Phil Grossfield's Blog

I AM OFF THE GRID
I will be off the grid and unavailable on July 31.
I will return to work on August 14.
Until then I will not return calls or emails as I will be on a cruise ship and/or out of the country the majority of the time.

CLICK HERE FOR MY COVERAGE WHILE AWAY

You Never Know. It’s astonishing how many people have extremely challenging personal situations. After my post yesterday I received a flurry of condolences, prayers, and personal stories…a few so touching and tragic it made me shudder throughout the day.

Whenever my kids complain about the way someone behaved you might hear me say, “you never know what that person is dealing with today…they might be faced with a tragedy you are unaware of…maybe you should cut them some slack.” Sure, there are enough jerks out there to prove me wrong, but I think it’s safe to say most everyone has some challenging situation going on in their life. And I think it’s also safe to say that each person deals with challenging events in a different way. For example, some people get quiet, some lash out. And others, well, might act irrationally. Believe it or not, I’m capable of all these reactions to emotional situations (there’s a bit of sarcasm in that statement…it’s not that hard to believe). In fact, you might see all those behaviors from me within a couple of hours time. There’s a word for this kind of behavior…it’s called moody. But enough about me.

What drives me crazy is when you feel guilty for feeling. That is, too often we try to appease or lighten our own discomfort by comparing it to the misfortunes of others. I should be grateful compared to what other people are going through in the world. Yeah, I get it…perspective is a powerful tool in dealing with adversity. But everyone’s tragedies and challenges are important to them, particularly at the present time. What we need to remember is some people act irrationally and there may be a very warranted reason for that behavior. I’m not suggesting bad behavior is justifiable, I’m just asking for more understanding. Can you dig it?

The emails I received yesterday had me catching my breath. I am blessed to have this forum where readers feel comfortable enough to share their experiences with me. And I noticed a brightening pattern emerge. For those whose personal situation had closure, each person without exception described a sense of relief and a new perspective. One perspective I found intriguing was put something like this, ‘life is like a line you’re in until you get on the bus to heaven…sometimes God moves you to the front of the line.’ Although these stories were tragic in their present, each person eventually found something positive…something comforting…and something hopeful.

My Schedule: Available all day….

My Market Watch: Bonds Down – Pricing Improved from Morning Gains. The 30-year Fannie Mae bond was up earlier and is now down -25bps. The good news is our IB pricing seemed to come out before the down-tick so we have favorable pricing so far.

The Fed meets today and tomorrow and any comments or discussions as a result have the potential to move the markets and pricing. If I hear of anything I’ll let you know. Home Prices are up again…this is good news for bonds and probably why we saw an early gain. My guess is traders are taking those early gains and selling off, particularly since tomorrow is a scary day considering the Fed meeting. If the selling of bonds continues we could see a price worsening. I’m hoping Capital Markets holds off to see how the morning works itself out….

Perspective. 30-Year Fixed Average Rates: Past 40 years: 8.15% Past 30 years: 7.45% Past 20 years: 6.52% Past 10 years: 5.72%

A word on locks. Even though turn-times are fast, I advise longer term locks or at least a pricing cushion to account for possible lock extensions. Flexibility in getting additional days is not as elastic. I advise 45 day Locks. If you must lock 30 days then be sure to build in additional rebate in case you need to pay for an extension. This is good smart business.

Distinguish Yourself. In order to succeed in this business and in this market, you must find a way to distinguish yourself from other LOs. That is, if you are going to get more reliable referral sources, you must be able to clearly convey several compelling reasons why they should use you….My calendar is getting full – I am scheduling presentations to discuss (1) How to Be Successful In The Future Market, (2) Where to Look For Additional Referral Sources, and (3) How To Distinguish Yourself From Other LOs. Let me know if you’re interested in a presentation….

She Was Beautiful.   My friend Chris died this weekend after a long battle with Cancer…she was full of life until Cancer stole it from her…too young. She was strong, brave and beautiful.

I am sad for me…I lost my beautiful hyper-intelligent friend…I miss her. But I am abundantly more sad for them…he lost his wife, and they lost their Mom.

I’ve been very emotional this past week, not something I’m accustomed to feeling. I’ve had moments of happiness, like when I played restaurant yesterday morning with the kids. But these moments were overshadowed by feelings of being sad, angry, and even guilty. It’s that last one I struggle with the most. We went to their home to pay our respects and as I watched the two boys grieving their mother’s death, I thought of my Mom and that I should spend more time with her. Guilt is an unhealthy but perhaps a useful emotion sometimes.

