Phil Grossfield's Blog

My Schedule…and No Extra:  No extra today…no time and in no mood to think up something clever or interesting….

My Mystery Quote:  Life is not about waiting for the storm to pass…it’s learning to dance in the rain — Answer

My Market Watch:  Today there is an auction on 10-year notes and the Fed minutes from the last meeting will be released.  Although both of these events can move the markets, my research indicates that neither is expected to be that eventful. There is also chatter about a global recession from many economists.  This is of course good for bonds and rates.  But I advise you take all these comments, and future comments, with a grain of salt.  Although few will challenge the idea that the global economy and local economy are in danger of an official recession, the coming election will influence opinions greatly.  Of course, Republicans will try and paint a picture that things are worse than Bush left it and it’s all Obama’s fault.  Democrats will say they did a great job of holding off a worse crash that Bush was headed for and made great strides in preparing us to recover from the disaster dropped in their laps…but of course the job is not done and we need to stay the course.  Whichever side of the political battle you draw a sword for, the comments on our economy and even on the global economy will be skewed accordingly.  Disclaimer

My Schedule:  This morning I am working from home and I am out and about this afternoon.

DTI IS UNLIMITED/IRRELEVANT WITH FANNIE MAE DU APPROVE/ELIGIBLE FINDINGS
What do I mean by unlimited/irrelevant?  To be exact, we have no overlays with respect to DTI…we are only focused on the DU Findings…with an Approve/Eligible, the DTI is absolutely irrelevant.  For example, if your DTI is 51% or more and you get a DU Approve/Eligible, then we’ll do the loan.  Let me know if you have any questions, okay?

LTV EXCEPTIONS – VERY EASY AND VERY FAST!
Exceptions to LTV overlays are EASY TO GET.  If you are pricing something on our Pricing Engine and it gives you an error message because of LTV or CLTV, then you should email or call me ASAP.  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