Phil Grossfield's Blog

My Schedule…and A Little Extra:   Last day of the month!  I am available all day except I have to go get my credit card that I left in a beer house the other day and I need to grab some dog food before she eats the legs on the tables.  |||  In case you missed it from yesterday:  Do you think your Real Estate Agents would find this interesting?  NAR with Google wrote a report on how people research home buying.  The Digital House Hunt reports/discusses:  90% of home buyers searched online during their home buying process; Real estate related searches on Google.com grew 253% over the past four years; YouTube is the top video research destination for home buyers, etc.

My Fun Stuff:  Where The Hell Is Matt?  In 2012   In 2008  |||  All My Fun Stuff

My Market Watch:  Rates/Pricing is the same as yesterday after a price improvement.  I hope you read my email yesterday and I hope you saw my warning about bonds improving and I hope you waited to lock to take advantage of my predicted mid-day rate change for the better.  Today the bond is already trading negatively from the onset…it’s currently down -9bps since yesterday’s close.  That said, Cap Markets published rates/pricing the same as last night after the price improvement.  That tells me they are probably watching closely to see if there is another down-tick on the horizon…if the bond slips even a little bit more, they might be inclined to protect themselves and issue a rate change for the worse.  Of course, who knows what’s going to happen in the next few hours, but if things deteriorate even slightly, I be they’ll act quickly.  |||  Changing the topic to the Jobs Report, which comes out in the morning, the expected number is around 160,000 new jobs.  Traders will decide how to spend tomorrow based on how many new jobs are reported above or below expectations of 160,000.  So, if the number comes in at say 200,000, then traders will interpret that as a strong economy…more new jobs equals a  healthier economy, right?  In that case traders will invest in stocks and likely pull money out of bonds and when that happens rates/pricing worsen.  On the other hand, if the Jobs Report comes in low, say at 120,000, then traders will interpret the economy is worse than thought and they will historically sell off stocks and use the money to buy bonds instead.  When that happens rates/pricing improve.  So, what the heck is going to happen tomorrow?  If you know the answer please let me know and after its over we can join Eddie Murphy and Dan Aykroyd on the beach.  Feeling Good Louis!   My Disclaimer

My Recent Posts:   Where The Hell Is Matt? Tracking Bonds  |  Kids Birthday Parties; Volatile Bond Market  |  Random Act of Kindness  |  Lance Armstrong – A Discussion…  |  MLK Gloriously Oblivious  |  Watch Out…I’m Packin’ A Gorilla!  |||  All My Previous Posts

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.