Phil Grossfield's Blog


I Found The Culprit; CFPB Report

My Schedule…and A Little Extra:  There is a very gratifying feeling with successfully fixing something yourself. Keep in mind that calling me a handyman would be a gross exaggeration…something like calling Donald Trump modest.  Anyway, over the years my father-in-law helped me with enough projects that I’m much more confident about tackling things I never would have attempted in the past.  But when it comes to computers, I’ve always been more confident and adventurous…it’s the geek in me I guess.  About 4 months ago after I bought my traveling-crazed wife a new lightweight Ultrabook computer, I inherited her old 100-pound slow-running and hot-to-the-touch laptop.  Mind you “old” means within five years in the computer age…it was still a perfectly adequate albeit unpleasant machine in its present condition.  So, I decided to self-refurbish her old computer and see if I could use it.  That meant defaulting the computer to factory settings and reinstalling all the software one program at a time, etc.  Although it sounds somewhat painless, it was a pretty big project.  And I executed it successfully and the laptop had worked flawlessly for four months.  UNTIL, just the other day at Starbucks it made some clicking sounds and then sparks sprung out from the mini fan…yes sparks!  YOWZA!  The person sitting next to me at Starbucks gave me a pretty concerned look, that same sort of look I get from kid-less observers to one of my kids having a mini-tantrum in a public place.  I chuckled, shut down, and headed home.  It was time to fix the computer!  I decided there must be a tiny broken piece of plastic or something in the fan causing the sparks.  And so, I took the laptop completely apart to investigate…I mean I totally dismantled it…see the picture.  I cleaned every millimeter of the innards with a small brush and then carefully reassembled everything.  Not only did I find the culprit causing the sparks, but it was extremely dusty and dirty in there…now it’s spotless and running beautifully.  Success!  Satisfaction!  For now anyway….

My Schedule: Available all day….

My Market Watch:  Rates are slightly better today by 0.125 in certain places.  With little reports this week you can expect rates to trade opposite the stock market, that is, if stocks perform well, bonds will probably not and rates will remain worse or get worse.  Conversely, if stocks perform poorly, then rates could improve.  Tomorrow is the Fed Minutes release from the last meeting and that sometimes triggers movement if something pops up on the minutes that was not acknowledged after the actual meeting.  Otherwise, everyone is watching the bond’s movement to see if it stays above certain moving averages (floors of support and ceilings of resistance)…read my Glass Elevator Analogy from Friday||  Did you see the CFPB report?  “CFPB” stands for Consumer Financial Protection Bureau…they are the financial services watchdog of late.  Anyway, they just put a report that recommends lenders and Brokers offer on every single loan a no-fee, no-point mortgage and they seem to have abandoned their suggestions for a mandatory flat fee by LOs which is good in my opinion.  Also, they are suggesting more or revised LO qualification requirements and specific requirements for conflict resolution.  Here are the proposed CFPB rules, here is the link to the CFPB release, here is an article by The Wall Street Journal, and here is a link to a CFPB website with a nice little video for consumers to watch.  |||   DON’T LET YOUR LOCKS EXPIRE WITHOUT CONSULTING ME FIRST!    My Disclaimer

Updated Frequently:                                                                                 

My Guideline Guidance to get a clean underwriting decision resulting in happiness and adulation, or, you could Ignore This and find yourself with a long list of conditions, a huge hassle, and massive frustration.

My Procedures are updated all the time – check it out.…

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