Phil Grossfield's Blog


Hostile Sad Grateful Happy

brunomarsHostile 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. sarek_spockI 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_yourselfDistinguish 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….

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