Phil Grossfield's Blog

My Schedule…and a Little Extra:  It was all about the men…the boys…no females…just me and my son…a ship of men…a weekend of sailing the waters without care or reservation.  The girls were in Jamaica on my wife’s press trip.  So, me and my four-year old son had time to bond…like men…and we had a great time (despite his need to ask a question every 30 seconds).  The only scary part was in the last few hours, when he accidentally drew a foot-long line with thick red crayon on my wife’s beloved couch.  Ahhhhhhhhhhhhhhh!  Abandon ship!  I called my fill-in-neighbor-wife to send lifeboats.  A Google search and a little female know-how proved successful…the ship was salvaged…there were no casualties.  Whew!  My wife will likely learn about this incident from reading this post…but I won’t show her where the supposed damage took place.  Despite her uncanny female bloodhound senses, I do not believe she will be able to find it.  If she does find it, the question is will she make me walk the plank?   |   As you may know one of my favorite shows is the Big Bang Theory…I was watching alone the other night while my wife was in Jamaica.  The season finale ended with couples nervously holding hands while their friend was launched into space on a NASA mission.  Read Chuck Lorre’s Vanity Card #389.

My Mystery Lyric:  Oh it was sad – so sad, It was sad – too bad, It was sad when the great ship went down – to the bottom of the — Husbands and wives – little children lost their lives, It was sad when the great ship went down…. — Answer.

My Market Watch:  Rates cannot be sustained.  The stock market is ripe for a correction.  However, in the last two weeks, the economy has not been fighting for position and Bonds have simply been taking what’s given them.  You should be thinking the same way.  For the love of all things holy in this land, call anyone eligible for a refinance, or hire someone to call them for you.  Disclaimer

My Schedule:  Behind the computer all day.

My Schedule…and a Little Extra:  They made it to Jamaica.  In yesterday’s exhilarating post, I wrote about how we scrambled to get a new passport for my seven year old daughter just three hours before an international flight….  I had many replies asking if my wife had to cancel the press trip…but no, they were able to get on a flight at 10:30p, arrived in Atlanta at 5:30a, waited in the airport for 5 hours and then left for Jamaica.  They return Sunday.  Although I wish I could go on more of Colleen’s press trips, I have no problem missing this one.   |   Joshua Ledet is not in the finals of American Idol and I’m shocked.  Although I love our hometown San Diegan Jessica Sanchez, I feel she is too young and not ready…a couple more years and she will be unstoppable, for real.  And, I love Phillip Phillips because he has the coolest name on the planet, and, he is a genuine artist…of all of them, I’d want to see him in concert.  But Joshua was amazing…watch this if you need proof.

My Mystery Quote:  If you don’t have a dream, then there’s no way to make one come true — Answer.

My Market Watch:  Rates are great.  Disclaimer

My Schedule:  I have just one appointment today at 10:30a…. 

My Schedule…and a Little Extra:  We got the passport in record time!  Take a deep breath…I had the bags for my wife and 7-year old daughter in the car…the engine running…my daughter strapped in.  My wife let out a gasp like someone punched her in the stomach…my daughter’s passport had expired and the flight to Jamaica was in 3 hours.  Ahhhhhhhhhhhhhhh!  I broke the law and got to the Passport Authority building in record time. I slowed down just enough…my wife jumped from the car, she tucked and rolled, and was inside the building before I parked the car.  I sprinted to the place where they take your passport photo…my daughter holding on for dear life…her feet off the ground like a kite.  She smiles, they shoot, they print…we run back to the Passport Authority where my wife is waiting with the completed application.  I cut a check for $200 and we submit the application…and wait……and wait……the flight is just over an hour away now……an hour……45 minutes……30 minutes.  We get the new passport!  We RUN to the elevator and position ourselves in-between the doors ready to jump inside.  Tires screech as I pull up to the airport doors.  Kisses…I love you!  Ten minutes later I got the text…they missed the flight.

My Mystery Lyric:   Run, run, run, run…You better make your face up in your favorite disguise — With your button down lips and your roller blind eyes — With your empty smile and your hungry heart — Feel the bile rising from your guilty past with your nerves in tatters — As the cockleshell shatters and the hammers batter — Down your door — You better RUN!  — Answer.

