Phil Grossfield's Blog


G-Fee, Anti-Steering, Market Volatility

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 thisIf 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….

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