Phil Grossfield's Blog

My Schedule…and A Little Extra:   |1| Cheese Thievery.  I hate the Green Bay Packers…I grew up hating them.  I was born in Minnesota and spent the first 17 years of my life painfully cheering for the Vikings and growing a pure hateful despise for the green and gold (tongue and cheek please).  The only team I dislike more would be the Chicago Bears, but that is for another post on another day.  So you can imagine how difficult last night’s game was for me.  I am now actually feeling sorry for the Packers.  What’s going on in this world?  Has Captain Kirk and Spock entered into our parallel universe and changed the fabric of society?  Did Spock do a mind-meld on the officials before the game?  How in the world is that a touchdown for the Seahawks and how is that not a penalty for pushing off?  I have never seen such blown calls in all my sporting days.  More importantly, I am disgusted with myself that I am siding with the cheeseheads.  And then, after the Packers understandably ran to the locker room, they have the gall to come back on the field and in the most classy way you can imagine finish the game despite being completely jacked.  How dare they show class!  What’s going on?!  Who am I?!   |2| Anti-Steering Form.  I don’t think it’s any secret that a certain large lending institution that buys most of the mortgage loans is driving the need for a specific Anti-Steering form to be used.  Ours is changing again, but if you follow my instructions and use my links, you should have the most current form.  You can always find an acceptable form on the Forms Page  in the RESPA section.   |3| Changing Your 4^th Quarter Broker Comp.  Broker Comp for 4Q may be modified at this time…the window closes on 10/1…email me for information.

My Market Watch:  Rates/Prices are the same as Friday.    My Disclaimer

My Schedule: I will be working from home this morning and out this afternoon.  Phone calls this morning will be returned after 10a…if it’s urgent, text me at (619) 549-9797.  |  I am making appointments to visit brokers/bankers for October…if you would like me to visit you, please email me the days and times you prefer.

My Schedule…and A Little Extra:    |1| Facebook Pressure.  Despite not being a Facebook enthusiast, I have to say I loved the birthday wishes.  For my birthday I got over 150 messages and, well, it made me feel good.  After receiving so much love on my birthday, I now feel pressure to return the favor.  So, I have been logging on almost every day since my birthday to wish others a happy birthday too…I’m a big believer in returning the love, can you feel me?  And it seems like a perfectly reasonable thing to do…just log on…go to the birthday section…wish people a happy birthday on their wall…and get out, right?  But I have to say, it’s kind of a pain in the rear.  And then I get sucked in to looking at all the things posted, or, looking at the pictures page of an someone from high school I consider barely an acquaintance.  I need to figure out a system or a develop a habit before bed or something so I can dedicate a minimal amount of time to Facebook.  Or, I could just start ignoring it again.  Let me ponder that question….   |2| Vikings.  Speaking of Ponder, did you see my Vikings yesterday…IMPRESSIVE!

My Schedule…and A Little Extra:  Is there anyone left to refinance?  Read my Market Watch below.  By the way, are you aware our Lender Fee is only $699 all in?  That includes flood, wire, etc.

My Market Watch:  Rates/Prices got better today.  Once again rates and prices are as low as they can go…there is not much further in my opinion.  But is there anyone left to refinance?  Apparently the answer to that questions is a resounding YES!  Two-thirds Americans pay 5% or Higher – L.A. Times.  What’s the moral of this story?  If you can’t get a commitment from your borrower to lock at this point, put your time elsewhere.  If you haven’t refinanced every single person you know on the planet, then call them, email them, text message them, Facebook them, LinkedIn them, go their house, their office, their favorite watering hole…do what you have to do and take advantage of this time!  The   My Disclaimer

My Fun Stuff:  Check out the product reviews, they are compelling…Compelling reviews of t-shirt.

My Schedule: Working from home early this morning and out this afternoon.  Phone calls this morning will be returned after 10a…if it’s urgent, text me at (619) 549-9797.  |  I am making appointments to visit brokers/bankers for October…if you would like me to visit you, please email me the days and times you prefer.

