Phil Grossfield's Blog

My Schedule…and A Little Extra:  Ned Ryerson from Groundhog Day…remember him?  Ned-The-Head…Needle-Nose-Ned…bing!  He was a character but you had to love him!  Our docs and funding departments pump out an extraordinary large amount of docs sets and fundings each month…you gotta love them.  But recently they’ve been going through some changes.  For example, we are in the process of finding a new Funding Department Manager so if you know anyone in Chicago that might be interested please let me know.  Our volume is tremendous…we’re driving fast…when you’re putting out the number of doc sets and funding as many loans as we do each day, even a slight bump in the road can take the wheels off the road.  I am temporarily quoting an extra day on doc instructions and an extra day on doc sets despite the schedule, and, I’m quoting 5 days in funding.  As always, purchases get priority.  Clip of Ned Ryerson from Groundhog Day

My Market Watch: So if you’ve readany of my recent posts you know that bonds trade in large part based on moving averages.  That is, traders make decisions based on whether the price of bonds goes above a ceiling of resistance or below a floor of support.  Stocks are trading in a similar position today…if they break above a ceiling of resistance they could really gain a lot of momentum.  Of course if that happens, the price of bonds would surely suffer since there is an inverse relationship with stocks.  That is, when stocks go up, usually bonds go down and when that happens, rates get worse.  It’s early yet but I highly recommend you keep your eye on the stock market and be prepared to lock a sensitive loan should it become apparent stocks are on the rise.  My Disclaimer

My Schedule: Available all day….

My Recent Posts:  I Found The Culprit; CFPB Report  |  Glass Elevator Analogy from Friday  |  Look Out Below! Don’t Let Your Locks Expire!  |  LTV Improvements! Bonds Suffering – Don’t Let Your Locks Expire!  |  I missed you! Now put ‘em up! The Rich Get Richer  |  It Wouldn’t Start; Bonds  |  Streetlinks; Bonds

Temporary Turn-Times: (in calendar days)

Locks:              45-day locks recommended for all loans at a minimum.
Submission:    10-days from lock…your submission package must be uploaded within 10 days or your lock will be cancelled.
Purchases:      3 days after submission package uploaded…prioritized throughout the process….
Refinances:     9 days after submission package uploaded.
Conditions:     2-3 days from last uploaded document.
Audit-CTC:      3 days from the last condition being cleared.
CICs:                1-2 days to process a change in circumstance.
Docs:               1-2 extra days from your scheduled date.
Funding:         4-5 days for document review and issuance of funding conditions.

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.…