My Market Watch:  RATES CANNOT GET BETTER, CAN THEY?  Holy Rates!  They have NEVER been this low.  Do you really need to know why they are so good?  I didn’t think so.  But suffice it to say the economy is not giving traders reason to invest in stocks so they’re putting their money in bonds instead and as a result, rates are better.  Don’t expect it to last…it can’t…it cannot be sustained.  Take advantage now…it will not last.  Need I say more?   Disclaimer

My Schedule:  I have an appointment at 10:30a and 3:00p. 

My Schedule…and a Little Extra:  It’s the theatre you pay $20 per ticket so you can sit in a lounge chair…I went to the fancy movie theatre on Saturday night.  I felt like a ding dong…here are the top four reasons I’m not a fan:  (1) The lack of beverages…my beverage of choice was unavailable.  I fully expected to kick back, order a beverage, order some food, and enjoy the movie in comfort.  But the experience fell short when we soon discovered the beverages we wanted were not available in our theatre.  “What do you mean?” I said.  Apparently only a couple of the rooms had an extensive beverage menu.  Honestly, that was the primary reason for the concept; (2) The food…it was just barely average.  But more importantly, I couldn’t see what I was eating…it made me uncomfortable.  I’m not like the rat in Ratatouille that just shoves anything in his mouth.  I had to use my cell phone as a flashlight.  So while I’m trying to figure out how to eat my invisible food, everyone in the theatre starts laughing at the scene and I missed it while I was trying to navigate…ugh;  (3) The prices…a normal theatre is usually about $10/ticket and this is double, and, the food was sub-par for the exorbitant prices they were charging; and (4) The regret…I felt like a ding-dong after paying $80 to go to a movie, and afterwards we went out for dinner and drinks!  DING-DONG!  Happy Mother’s Day Mom…I love you!
My Giveaway:   How do you get free movie tickets for “What to Expect While You’re Expecting” tonight in San Diego? — Answer.
My Market Watch:  Stocks are down…bonds are up…rates are better….  Sound familiar?  Again, rates really have nowhere to go in terms of getting better…they’re about the same as Friday.  I’m more concerned with seeing any negative activity on bonds…the slightest move south could result in worse rates. We’re off 6bps this morning from when rates came out.   Disclaimer
My Schedule:  I am behind the computer all day until 3:30p…then unavailable. 

Turn-Times:
Purchases:      3 days from Submission (after registration)…prioritized throughout the process.

Refinances:     5 days from Submission (after registration)…45-day locks still recommended.

Conditions:     48 hours from last uploaded document.

For a Clean Underwriting Decision Resulting in Happiness and Adulation – Read Me
For a Long List of Conditions, a Huge Hassle, and Massive Frustration – Ignore Me

Procedures: 
Locks  |  Running DU/DO  |  Register, Submit & Appraisals  |  Upload Conditions  |  CICs  |  Order Docs

My Schedule…and a Little Extra:   I’m the kind of guy that wanted Michael Jordan to win every single game and championship because I felt he was irrefutably deserving of it.  Similarly, in a talent contest such as American Idol, putting aside everything else (looks, etc.), I believe the three most talented should advance.  This year on American Idol, we achieved just that.  Jessica Sanchez has a haunting voice far surpassing her age of sixteen. Phillip Phillips, besides having a cool name dear to my heart, is the truest Artist of the bunch with a unique singing style and who put aside any doubt he can stay in tune.  And then there is Joshua Ledet whose album I would buy before hearing even one song.  As my Mom says, it’s pure entertainment…  By the way, I received a fair number of emails on my comment yesterday that Steven Tyler is not wasted every night…apparently I’m in the minority.  I also received just one email on my comment about Jennifer Lopez…from my wife.  Happy Mother’s Day Y’all!
My Trivia:   What is the world’s smallest country?  a) Monaco  b) Vatican City  c) San Marino  d) Nauru  e) Liechtenstein — Answer.
My Market Watch:  Stocks are down…bonds are up…rates are better….  What are you waiting for?  Do you really think rates are going to get much better?  Really?  Is your borrower holding out for a rate more competitive than what you see above?  I’d love some feedback on this because I would advise my Mom to lock right now.   Disclaimer
My Schedule:  I have appointments at 10:00, noon, and 2:30p. Although I might be difficult to reach by cell, I will have adequate time to respond to all emails and calls before the end of the day.  If it’s an urgent matter, then text me for the love of all things holy in this land.

