Phil Grossfield's Blog

My Schedule…and A Little Extra:   Why did I move?   I’m in Minneapolis at my brother’s house overlooking beautiful Lake Calhoun and the downtown Minneapolis skyline.  It’s gorgeous here…weather is perfect…air is fresh…birds chirping in the background…people smiling.  So why did I move?  Oh yeah, the winters are brutal…they suck real bad.  Oh yeah, the mosquitoes are ruthless…they suck real bad.  Oh yeah, the humidity in the summer is wicked, it sucks real bad.  Oh yeah, the Vikings have never won a Superbowl…they suck real bad.  Well, I guess that explains it.  Nonetheless, family is here and I miss family…all the sucky stuff would be worth it to be closer to them, for real.   |   Yes, it really happened.  Yesterday, I received a fair amount of comments on my true story about how my kids went bonkers in an Italian restaurant last year…if you recall, I wrote ‘they were loud, rude, restless, and my son ended up peeing on the floor.’  Yes, he really did.  As we left the scene we vowed never to return while covering our faces like accused criminals being escorted into a courthouse. But it’s all forgotten now with a sweet do-over the other night.

Mystery Lyric:   I may not always love you, But long as there are stars above you, You never need to doubt it, I’ll make you so sure about it — God only knows what I’d be without you — If you should ever leave me, Though life would still go on believe me, The world could show nothing to me, So what good would living do me — God only knows what I’d be without you — Answer.   

My Market Watch:  With some good news from across seas in Germany and with some positive economic reports in the U.S., traders are investing in the stock market. Remember, when investors feel the economy is stronger, they typically invest in stocks and sell off bonds…when that happens rates worsen.  I don’t expect volatility today but that’s like saying I don’t expect my wife to get upset that I ate the leftover pancakes…I did, and she did…but they were good. J

My Schedule:  Working from my brothers house all day, save an hour to grab dinner with my Dad and sister.  I’ll be done at 5:30p CST or 3:30p PST.  After that, I’ll respond from iPhone/iPad.  Thanks!

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

For a Clean Underwriting Decision Resulting in Happiness and Adulation – Read Me

My Schedule…and A Little Extra:   It wasn’t legal in Minnesota, so my big sister and her fiancé drove to Minnesota and got hitched.  So, this weekend is the ceremony and I’m flying to Minnesota for the celebration.  I’m extremely proud of my sister…she’s a brave and soulful person.  I wish I could have been there for the ceremony, but I’m grateful to be going to Minnesota for the reception.  I leave today at 5p…I’ll be dropped off at the airport early so I’ll be working in the terminal.   |   They were loud, rude, restless, and my son ended up peeing on the floor.  About a year ago my wife and I went to an Italian restaurant near our house.  To sum up the evening, my kids (3 and 6 at the time) were bonkers…last night we went back, hoping nobody recognized us.  My kids were quiet, polite, reserved, and my son urinated in the bathroom.  How do you like me now?!

Mystery Lyric:   When I think of those East End lights, muggy nights, curtains drawn in the little room downstairs — Prima Donna Lord you really should have been there, sitting like a princess perched in her electric chair — And it’s one more beer and I don’t hear you anymore — We’ve all gone crazy lately, my friends out there rolling round the basement floor — Answer.   

My Market Watch:  Bonds are holding up despite some positive economic reports including the 10-year note auction in Spain.  If you recall, a bond auction always confuses me because logically I think a good bond auction would be good for rates.  So, I contacted Rob Chrisman who is incredibly smart about all this stuff…he was kind enough to give me a call and explained that because the auction was overseas, it bodes well for their economy and in turn this bodes well for ours.  Specifically, if investors are purchasing Spain’s debt, then it means they’re getting a better price than American debt, which means their debt is worse off than ours.  This trumps the fact that bonds simply sold well…I think I got that right.  In addition, Jobless Claims were reported higher than expected meaning more people are without jobs which is a weak economic report…whenever the economy is interpreted as weaker, traders invest in bonds rather than stocks and rates improve.  Let me know if you have any comments or questions, okay?

