Phil Grossfield's Blog

My Schedule…and A Little Extra:  “Live for today!” (emphasis on today)…that’s what my Dad told me yesterday.  “I’m telling ya Phil, life goes by fast…real fast…don’t worry about everything…just live your best life.”  He’s feeling it…80-years old and dealing with some issues, like most if not all 80-year olds. We hear this all the time, right?  Before you know it life will be in the rear view mirror.  But this time it resonated a little more than usual…not sure why.  Is it the possibility of a camping out experience in freezing weather?  Definitely not.  Is it because I’m 45 years old and in the mid-life-thought-process change (I don’t like calling it a mid-life crisis)?  Maybe.  Is it because it scared me to hear my Dad talk about the end of life?  That might be it.  I can’t get his voice out of my head.  Dad has and continues to be a powerful force in my life.  His most intoxicating asset has always been his positive attitude, which used to be my best asset too before the mortgage industry’s onslaught.  I want that feeling back…the feeling of untarnished confidence…the feeling of organic honest positivity.  I think I’m going through a shift…and that’s a good thing….

My Schedule:  I have a conference call at 9a for an hour and then one appointment this afternoon…otherwise available….  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 slightly different than yesterday. Ai don’t have a lot to report today…if anything develops I’ll let you know….  My Disclaimer