Phil Grossfield's Blog

A LITTLE EXTRA…

New Policy Explained; Fed & Jobs Report; HARP

My Schedule…and A Little Extra:  I had a great month for July, thank yoU.  I hope your month was equally great.  I don’t have the official numbers but I’m pretty sure Interbank put up a big number.  |||  Are you aware our 30-year product is the same pricing for our DU Refi Plus/HARP 2.0 program?  |||  I received a fair amount of comments on our new Incomplete File Submission Policy, and most of the comments expressed concern.  This new policy is a good idea…Interbank needs to ensure processing takes their time and gets it right the first time so we can keep our turns fast and work to make them faster.  We have way too many sloppy submissions…trust me!  And the Policy does not really hurt you.  To be clear, if you fail to release the DU, we reject the submission so your punishment is you need to re-upload, that’s it…you don’t lose the lock or anything else…you just lose time.  And if you fail to upload the required disclosures, documents, etc., we give you 24-hours to correct it which is plenty of time.  Only if you ignore us do we cancel the file and the lock.  I think that’s fair.  Let me know your thoughts….  The policy details are below….

My Mystery Lyric:  If you feel like leaving, you know you can go…but why don’t you stay until tomorrow?  and if you want to be free, all you have to do is say so — when you feel cold, I’ll warm you, and when you feel you can’t go on, I’ll come and hold you — it’s you…and me, forever….  — Answer

My Market Watch:  Today the Fed announces their policy changes, if any.  Depending on what they say, or don’t say, the markets might move in a couple hours….  As of right now…bonds are flat.  Also, this morning ADP released its private jobs report which was better than expected…this is not a critical report and doesn’t weigh that heavily, but it does increase anticipation for the big Jobs Report on Friday.  Make no mistake about it, there’s a lot of stuff going on this week that could move the markets drastically.  As I say often, there is more downside to upside…rates are likely to inch towards better but leap towards worse.  Let me know your thoughts….   Disclaimer

My Schedule: Today I have two appointments, one at 10:30a in San Diego and another at 2:00p in Irvine.


NEW POLICY FOR INCOMPLETE FILE SUBMISSIONS:  We receive way too many incomplete submissions…it’s hurting our turns and creating backlog.  These are the top culprits:

  • DU has not yet been released to Interbank.
  • Missing required documents/disclosures at submission.
  • GFE Issues:
    • There is no locked GFE when the loan was pre-locked.
    • Net buy on GFE doesn’t match lock.
    • The GFE does not reflect correct escrow (shows escrows are required but lock shows they are waived, or vice versa).
    • Subordination fee should be in box 3.  Subordination escrow fee box 4.
    • Providing all borrowers on GFE when borrowers are unmarried or separate.

This new policy is a good idea…we need to ensure processing takes their time and gets it right so we can keep our turns fast and work to make them faster.  The Policy still gives you time to correct the issue without penalty – other than you get delayed.
EFFECTIVE IMMEDIATELY: 

1)      if the DU is not released to Interbank at the time of file submission, the loan will be REJECTED and if the file has not been submitted within 10-days of the pre-lock, then the lock will be cancelled as well; and

2)      if our Receiving team notifies you of problems with the GFE or other missing/inaccurate documentation in the file, then you have 24-hours to resolve the problem or the loan will be REJECTED and if the file has not been submitted within 10-days of the pre-lock, then the lock will be cancelled as well.  Let me know if you have any questions, okay?

Click here for My Procedures and Guidance


BUCKET-LIST CONTEST:   What’s on Your Life’s Bucket-List?  How about a $5,000 vacation to make your bucket-list wish come true from Hilton Garden Inn around the globe?!  Watch the video…its awesome and enter the contest at my wife’s TravelMamas website!  Enter by August 5, 2012

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