Phil Grossfield's Blog

My Schedule…and A Little Extra:  Watch out…I’m packin’ a gorilla!  The debate on gun laws has become epidemic and that is a good thing because I’m of the opinion that something needs to be done.  I’m not saying we should eliminate our constitutional rights, but let’s face it…the founders were working with muskets…not modern day military grade assault weapons.  I know I might be touching a nerve with some readers, but most gun owners I believe agree that there needs to be more restrictions.  It’s like the hunter versus the grocery store buyer…the hunter has more respect for the animal it hunts than the person absent-mindedly buying meat in the store.  I’m open to discussion on this one.  In the meantime, check this article published by The Onion (my college newspaper):  Gorilla Sales Skyrocket After Latest Gorilla Attack.

My Schedule:  Available all day…until happy hour and at this point I’m not sure what time happy hour starts….  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 Market Watch:  The market is flat thus far.  Bonds were trading higher this morning but not by much and not enough at this point to get back the worsening from yesterday.  I’ll keep my eyes on things as should you going into a long weekend.  Remember, you can lock over the long weekend so if rates do not move today you might want to consider locking on Monday…you still get today’s rates and pick up 3 calendar days on your lock term.  Let me know if you have any questions, okay?  My Disclaimer

My Important Reminders:

1. STILL 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.