Phil Grossfield's Blog

My Schedule…and Nothing Extra:  You could be dead tomorrow morning.  You could be 52 years old, with 3 daughters and an extended family that loves you.  You could have dreams not yet attempted.  You could go to sleep after a long day, and never wake up.  This is the fate of Steve, the son of my parent’s long-time friends.  The funeral procession is underway in Minneapolis and my thoughts are with their family.  LIVE!  DO!  BE!  POSITIVELY INFLUENCE THOSE AROUND YOU!  Remember, you do not have a soul…you ARE a soul (you have a body).

My Mystery Quote:  You do not have a soul…you ARE a soul (you have a body) — Answer

My Market Watch:  Not going to waste your time…nothing to report at this time.  Disclaimer

My Schedule:  I am behind the computer all day. Have a wonderful long weekend!

Contract Processors Available For Hire

If you are interested in receiving the list, please let me know….

Delayed Financing Cash Out – Refi Of Property Bought For Cash Within 6-Months

We now allow Delayed Financing Cash Out which will be a cash out transaction that occurs within 6-months of purchase.  To explain, your client bought a property for cash and now wants cash out…there is no existing lien on the property…Fannie Mae’s rule regarding six month’s title seasoning is avoided.  Let me know if you want details….

Turn-Times:

Purchases:      3 days from Submission (after registration)…prioritized throughout the process.

Refinances:     5 days from Submission (after registration)…45-day locks still recommended.

Conditions:     48 hours from last uploaded document.

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.  Contract Processing Fees may be charged to the borrower on borrower-paid only (box 1).  YSP overage also permitted for Prepaid Interest, Property Taxes, Hazard, and max $500 towards principal reduction.

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

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

My Schedule…and a Little Extra:  We met with the principal and I feel much better today than I did yesterday.  I’ve come to believe that the other’s girl Mom is nutty and I believe most of this craziness is a result of her obsessive and delusional parenting.  I am glad this school year is almost over.  This summer my goal is to ensure my daughter’s confidence level is at an all-time high.  I have always tried to encourage her to be strong and not rely on others…this is why I was dead set against Disney movies where the poor helpless princess was in dire straits until the handsome strong prince showed up to save her.  I don’t want my daughter to feel she needs to be saved by anyone.  I want her to be strong, positive and dependent.  She’s a Grossfield for the love of all things holy in this land!   |   I have not watched American Idol but my Mom told me who won.  I’m looking forward to watching his performances…he definitely deserved the title.

My Market Watch:  Rates are worse today but only by 0.125 in most spots…no tragedy.  Rates are being affected mostly due to news in Europe since the 5-year note auction yesterday was uneventful and today’s 7-year note auction is not expected to be a barn-burner.  .  Disclaimer

My Schedule:  I am in Los Angeles today with appointments at 10:30a and 3p and then driving home late.

Contract Processors

I have compiled a list of contract Processors available for hire.  If you are interested in receiving the list, please let me know….

Delayed Financing Cash Out – Refi Of Property Bought For Cash Within 6-Months

We now allow Delayed Financing Cash Out which will be a cash out transaction that occurs within 6-months of purchase.  To explain, your client bought a property for cash and now wants cash out…there is no existing lien on the property…Fannie Mae’s rule regarding six month’s title seasoning is avoided.  Let me know if you want details….

My Schedule…and a Little Extra:  My seven year old daughter was divorced at school.  We’re meeting with the principal of her school today at noon.  My daughter has been having a conflict with one of the girls in her class…I only found out about it at the beginning of this month.  The two girls used to be best friends…but something happened in March and now the other girl has rejected my daughter.  Personally, I feel the other girl’s parents might be the issue…but typing about that would take too long.  Anyway, the teacher decided to separate the girls in class so they wouldn’t disturb others…you know, they don’t sit at the same table or stand in line together…makes sense.  But the girls kept gravitating towards each other and the teacher decided to send the girls to the principal’s office for reinforcement…and here’s where it gets interesting.  The principal decided to draw up a contract for the girls to sign…it said they have to stay away from each other at recess, in line, in class, etc.  My daughter was required to sign it…SHE GOT DIVORCED.  Shouldn’t the school be teaching my child how to resolve conflict?  Shouldn’t the school be teaching my child that working out differences is a critical life skill, rather than simply separating them, and by contract no less?!  Shouldn’t the school have notified me that a problem existed?!  I AM NOT HAPPY.   |   Yesterday I told you to check this out…I’m not in a good mood so just do it…it’s super cool:  Scale of the Universe.