That’s my Mom in the picture to the right. My Mom is strong, brave and beautiful. I spoke to her yesterday and wished her a happy birthday…I was emotional I suppose for obvious reasons. She lives in Minneapolis so I don’t get to see her as often as I’d like.

Although we Skype regularly it isn’t enough and it isn’t the same. But we make our feelings known to each other and that is a something that gives me comfort. Mom, I love and adore you. You are my hero in so many ways. HAPPY BIRTHDAY MOM!

My Schedule:  I have an appointment at 11a today so will be unavailable for a couple of hours. Otherwise available……..

My Market Watch:   Bonds Flat – Rates Same.  The 30-year Fannie Mae bond usually has a direct correlation with rates/pricing. Today it’s trading flat so far, I suppose in anticipation of the week’s full schedule of economic reports and Fed talk. Today and tomorrow we have housing data, Wednesday is the GDP report and we have several employment reports mixed in for good measure. The jobs report on Friday is the one I am most focused on.

The bond is trading on some delicate moving averages, which help traders determine whether to buy or sell bonds. But traders will be focused on all the reports and activity this week to try and calculate whether the economy will perform well or poor over the next 30 days. If they interpret the reports to mean a healthy economy, then they will invest in stocks and likely pull money out of bonds to do it. If that happens, rates/pricing will worsen. On the other hand, if they feel the reports and activity mean the economy will struggle, then typically traders will sell off stocks and instead invest those dollars in bonds. If that happens, rates/pricing will improve.

Perspective.  30-Year Fixed Average Rates:  Past 40 years:  8.15%    Past 30 years:  7.45%    Past 20 years:  6.52%    Past 10 years:  5.72%

A word on locks.  Even though turn-times are fast, I advise longer term locks or at least a pricing cushion to account for possible lock extensions. Flexibility in getting additional days is not as elastic. I advise 45 day Locks. If you must lock 30 days then be sure to build in additional rebate in case you need to pay for an extension.  This is good smart business.

Distinguish Yourself. In order to succeed in this business and in this market, you must find a way to distinguish yourself from other LOs. That is, if you are going to get more reliable referral sources, you must be able to clearly convey several compelling reasons why they should use you….My calendar is getting full – I am scheduling presentations to discuss (1) How to Be Successful In The Future Market, (2) Where to Look For Additional Referral Sources, and (3) How To Distinguish Yourself From Other LOs.  Let me know if you’re interested in a presentation….

Processor Available.   I have been contacted by a processor that is looking for employment. If you need a processor please let me know, thanks.

My Schedule:  Available all day….

My Market Watch:   Bonds Flat – Rates Improved – RATES VERY AGGRESSIVE.  I have been saying for some time now our Capital Markets department would get aggressive when the market stabilized…WE’RE BACK!  Rates are aggressive across the board in both Fixed and Arms including DU Refi Plus and High Balance (Agency Jumbo).  The 30-year Fannie Mae bond usually has a direct correlation with rates/pricing. Yesterday we saw the bond selling (a good thing) and as a result Capital Markets improved pricing not once but twice. This morning those gains are holding and pricing is looking good so far.

Next week there is a lot of economic reports and Fed talk coming and it could be a swingy week (is swingy a word?). But for now we have some nice gains to take advantage of. If your borrower is happy with the rate and price, lock them in and give them the speech…locking protects them…warn against jumping if pricing improves.

Of particular interest this morning the bond is trading on a ceiling. A ceiling is a moving average that establishes thresholds for traders to watch. If the bond breaks through the ceiling, then traders look for the next ceiling up to determine when they might want to sell. So, we want the bond to break through this ceiling…if it does, we could see another nice bump in pricing. Let me know if you want to discuss….

Perspective.  30-Year Fixed Average Rates:  Past 40 years:  8.15%    Past 30 years:  7.45%    Past 20 years:  6.52%    Past 10 years:  5.72%

A word on locks.  Even though turn-times are fast, I advise longer term locks or at least a pricing cushion to account for possible lock extensions. Flexibility in getting additional days is not as elastic. I advise 45 day Locks. If you must lock 30 days then be sure to build in additional rebate in case you need to pay for an extension.  This is good smart business.

