Phil Grossfield's Blog

A LITTLE EXTRA…

Monthly Archives: November 2012

Cavalia! One Mo Day $845

IMG_1675My Schedule…and A Little Extra:  One Mo Day.  Tomorrow it comes off.  Tonight I party with my Mo Bro comrades.  So far I’ve raised $845 for prostate and testicular cancer research!  Last day to donate:  http://mobro.co/philgrossfield.   Tomorrow I’m taking the family to Disneyland!

Last night I went to the Cavalia show in downtown San Diego as a VIP with the TravelMama.  Simply put, it was awesome…I highly recommend it.  Basically it’s a Circus De Soleil type performance that incorporates and focuses on 50 gorgeous horses.  The show is peaceful, entertaining, and puts a lot of positive energy into the room.  The crowd gave the performers a standing ovation at the end.  Afterward, Colleen and I got to take pictures with the horses and tour the stables.  This mobile performance is a massive operation…our guide compared it to the Rolling Stones tour times 40.  I really enjoyed the whole thing.  Cavalia Equestrian Performance.

My Market Watch:  Rates are better today and there aren’t a lot of reports.  So far bonds are performing flat….  My Disclaimer

My Schedule: Available all day…done at 3:30p today.

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Thankful

Thankful:  |Mo| That I can grow a mustache that is not too embarrassing and raise $595, so far, for cancer research. |O| For a job that has given me the not-to-take-for-granted infrastructure to earn enough money to pay my bills, and sleep. |D| For my Dad who just turned 80 and has the innate ability to make people smile…he has been and continues to be a positive force in my life. |M| For my Mom for so many reasons…most recently for her courage, commitment, and most of all, and not to be understated, the love she feels and exudes for her family and close friends. |B| For my reborn relationship with my brother…so awesome. |S| For my two sisters who have found love…the real love…the fairytale love. |F| For all the other family members and in-laws in my life that if I were to write it all out would make this post too long. |L| For my son who makes it difficult to realize he is sick because he doesn’t complain and just wants to be happy and have fun. |K| For my daughter who is a lot smarter than me and is teaching me the most important lessons of my life. |C| For my wife, who never stops trying to be a better person…who reaches for enlightenment, and who wants and encourages me to come along for the ride. |||  I have so much to be thankful for…I want the universe to hear me, feel me, and absorb my sincere gratitude for all these and many more blessings.  Amen.  Happy Thanksgiving!

Donate:  Above is my wife and kids attempt at the mustache for Movember.  So far I’ve raised $595 for cancer research and would be VERY THANKFUL for a small addition from you J:  http://mobro.co/philgrossfield.

“Overly Tight Lending Standards”; Take 2 – Unscrupulous Agents

My Schedule…and A Little Extra:  |1| Did you see Federal Reserve Board Chairman Ben Bernanke said, “…it seems likely at this point that the pendulum has swung too far the other way, and that overly tight lending standards may now be preventing creditworthy borrowers from buying homes, thereby slowing the revival in housing and impeding the economic recovery.”  Really, you think?  Nice to hear him say that, eh?  |2|  TAKE 2 – Unscrupulous Agents – I received many comments about my post yesterday but I don’t have time to copy and paste them here this morning…I have a sick kid and my wife has appointments she could not cancel…I’m on kid duty early this morning as I take my daughter to the doctor.  So, in the interest of time, and since I got so many positive comments on yesterday’s post, I am putting it here today for your reading enjoyment, or, for your annoyance if you already read it yesterday….