My Market Watch:  Just look at the rates above.  For the love of all things holy in this land!  If you haven’t called everyone in your database who is eligible for a refinance, then hire someone to call them for you.  Disclaimer

My Schedule:  I have two meetings today at noon-1p and 3p-4p.

Contract Processors

I have compiled a list of contract Processors available for hire.  If you are interested in receiving the list, please let me know….

Delayed Financing Cash Out – Refi Of Property Bought For Cash Within 6-Months

We now allow Delayed Financing Cash Out which will be a cash out transaction that occurs within 6-months of purchase.  To explain, your client bought a property for cash and now wants cash out…there is no existing lien on the property…Fannie Mae’s rule regarding six month’s title seasoning is avoided.  Let me know if you want details….

Turn-Times:

Purchases:      3 days from Submission (after registration)…prioritized throughout the process.

Refinances:     5 days from Submission (after registration)…45-day locks still recommended.

Conditions:     48 hours from last uploaded document.

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

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

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 and for lender-paid we permit outsourced Contract Processing (NMLS Licensed) as a 3rd-Party Fee and therefore may be covered by YSP overage (excess rebate).  YSP overage also permitted for Prepaid Interest, Property Taxes, Hazard, and max $500 towards principal reduction.

My Schedule…and a Little Extra:  You are small…or big depending on how you look at the universe.  If you’ve ever wondered how big or how small the universe is, or how you relate in scale, then check this very cool website out:  Scale of the Universe.

My Market Watch:  Bonds are pushing lower on news from China and Greece, but don’t expect rates to sharply increase.  As I have suggested over the past several weeks, the stock market is ripe for a correction, any correction…any news even slightly favoring the economy would be a reason for traders to put money into stocks and not bonds.  That said, in general the economy is not in a good place or as I have put it, “the economy has not been fighting for position.”  Even if there is a small correction in rates over the next few days, rates would still be at all time lows and you should be taking full advantage of it.  If you haven’t called everyone in your database who is eligible for a refinance, then hire someone to call them for you.  Disclaimer

My Schedule:  I have two meetings today at 11a and 3p.

Delayed Financing Cash Out – Refi Of Property Bought For Cash Within 6-Months
We now allow Delayed Financing Cash Out which will be a cash out transaction that occurs within 6-months of purchase.  To explain, your client bought a property for cash and now wants cash out…there is no existing lien on the property…Fannie Mae’s rule regarding six month’s title seasoning is avoided.  Let me know if you want details….

Turn-Times:
Purchases:      3 days from Submission (after registration)…prioritized throughout the process.

Refinances:     5 days from Submission (after registration)…45-day locks still recommended.

Conditions:     48 hours from last uploaded document.

For a Clean Underwriting Decision Resulting in Happiness and Adulation – Read Me
For a Long List of Conditions, a Huge Hassle, and Massive Frustration – Ignore Me

Procedures: 
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 and for lender-paid we permit outsourced Contract Processing (NMLS Licensed) as a 3rd-Party Fee and therefore may be covered by YSP overage (excess rebate).  YSP overage also permitted for Prepaid Interest, Property Taxes, Hazard, and max $500 towards principal reduction.

My Schedule…and a Little Extra:  It was all about the men…the boys…no females…just me and my son…a ship of men…a weekend of sailing the waters without care or reservation.  The girls were in Jamaica on my wife’s press trip.  So, me and my four-year old son had time to bond…like men…and we had a great time (despite his need to ask a question every 30 seconds).  The only scary part was in the last few hours, when he accidentally drew a foot-long line with thick red crayon on my wife’s beloved couch.  Ahhhhhhhhhhhhhhh!  Abandon ship!  I called my fill-in-neighbor-wife to send lifeboats.  A Google search and a little female know-how proved successful…the ship was salvaged…there were no casualties.  Whew!  My wife will likely learn about this incident from reading this post…but I won’t show her where the supposed damage took place.  Despite her uncanny female bloodhound senses, I do not believe she will be able to find it.  If she does find it, the question is will she make me walk the plank?   |   As you may know one of my favorite shows is the Big Bang Theory…I was watching alone the other night while my wife was in Jamaica.  The season finale ended with couples nervously holding hands while their friend was launched into space on a NASA mission.  Read Chuck Lorre’s Vanity Card #389.

My Mystery Lyric:  Oh it was sad – so sad, It was sad – too bad, It was sad when the great ship went down – to the bottom of the — Husbands and wives – little children lost their lives, It was sad when the great ship went down…. — Answer.