Distinguish Yourself. In order to succeed in this business and in this market, you must find a way to distinguish yourself from other LOs. That is, if you are going to get more reliable referral sources, you must be able to clearly convey several compelling reasons why they should use you….My calendar is getting full – I am scheduling presentations to discuss (1) How to Be Successful In The Future Market, (2) Where to Look For Additional Referral Sources, and (3) How To Distinguish Yourself From Other LOs.  Let me know if you’re interested in a presentation….

Hostile Sad Grateful Happy.    I seemed “hostile” yesterday, according to my wife. I admit, I felt off…but in hindsight I felt sad, not hostile. As you may know from one of my previous posts my close friend is in the last stages of her extremely long battle with cancer. I sincerely hope this isn’t too personal to share, but my blog has become a kind of journal for me.  Anyway, this morning when I woke up I decided to heed my wife’s advice from last night…so I told myself I’m going to spend this day being grateful. I tell my kids all the time they need to be in control of their emotions so their emotions do not control them (as put by Ambassador Sarek, Spock’s father). So, even though I may feel sadness, I’m not going to let that feeling control me so I come off hostile. Allowing my outward emotion to be interpreted as hostile certainly would not serve my friend well, that’s a fact. She has a tattoo on the inside of her wrist…she says it’s to remind her…it simply says, “Joy.”

This morning my daughter unknowingly helped me in this endeavor…she asked me to play Bruno Mars’ song Treasure…next thing I know my daughter and son and I were singing and dancing in the car on the way to camp this morning. I am grateful…I am happy. Bruno Mars – Treasure.

My Schedule:  I have an appointment at noon today so will be unavailable for a couple of hours. Otherwise available……..

My Market Watch:   Bonds Down – Fixed Pricing Worse -0.125.  The 30-year Fannie Mae bond is trading down about +20bps today…basically a reversal from yesterday’s gain. The only interesting thing to report is that the bond is trading near a floor of support…we want this floor to hold strong so I’ll be monitoring it all day. That’s all I got for you today. Let me know if you want to discuss…

Perspective.  30-Year Fixed Average Rates:  Past 40 years:  8.15%    Past 30 years:  7.45%    Past 20 years:  6.52%    Past 10 years:  5.72%

A Word On Pricing.  We have corporate calls on our pricing strategy. Interbank has traditionally been hyper-aggressive in price but with so much volatility in the bond market we have backed off temporarily while remaining competitive. It is our every intention to jump back into our role as an aggressively priced lender…but when the time is right…. This is good smart business.   

A word on locks.  Even though turn-times are fast, I advise longer term locks or at least a pricing cushion to account for possible lock extensions. Flexibility in getting additional days is not as elastic. I advise 45 day Locks. If you must lock 30 days then be sure to build in additional rebate in case you need to pay for an extension.  This is good smart business.

Distinguish Yourself. In order to succeed in this business and in this market, you must find a way to distinguish yourself from other LOs. That is, if you are going to get more reliable referral sources, you must be able to clearly convey several compelling reasons why they should use you….My calendar is getting full – I am scheduling presentations to discuss (1) How to Be Successful In The Future Market, (2) Where to Look For Additional Referral Sources, and (3) How To Distinguish Yourself From Other LOs.  Let me know if you’re interested in a presentation….

I Had No Choice – Thank Goodness!  My cat destroyed our front room…she pissed all over it, for how long nobody knows. I do know the room became unbearable and I wasn’t about to get new carpet…I’m not big into repeating avoidable issues. So, we went with high-quality laminate and I have to say the room is completely transformed. It changed the whole downstairs. What a difference a relatively inexpensive home improvement can make. Does anyone work with a home improvement company? Gee, I wonder if their clients need cash out refinances?  Hmmmm….

Distinguish Yourself. In order to succeed in this business and in this market, you must find a way to distinguish yourself from other LOs. That is, if you are going to get more reliable referral sources, you must be able to clearly convey several compelling reasons why they should use you….My calendar is getting full – I am scheduling presentations to discuss (1) How to Be Successful In The Future Market, (2) Where to Look For Additional Referral Sources, and (3) How To Distinguish Yourself From Other LOs.  Let me know if you’re interested in a presentation….

My Schedule:  I have an appointment at noon today so will be unavailable for a couple of hours. Otherwise available……..

