than I thought possible and even hit the desert landscape a few times.  But as long as I get to eat my traditional road-trip beef jerky, I’m just as coolio as can be.   |   The last time I wrote A Little Extra I linked to vanity cards written by Chuck Lorre, producer of the sitcom The Big Bang Theory.  His Vanity Card #382 wasn’t published at the time of my email…it has the title of country songs not yet written…my favorite is Your wife don’t love me no more…LOL! J   |   Click here to read my Cystic Fibrosis post and click here to read my wife’s post and charitable contribution request.   Mystery Lyric:  You don’t have to be beautiful to turn me on — I just need your body, baby, from dusk till dawn — You don’t need experience to turn me out — You just leave it all up to me, I’m gonna show you what it’s all about now — Answer.   My Market Watch:  Yesterday was a crazy day for bonds and rates.  I wish I had access to a laptop during my travels so I could send out some information, but alas, it had to wait for this morning.  The Fed released its minutes of its meeting and traders read it carefully looking for tidbits of information to predict the future.  As a general rule, if they interpret the minutes to mean the economy is improving then they will invest in stocks, typically sell off bonds, and rates end up worsening – this is what happened yesterday.  So, what was in the Fed minutes that made traders freak out?  The minutes hinted there would be no Quantitative Easing and as a result, traders sold off bonds which drove rates down.  If you want to know more about QE, read my previous post.  This morning, bonds are getting some relief mainly due to reports that things are lousy in Europe.   Let me know if you have any questions or comments….   My Schedule:  I am working all day and not sure if I’ll be at my in-law’s place or a Starbucks, but who cares…as long as I have an internet connection and coffee I’m solid, like a rock.

Pricing Engine (password required)     Rate Sheet for Today     InterBank Product Matrix

IT IS VERY LIKELY YOU CAN GET AN EXCEPTION if InterBank has an overlay permitted by Fannie Mae, and, I can usually get you an answer the same day.  The key is to get a DU Approve/Eligible.  If you get it, email me right away….

Comparing Overlays to Fannie Mae Guidelines:

• InterBank’s Product Matrix compared to Fannie Mae’s Product Matrix
• InterBank’s Overlays compared to Fannie Mae Guidelines

Locking:   If you need to lock immediately and cannot wait for an answer to the exception request, then lock the loan using loan parameters as close to the actual scenario as possible.  Please be mindful that if the exception is not granted, you will have to cancel the lock which could ultimately affect your scorecard.  Therefore, you might want to discuss the request with me before you lock to see if I feel we have a good chance to get it.  However, we cannot protect the rate for you unless you lock the loan.  Let me know if you have any questions, okay?

• 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.

• Quick Lock Instructions
• Detailed Lock Instructions
• Exceptions
• Register, Submit & Order Appraisal
• Appraisal Review Process
• Uploading Conditions
• Change in Circumstance
• Order Docs = Schedule Closing
• User IDs and Passwords