My Market Watch:  Rates cannot be sustained.  The stock market is ripe for a correction.  However, in the last two weeks, the economy has not been fighting for position and Bonds have simply been taking what’s given them.  You should be thinking the same way.  For the love of all things holy in this land, call anyone eligible for a refinance, or hire someone to call them for you.  Disclaimer

My Schedule:  Behind the computer all day.

My Schedule…and a Little Extra:  They made it to Jamaica.  In yesterday’s exhilarating post, I wrote about how we scrambled to get a new passport for my seven year old daughter just three hours before an international flight….  I had many replies asking if my wife had to cancel the press trip…but no, they were able to get on a flight at 10:30p, arrived in Atlanta at 5:30a, waited in the airport for 5 hours and then left for Jamaica.  They return Sunday.  Although I wish I could go on more of Colleen’s press trips, I have no problem missing this one.   |   Joshua Ledet is not in the finals of American Idol and I’m shocked.  Although I love our hometown San Diegan Jessica Sanchez, I feel she is too young and not ready…a couple more years and she will be unstoppable, for real.  And, I love Phillip Phillips because he has the coolest name on the planet, and, he is a genuine artist…of all of them, I’d want to see him in concert.  But Joshua was amazing…watch this if you need proof.

My Mystery Quote:  If you don’t have a dream, then there’s no way to make one come true — Answer.

My Market Watch:  Rates are great.  Disclaimer

My Schedule:  I have just one appointment today at 10:30a…. 

My Schedule…and a Little Extra:  We got the passport in record time!  Take a deep breath…I had the bags for my wife and 7-year old daughter in the car…the engine running…my daughter strapped in.  My wife let out a gasp like someone punched her in the stomach…my daughter’s passport had expired and the flight to Jamaica was in 3 hours.  Ahhhhhhhhhhhhhhh!  I broke the law and got to the Passport Authority building in record time. I slowed down just enough…my wife jumped from the car, she tucked and rolled, and was inside the building before I parked the car.  I sprinted to the place where they take your passport photo…my daughter holding on for dear life…her feet off the ground like a kite.  She smiles, they shoot, they print…we run back to the Passport Authority where my wife is waiting with the completed application.  I cut a check for $200 and we submit the application…and wait……and wait……the flight is just over an hour away now……an hour……45 minutes……30 minutes.  We get the new passport!  We RUN to the elevator and position ourselves in-between the doors ready to jump inside.  Tires screech as I pull up to the airport doors.  Kisses…I love you!  Ten minutes later I got the text…they missed the flight.

My Mystery Lyric:   Run, run, run, run…You better make your face up in your favorite disguise — With your button down lips and your roller blind eyes — With your empty smile and your hungry heart — Feel the bile rising from your guilty past with your nerves in tatters — As the cockleshell shatters and the hammers batter — Down your door — You better RUN!  — Answer.

My Market Watch:  RATES CANNOT GET BETTER, CAN THEY?  Holy Rates!  They have NEVER been this low.  Do you really need to know why they are so good?  I didn’t think so.  But suffice it to say the economy is not giving traders reason to invest in stocks so they’re putting their money in bonds instead and as a result, rates are better.  Don’t expect it to last…it can’t…it cannot be sustained.  Take advantage now…it will not last.  Need I say more?   Disclaimer

My Schedule:  I have an appointment at 10:30a and 3:00p. 

My Schedule…and a Little Extra:  It’s the theatre you pay $20 per ticket so you can sit in a lounge chair…I went to the fancy movie theatre on Saturday night.  I felt like a ding dong…here are the top four reasons I’m not a fan:  (1) The lack of beverages…my beverage of choice was unavailable.  I fully expected to kick back, order a beverage, order some food, and enjoy the movie in comfort.  But the experience fell short when we soon discovered the beverages we wanted were not available in our theatre.  “What do you mean?” I said.  Apparently only a couple of the rooms had an extensive beverage menu.  Honestly, that was the primary reason for the concept; (2) The food…it was just barely average.  But more importantly, I couldn’t see what I was eating…it made me uncomfortable.  I’m not like the rat in Ratatouille that just shoves anything in his mouth.  I had to use my cell phone as a flashlight.  So while I’m trying to figure out how to eat my invisible food, everyone in the theatre starts laughing at the scene and I missed it while I was trying to navigate…ugh;  (3) The prices…a normal theatre is usually about $10/ticket and this is double, and, the food was sub-par for the exorbitant prices they were charging; and (4) The regret…I felt like a ding-dong after paying $80 to go to a movie, and afterwards we went out for dinner and drinks!  DING-DONG!  Happy Mother’s Day Mom…I love you!
My Giveaway:   How do you get free movie tickets for “What to Expect While You’re Expecting” tonight in San Diego? — Answer.
My Market Watch:  Stocks are down…bonds are up…rates are better….  Sound familiar?  Again, rates really have nowhere to go in terms of getting better…they’re about the same as Friday.  I’m more concerned with seeing any negative activity on bonds…the slightest move south could result in worse rates. We’re off 6bps this morning from when rates came out.   Disclaimer
My Schedule:  I am behind the computer all day until 3:30p…then unavailable. 