My Schedule…and A Little Extra:  |1| They were exhausted…reading them a short story did the trick…they were out.  My wife and I kicked up our heals and watched the waves after a long day of swimming in the pool, swimming in the ocean, getting buried in sand, eating and yes, drinking, and then swimming some more.  The best part is the evening…as the sun begins its descent, everyone gathers on the beach and fires up their grills.  Some of the club members come here just to eat and relax with friends and family in front of the approaching crashing waves.  Hotel guests learn how special this is.  Like a concert the sun goes down…everyone turns their attention…there is cheering and clapping as the sun finally disappears…the kids all jump up and down excitedly claiming they heard the sizzle.  Then everyone returns to their cocktails, BBQ, and eventually their fire pits and smores.  It’s hard to describe how peaceful and satisfying it is…so I included a picture for you (yes, those are my wheels).  Our La Jolla Beach and Tennis Club experience was awesome…it pays to be married to the Travelmama.  |2| Fantasy Update – I’m 1-1…I got lucky with winning this week despite scoring below average.  The big decision is what to do with injured players.  My trade/add/drop deadline is tomorrow night…I might need to make some moves.  Pierre Garcon – drop?  Matt Forte – drop?  DeSean Jackson – drop?  Who would I replace them with?  |3|  L’Shana Tova!  Happy New Year!

My Market Watch:  Rates/Prices got crazy better last week and I never got a chance to write about it so here goes. The Fed announced that it was going to start buying more bonds, $40b every month!  That’s a huge commitment and was enough to get bonds flying.  The stock market liked it too…seems traders were buying everything.  They also said they were committed to keeping rates low…wonderful news for you and me, at least in the shorter terms.  I wonder how much of these aggressive policy announcements are politically driven…hmmm….   My Disclaimer

My Fun Stuff:  If you would like to laugh, watch this.  If you would like to get choked-up, watch this.

My Schedule: Working from home this morning and out this afternoon.  Phone calls this morning will be returned after 10a…if it’s urgent, text me at (619) 549-9797.  |  I am making appointments to visit brokers/bankers for October…if you would like me to visit you, please email me the days and times you prefer.

My Schedule…and A Little Extra:  |1|  Interbank now requires you to use Interbank’s Anti-Steering Form.  To be clear, starting today, any other form will be rejected.  However, for all other disclosures you can use the one found in Point or Encompass.   |2|   I learned yesterday that any increase resulting from the G-Fee will be absorbed by Interbank.  That is, our pricing will go unaffected.  So, in a matter thinking, when the fee hits our pricing should actually improve compared to other lenders that adjust their pricing.  Again, the G-Fee is a government-imposed fee affecting all lenders in pricing Fannie and Freddie loans…here’s a link to the official FHFA announcement.  |3|  Tomorrow, Friday, I will be unavailable…I’m taking a day to spend with family.  I will have information about coverage tomorrow morning…. |4|  I am making appointments to visit brokers/bankers for October…if you would like me to visit you, please email me the days and times you prefer.  |5|  Fantasy Update – I dropped the Titans defense and picked up the Jets…not sure why I drafted the Titans defense in the first place.  I am concerned about Pierre Garcon’s injury and Marshawn Lynch’s injury…but I’m not dropping them…yet.

My Market Watch:  Rates are a little better than yesterday but the market is all over the place…it’s going to be a wild day.  The Fed makes its announcement today regarding quantitative easement and everyone is listening.  Stocks rose as the Fed said it will buy mortgage-backed securities and keep interest rates “exceptionally low” through the middle of 2015 to bolster the economy.  That sounds like good news for Bonds too, right?  I don’t think traders know what to do with this information…should they invest in stocks, or bonds?     My Disclaimer

My Fun Stuff:  If you would like to laugh, watch this.  If you would like to get choked-up, watch this.