Turn-Times:
Purchases:      3 days from Submission (after registration)…prioritized throughout the process.

Refinances:     5 days from Submission (after registration)…45-day locks still recommended.

Conditions:     48 hours from last uploaded document.

For a Clean Underwriting Decision Resulting in Happiness and Adulation – Read Me
For a Long List of Conditions, a Huge Hassle, and Massive Frustration – Ignore Me

Procedures: 
Locks  |  Running DU/DO  |  Register, Submit & Appraisals  |  Upload Conditions  |  CICs  |  Order Docs

My Schedule…and a Little Extra:  “You’re absolutely wrong – 100% wrong,” I said to my wife…ever so carefully.  She is……wrong that is.  American Idol is an awesome show and if you or anyone else you know doesn’t agree then you or they are dead wrong too.  And yes, Ryan Seacrest is a very tiny man, and yes, Jennifer Lopez has large buttocks and yes she is in fact extremely hot.  And no, Steven Tyler is not wasted every night.  That’s all I have to say about that.

Mystery Lyric:   Listen…Do you want to know a secret?  Do you promise not to tell?  Whoa…Closer…Let me whisper in your ear — Say the words you long to hear…I’m in love with you — Answer.

My Market Watch:  Rates are a little worse this morning by about 0.125 in price because stocks are trading higher.  There is usually an inverse-relationship between stocks and bonds.  That is, when stocks are being bought, generally bonds are being sold to free up money to buy those stocks (in theory anyway).  I have been warning a correction would come sooner than later…expect this trend to continue unless something happens to push stocks lower.  But even in that case, don’t expect a big improvement, if any, in bonds in the near future.  In fact, in my opinion, we’ve reached a floor in mortgage rates…I think there is virtually nowhere else to go but up from here….  Disclaimer

My Schedule:  I have two appointments today at 10:30a and 2:30p in Irvine.  I am available before by cell, in-between by cell or email, and after by cell.

Purchases:      3 days from Submission (after registration)…prioritized throughout the process.

Refinances:     5 days from Submission (after registration)…45-day locks still recommended.

Conditions:     48 hours from last uploaded document.

For a Long List of Conditions, a Huge Hassle, and Massive Frustration – Ignore Me

We need remote Underwriters and Funders.  This is a work-from-home opportunity. Please tell anyone who is interested to send me their resume and I will forward to the appropriate person.  pgrossfield@interbankwholesale.com

My Schedule…and a Little Extra:  “I’m conflicted because I hate the way his life ended…his death was not worthy of a warrior.”  These were statements in my post yesterday which I have been thinking about after receiving a lot of interesting feedback.  One response came from someone who knew him personally…she said Junior was dealing with intense chronic pain.  Chronic pain and suicide are no strangers to each other and for those of us not living with it, it’s easy for us to judge.  I recall several similar stories such as the movie director Tom Shadyac who contemplated suicide when dealing with intense chronic pain (he directed Liar-Liar, The Nutty Professor, Bruce Almighty…).  He made a movie I highly recommend called I am wherein he describes his desire to take his own life when dealing with unbearable pain.  I feel my statements yesterday were too harsh, or at a minimum too ignorant.  All I can say is I cannot imagine what Junior was going through…I do not judge him…and I trust he is finally at peace.
My Schedule:  I have two appointments today at 11:00a and 2:30p.  I am available before, in-between, and after…imagine that!  

Purchases:      3 days from Submission (after registration)…prioritized throughout the process.

Refinances:     5 days from Submission (after registration)…45-day locks still recommended.

Conditions:     48 hours from last uploaded document.