WHAT IS WRONG WITH THESE PEOPLE?!  Before I tell you how unscrupulous this real estate agent is, let me say the purchase transaction in question was submitted just 6 calendar days ago and we had an underwriting decision within 2 days.  The only issue on the approval is the gift which was coming from an LLC and we conditioned that it come from an individual.  My broker called me to tell me the real estate agent is upset on how long it’s taking and she has advised the borrower to cancel the loan and go with her broker instead.  Are you blanking kidding me…it’s been 6 days!?  The borrower invested in an appraisal!  The Broker has spent time putting the transaction together!  Interbank has spent time in receiving and underwriting the loan!  She is clearly trying to steal the business away for her own broker which I wouldn’t be surprised if she receives a kick-back.  Too many times I hear this ridiculous complaint from real estate agents that they are putting a Notice To Perform if this or that.  It’s a completely bogus threat.  All they are doing is putting a ton of undue pressure on everyone and I’m sick of it.  This is 2012 and the lending environment is challenging.  Everyone is doing their best including the broker and lender.  Now I’m not suggesting that there aren’t fowl-ups, but most of the time things go well.  Brokers work their butts off and processors work endless hours and endure a very frustrating process in today’s world.  And at Interbank we are constantly trying to improve the process which is why we invested so much time and money into a new automated CIC and closing process.  And we funded near $1 billion last month and I personally funded 143 loans for almost $50 million.  We’re doing something right, right?  I know there are very reasonable and level-headed real estate agents out there and you may be one of them so don’t get offended with this post.  But there are too many agents out there that are unreasonable and need to take a chill pill with expectations.  Moreover, they need to stop putting so much blanking pressure on everyone…pressure that is already distinctly present without their nonsensical Notice to Perform threats.  Ugh!  That’s all I have to say about that.  My fingers hurt….  Is it Happy Hour yet?

My Market Watch:  Pricing is about 0.125 better than yesterday which is a good thing…I was worried we’d see no gains after the market movement yesterday.  I mean, we should have gotten the 0.125 but it concerned me that it didn’t happen yesterday.  Anyway, there are no economic reports today so all eyes will be on geopolitical news and events.  Also, everyone is expecting news on the political opinions around the Fiscal Cliff…look for news today and the coming week….  My Disclaimer

My Schedule: I have a sick kid I have to take the doctor this morning…my wife takes over before noon and then I’ll be more reachable….

Unscrupulous Agents

My Schedule…and A Little Extra:  WHAT IS WRONG WITH THESE PEOPLE?!  Before I tell you how unscrupulous this real estate agent is, let me say the purchase transaction in question was submitted just 6 calendar days ago and we had an underwriting decision within 2 days.  The only issue on the approval is the gift which was coming from an LLC and we conditioned that it come from an individual.  My broker called me to tell me the real estate agent is upset on how long it’s taking and she has advised the borrower to cancel the loan and go with her broker instead.  Are you blanking kidding me…it’s been 6 days!?  The borrower invested in an appraisal!  The Broker has spent time putting the transaction together!  Interbank has spent time in receiving and underwriting the loan!  She is clearly trying to steal the business away for her own broker which I wouldn’t be surprised if she receives a kick-back.  Too many times I hear this ridiculous complaint from real estate agents that they are putting a Notice To Perform if this or that.  It’s a completely bogus threat.  All they are doing is putting a ton of undue pressure on everyone and I’m sick of it.  This is 2012 and the lending environment is challenging.  Everyone is doing their best including the broker and lender.  Now I’m not suggesting that there aren’t fowl-ups, but most of the time things go well.  Brokers work their butts off and processors work endless hours and endure a very frustrating process in today’s world.  And at Interbank we are constantly trying to improve the process which is why we invested so much time and money into a new automated CIC and closing process.  And we funded near $1 billion last month and I personally funded 143 loans for almost $50 million.  We’re doing something right, right?  I know there are very reasonable and level-headed real estate agents out there and you may be one of them so don’t get offended with this post.  But there are too many agents out there that are unreasonable and need to take a chill pill with expectations.  Moreover, they need to stop putting so much blanking pressure on everyone…pressure that is already distinctly present without their nonsensical Notice to Perform threats.  Ugh!  That’s all I have to say about that.  My fingers hurt….  Is it Happy Hour yet?

