Phil Grossfield's Blog


Case Of The Mondays? Instill Trust – Build A Strong Relationship

mondaysCase Of The Mondays?  “People who are not happy on Mondays give up 14.3% of the available happiness in their life,” wrote one of my long-time clients and neighbors. Although David is also a math teacher here in San Diego, you don’t need to be one to figure out this calculation.  He went on to say, “so if you ask me, be happy and try not to worry a lot.”  If you ask me these are words to type in bold font, print on an 8×11 piece of paper, frame, and hang on the wall, next to the picture of me you no doubt already have hanging.

These comments came in response to my post I’ve Gone Viral! which was a play on my post My Verse.  And the lesson continued, “My verse will include getting people to say not only Happy Birthday or Merry Christmas, etc., but Happy Monday, Happy Tuesday, and Happy Every-Day-of-the-Week.  Since I have started saying my Happy Day to everyone I see at school, many of my colleagues are picking it up and I even hear it in the morning announcements every day.

The Moral of the Story:  Positivity is contagious…so influence others around you in a positive way, and for the sake of not wasting 14.3% of your life, don’t have a case of the Mondays, or Tuesdays, or Wednesdays, or…

I believe you get your ass kicked saying something like that man.


My Market Watch:  Bonds Down Slightly – Pricing Improved. Instill Trust – Build A Strong Relationship.  The Fannie Mae 30-Year Bond was trading flat but just started to decline and is now negative from Friday’s close by -11bps.  When traders sell off bonds our rates/pricing worsen…it’s as simple as that. But it’s too early to be worried…the bond would have to drop another 8-10bps or so in order to trigger a mid-day rate change by Capital Markets.

trustAccording to MBS Highway this could be a volatile week in mortgage rates because of all the housing data being released.  If you’re talking to clients and they are concerned about whether to lock or float, you might want to mention this to them.

Obviously it’s a delicate discussion because on the one hand you want to protect your client from a decline in pricing and on the other hand you don’t want to lock them in to early and then worry they’ll bail on you if the market improves. It’s got to be one of the toughest things about being an LO. I guess it comes down to how well you communicate and advise them on what’s going on. I suppose the best way to ensure they won’t seek a lower rate after you’ve already locked them in is to do your best to instill trust.

Building the relationship as strong as possible can be challenging since many times you have a very short period of time to interact with them.  But from my experience, the LOs who have mastered this skill are the most successful. Additionally, the most successful LOs seem to find a way to discuss what’s going on in the market and ultimately have the client decide what to do, that is, the decision on whether to float or lock is a resulting directive from the client.  If you need help with this aspect of your business, I suggest you seek out an LO you admire and ask them for advice…find out what they do and then incorporate the skill into your bag.  I’d love to hear some feedback….

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