Phil Grossfield's Blog

Ask And Ye Shall Receive. Have you seen this? A music student who was attending a Q&A with Billy Joel at Vanderbilt University raised his hand and asked if he could play with him. If he hadn’t asked, he never would have realized this incredible opportunity.

This is a good lesson for those of us in sales. We have to ask for it…it’s basic stuff…sales 101. The most successful sales people have mastered the art of knowing when and how to ask for what they want, which should be what the customer needs, can you feel me? But make no mistake about it…to be successful in sales you have to go after it…and once you’ve gone after it you have to close the deal…and in order to close the deal you have to ask for the sale. That’s pretty basic stuff, am I right? Ask, and ye shall receive!

My Market Watch: Bonds Up – Pricing Improved. The Fannie Mae 30-Year Bond is trading positive…up +11bps since yesterday’s close and up +17bps since our rates were published this morning. When traders purchase bonds our rates/pricing improve…it’s as simple as that.

Interbank’s pricing this morning is very aggressive. According to a LoanSifter report we’re leading the charge. If pricing holds all day, I advise you hold off locking and wait for Sunday to pick up 2 additional days on your lock term. Yes, you can lock online over the weekend…our rates/pricing at the end of the day today will still be available on Sunday. Of course, if the bond market shifts south today then you’d want to lock in before a reprice worsening. But at this point that doesn’t seem likely. So, if bonds hold, wait until Sunday. Let me know if you have questions.