Phil Grossfield's Blog


Exceptions Are Easy; Hypothetical Question; Operation Twist

My Schedule…and a Little Extra:  A hypothetical question…what if hypothetically a person (not me of course) went to get his son’s prescription at the pharmacy but it was going to take a couple hours to fill because they had to get a refill from the kid’s doctor.  Hypothetically there happens to be a wine bar next door, so, hypothetically this person goes to the wine bar while he waits for the prescription and orders a glass of nice hypothetical Pinot Noir.  While at the wine bar the owner has wine salespersons visiting and they are pouring everyone at the bar samples of their different hypothetical grapes.  Our hypothetical person sparks a conversation with several of the other very happy free-drinking customers and overall has a fantastic time.  Did I mention this was a hypothetical situation?  Good.  So, let’s say this person finally gets the prescription and heads home, late of course because the pharmacy took so long filling the hypothetical prescription (which is hypothetically true).  So here’s the question…since our hypothetical person’s wife was sick and feeling rather lousy and he doesn’t want to make her feel bad by telling her he he was in a bar drinking free wine, should he keep it to himself or brag about it?  My friend would like some advice….   |   Oh, I can’t forget this…GO HEAT!

My Mystery Lyric:  Some say I’ll be better without you, But they don’t know you like I do, Or at least the sides I thought I knew —  I can’t bear this time, It drags on as I lose my mind, Reminded by things I find, Like notes and clothes you’ve left behind — Wake me up, wake me up when all is done, I won’t rise until this battle’s won, My dignity’s become undone — Answer

My Market Watch:  Yesterday I said it would be a scary day and I have to admit, I was right on target.  Interbank had a mid-day rate change for the worse, then shortly thereafter another for the better, and then yet another for the worse again.  Whew!  The Fed will expand its “Operation Twist” program to extend the assets on its balance sheet…they will sell $267 billion of shorter-term securities and buy the same amount of longer-term debt in a bid to reduce borrowing costs and spur the economy.  Sounds complicated but it’s really not…simply put, it’s a fancy way of describing how they will buy and sell bonds to affect interest rates.  Traders seem to view this decision as the Fed maintaining the status quo but really the Fed is saying the U.S. economic recovery is at risk of stalling.  In terms of long-term bond prices, this isn’t necessarily a bad thing.  Disclaimer

My Schedule:  Available all day….


Exceptions to LTV overlays are EASY to get.  In fact, it is VERY LIKELY you will get an exception approval if InterBank has an overlay that is permitted by Fannie Mae, and, I can usually get you an answer within the same day.  The process is VERY EASY…all you have to do is register the loan so we have a loan number and send me an email with your DU Findings.  I’ll take over from there…I will forward exception request before you submit the loan (all you’ve done so far is register the loan).  This way we’ll know in advance if the exception will be granted. Click here for details on Interbank overlays compared to Fannie Mae guidelines, and for explicit Instructions on getting an exception:  Exceptions – When and How to get an Exception


Read Me for a Clean Underwriting Decision Resulting in Happiness and Adulation

MY PROCEDURES are updated daily – check it out…

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


Purchases:      4 days from Submission (after registration)…prioritized throughout the process.

Refinances:     7-8 days from Submission (after registration)…45-day locks still recommended.

Conditions:     48 hours from last uploaded document.

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