My Market Watch:  Rates/Pricing came out unchanged which is surprising considering the market movement yesterday afternoon…but who am I to question Capital Markets, eh?  And there is more good news…the Jobless Claims indicated weakness in the market which bodes well for bonds, and, economic news out of Europe bodes well for bonds.  On this news, you would think bond prices would improve and we could expect a mid-day rate change improvement.  You would think.  But so far, despite the news, bonds are not pushing as high as you’d expect…we are even.  Why?  I guess getting back losses from yesterday afternoon is good enough in trader’s eyes?  Or, maybe they are holding off on buying bonds to see what happens later this afternoon or tomorrow?  Your guess is as good as mine.  Your thoughts?   My Disclaimer

My Schedule: I am available all day except for one afternoon conference call from 1-2p.

Veteran’s Day

My Schedule…and A Little Extra:  War fascinates me.  When I was young I read books about war…my favorite was a series of letters written by soldiers in war…I can’t for the life of me remember the title and a Google search came up empty.  I also loved the book Fortunate Son, an autobiography about a Vietnam vet.  And then there is the mystical stories of war such as Star Wars and the 2004 science fiction TV series Battlestar Galactica just to name a couple.  My favorite books and movie combination of all time is the Lord of the Rings trilogy which is another war story about good versus evil.  But Schindler’s List and Saving Private Ryan both haunt me to my core…they are very real to me…they get down into my belly.  I guess I read and watch these stories because I wonder how I would act under similar circumstances.  I wonder if I would be brave…if I would throw myself on a bomb to save others…if I would be capable of taking another life in defense of my own.  I’d like to think I would be brave…I’d like to think I would be heroic.  But I’ll never know what real heroes feel…I can’t possibly begin to understand the emotional and physical sacrifice.  And so I use books and movies to try and understand the sacrifices our veterans endure(d).  I am ever so grateful and respectful of those that serve(d).  Thank you for your courage and your sacrifice.

My Market Watch:  The Bond Market is closed in honor of Veteran’s Day.  But stocks are trading in a positive direction…it’s not out of the question for our Capital Markets department to pull some gains away.  Keep an eye on things and if you feel the stock market is moving higher, don’t be surprised to see a mid-day rate/price change for the worse.   My Disclaimer

My Job Opportunities: |1| Interbank is looking for Senior Underwriters working remotely from home.  There are 15 positions available!  |2| One of my brokers in Laguna Nigel is searching for a Processing Manager…  Please email me if you know anyone looking for an opportunity.

My Schedule: I’m working from home.

Speak and Ye Shall Be Heard

My Schedule…and A Little Extra: |1| Read my Market watch below. |2| I’m growing a moustache for cancer research. Again, I’m not doing it to feel more manly…that would not be possible. Click here to donate…I’ll take anything…$5…anything! http://mobro.co/philgrossfield.
|3| Speak and Ye Shall Be Heard. As I mentioned yesterday I received many comments about my posts, You Must Accept and Take 2 – You Must Accept, where I insisted we must work together as a nation. I didn’t list them all but here are a couple snippets for your reading enjoyment…the first is my favorite:

From Abbey, a Los Angeles Broker: I like your comments about the election – totally agree!

From Don, a San Diego Broker: “The problem is that Obama and his cohorts don’t know the meaning of the word “compromise.” We don’t have to accept Obama, just tolerate him for 4 long years.”

