Phil Grossfield's Blog

My Schedule…and A Little Extra:  “Unfortunately, they cancelled the camping trip because of the weather…just too cold darling,” is what I told my daughter.  I just didn’t want to do it…doesn’t sound like fun…record cold temperatures with no compensating gear equals not the right trip.  But on my way to LA this morning I spoke to my father who turned 80 recently and he lectured on living for today because the time will go by quickly.  I listened carefully.  I don’t know, maybe braving the cold weather and camping out in Joshua Tree with my daughter and a bunch of other dads and daughters would be fun despite the weather.  Maybe stories will come of it and maybe it will end up being one of the best experiences of my life and my daughter’s too.  “Hey Dad, remember that trip to Joshua Tree when it was so cold we practically froze to death?”  What am I talking about?  That’s insane!  I’m out.  My post on this from yesterday:  Holy Camping Batman

My Schedule:  I am in Los Angeles all day today…I will be driving home later this afternoon….  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. STREETLINKS PRICING INCREASE.  Streetlinks raised their pricing…click here to learn how to see their new prices.

My Market Watch:  Rates are the same as yesterday.  My Disclaimer