Phil Grossfield's Blog

My Schedule…and A Little Extra:   Good times, y’all!  But sleep-deprivation had taken its toll.  On Tuesday we had a neighborhood celebration at our park.  There was food galore, face-painting, dancing, a hula-hoop contest, water balloon tossing, glow-sticks, and those big blow-up obstacle course things that my son went through about 75 times.  The night ended with fireworks and two very sleepy kids who finally got to bed about 3 hours past their normal bed-time.  Any idea what sleep-deprivation does to a 7 and 4 year old the next day?  Well, surprisingly the kids got through the day relatively unscathed as my wife and I prepared for a small neighborhood get-together.  Towards the end of the night, which lasted a little longer than we all really expected, the first evident sign of sleep-deprivation finally reared its ugly head.  I was approached by two of the other parents to inform me that my 4-year old was hitting kids with a plastic bat in the backyard.  At least it was a plastic bat, eh?  So then again, for the second night in a row, our two little ones got to sleep late.  The next morning, after I dragged my daughter out of bed, she uncharacteristically rejected her peanut-butter toast by shoving it on the floor.  At least it was just toast that was tossed, eh?  But who cares?  The kids will remember the park celebration and our little get-together and the bat hitting and toast tossing will be easily be forgotten, eh?  Good times y’all!  🙂

My Mystery Magic:  Cool Card Trick

My Market Watch:  Tomorrow is the Jobs Report and this is the one report that seems to have the biggest bang for markets moves, at least before the Euro-drama entered the scene.  So, traders are trying to figure out what’s gonna happen tomorrow.  As they do their guess-work, they are trading today in anticipation.  So, if the majority of traders feel the Jobs Report will be slightly weak tomorrow, and the report comes in as expected, then you’ll see little moves tomorrow.  But when the report is a surprise…something unexpected, look out!  One way or the other, bonds will trade high or low.  This is so exciting, don’t you think?!      Disclaimer

My Schedule:  Behind the computer all day….

My Schedule…and A Little Extra:   I always loved the Fourth Of July.  Sparklers, cherry bombs, corn-on-the-cob, hot dogs, cheeseburgers, cole slaw (but not potato salad…yich), and then fireworks to wrap up the day. Tonight is pre-festivity festivities with neighbors and the party is tomorrow.  I wish I had some sparklers.  I wish for you and your family a wonderful day of relaxation and if you’re extending that into the remainder of the week, then good for you…enjoy it!  Otherwise, I’ll see you on Thursday. 🙂

My Mystery Lyric:  Born down in a dead man’s town, The first kick I took was when I hit the ground — You end up like a dog that’s been beat too much, Till you spend half your life just covering up  — Answer

My Market Watch:  not watching….  Disclaimer

My Schedule:  I’m working from home most of the day, off to Costco later in the day…. HAPPY FOURTH!

Q3 COMP PLAN NOW IN EFFECT: 

If you didn’t change your comp plan for Q3, then it’s business as usual for you.  However, if your comp plan changed for Q3, then all new loans submitted must reflect your new plan on your GFE – STARTING YESTERDAY.  To be clear, regardless of the lock date or the date the application is signed by the borrower, you must reflect your new comp plan for all loans received by Interbank yesterday and in the future.  If your GFE is wrong and you under-disclosed based on your previous plan, our receiving department will not be able to accommodate you and you will find yourself having to wait 10 days to resubmit.  If you are not 100% clear on this, call or email before you submit to ensure there are no delays.

UPDATED DAILY:                                  

Read Me for a Guideline Guidance for a Clean Underwriting Decision Resulting in Happiness and Adulation or IGNORE ME for a Long List of Conditions, a Huge Hassle, and Massive Frustration

My Procedures are updated daily – check it out…

LTV EXCEPTIONS – VERY EASY AND VERY FAST!

Exceptions to LTV overlays are EASY to get.  In fact, it is VERY LIKELY you will get an exception approval if InterBank has an overlay that is permitted by Fannie Mae, and, I can usually get you an answer within the same day.  The process is VERY EASY and we’ll know in advance if the exception will be granted before you submit. Here are my precise instructions:  Exceptions – When and How to get an Exception

Turn-Times:

Purchases:      3-4 days from Submission (after registration)…prioritized throughout the process.

Refinances:     8 days from Submission (after registration)…45-day locks still recommended.

Conditions:     48 hours from last uploaded document.

