Phil Grossfield's Blog


Happy 4th!

My Schedule…and A Little Extra:   I always loved the Fourth Of July.  Sparklers, cherry bombs, corn-on-the-cob, hot dogs, cheeseburgers, cole slaw (but not potato salad…yich), and then fireworks to wrap up the day. Tonight is pre-festivity festivities with neighbors and the party is tomorrow.  I wish I had some sparklers.  I wish for you and your family a wonderful day of relaxation and if you’re extending that into the remainder of the week, then good for you…enjoy it!  Otherwise, I’ll see you on Thursday. 🙂

My Mystery Lyric:  Born down in a dead man’s town, The first kick I took was when I hit the ground — You end up like a dog that’s been beat too much, Till you spend half your life just covering up  Answer

My Market Watch:  not watching….  Disclaimer

My Schedule:  I’m working from home most of the day, off to Costco later in the day…. HAPPY FOURTH!


If you didn’t change your comp plan for Q3, then it’s business as usual for you.  However, if your comp plan changed for Q3, then all new loans submitted must reflect your new plan on your GFE – STARTING YESTERDAY.  To be clear, regardless of the lock date or the date the application is signed by the borrower, you must reflect your new comp plan for all loans received by Interbank yesterday and in the future.  If your GFE is wrong and you under-disclosed based on your previous plan, our receiving department will not be able to accommodate you and you will find yourself having to wait 10 days to resubmit.  If you are not 100% clear on this, call or email before you submit to ensure there are no delays.

UPDATED DAILY:                                  

Read Me for a Guideline Guidance for a Clean Underwriting Decision Resulting in Happiness and Adulation or IGNORE ME for a Long List of Conditions, a Huge Hassle, and Massive Frustration

My Procedures are updated daily – check it out…


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 and we’ll know in advance if the exception will be granted before you submit. Here are my precise instructions:  Exceptions – When and How to get an Exception


Purchases:      3-4 days from Submission (after registration)…prioritized throughout the process.

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

Conditions:     48 hours from last uploaded document.

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