My Market Watch:   Bonds Up – Fixed Pricing Improved. The 30-year Fannie Mae bond is trading up about +20bps today. The data being reported is boring, at least it is to me. If anything more thought-provoking develops I’ll let you know…

Perspective.  30-Year Fixed Average Rates:  Past 40 years:  8.15%    Past 30 years:  7.45%    Past 20 years:  6.52%    Past 10 years:  5.72%

A Word On Pricing.  We have corporate calls on our pricing strategy. Interbank has traditionally been hyper-aggressive in price but with so much volatility in the bond market we have backed off temporarily while remaining competitive. It is our every intention to jump back into our role as an aggressively priced lender…but when the time is right…. This is good smart business.   

A word on locks.  Even though turn-times are fast, I advise longer term locks or at least a pricing cushion to account for possible lock extensions. Flexibility in getting additional days is not as elastic. I advise 45 day Locks. If you must lock 30 days then be sure to build in additional rebate in case you need to pay for an extension.  This is good smart business.

Controversial Covers.  My post yesterday asked for your thoughts on the cover of the Rolling Stone depicting the Boston bomber. I got a lot of very, well, opinionated responses. With the exception of a few responses defending the magazine’s intention to provoke thoughtful insight to his lunacy, the remainder attacked the magazine for being irresponsible and offensive. The responses (with some content omitted in part or whole):

• Rolling Stone went off the deep end with this one.  there are many retailers that are refusing to stock this issue, Thank God!  The moral majority needs to stand firm on this issue. (no pun intended).
• I agree with your point – but you forgot to mention it’s their First Amendment right.
• As a paralegal (graduated from UCLA’s legal assistant course) I was completely on-board with your analysis regarding manslaughter vs. murder for Zimmerman. I agree with the baseline consensus that giving this guy [Boston Bomber] ANY exposure at all is out of line – especially a large head shot.
• I agree they are glorifying a murderer. Why would you give this person any more attention than he is already getting? All this does is tell kids hey you can be famous too and make lots of money by becoming a mass murderer. If you can’t hack in school or athletics then here is an alternative. It glorifies mafia, gangster mentality along with all these [other] hoodlums who go on social media websites and glorify themselves and other gang members as to who they have hurt, killed, or who they stole from. Or worse they glorify their drug deals and how to get in on the action. This is so wrong on so many levels. This kid is being glorified for his part in the Boston Marathon bombings. Is this what we want to tell our kids is cool? The constant internet and music videos and trv glorifying these people being arrested and then getting off repeatedly (Lindsey Lohan comes to mind)
• The Rolling Stone’s job is to publish as you put it, “thoughtful insight.”  They are supposed to get us talking about it.
• The Rolling Stone is simply trying to make money off of the victims of this crazy bastard. It should be illegal.
• It probably didn’t help the matter that throngs of dimwitted 20 somethings and teenage girls tweeted and FaceBooked rubbish about “saving the poor boy”……….based solely on his good looks!  The less than attractive killers don’t weigh in as favorably…..
• There are a great many people who don’t’ read or analyze situations. These people are easily  and blindly influenced by what the media puts out in this culture where ‘there is no shame’; even ‘bad publicity’ is ‘good publicity’.  (note people like Lindsey Lohan or Kardashians).  In today’s voyeuristic culture, even if you do things which are ‘criminal, of bad taste, or of simply bad behavior, then just getting the publicity is a ‘good thing’.  That is why rappers who are jailed for wife-beating, selling drugs, or whatever, are exalted as ‘cool’.  They got the publicity and therefore are ‘framed’ in the public minds as a ‘personality’.
• I see your point but glorifying him, which is what this looks like, does not sit right with me. I am opposed to the cover shot and the media attention given to the wrong people. As well as the media running with their own agenda like calling racism when there is none.  You have to be a savvy person these days to see the truth.
• That is the kind of publicity he wanted all along. As a runner I’m nauseated. I know RS leans left but wow…
• It all comes down to parenting. What the magazine does shouldn’t matter.
• I wonder if the magazine put that picture on the cover to get this kind of reaction. In most other covers they don’t show the criminal like this. I think you have to assume they did it on purpose, right?  If so, it’s irresponsible even if it’s within their rights.
• Our country is founded on “Freedom of this and Freedom of that” which is critical.  I believe our fore Fathers expected people to act in a moral and responsible manner with an understanding we are a God Fearing Nation when they wrote the Constitution and the Bill of Rights.  (Bill of Rights Amendment I- Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances.)  As you can see from our recent history, this Nation is hardly God Fearing any more.  Rolling Stone Magazine certainly has “Freedom of Speech” behind them and for some reason felt it was fine to in some ways “glorify” this individual.  I’m thankful some retailers with a conscience and moral fiber are refusing to carry this issue.  It is horrible to glorify this person with a photo as was displayed on a cover of a popular magazine who destroyed, maimed and killed the lives of so many.  It is our jobs as citizens and consumers to hit Rolling Stone where it hurts, in the pocket-book.  Hopefully they will think twice before pulling a stunt like this again.
• Rolling Stone has been smokin’ too much weed!

