Phil Grossfield's Blog

My Schedule…and A Little Extra:   Today is a call of action:  do one random act of kindness today.  It can be anything…open a door for someone; offer to help someone with something, anything; make a charitable donation; say something kind to someone; make someone smile, apologize for something you’ve done…do something, anything, no matter how small or big a gesture…some random act of kindness.  Now watch this:  Mr. Rogers Remix

My Schedule:  I have one meeting today at noon and otherwise available….

My Market Watch:  Rates are worse today, again, and they are still falling now down near 10bps since rates were published this morning.  It started on Wednesday when the House passed the extension of the U.S. debt limit to May, and then strong economic reports today from big companies such as P&G and positive world economic news from across seas.  The 30-year bond was trading -40bps lower and as I type is dropping another -16bps…as a result, pricing is much worse.  Lately I have had many questions about what I follow to determine what’s happening in the market…usually the question is what is going on with the 10-year note?  I do not follow the 10-year note as I have concluded it is less reliable than the 30-year bond.  Simply, the 30-year bond is a direct indicator of what is happening in the market.  If the bond is being bought, prices improve and if it’s being sold off, prices worsen.  It’s that simple.  All the other indicators are indirect and in my opinion less reliable.  To see the changes in the bond I subscribe to The Mortgage Market Guide.  I also read Bloomberg and subscribe to Rob Chrisman’s daily email, although he is a little over my head at times. Let me know if you have any questions, okay?   My Disclaimer

My Important Reminders:

• LIMITED CONDO REVIEWS.  We can no longer accept limited reviews filled out by the LO and they need to be filled out by the HOA or Management Company…this is an investor requirement and is effective immediately.
• 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.
• 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….
• STILL WANTED.  We are looking for Senior Underwriters, Loan Coordinators, Junior UWs, Doc Specialists and Funders. Referrals are greatly appreciated.  Remote positions are available.