My Schedule: Working from home this morning and out this afternoon.  As a general rule, I am not answering my phone before 10a to allow time to research the market and respond to trailing emails.  If it’s urgent, text me at (619) 549-9797.  |   Tomorrow, Friday, I will be unavailable…I’m taking a day to spend with family.  I will have information about coverage tomorrow morning….

My Schedule…and A Little Extra:   I was the first one to the office which was typical.  I turned on my computer and realized instantly that something was wrong.  I clicked to CNN.com and literally thought to myself, “is it April Fool’s Day?  No, oh my G-d!”  I ran to another room where we had a TV and flipped the switch…slowly I backed away and instinctively found a seat…eyes and mouth wide open….  The next office dweller dashed in and said, “did you see…?”  “Yes, I have it on the TV,” I interrupted.  He sat down, in slow motion, and watched in silence.  One by one the employees of our small business walked in and slowly sat down…as the first one to see what was happening that morning I filled them in, blow by blow…the first plane hitting the first tower, the speculation, then the second plane.  And then, we all watched together as the first tower collapsed.  I remember the gasp.  My best friend was on his cell phone the whole time trying to reach his brother who was in Manhattan…of course the cell lines were busy.  When it was “done,” our CEO announced that the work day was cancelled.  He told us to go home, try to explain what happened to our kids and ourselves, and heal.  I remember vividly what happened that day and I wasn’t there…I didn’t witness it first-hand.  Most of us know someone or someone who know someone who was there, or maybe someone who died.  This morning I spoke to one of my favorite brokers who told me he knew one of the brave men on the plane that worked together to take over the cockpit.  As I explain to my children, yes, there are bad people out there and it’s impossible to even try and understand what goes through their heads.  But there are more good people in the world…we must challenge heartless, baseless hatred by being brave, thoughtful, and kind…listen to your gut and act from your heart.  It was a confusing time…one of anger, sadness, and strangely patriotic.  Do you remember Whitney Houston’s performance of the Star Spangled Banner?  Watch it, it’ll make you tear-up.  Whitney Houston sings the Star Spangled Banner.

My Market Watch:  Rates are worse today by about 0.250.  Many asked me yesterday about the G-Fee…did it go into effect?  I really don’t know.  Capital Markets has been silent on the issue.  I was warned the G-Fee was going into affect and was told that yesterday was the day.  Maybe Capital Markets included the G-Fee but decided to just price it in and stay flat.  Or, maybe today’s prices reflect the increase.  I’m not sure and it’s pretty clear I won’t find out.  Suffice it to say, anyone locking over the weekend or yesterday is better off than today.  |  I’m reading a lot about how the banking industry would change if Romney is elected or if Obama is re-elected…I’d be interested to hear your thoughts on this subject.   My Disclaimer

My Schedule: Working from home this morning and then out around noon.  As a general rule, I do not answer my phone before 10a to allow me enough time to research the market and respond to trailing emails.  If it’s urgent, text me at (619) 549-9797.

My Schedule…and A Little Extra:  I flew across the field like a Pterodactyl…seeking the perfect Gazelle to prey upon.  These were my thoughts as I soared over the animals while ziplining at the San Diego Wild Animal Park.  My ever-thoughtful wife took me on a mystery date Saturday afternoon…she arranged a sitter and set the whole thing up…I had no idea where I was headed.  She tweeted and posted Facebook updates clues about where we were headed.  After a couple of clues I guessed it…it’s something I always wanted to do.  The Wild Animal Park has the longest continuous zipline in the United States stretching two-thirds of a mile directly over the open valley where the rhinos, gazelles, and giraffes roam.  You get up to about 35-40 mph and it takes about 2 minutes to reach the bottom.  To the left is a picture of my wife checking out the zipline from the top…it was awesome!  How lucky am I to have a wife that thinks of me like that?  I chose well.   |   My Fantasy Football team has lost in week 1…I scored the second highest points in my league…the one team that scored more was my opponent.  If I had started Lance Moore of the Saints I would’ve won.  Ugh!    |   As a heads-up, I am trying a new strategy of not answering my phone before 10a to allow me enough time to research the market and respond to trailing emails.