My Schedule:  Available all day….

My Market Watch:   Bonds Up – Recovering    The 30-year Fannie Mae bond is trading up about +30bps this morning. This is welcomed news after a mid-day reprice for the worse yesterday.  The market appears to be flat at the present moment and without any economic data to be released today I expect a stress-free day.

Perspective.  30-Year Fixed Average Rates:  Past 40 years:  8.15%    Past 30 years:  7.45%    Past 20 years:  6.52%    Past 10 years:  5.72%

A Word On Pricing.  We have corporate calls on our pricing strategy. Interbank has traditionally been hyper-aggressive in price but with so much volatility in the bond market we have backed off temporarily while remaining competitive. It is our every intention to jump back into our role as an aggressively priced lender…but when the time is right…. This is good smart business.   

A word on locks.  Even though turn-times are fast, I advise longer term locks or at least a pricing cushion to account for possible lock extensions. Flexibility in getting additional days is not as elastic. I advise 45 day Locks. If you must lock 30 days then be sure to build in additional rebate in case you need to pay for an extension.  This is good smart business.

Distinguish Yourself. In order to succeed in this business and in this market, you must find a way to distinguish yourself from other LOs. That is, if you are going to get more reliable referral sources, you must be able to clearly convey several compelling reasons why they should use you….My calendar is getting full – I am scheduling presentations to discuss (1) How to Be Successful In The Future Market, (2) Where to Look For Additional Referral Sources, and (3) How To Distinguish Yourself From Other LOs.  Let me know if you’re interested in a presentation….

Glorified Murderer?  The Boston bomber was on the cover of the Rolling Stone and there is an outcry that it portrays him in a desirable/favorable light. Uh, I don’t see it. He looks like a crazy delusional killer to me. Is it because he’s an arguably good-looking man posing confidently? Doesn’t that provoke thoughtful insight to his lunacy? Isn’t that the Rolling Stone’s tradition/job as a publication?  Your thoughts…?

My Schedule:  Availability today will be tight…in meetings all day…

My Market Watch:   Bonds Down – Bernanke Speaks Again

Perspective.  30-Year Fixed Average Rates:  Past 40 years:  8.15%    Past 30 years:  7.45%    Past 20 years:  6.52%    Past 10 years:  5.72%

A Word On Pricing.  We have corporate calls on our pricing strategy. Interbank has traditionally been hyper-aggressive in price but with so much volatility in the bond market we have backed off temporarily while remaining competitive. It is our every intention to jump back into our role as an aggressively priced lender…but when the time is right…. This is good smart business.   

A word on locks.  Even though turn-times are fast, I advise longer term locks or at least a pricing cushion to account for possible lock extensions. Flexibility in getting additional days is not as elastic. I advise 45 day Locks. If you must lock 30 days then be sure to build in additional rebate in case you need to pay for an extension.  This is good smart business.

Distinguish Yourself. In order to succeed in this business and in this market, you must find a way to distinguish yourself from other LOs. That is, if you are going to get more reliable referral sources, you must be able to clearly convey several compelling reasons why they should use you….My calendar is getting full – I am scheduling presentations to discuss (1) How to Be Successful In The Future Market, (2) Where to Look For Additional Referral Sources, and (3) How To Distinguish Yourself From Other LOs.  Let me know if you’re interested in a presentation….

Zimmerman – Trayvon.  The prosecution screwed this trial up…that’s it in a nutshell. As you may or may not know, I used to be an attorney…you may call me Esquire if you please. Although I spent the majority of my legal career on the corporate side, I worked on a first-degree murder trial in my last year of law school. In fact, I was assigned to the highest profile murder trial in the history of Minnesota, at least it was back then.

Whether you believe Zimmerman was justified to shoot an unarmed 17-year old kid or not, there is no getting away from the fact that the prosecution’s team blew it…they blew it big-time. They never should have brought charges for murder…they should have charged him with no more than manslaughter. The burden of proof required for a murder conviction is extremely difficult to obtain, and that’s the way we like it in our American justice system. Our judicial system runs on the belief that it’s better to let 99 guilty criminals go free than to let one innocent person be found guilty.