For a Long List of Conditions, a Huge Hassle, and Massive Frustration – Ignore Me

Locks  |  Running DU/DO  |  Register, Submit & Appraisals  |  Upload Conditions  |  CICs  |  Order Docs

“All-In” means there is no flood fee, tax fee, etc.  Appraisal Waivers accepted with $75 waiver fee.  Appraisal Fees may be reimbursed at closing.  Processing Fees may be charged to the borrower on borrower-paid and for lender-paid we permit outsourced Contract Processing (NMLS Licensed) as a 3rd-Party Fee and therefore may be covered by YSP overage (excess rebate).  YSP overage also permitted for Prepaid Interest, Property Taxes, Hazard, and max $500 towards principal reduction.

• Expedited Turns Throughout the Process – 3 days for UW
• We will fund on a fax copy of the docs

My Schedule…and a Little Extra:  Junior Seau – rest in peace, and thanks.  I wanted to write something witty and moving and worthy about Junior but I kept typing and backspacing.  I’m conflicted because I hate the way his life ended…it confuses me…he was the ultimate warrior and to me, his death was not worthy of a warrior.  He played with the intensity of a hungry lion which is the image I remember…watching him pace as the quarterback was calling the play.  Man, he was so damn good.  I know his death will be cited again and again as the debate on safety in the NFL progresses.  And it’s obvious he wanted his death to be a stimulus towards that goal.  But I can’t help but think he could have accomplished the same, and undoubtedly much more, by living and working towards player safety.  Rest in peace Junior…thanks for all the great memories….

My Market Watch:   Boring.  Nothing going on.  Same as yesterday.  Rates are better if you can believe that.  Check out this graphic…it shows how rates have been steadily improving since the beginning of April.  When will the correction come?   Disclaimer

My Schedule:  I have a couple appointments today and will be off the clock at 4:30p.  

My Schedule…and a Little Extra:   We already gave and we already helped to raise money for research, but there is something deeply gratifying about going to the event itself with hundreds of others and simply walking along the beach for a cause you believe in.  On Sunday my family participated in the Cystic Fibrosis Great Strides Walk.  Our good friends and neighbors have two spirited kids with Cystic Fibrosis (shown in the picture to the left).  The Walk is hopeful and sad at the same time.  A few participate in remembrance of their children who lost the battle…evidenced by a sign they hold up as they walk.  And many are there with children who are presently soldiers in the battle, like our courageous neighbor friends.  And some are there in support of friends, like us, in the hopes that someday a cure will be discovered.  If you care to donate, even $5, I would be ever so grateful.  In the picture, my wife with daughter in front of her, me and my son on my shoulders, and our two neighbor friends mentioned above. To read a previous story by my wife, The Travel Mama, click here.

Mystery Lyric:   So you scream from behind your door, Say what’s mine is mine and not yours — I may have too much but I’ll take my chances, Cause God stopped keeping score — And you cling to the things they sold you, Did you cover your eyes when they told you, That he can’t come back, Cause he has no children to come back for — Answer.

My Market Watch:   There are virtually no economic reports this week.  Whenever the news is void of economic reports, traders look to other indicators to predict what the markets will do such as news in Europe, or presidential elections, or European presidential elections.  Case in point, France just elected a new president which is more change and uncertainty across seas.  This in turn is usually bad for the Euro and good for bonds.  When traders buy bonds, rates generally improve.  And I know I sound like a broken record, but when I say rates generally improve, what I mean lately is rates will stay the same.  That is, there isn’t any room for improvement…rates really can’t get much better.  Let me know if that makes sense and if you want to discuss…    Disclaimer

My Schedule:  I have one appointment this morning and available the rest of the day.

Purchases:      3 days from Submission (after registration)…prioritized throughout the process.
Refinances:     5 days from Submission (after registration)…45-day locks still recommended.
Conditions:     48 hours from last uploaded document.

• Expedited Turns Throughout the Process – 3 days for UW
• We will fund on a fax copy of the docs

Locks  |  Running DU/DO  |  Register, Submit & Appraisals  |  Upload Conditions  |  CICs  |  Order Docs