From Ben, a San Diego Broker: “I thought long and hard about responding to your email yesterday but decided, like you’re emphasizing below, to accept the outcome and focus on what I can control. But after your Take 2 email, I feel I need to respond and point out that you’re missing a rather important fact and you need to understand this fact since you feel it’s your place to tell people how to react to the election. Fighting for our beliefs and principles is not wasted energy, it’s what shaped the founding of this great nation. Lying down and not challenging our leaders’ agendas is against everything this nation was founded on. Yes, we need to accept the outcome of the election but it doesn’t mean we give up on holding our elected officials accountable to hear and act on the voice of the people. Your football analogy has holes all over the place. A team is not made up of just a coach and players. A true team (nation) is made up the coach (president), his assistant coaches and coordinators (elected officials), and the players (citizens). If the coach decides he wants to just run the ball on every play, no passing at all, and he does this against the advice of many of his assistant coaches/coordinators/players and under this strategy CONTINUES TO LOSE GAMES OVER AND OVER AGAIN (failing economy, skyrocketing deficit, weakening nation) eventually the assistant coaches/coordinators/citizens are going to push back and challenge the coaches strategies. [Obama] has not been a very good coach and his record shows that. A true leader unites instead of divides the team. A true leader recognizes the importance of listening to his WHOLE team instead of focusing solely on his agenda. A true leader recognizes the gifts and merits of ALL his coaches/coordinators/players and does his best to utilize and maximize them for the good of the team. You’re right, we need to cooperate and have a collective effort if we are to win. Our President’s actions will continue to be challenged until he learns to cooperate and compromise instead of blame and complain. America will continue to be the best nation on earth ONLY IF we direct our energy at making our voices heard to our elected officials so they can implement the will of the people. Government is created by the people and for the people. We do not lie down and let the Government tell us how it’s going to be. We speak up and challenge them so they know they are accountable to every citizen, not just to those who voted them into office. Yes, negative energy won’t help. But there are two sides to every coin and [that] side of the aisle needs to understand that their actions impact the nation’s reactions. [Obama] needs to work better and harder at unifying the team and we will continue to fight until he adapts the true role of a leader/coach. Recognize that accountability.”

From Fran, an Irvine Broker: You hit it on the head Phil! Even though I voted for Romney, we have to unite. If Romney had won, he would be calling for unity just like Obama is now. We have to work together to win. I remember when Bush won the second term and my democratic friends were bitching and complaining – it’s the same thing now. I like your words – please keep them coming!

From Bernie, a San Diego Broker: I liked your second email…we do need to work together. We need every day to be July 4th as the sun has set and we all sit and watch the fireworks together as Americans united under a brilliant sky. – ok a bit cliché but somehow we need to get there….but maybe this rose-colored world I just painted is a stepping point….

From Mike, a Huntington Beach Broker: My thought is my children and the HUGE sacrifices and potential hardships they are going to have to endure. That’s what people don’t understand because people are so wrapped up in their own little worlds and always thinking about them and what’s good for them right now. Hell, Obama is and has been great for my business minus Dodd-Frank if you look back 4 years BUT that isn’t the point-it’s about the future. My kids will be saddled with a lower and impoverished living standards and higher taxes for years to come. Look across the pond-it’s happening right now.

From Abbey, a Los Angeles Broker: You are totally correct about Obama. I should have taken the WHOLE day off to vent and repair but at least ½ helped a lot. The main issue I have with Obama is that he is one of the most un empathetic, narcissistic, arrogant and divisive presidents ever. He is proof that this country is failing. The fact that he was elected again it proof that we are nearing the end of our democracy. Just like the end of Rome when there were carnivals for all we are nearing the same. The non-producers out there get free phones, food, welfare, healthcare and more. Illegal [immigrants] get drivers’ licenses and financed education as well as very little resistance to coming here. Our system will not last long in this environment, take a look at the deficit. Worse is that elections going forward will be the same…. More liberals will take power. Now with that said… yes let’s just crank out our part in this world and make the US work.. moving on with him. First loan with you was great by the way!

My Market Watch: Rates/pricing is the same as yesterday after the price improvement…this is a very good thing. I anticipated that traders would have sold off to realize gains. But apparently that is either not the case or they feel there is still upside ahead. I AM NOT SO OPTIMISTIC. IF IT WERE ME, I’D TAKE THE MONEY AND RUN. If you are considering locking…you might want to pull the trigger. My Disclaimer

My Job Opportunities: |1| Interbank is looking for Senior Underwriters working remotely from home. There are 15 positions available! |2| One of my brokers in Laguna Nigel is searching for a Processing Manager… Please email me if you know anyone looking for an opportunity.