My Schedule…and a Little Extra:   Two things:  (1) I do not recommend you bring a Red Radio Flyer wagon to the fair unless you’re prepared to run over many a feet and risk the possibility of getting into a physical confrontation with a very large man whose daughter’s foot you’ve just violated.  Also, beware the moralless father who simply throws his kid in your wagon when you’re not looking and walks off, and, when your wife finds him and bravely confronts him he shakes it off with a shrug of his shoulders; and (2) I’m sure you know someone who has lost a house or who is trying desperately to hold on to it.  I like this post from Rob Chrisman, an extremely-knowledgeable well-respected speaker and daily blogger in our industry who wrote this excerpt about how insensitive the press is about the incredible emotional attachment one has to his home:

“Last month we sold the house where my kids grew up, and I had a handyman remove the doorframe where we marked heights on birthdays. I am not mentioning this to turn the daily into a Hallmark card, but because it reminded me of one thing that the press seems to forget: a house is a home and not a share of stock. And when it comes to that, the popular press seems to forget that people need a place to live, that people want a good school district for their kids, a place to get to know the neighbors, a place to create an emotional attachment. I could go on and on, but there are very concrete reasons why people who are underwater on a house still make the payments, why many who supposedly saw the real estate decline didn’t sell their home, and why so many people don’t care about minute fluctuations in the price of housing based on the latest metric.”

My Mystery Lyric:  Watching girls go passing by, It aint the latest thing — I’m just standing in a doorway, I’m just trying to make some sense — Out of these girls go passing by, The tales they tell of men — I’m not waiting on a lady, I’m just waiting on a friend — Answer

My Market Watch:  There are a bunch of indicators I could list off for you and reports and comments made by European leaders regarding debt….  But this is all a bunch of boring “data”…nothing really interesting to me at least.  Bond prices started out lower this morning but Interbank rates came out practically the same from yesterday.  Disclaimer

My Schedule:  Available all day but taking my car in for maintenance so on the road to and from….

UPDATED DAILY:                                  

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

MY PROCEDURES are updated daily – check it out…

LTV EXCEPTIONS – VERY EASY AND VERY FAST!

Exceptions to LTV overlays are EASY to get.  In fact, it is VERY LIKELY you will get an exception approval if InterBank has an overlay that is permitted by Fannie Mae, and, I can usually get you an answer within the same day.  The process is VERY EASY and we’ll know in advance if the exception will be granted before you submit. Here are my precise instructions:  Exceptions – When and How to get an Exception

My Schedule…and a Little Extra:  I always liked the horse that goes up and down up and down.  I never understood my whole life why they even made horses that are stationary…they don’t move…why would you want to sit on that when you could sit on a horse that goes up and down up and down?  But now I understand.  My son did NOT want a horse that went up and down up and down…NO WAY.  But unbeknownst to him, they only had the horses that go up and down up and down…so when he was strapped in and the ride started he was VERY displeased that his horse was indeed going up and down up and down.  The first 30 seconds was nerve-racking but with my tight grip around him, my words of encouragement, and seeing the other kids enjoying themselves he managed to fight his fears and ended up enjoying the ride.  But my brief attempt to remove my hands from his side was met with a STERN reprimand and NOT considered even remotely humorous.  But he got through it…check that one off the list…. 🙂

My Market Watch:  Bond prices started out lower this morning but Interbank rates came out practically the same from yesterday.  Stocks look they are beginning to slip a little but barring anything extraordinary, should be a flat day.  Disclaimer

My Schedule: Available all day but taking my car in for maintenance so on the road to and from….

UPDATED DAILY:                                  

Read Mefor a Clean Underwriting Decision Resulting in Happiness and Adulation

MY PROCEDURES are updated daily – check it out…

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

EXCEPTIONS – VERY EASY AND VERY FAST!

Exceptions to LTV overlays are EASY to get.  In fact, it is VERY LIKELY you will get an exception approval if InterBank has an overlay that is permitted by Fannie Mae, and, I can usually get you an answer within the same day.  The process is VERY EASY…all you have to do is register the loan so we have a loan number and send me an email with your DU Findings.  I’ll take over from there…I will forward exception request before you submit the loan (all you’ve done so far is register the loan).  This way we’ll know in advance if the exception will be granted. Click here for details on Interbank overlays compared to Fannie Mae guidelines, and for explicit Instructions on getting an exception:  Exceptions – When and How to get an Exception

Turn-Times:

Purchases:      4 days from Submission (after registration)…prioritized throughout the process.

