Phil Grossfield's Blog

Janet Yellen Confirmed. She is the first woman to hold the illustrious position, and it’s about time. I am a firm believer that women are the future of this country. Simply put, I’m a feminist. First, women are stronger than men…there are several examples of this including the struggle over sheets, pregnancy-birth, and feminine hygiene-maintenance. But I’ll use Carrie Mathison from Homeland (fiction example) and Diana Nyad (real-life example) as my primary examples of strength. Second, let’s face it, women think differently than men…and different thinking is what we need…that’s my opinion anyway. And finally, women certainly couldn’t do any worse than men have done, am I right?

Fed Minutes From Dec Released Tomorrow, Initial Jobless Claims is Thursday & Payroll on Friday. It’s a big week but I’m mostly interested in what the Fed minutes say…this was the meeting where QE Tapering was announced. It should be an interesting report…make no mistake about it, this could be a volatile week…

CHANGES NOW IN EFFECT! 
Your GFE MUST be correct when you upload the submission package. When you took the application and when you locked is irrelevant.

FOR EXAMPLE, let’s say you took a loan application on December 27th, registered the loan in the Interbank portal on December 28th, and locked the loan online on December 29th. Your processor now wants to upload the submission package today. Because the submission package is being uploaded in January, you are now subject to your NEW JANUARY COMP PLAN AND OUR NEW $799 LENDER FEE. The fact your borrower signed an application in December and you locked in December is irrelevant. Your GFE must be correct…if it’s incorrectly based on our old $699 Lender Fee or on your old 4th quarter comp then you’re screwed because your GFE would be a compliance violation and therefore your loan and your lock would be cancelled.

If this is not 100% clear then please let me know…. For a comprehensive list of QM/ATR changes please contact me ASAP.