Phil Grossfield's Blog

My Schedule…and A Little Extra:  I’m going camping on Friday with my best friend in a group of Daddies and daughters.  So, my daughter and me, along with all the other Dads and daughters will head to Joshua Tree camping grounds where we’ll hang out for two nights.  I’m freaking out.  Why you ask?  Well, its gonna be freaking cold!  We were advised to get a sleeping bag specifically designed for 20 degree weather and hand warmers, etc.  Are you out of your blanking minds?!  I spent my first 30 years in Minnesota so I know cold…BUT I MOVED!  Holy shivering Batman!

My Schedule:  I am available all day today….  APPOINTMENTS.  I am setting up appointments for the next several weeks…please let me know if you’re interested in an office visit.  I will be sharing my insight on how to get new business in 2013 and what to prepare for as the year progresses….

My Important Reminders:

1. WANTED.  We are looking for Senior Underwriters, Loan Coordinators, Junior UWs, Doc Specialists and Funders. Referrals are greatly appreciated.  Remote positions are available.
2. UW CHANGE.  Beginning with applications dated on or after 1/21/13, UWs will ask for 2012 W2s for salaried borrowers.  In the event the borrower has not yet received the W2, the condition will be added to the Approval and it must be furnished prior to closing.
3. FANNIE CHANGE.  We are requiring evidence of funds for the payment of 30-day charge accounts even though we are not requiring payoff of the account…this is a change with FNMA 9.0 DU.  If a borrower has a 30-day account, such as Amex or a utility bill that appears on his credit report, DU will require a document to show the borrower has funds to pay that account.  Even if the borrower is getting cash out we still are requiring evidence he has funds due to the 30-day charge appearing.  In other words, we cannot use cashout proceeds to offset the account unless we require the account to be closed.  The DU Findings should spell all this out.  Read your DU carefully…your loan will fly through if you have accounted for every DU message such as funds to close, W2s, bank statements, etc.  Our Underwriters are required to make sure we have answered every DU command/message before approving a loan.
4. STREETLINK PRICING INCREASE.  Streetlinks raised their pricing…click here to learn how to see their new prices.

My Market Watch:  Rates are the same as Friday after the price improvement.  There are no economic reports due out today so look to geopolitical issues to move the markets.  Tomorrow is Retail Sales (consumer spending).   My Disclaimer

My Fun:  Watch this…you won’t believe it:  Soccer Ball Artist