Phil Grossfield's Blog

A LITTLE EXTRA…

Presents Presents Everywhere!

presentsMy Schedule…and A Little Extra: How many presents does a 5-year old need? He has received gifts from his grandparents on his Mom’s side, my parents, and last night my wife gave him a bunch of things from us. My two sisters and brother are sending presents and my brother-in-law and sister-in-law are sending a present. Moreover, tomorrow he has a birthday party at a putt-putt golf course and 15 kids will be bringing presents. For the love of all things holy in this land, this is nutballs. There’s that word again, nutballs, what is it about this word that I like so much? Oh well, out with the old and in with the new…charity is going to get a nice donation of old toys very soon. ||| I watched American Idol for the girls last night and I was blown away at 4 of their performances. There are 4 girls that are ridiculously good, and one of them is drop-dead gorgeous…the whole package. I don’t know any of their names yet, but it’s going to be a fun competition to watch….

My Market Watch: Being out yesterday I missed what was going on in the market…I wasn’t really paying attention. I did see some volatility as I went through emails. The market is flat at the moment, even with President Obama’s tirade. The sequester drama continues and it will be interesting to see how it affects the markets…. My Disclaimer

My Schedule: Today I am driving my parents around and hitting the local Starbucks wherever I am. I will be in Pacific Beach for sure as my father looks forward to going to his favorite breakfast place every year, Armando’s.

My Fun Stuff: All My Fun Stuff

My Important Reminders:

  • PURCHASE PRIORITY SENIOR UW TEAM. Effective immediately, all purchases will be assigned to a Senior Underwriter team who will exclusively underwrite, condition, and clear conditions. This is contrary to our normal queue-strategy for refinances using junior underwriters. Interbank is doing this at the suggestion of the Account Executives who voiced their opinion that we need a more timely, consistent and predictable process for purchase transactions to give our clientele continued confidence to send them in.
  • NEW FANNIE DEFINITION FOR RATE & TERM/CASHOUT:
    • The definition of a limited cash out loan has been amended. If you include the payment of real estate taxes in the loan amount, and you are not escrowing/impounding (meaning you are waiving impounds), then Fannie will consider the transaction cashout. HOWEVER, California does not allow a lender to require an escrow account, so, the rule does not apply in CA…how do you like them apples?! Beautiful, eh?! But if the real estate taxes are more than 60 days delinquent, then even in CA Fannie considers it a cashout transaction….kind of the exception to the exception.
    • None of this is applicable to a HARP/DU Refi Plus transaction.
    • So, to clarify the beautiful rule in California, we are not affected by this rule change, not even a tiny little bit, as long the payment of real estate taxes is not more than 60 days delinquent, got it?
  • 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.
  • GUIDELINE ENHANCEMENTS (from 2/8)
    • Condos to 90% LTV, OO (instead of only 80%) but if >80% then require 720 Fico
    • All NOO to 75% LTV (instead of only 70%) but if >70% then require 720 Fico

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