My Schedule: I’m working from home this morning and out and about this afternoon but available pretty much all day….

Take 2 – You MUST Accept

My Schedule…and A Little Extra:  |1|  Take 2 – YOU MUST ACCEPT IT.  Yesterday my post was a plea for acceptance that Obama was reelected and more importantly that all political leaders and citizens work together.  I used the analogy that a coach needs all the players on the team working towards the same goal in order to be successful…anything less results in missing the playoffs.  I received a fair amount of commentary…some fantastic…but some rather spicy…some rather hateful.  Look, you’re not getting the point of yesterday’s post…you have to put your hatred aside…you have to tone down the recipe so it’s not so spicy.  You must!  Whether you and I like it or not, Obama is the President of United States for the next four years.  He has an agenda…we elected him to play out the agenda…WE THE PEOPLE elected him.  Stop crying that Romney lost the election…its wasted energy.  Instead, focus on the future…a certain future that is dark and cold and abysmal without cooperation and collective effort.  Some are already planning for the 2016 election…they can’t wait for another crack at it…but that does us absolutely no good today…now.  Direct your energy for the greater good…now!  That’s all I have to say about that.  |2|  I’m growing a moustache for cancer research.  Again, I’m not doing it to feel more manly…that would not be possible. Click here to donate…I’ll take anything…$5…anything!  http://mobro.co/philgrossfield.

My Market Watch:  Pricing is unchanged from yesterday.  There’s a big auction today AND IF IT DOES WELL BONDS COULD SPARK UP AND RATES/PRICING COULD GET BETTER.  Of course, the opposite holds true for a poor showing…but based on what I’m reading I’ll bet on a good auction…I think we may see an improvement later….  On a different note, the Housing Survey for 2011 was released.  Per Rob Chrisman’s email, home should continue to rise for the next 5 years at about 3-4% increase.  If so, housing prices would be back to 2006 levels in year 2021.  Hmmm.  You can check out the information here:  American Housing Survey (AHS)My Disclaimer

My Job Opportunities: |1| Interbank is looking for Senior Underwriters working remotely from home.  There are 15 positions available!  |2| One of my brokers in Laguna Nigel is searching for a Processing Manager…  Please email me if you know anyone looking for an opportunity.

My Schedule: I’m working from home this morning and out and about this afternoon but available pretty much all day….

You MUST Accept The Outcome; Bond Market Surges

My Schedule…and A Little Extra:  |1|  It’s an eight year term, not 4-years.  The intent of this term is to give the President eight years to get the job done and get/keep America on track.  The reason we have a mid-term election is to provide an opportunity to remove the President only if things are going horribly.  Although many argued this was the case, the President made a compelling-enough argument to be reelected.  Whatever your political affiliation is, and whatever you felt was the better course for the next four years, you now must accept the outcome.  I pray our political leaders understand this.  They must work together within the President’s plan.  With great emphasis, it would be counter-productive to block the President’s focus.  Let me put it this way, if half a football team does not believe in the coach, can the team be successful?  However, if they give the coach a chance to succeed, then it’s very possible things might come together.  It’s only halfway through the season…the goal is to make the playoffs and win it all.  One things is certain, if half the team works against the coach, everyone will fail, right?  So, let’s do our best to work together and give the game plan a chance to work.  Don’t work against the President simply because your guy didn’t win.  We had a fair election…an election driven on real political issues…an election free from fraudulent accusations…an electoral process free from recounts or allegations of tampering…an election with two hyper-intelligent , thoughtful and passionate men.  The system worked…now let’s make the very best of it.  Your thoughts?  |2|  I’m growing a moustache for cancer research.  Again, I’m not doing it to feel more manly…that would not be possible.  Click here to donate…I’ll take anything…$5…anything!  http://mobro.co/philgrossfield.

