Phil Grossfield's Blog


MLK Gloriously Oblivious

MLKMy Schedule…and A Little Extra: Gloriously oblivious. We watched Martin Luther King’s I have a Dream speech with the kids Saturday morning. “What is he talking about?” asked the 7-year old. I tried to explain, “you see honey, there was a time when people weren’t treated equally, in fact, people still aren’t treated equally, and Martin Luther King stood up for those people and motivated all the people you see on the computer and people all around the country to stand up for people who were not being treated fairly.” Not bad, eh? “Why weren’t they being treated equally Daddy?” I stammered on this one…my wife looked at me puzzled as well. How do you tell a 7-year old girl, whose concept of bigotry and baseless hatred is as foreign as the workings of the Large Hadron Collider? How do I explain to a girl whose second grade class is made up of 20+ different cultures that there was a time when we enslaved people based on the color of their skin? More importantly, do I want to explain it? My wife tried and stuttered an explanation to no avail…my daughter didn’t get it, and that’s just fine by me. Gloriously oblivious.

I have a dream that little children will one day live in a nation where they will not be judged by the color of their skin but by the content of their character.

My Schedule: Available all day…. 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: Markets closed…rates from Friday remain. My Disclaimer

My Important Reminders:

  1. 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. 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.

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