Turn-Times:
Purchases:      3 days from Submission (after registration)…prioritized throughout the process.

Refinances:     5 days from Submission (after registration)…45-day locks still recommended.

Conditions:     48 hours from last uploaded document.

For a Clean Underwriting Decision Resulting in Happiness and Adulation – Read Me
For a Long List of Conditions, a Huge Hassle, and Massive Frustration – Ignore Me

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

My Schedule…and a Little Extra:   I’m the kind of guy that wanted Michael Jordan to win every single game and championship because I felt he was irrefutably deserving of it.  Similarly, in a talent contest such as American Idol, putting aside everything else (looks, etc.), I believe the three most talented should advance.  This year on American Idol, we achieved just that.  Jessica Sanchez has a haunting voice far surpassing her age of sixteen. Phillip Phillips, besides having a cool name dear to my heart, is the truest Artist of the bunch with a unique singing style and who put aside any doubt he can stay in tune.  And then there is Joshua Ledet whose album I would buy before hearing even one song.  As my Mom says, it’s pure entertainment…  By the way, I received a fair number of emails on my comment yesterday that Steven Tyler is not wasted every night…apparently I’m in the minority.  I also received just one email on my comment about Jennifer Lopez…from my wife.  Happy Mother’s Day Y’all!
My Trivia:   What is the world’s smallest country?  a) Monaco  b) Vatican City  c) San Marino  d) Nauru  e) Liechtenstein — Answer.
My Market Watch:  Stocks are down…bonds are up…rates are better….  What are you waiting for?  Do you really think rates are going to get much better?  Really?  Is your borrower holding out for a rate more competitive than what you see above?  I’d love some feedback on this because I would advise my Mom to lock right now.   Disclaimer
My Schedule:  I have appointments at 10:00, noon, and 2:30p. Although I might be difficult to reach by cell, I will have adequate time to respond to all emails and calls before the end of the day.  If it’s an urgent matter, then text me for the love of all things holy in this land.

Turn-Times:
Purchases:      3 days from Submission (after registration)…prioritized throughout the process.

Refinances:     5 days from Submission (after registration)…45-day locks still recommended.

Conditions:     48 hours from last uploaded document.

For a Clean Underwriting Decision Resulting in Happiness and Adulation – Read Me
For a Long List of Conditions, a Huge Hassle, and Massive Frustration – Ignore Me

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

My Schedule…and a Little Extra:  “You’re absolutely wrong – 100% wrong,” I said to my wife…ever so carefully.  She is……wrong that is.  American Idol is an awesome show and if you or anyone else you know doesn’t agree then you or they are dead wrong too.  And yes, Ryan Seacrest is a very tiny man, and yes, Jennifer Lopez has large buttocks and yes she is in fact extremely hot.  And no, Steven Tyler is not wasted every night.  That’s all I have to say about that.

Mystery Lyric:   Listen…Do you want to know a secret?  Do you promise not to tell?  Whoa…Closer…Let me whisper in your ear — Say the words you long to hear…I’m in love with you — Answer.

My Market Watch:  Rates are a little worse this morning by about 0.125 in price because stocks are trading higher.  There is usually an inverse-relationship between stocks and bonds.  That is, when stocks are being bought, generally bonds are being sold to free up money to buy those stocks (in theory anyway).  I have been warning a correction would come sooner than later…expect this trend to continue unless something happens to push stocks lower.  But even in that case, don’t expect a big improvement, if any, in bonds in the near future.  In fact, in my opinion, we’ve reached a floor in mortgage rates…I think there is virtually nowhere else to go but up from here….  Disclaimer

My Schedule:  I have two appointments today at 10:30a and 2:30p in Irvine.  I am available before by cell, in-between by cell or email, and after by cell.

Purchases:      3 days from Submission (after registration)…prioritized throughout the process.

Refinances:     5 days from Submission (after registration)…45-day locks still recommended.

Conditions:     48 hours from last uploaded document.

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