My Market Watch:  Bonds love President Obama.  Why?  Because it’s a good indication the government will continue to buy bonds.  Or, you could conclude traders believe Obama being reelected is not a good economic indicator…in this case traders would pull money out of the stock market and put it elsewhere, like Bonds.  Hello!  It’s my opinion gains will be taken by investors early.  That is, with the pricing so improved, traders will sell them off sooner than later…we might even see a sell-off this afternoon.  Take what you can…give nothing back!  My Disclaimer

My Job Opportunities:  |1| Interbank is looking for Senior Underwriters working remotely from home.  There are 15 positions available!  |2| One of my brokers in Laguna Nigel is searching for a Processing Manager…  Please email me if you know anyone looking for an opportunity.

My Schedule: I’m working from home early this morning and out and about this afternoon but available pretty much all day….

Rip the Campaign Signs from Your Neighbor’s Yard; Growing A Moustache

My Schedule…and A Little Extra:  |1|  Rip the campaign signs out of your neighbors yard!  Or better yet, hang a chair from a tree!  Last week a Minnesota couple hung from their tree a chair on a noose with a bayonet stabbed through it as a political statement against the President.  Nice, eh?  Obviously racially motivated, the empty chair represented Obama in reference to Clint Eastwood’s speech during the convention – if you recall, Eastwood had an imaginary conversation with the president.  I realize these people are nuts, and most of us have a healthy relationship with the election.  But people do rip the campaign signs out of their neighbor’s yards…neighbors essentially fighting each other.  And then I focus my attention to the events of last week in New York and New Jersey where neighbors are literally sheltering each other after the hurricane.  In times of need we come together as a community and even a nation.  Is it fair to call an election a time of need?  Are we coming together?  |2|  I’m growing a moustache.  No, I’m not doing it to feel more manly…that would not be possible.  I’m doing it because my best friend and I are raising money for prostate and testicular cancer initiatives.  My father had prostate cancer and that means I’ll probably get it too.  Also, I have a couple friends that survived testicular cancer.  So, I am growing a moustache for this month and asking for donations on my Movember Mo Bro page:  http://mobro.co/philgrossfield.  Throughout this month you will see me reaching out to you with updates on my moustache.  I’ll be sending out another email shortly with my Day 1 and Day 5 update…aren’t you excited?!

My Market Watch:  Last week the Jobs Report gave bonds a nice push and today bonds are holding on.  My Disclaimer

My Job Opportunities:  |1| Interbank is looking for Senior Underwriters working remotely from home.  There are 15 positions available!   |2| One of my brokers in Laguna Nigel is searching for a Processing Manager…  Please email me if you know anyone looking for an opportunity.

My Schedule: My battery on my car died this morning which has put me a little more behind than usual on a Monday morning….I need to get it replaced.  I will be available sporadically throughout the day….

I Lied

Augustus GloopMy Schedule…and A Little Extra:  |1|  Nineteen Piece of Candy!” my son shouted at the top of his sick-asthma-induced lungs.  Then he counted them again.  He was feeling rather proud of himself even though we had to cut short his trick-or-treating…he was exhausted and coughing and asked to go home.  All in all, I think he was pleased until……my daughter came home with enough candy to satisfy Augustus Gloop from the Willy Wonka & The Chocolate Factory movie.  She was still counting over a hundred when Leo asked me, “is that a lot more than mine Daddy?”  I lied.  |2|  Our new CIC procedure was working smoothly yesterday with some exceptions.  If you were lucky enough to fall into the exception category, please keep me in the loop so I may assist.  In this process I am also learning where the quirks are and how to get around them.  Also, I heard no complaints or issues thus far with our new online procedures for Lock Extensions, Relocks, and Float Downs.

My Job Opportunities: |1| Interbank is looking for Senior Underwriters working remotely from home.  There are 15 positions available!  |2| One of my brokers in Laguna Nigel is searching for a Processing Manager…  Please email me if you know anyone looking for an opportunity.

My Schedule: I have a doctor appointment this morning at 10:30a and otherwise available until 3p.  Then I have a conference call and will be difficult to reach thereafter….

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