My Market Watch:  Rates are right where they left off on Friday afternoon after a mid-day price-worsening.  This week the Fed meets to discuss monetary policy on Thursday and typically trading is low until then.  Of course, any news out of Europe or other geopolitical news can affect trader’s actions about worldwide economic stability.  Also, there are a variety of impactful reports out this week which strike interest with bond traders.   |  I’m reading a lot about how the banking industry would change if Romney is elected or if Obama is re-elected…I’d be interested to hear your thoughts on this subject.   My Disclaimer

My Schedule: Working from home early this morning and then out this afternoon.  As a general rule, I employ a strategy of not answering my phone before 10a to allow me enough time to research the market and respond to trailing emails.

SIGN UP FOR THE TRAVELMAMS BOOK INTEREST LIST

THIS TAKES 10 SECONDS…DO IT FOR ME!   Join The Travel Mamas’ Guide Interest List now!

My wife is The Travel Mama and is publishing her book in a couple months.  We want to have as many interested people signed up as possible so please sign up on the Interest List by clicking the link above.  Click here to see the book cover.  Click here to go to TravelMamas.com.

My Schedule…and A Little Extra:  I woke up with two kids jumping on my head to wish me a happy birthday.  Truly awesome!  My cat left a nice present for me on the carpet this morning to clean up.  Not so awesome but I like to think the gesture is genuine.  My Facebook page is slammed with birthday messages…one of the best things about FB.  I suspect I’m getting new clothes from the wife…I hope there are a few surprises too.  I convinced my kids to wait until later today to give me their presents…I like the idea of waiting all day until dinner and then opening them all up at once.  The Markets should make my job better today with weak economic reports coming in…rates should be much improved…awesome.  My brother’s birthday is also today…he is exactly 10-years older than I…he is 45 today…plus 10.  Sharing a birthday with your brother is a cool thing…it provides a slightly stronger connection.  On my 10^th birthday I remember him telling me about how I was born on his 10^th birthday.  My Mom already called this morning to wish me a Happy Birthday…my voicemail says she called at 6:55a (she lives in Minnesota).  And I have but one birthday wish from you…please put your name on my wife’s interest list for her new book…click here to enter your name.  Beyond that, I hope your weekend is fantastic…I’ll put that in my birthday wish when I blow out the candles later….  J

My Market Watch:  Rates should be much improved this morning…HAPPY BIRTHDAY!  The Jobs Report came in much worse than expected with only 96,000 new jobs created.  They were expecting closer to 130,000.  This is how the thought process of a trader worse:  Oh, so I expected that the economy would have produced 130,000 new jobs for Americans in August but only 96,000 was reported.  Hmmm, less jobs for Americans…that must mean the economy is not doing well.  Well, I guess I’d better buy bonds…they’re a safer bet than stocks right now.  Hey, I also see a report that there are more Americans looking for work right now than in the last 30 years.  You know, I think I’ll sell some stocks and buy bonds instead.  Yeah, buy bonds…that’s what I’ll do!  When traders buy bonds, rates/prices get better…it’s that simple.  Bond prices are up 60bps already this morning.  My Disclaimer

My Schedule: Working from home early this morning and then out this afternoon.  I’m done at 4p today.

My Schedule…and A Little Extra:  I completed my Fantasy Football draft last night.  There are 10 teams…I had the 10^th and 11^th pick. I’m not particularly happy with my team…I have no superstar player but each year I seem to make decent moves to be in the running.  I won the championship the first year the league was formed…since then I have come in second place and won the scoring title but not first place…that’s close to 20 years now.  Therefore, I will be making some comments in my Extra and asking for some advice….  Click to see my draft – My Team.

