Phil Grossfield's Blog

We need remote Underwriters and Funders.  This is a work-from-home opportunity. Please tell anyone who is interested to send me their resume and I will forward to the appropriate person.  pgrossfield@interbankwholesale.com

My Schedule…and a Little Extra:  “I’m conflicted because I hate the way his life ended…his death was not worthy of a warrior.”  These were statements in my post yesterday which I have been thinking about after receiving a lot of interesting feedback.  One response came from someone who knew him personally…she said Junior was dealing with intense chronic pain.  Chronic pain and suicide are no strangers to each other and for those of us not living with it, it’s easy for us to judge.  I recall several similar stories such as the movie director Tom Shadyac who contemplated suicide when dealing with intense chronic pain (he directed Liar-Liar, The Nutty Professor, Bruce Almighty…).  He made a movie I highly recommend called I am wherein he describes his desire to take his own life when dealing with unbearable pain.  I feel my statements yesterday were too harsh, or at a minimum too ignorant.  All I can say is I cannot imagine what Junior was going through…I do not judge him…and I trust he is finally at peace.
My Schedule:  I have two appointments today at 11:00a and 2:30p.  I am available before, in-between, and after…imagine that!  

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

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

“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.

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

My Schedule…and a Little Extra:  Junior Seau – rest in peace, and thanks.  I wanted to write something witty and moving and worthy about Junior but I kept typing and backspacing.  I’m conflicted because I hate the way his life ended…it confuses me…he was the ultimate warrior and to me, his death was not worthy of a warrior.  He played with the intensity of a hungry lion which is the image I remember…watching him pace as the quarterback was calling the play.  Man, he was so damn good.  I know his death will be cited again and again as the debate on safety in the NFL progresses.  And it’s obvious he wanted his death to be a stimulus towards that goal.  But I can’t help but think he could have accomplished the same, and undoubtedly much more, by living and working towards player safety.  Rest in peace Junior…thanks for all the great memories….

My Market Watch:   Boring.  Nothing going on.  Same as yesterday.  Rates are better if you can believe that.  Check out this graphic…it shows how rates have been steadily improving since the beginning of April.  When will the correction come?   Disclaimer

My Schedule:  I have a couple appointments today and will be off the clock at 4:30p.  

My Schedule…and a Little Extra:   We already gave and we already helped to raise money for research, but there is something deeply gratifying about going to the event itself with hundreds of others and simply walking along the beach for a cause you believe in.  On Sunday my family participated in the Cystic Fibrosis Great Strides Walk.  Our good friends and neighbors have two spirited kids with Cystic Fibrosis (shown in the picture to the left).  The Walk is hopeful and sad at the same time.  A few participate in remembrance of their children who lost the battle…evidenced by a sign they hold up as they walk.  And many are there with children who are presently soldiers in the battle, like our courageous neighbor friends.  And some are there in support of friends, like us, in the hopes that someday a cure will be discovered.  If you care to donate, even $5, I would be ever so grateful.  In the picture, my wife with daughter in front of her, me and my son on my shoulders, and our two neighbor friends mentioned above. To read a previous story by my wife, The Travel Mama, click here.

Mystery Lyric:   So you scream from behind your door, Say what’s mine is mine and not yours — I may have too much but I’ll take my chances, Cause God stopped keeping score — And you cling to the things they sold you, Did you cover your eyes when they told you, That he can’t come back, Cause he has no children to come back for — Answer.

My Market Watch:   There are virtually no economic reports this week.  Whenever the news is void of economic reports, traders look to other indicators to predict what the markets will do such as news in Europe, or presidential elections, or European presidential elections.  Case in point, France just elected a new president which is more change and uncertainty across seas.  This in turn is usually bad for the Euro and good for bonds.  When traders buy bonds, rates generally improve.  And I know I sound like a broken record, but when I say rates generally improve, what I mean lately is rates will stay the same.  That is, there isn’t any room for improvement…rates really can’t get much better.  Let me know if that makes sense and if you want to discuss…    Disclaimer

My Schedule:  I have one appointment this morning and available the rest of the day.

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.

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

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

My Schedule…and a Little Extra:   Win a Parrott Bluetooth for your car…click the following link.  We have this for our Odyssey and it works great…I highly recommend…especially when it’s free!  Parrot MINIKIT+ Review and Giveaway for Hands-Free Cell Phone Use in the Car.

My Market Watch:   Today the Jobs Report came out and it reported only 115,000 new jobs…that is not good for the economy since traders were expecting closer to 162,000 new jobs to be reported.  Because the new jobs report came in much less, traders should interpret the report as a weak economy…much less new jobs than expected = crappy economy.  When traders feel the economy is weak, they typically sell off stocks and put their money into bonds instead.  When traders sell stocks and buy bonds instead, rates generally get better unless something else is going on that levels it out.  HOWEVER, as I have mentioned on several occasions, rates are about as low as they can get…there is not much more.  Even though the news is typically bully for bonds, there just isn’t anywhere to go.  If you compare this morning’s rates to yesterday’s rates, the difference is very minor with only a slight improvement.  With all these important reports that have a propensity to move the markets, there is without questions more downside than upside…just keep that in mind for the future…  Disclaimer

My Schedule:  I have one appointment this morning and available the rest of the day.

My Schedule…and a Little Extra:   Your mind is a parachute.  My father-in-law went to one of those time-share sales meetings so he could get a free toaster or carrying bag or something.  After listening to the sales pitches which lasted for a couple hours, he told the sales person repeatedly that his only interest in coming to the meeting was to get the damn toaster or handbag or whatever it was they were giving away.  The salesperson said to him, “your mind is like a parachute…it does no good unless it’s open.”  I have to say, I love the analogy, but for some reason it just didn’t work on my father-in-law.
Mystery Music 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:   Today is boring.  But tomorrow is the Jobs Report and it is never boring.   The interesting thing about the report is how traders react to the numbers…it’s all about expectations.  Traders expect about 162,000 new jobs to reported.  If the actual number comes out much less, then traders will interpret the report as a weak economy…less jobs than expected = crappy economy.  On the other hand, if there are more new jobs than expected, then traders will interpret the report as a strong economy…more new jobs = rising economy.  When traders feel the economy is doing well, they generally sell off bonds to free up money to put into stocks.  Conversely, if traders feel the economy is weak, they sell off stocks and put their money into bonds instead.  When traders sell off bonds, rates get worse and when they buy bonds rates get better.  I wouldn’t be surprised to see the number fall short of expectations and see rates improve.  Disclaimer

My Schedule:  Available all day.

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

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

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

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.

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

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

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

“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.