Refinances:     7-8 days from Submission (after registration)…45-day locks still recommended.

Conditions:     48 hours from last uploaded document.

My Schedule…and a Little Extra:  A few bites of a below-average corn dog, half a Chicago dog, one chicken strip, half an ice cream cone, one bite of a caramel apple, corn on the cob with Bob’s special spices, butter and parmesan cheese (holy crap this was outstanding!), a couple bites of lousy pizza (which begs the question of why take more than one bite), and a decent BBQ brisket sandwich.  I would have had a bite of my wife’s bacon-wrapped cream-cheese filled jalapeño but she didn’t share.  All in all, a pretty light day of eating for me at the San Diego County Fair.  🙂

My Market Watch:  Despite stock market woes, bond prices aren’t getting much bang.  In fact, rates from Friday are practically the same.  The New Home Sales report was released this morning but even though it’s not bad the Fed made statements that housing was still depressed and that kind of statement tempers things, you know?  Disclaimer

My Schedule:  Available all day until 2:45p and then out for an hour….

UPDATED DAILY:

Read Me for a Clean Underwriting Decision Resulting in Happiness and Adulation

MY PROCEDURES are updated daily – check it out…

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

My Schedule…and a Little Extra:  He deserves it.  He made a huge decision to leave Cleveland but it was the right decision.  Granted he should’ve handled it better when he left which is why he was so harshly treated and criticized the last two years, but when I was 24 years old I can recall a couple incidents that I didn’t handle so gracefully.  I can tell you this…I’ve been following Lebron James his whole career and I believe his heart to be pure.  One of my best friends back in Minneapolis has been coaching basketball for years and told me about Lebron James before he was even out of high school…“watch for this kid…he’ll be the best player on the planet one day.”  Last year when he went to the Miami Heat and ended up losing in the finals everyone jumped on him…they loved to see him fail.  Lebron was humbled and referred to himself as “immature” stating he needed to work harder and improve.  That says a lot about someone…his willingness to call himself out openly like that.  And this year you could see he did improve in almost every facet of his game, and what’s more, he made everyone on his team better too (except for maybe Dwyane Wade).  Lebron was determined to remain humble and not take anything for granted and he didn’t rest until he had he won the MVP award for the season, was named MVP of the Finals, and won the whole damn thing.  He’s redeemed himself and deserves respect and admiration.  Congratulations Lebron! And congratulations to me for predicting all of this at the beginning of the season.  I really am awesome, aren’t I?  J

My Mystery Lyric:  I’ve paid my dues…Time after time — I’ve done my sentence…But committed no crime — And bad mistakes…I’ve made a few — I’ve had my share of sand kicked in my face…But I’ve come through! — Answer

My Market Watch:  Yesterday the stock market got hit hard and as a result we saw an improvement in rates.  But what I find interesting is that I didn’t see bonds improve all that much.  What I mean is this…typically there is a converse relationship between stocks and bonds.  That is, if stocks perform poorly then bonds usually perform well and vice-versa.  The idea is that traders either put their money into stocks or bonds, and sell one to make buying power for the other.  Of course, this is not always true and yesterday was that exception to the rule.  In fact, I was watching the bonds page when I saw Interbank’s mid-day rate change for the better and I wondered why.  Capital Markets departments watch many different indicators in determining rates and volatility, such as economic reports or geopolitical news, but almost like clockwork we can see a direct correlation to the Fannie bond.  Not so yesterday…when the mid-day rate improvement was published, bonds were relatively flat.  According to my research, yesterday stocks sold off after weak global economic data was released and the reason bonds didn’t react as sharply as usual was attributed to the Federal Reserve’s buying.  Anyway, I thought it was interesting.  Today should be flat unless something unknown is brewing…if it was going to go one way or the other I would expect worse…but it’s way too early to tell….  Disclaimer

My Schedule:  Available all day….

EXCEPTIONS – VERY EASY AND VERY FAST!