My Market Watch:  Rates are worse after a mid-day price worsening yesterday.  Stocks improved I suspect in anticipation of the European Central Bank’s (ECB) meeting this morning which announced their new bond buying program…the idea is to give banks the ability to lend more easily which would bring an influx of capital.  Traders interpreted the ECB news as a positive economic indicator and as such they sold off bonds to make room to buy stocks.  When that happens, rates/prices get worse.  Tomorrow is the big Jobs Report…we could also see the markets move significantly.  However, some traders already made their moves because they expect the numbers tomorrow to come in high.  That is, many traders are anticipating the Jobs Report tomorrow will be positive for the economy and as such, they started investing in stocks yesterday in the hopes the prices will go higher tomorrow…buy low (yesterday) and sell high (hopefully tomorrow), right?  Well, that can come back to bite you in the you know what, that is if the Jobs Report comes in lower than expected.  From the mortgage perspective, if the Jobs Report is better than expected tomorrow, then you can bet that rates/prices will get worse.  On the other hand, if the Jobs Report comes in worse than expected, then you should see an improvement to rates/prices.   My Disclaimer

My Schedule: Working from home this morning and then out this afternoon.

SIGN UP FOR THE TRAVELMAMS BOOK INTEREST LIST

THIS TAKES 10 SECONDS…DO IT FOR ME! J:  Join The Travel Mamas’ Guide Interest List now!

My wife is The Travel Mama and is publishing her book in a couple months.  We want to have as many interested people signed up as possible so please sign up on the Interest List by clicking the link above.  Click here to see the book cover.  Click here to go to TravelMamas.com.

My Schedule…and A Little Extra:   We tortured the kids on two rides in the first hour of Disneyland Saturday morning.  The first ride was the Pirates of the Caribbean where my four-year-old boy held his hands over his eyes the entire time…my seven-year old daughter wasn’t too thrilled with it either.  So we reasoned that we should ease up and hit the Winnie the Pooh ride but the Pooh’s psychedelic dream didn’t really calm my son much.  And then we hit Splash Mountain…I know, I know…he’s only four years old and my daughter is just seven.  But hey, there was virtually no waiting line and they were both tall enough, right?  Check out the picture to the left.  I know I shouldn’t laugh at their scared faces but I can’t help it.  When we were off the ride I yelled, “let’s go again!” and my daughter replied, “Noooooooo!”  We took it easy for a while after that.  The remainder of the day was filled with screams of delight, full tummies of yummy treats, and, well, simple moments of pure joy.  Our Disneyland trip for two days and two nights may have been one of our best trips ever.  I think one of my favorite moments was Sunday night after we got to the hotel late and rustled the kids into bed way beyond their traditional bedtime.  My four-year old son in particular was a bit cuckoo as any parent truly understands trying to brush the teeth of a sleep-deprived over-stimulated child.  So, to calm them down and get some focus I recapped the day going over all the wonderful things we saw and did…their faces lit up as they remembered each thing like it happened weeks ago.  Then, in my most calming voice, I read a bed-time story…Lady and the Tramp.  I just kept reading and reading and reading until they both fell asleep.  It was one of those moments when you feel completely happy…when you know you just gave your child a wonderful memorable day.

My Market Watch:  Rates are practically the same as Friday with minor losses in spots.  I was extremely happy to see this since I anticipated traders would have taken profits and sold off bonds from Friday’s gains.  The trading this morning is flat so far…I hope the market stays this way all day.    My Disclaimer

My Mystery Lyric:  It’s a small world after all, It’s a small world after all, It’s a small world after all, It’s a small, small world — Answer

My Schedule: Working from home this morning and then out this afternoon.

SIGN UP FOR THE TRAVELMAMS BOOK INTEREST LIST

Email me and I’ll put you on the list.  My wife is The Travel Mama and is publishing her book in a couple months.  We want to have as many interested people signed up as possible so please let me know if you would be willing to put your name and email on our list.  Click here to see the book cover.  www.TravelMamas.com.