Freedom is our highest priority to protect. So, we must ensure beyond a reasonable doubt that a person is guilty before we take away their freedom, either in the form of prison or capital punishment. Proving intent to murder is exceedingly difficult because you have to convince the jury beyond a reasonable doubt…that’s super hard to do particularly in a highly publicized murder trial. In my opinion the prosecution lost credibility the minute they attempted to establish murder. Had they pursued manslaughter, Zimmerman would be in prison today. Let’s not lose sight that a 17-year old kid was deprived of his life and it’s hard to find any justice in that. 

My Schedule:  Available all day…

My Market Watch:   Bonds Up As Bernanke Speaks – Fixed Pricing Improved   The 30-year Fannie Mae bond is trading +50bps this morning and as a result our pricing for fixed rate mortgages has improved.

Bernanke’s position as of late has been to settle things down, at least that’s the way I interpret his words. This morning he mentioned that despite the Fed’s intention to taper QE, he remains flexible to buy bonds as necessary. He then said that he is concerned with tight mortgage standards. Both of these statements have been interpreted as bully for bonds, particularly after a 60-day run of nothing but QE tapering talk.  More importantly, if bonds can hold their gains, the markets should start to level out…even with much higher rates I think we can all agree that some market stability would be welcome. If so, prepare for very aggressive Interbank rates and prices in the very very near future.

Perspective.  30-Year Fixed Average Rates:  Past 40 years:  8.15%    Past 30 years:  7.45%    Past 20 years:  6.52%    Past 10 years:  5.72%

A Word On Pricing.  We have corporate calls on our pricing strategy. Interbank has traditionally been hyper-aggressive in price but with so much volatility in the bond market we have backed off temporarily while remaining competitive. It is our every intention to jump back into our role as an aggressively priced lender…but when the time is right…. This is good smart business.   

A word on locks.  Even though turn-times are fast, I advise longer term locks or at least a pricing cushion to account for possible lock extensions. Flexibility in getting additional days is not as elastic. I advise 45 day Locks. If you must lock 30 days then be sure to build in additional rebate in case you need to pay for an extension.  This is good smart business.

Distinguish Yourself. In order to succeed in this business and in this market, you must find a way to distinguish yourself from other LOs. That is, if you are going to get more reliable referral sources, you must be able to clearly convey several compelling reasons why they should use you….My calendar is getting full – I am scheduling presentations to discuss (1) How to Be Successful In The Future Market, (2) Where to Look For Additional Referral Sources, and (3) How To Distinguish Yourself From Other LOs.  Let me know if you’re interested in a presentation….

I’m Back from my Mystery Anniversary.  I’m catching up so this will be a short post today. The picture above encapsulates a good portion of my long anniversary weekend…this is Irish Benedict which I fondly renamed Not-So-Kosher Benedict. This is 3-poached eggs over a mound of fantastic brisket on top of an English Muffin and covered in superb hollandaise sauce and surrounded by crispy potatoes…OH MY!  I almost ate the whole thing…and that was just breakfast!

My Schedule:  Available all day…

My Market Watch:   Perspective.  30-Year Fixed Average Rates:

Past 40 years:  8.15%    Past 20 years:  6.52%
Past 30 years:  7.45%    Past 10 years:  5.72%

A Word On Pricing.  We have corporate calls on our pricing strategy. Interbank has traditionally been hyper-aggressive in price but with so much volatility in the bond market we have backed off temporarily while remaining competitive. It is our every intention to jump back into our role as an aggressively priced lender…but when the time is right…. This is good smart business.   

A word on locks.  Even though turn-times are fast, I advise longer term locks or at least a pricing cushion to account for possible lock extensions. Flexibility in getting additional days is not as elastic. I advise 45 day Locks. If you must lock 30 days then be sure to build in additional rebate in case you need to pay for an extension.  This is good smart business.

Distinguish Yourself. In order to succeed in this business and in this market, you must find a way to distinguish yourself from other LOs. That is, if you are going to get more reliable referral sources, you must be able to clearly convey several compelling reasons why they should use you….My calendar is getting full – I am scheduling presentations to discuss (1) How to Be Successful In The Future Market, (2) Where to Look For Additional Referral Sources, and (3) How To Distinguish Yourself From Other LOs.  Let me know if you’re interested in a presentation….