Phil Grossfield's Blog

A LITTLE EXTRA…

BONDS DETERIORATING; Purchases Prioritized

My Schedule…and a Little Extra:   It’s May Day and that means my wife and daughter will pick flowers and deliver them anonymously to neighbors.  So, they’ll sneak up to the steps, put the flowers by the front door, ring the doorbell and then run!  A nice tradition we keep from my wife’s side of the family…I’m glad for this because I like traditions and this one from her family is sweet.  Besides, if we did things from when I was a kid we’d be leaving something slightly more obnoxious than flowers.

Mystery Lyric:   I’m singin’ in the rain. Just singin’ in the rain — What a glorious feeling, I’m happy again — I’m laughing at clouds, So dark up above — The sun’s in my heart, And I’m ready for love — Let the stormy clouds chase, Everyone from the place — Come on with the rain, I’ve a smile on my face — I walk down the lane, With a happy refrain — Just singin’, Singin’ in the rain — Answer.   

My Market Watch:  Bonds are falling this morning on an ISM report and presumably on statements made by the Fed.  As a result, stocks have picked up and traders are moving their money from bonds…when that happens rates get worse.  Rates started out today nearly unchanged from yesterday but since the news I just mentioned came out after our rates were published…I fear a price change may be happening if bonds fall even a little more.  Other than that, I can tell you vacancy rates for owner-occupied and rental properties dropped in the first quarter…I thought that was interesting….   Disclaimer

My Schedule:  I have a conference call this morning and an appointment immediately afterward…I won’t be available until around 10:30a.


PURCHASES: 

  • Expedited Turns Throughout the Process – 3 days for UW
  • We will fund on a fax copy of the docs

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.

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One response to “BONDS DETERIORATING; Purchases Prioritized

  1. JoanGrossfield May 1, 2012 at 4:47 pm

    EXACTLY WHAT WOULD WE LEAVE DEARHEART? LOVE, YOUR MOTHER

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