Exceptions to LTV overlays are EASY to get.  In fact, it is VERY LIKELY you will get an exception approval if InterBank has an overlay that is permitted by Fannie Mae, and, I can usually get you an answer within the same day.  The process is VERY EASY…all you have to do is register the loan so we have a loan number and send me an email with your DU Findings.  I’ll take over from there…I will forward exception request before you submit the loan (all you’ve done so far is register the loan).  This way we’ll know in advance if the exception will be granted. Click here for details on Interbank overlays compared to Fannie Mae guidelines, and for explicit Instructions on getting an exception:  Exceptions – When and How to get an Exception

My Schedule…and a Little Extra:  A hypothetical question…what if hypothetically a person (not me of course) went to get his son’s prescription at the pharmacy but it was going to take a couple hours to fill because they had to get a refill from the kid’s doctor.  Hypothetically there happens to be a wine bar next door, so, hypothetically this person goes to the wine bar while he waits for the prescription and orders a glass of nice hypothetical Pinot Noir.  While at the wine bar the owner has wine salespersons visiting and they are pouring everyone at the bar samples of their different hypothetical grapes.  Our hypothetical person sparks a conversation with several of the other very happy free-drinking customers and overall has a fantastic time.  Did I mention this was a hypothetical situation?  Good.  So, let’s say this person finally gets the prescription and heads home, late of course because the pharmacy took so long filling the hypothetical prescription (which is hypothetically true).  So here’s the question…since our hypothetical person’s wife was sick and feeling rather lousy and he doesn’t want to make her feel bad by telling her he he was in a bar drinking free wine, should he keep it to himself or brag about it?  My friend would like some advice….   |   Oh, I can’t forget this…GO HEAT!

My Mystery Lyric:  Some say I’ll be better without you, But they don’t know you like I do, Or at least the sides I thought I knew —  I can’t bear this time, It drags on as I lose my mind, Reminded by things I find, Like notes and clothes you’ve left behind — Wake me up, wake me up when all is done, I won’t rise until this battle’s won, My dignity’s become undone — Answer

My Market Watch:  Yesterday I said it would be a scary day and I have to admit, I was right on target.  Interbank had a mid-day rate change for the worse, then shortly thereafter another for the better, and then yet another for the worse again.  Whew!  The Fed will expand its “Operation Twist” program to extend the assets on its balance sheet…they will sell $267 billion of shorter-term securities and buy the same amount of longer-term debt in a bid to reduce borrowing costs and spur the economy.  Sounds complicated but it’s really not…simply put, it’s a fancy way of describing how they will buy and sell bonds to affect interest rates.  Traders seem to view this decision as the Fed maintaining the status quo but really the Fed is saying the U.S. economic recovery is at risk of stalling.  In terms of long-term bond prices, this isn’t necessarily a bad thing.  Disclaimer

My Schedule:  Available all day….

EXCEPTIONS – VERY EASY AND VERY FAST!

Exceptions to LTV overlays are EASY to get.  In fact, it is VERY LIKELY you will get an exception approval if InterBank has an overlay that is permitted by Fannie Mae, and, I can usually get you an answer within the same day.  The process is VERY EASY…all you have to do is register the loan so we have a loan number and send me an email with your DU Findings.  I’ll take over from there…I will forward exception request before you submit the loan (all you’ve done so far is register the loan).  This way we’ll know in advance if the exception will be granted. Click here for details on Interbank overlays compared to Fannie Mae guidelines, and for explicit Instructions on getting an exception:  Exceptions – When and How to get an Exception

UPDATED DAILY:

Read Me for a Clean Underwriting Decision Resulting in Happiness and Adulation

MY PROCEDURES are updated daily – check it out…

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

Turn-Times:

Purchases:      4 days from Submission (after registration)…prioritized throughout the process.

Refinances:     7-8 days from Submission (after registration)…45-day locks still recommended.

Conditions:     48 hours from last uploaded document.

My Schedule…and a Little Extra:  Today is a BIG day…and I’m not referring to the convincing victory of the Miami Heat over the Oklahoma Thunder although for anyone routing for the Thunder all I can say is I told you so and that the Miami Heat kick serious booty.  But no, that’s not what I’m talking about.  Read My Market Watch section below….

My Mystery Quote:  When I walk beside her, I am the better man — When I look to leave her, I always stagger back again — Once I built an ivory tower, So I could worship from above — When I climb down to be set free, She took me in again — Answer

My Market Watch:  Today is a BIG day!  There are no economic reports coming out today so what am I talking about?  I’m talking about the Federal Reserve’s Board Meeting which was yesterday and finishes today.  Yes, this is a big deal because most feel what goes on today will shape policy for the rest of the 2012 year.  Unfortunately, nobody knows what they’re really talking about so when the meeting is over the traders and reporters will be trying to assess what happened by the expressions on the member’s faces, or from their body language.  There is a press conference afterwards by Ben Bernanke but make no mistake about it…what he says, what he doesn’t say, even what he is wearing will be scrutinized and interpreted into some financial tell on what is to come.  Everyone is most interested in Quantitative Easing which is monetary policy central banks use to try and stimulate the economy. In general, it means they buy assets from banks so the banks have more (quantitative) reserves to lend.  So, does the Fed intend to initiate more easing?  If not, rates should get worse.  It’s both an exciting and somewhat scary day.  Disclaimer

My Schedule:  Available all day….

