Phil Grossfield's Blog

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….