UPDATED DAILY:

Read Me for a Clean Underwriting Decision Resulting in Happiness and Adulation

MY PROCEDURES are updated daily – check it out…

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

My Schedule…and a Little Extra:  My wife said yes to almost everything.  I had breakfast in bed after the kids jumped on top of me to wake me up (even though I was already awake).  I had pancakes and coffee.  My son made me a trophy and my daughter made me a chapter book…then they gave me a dance performance.  I told my Dad how much I love him. I called my father-in-law and wished him a happy father’s day…but no sappy stuff.  Then the four of us went strawberry picking and mini-golf.  Then we went home, made fresh strawberry daiquiris and fresh strawberry pie.  I had a beverage and watched the game (my team won) while my wife bathed and got the kids ready for bed.  Pretty much a perfect Father’s Day for me.  Here is the card my four year old son made for me in school:

My Daddy’s name is Phil
My Daddy is 65 years old (I’m 44)
My Daddy plays racing cars with me (this is true)
My Daddy looks like a fish (this is true)
My Daddy is special because he likes trophies (he made me a trophy as a gift)
I love my Daddy because I love him every day and every night (this is the dagger 🙂 )

My Mystery Quote:  Be who you are and say what you feel because those who mind don’t matter and those who matter don’t mind —  Answer

My Market Watch:  Rates are unchanged from Friday.  It’s all about the Greece elections yesterday.  The victors will try to back the country’s bailout and the markets are happy as a result.  But it’s far from over. Starting tomorrow there is a Fed meeting and as you know what they say and don’t say can shift the markets tremendously.  With all the disruptions in Europe, many think more stimulus discussions will occur and if so, expect rates to continue to remain low.  All these events would normally create an improvement in prices, but being that prices are already rock-bottom, rates have come out essentially the same as Friday.  Disclaimer

My Schedule:  Available all morning until 1:30p and then my schedule gets sporadic.

UPDATED DAILY:

Read Me for a Clean Underwriting Decision Resulting in Happiness and Adulation

MY PROCEDURES are updated daily – check it out…

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

My Schedule…and a Little Extra:  I want my wife to say yes to everything.  I want breakfast in bed after the kids jump on top of me to wake me up.  I want pancakes or waffles.  I want a hike. I want gifts made by my children and I want a performance, any performance.  I want a relaxing day without any drama.  I want dessert, more than once.  I want to tell my Dad how much I love him which is a lot, more than you can imagine.  I want to tell my father-in-law I love him except I can’t tell him that because he doesn’t like that kind of stuff and he’d probably hang up on me.  I want new quality sunglasses.  I want new shoes.  I want dinner at a restaurant.  I want a beverage at dinner and not have to drive home.  I want a big squeeze-hug from each of my kids just before they go to bed.  Happy Father’s Day!

My Mystery Quote:  A dad is someone who wants to catch you before you fall but instead picks you up, brushes you off, and lets you try again.  A dad is someone who wants to keep you from making mistakes but instead lets you find your own way, even though his heart breaks in silence when you get hurt. A dad is someone who holds you when you cry, scolds you when you break the rules, shines with pride when you succeed, and has faith in you even when you fail —  Answer

My Market Watch:  It’s all about Greece.  Elections are Sunday.  From what I’m reading there is all kinds of speculation of what the markets will do depending on who wins.  Next week there is a Fed meeting…it will be very interesting to hear what is expected from the meeting and then what they actually say….  Disclaimer

My Schedule:  I am going to my daughter’s Chef camp at noon for a quick lunch.  Otherwise available all day.

UPDATED DAILY:

Read Me for a Clean Underwriting Decision Resulting in Happiness and Adulation

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

MY PROCEDURES are updated daily – check it out…

Turn-Times:

Purchases:      4 days from Submission (after registration)…prioritized throughout the process.

Refinances:     7 days from Submission (after registration)…45-day locks still recommended.

Conditions:     48 hours from last uploaded document.