My Schedule:  Today is a busy day…after catching up on emails I will run and get a haircut, back to the computer to catch up, then off to the airport where I will work all afternoon.  Tomorrow I will work at my brother’s house all day.

Turn-Times Improved!

• Purchases:      3 days from submission (after registration)…prioritized throughout the process.
• Refinances:     4 days from submission (after registration)…45-day locks still recommended.

TODAY’S RATES:  Pricing Engine (password required)     Rate Sheet for Today     InterBank Product Matrix 

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

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 transactions.  For lender-paid transactions, outsourced Contract Processing (NMLS Licensed) is considered a 3rd-Party Fee and therefore may be covered by YSP overage/excess rebate.  YSP overage (excess rebate) may be used towards 3rd-Party Fees, Contract Processing (NMLS licensed), Prepaid Interest, Property Taxes, Hazard, and max $500 towards principal reduction.

My Schedule…and A Little Extra:   She is one of the best singers American Idol has ever had on the show, and she is from San Diego.  Oh, if you hate American Idol than you should skip this section.  Jessica Sanchez is a San Diego petite…I think she’s like 10-years old…but her voice is sick, powerful sick.  She received the least number of votes from the public on American Idol and was nearly kicked off the show – the judges used a save option to keep her on.  This lends more evidence to the supposition that this show has become more of a popularity contest than a talent contest.  So, the question is whether that is wrong or unjust.  I mean, we like artists because they can sing well, or we like their lyrics, or the way they dress, or don’t dress, i.e., sex appeal, or for a variety of other reasons.  Hell, Bob Dylan was one of my favorites back in college but to describe him as a good singer is a stretch.  I like a lot of different kinds of music and artists from R&B to rock and even a short list of classical, jazz and even shorter list of country.  But I can appreciate talent even if I don’t like the music.  Jessica has got the chops.

Mystery Lyric:  Once upon a time you dressed so fine, threw the bums a dime in your prim…didn’t you?  People call, say beware doll you’re bound to fall…you thought they were all…kidding you.  You used to laugh about…everybody that was hanging out.  Now you don’t talk so loud, now you don’t seem so proud, about having to be scrounging…for your next meal…how does it feel? — Answer.   

My Market Watch:  Now it’s Spain again…there is a bond auction and everyone is focused on it.  This is one of those tricky events I have a hard time wrapping my head around.  I mean, if the bond auction does well, then that’s good for bonds and you’d think good for rates, right?  But a good bond auction is also good for the economic markets and when considered strong it bodes poorly for rates.  So, I’m really not sure what is going to happen.  From what I’m reading, it seems there is more risk to poor rates on the heels of a good bond auction in Spain.  I’d love some input on this one if you have any thoughts….

My Schedule:  Behind the computer most of day….

Purchases – prioritized throughout the process…underwriting is three (3) days from submission.
Refinances – currently underwriting loans submitted 4/12 (3 days). 45-day locks recommended.

Procedures: 

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

My Schedule…and A Little Extra:   I’m not superstitious (unless the powers in the universe are listening in which case I apologize for my statement).  When I was a kid I watched Friday the Thirteenth on Halloween.  I don’t consider myself a wimp when it comes to scary movies, but this movie rocked me…I was scared.  There are a few other movies that got to me…such as Poltergeist and Aliens.  But just because today is Friday the Thirteenth doesn’t mean I need to be jumpy (WHAT WAS THAT).  The Ten Commandments with Charlton Heston…now that was a frightening move with the power of God and everything…it totally freaked me out (but in a good way God so please don’t be upset with me).

Mystery Lyric:  It’s close to midnight and something evil’s lurking in the dark — Under the moonlight, you see a sight that almost stops your heart — You try to scream but terror takes the sound before you make it — You start to freeze as horror looks you right between the eyes — You’re paralyze — Answer.   

My Market Watch:  Now it’s China…they reported their lowest growth in three years and traders are selling off stocks and investing in bonds…when that happens, rates improve. There are a couple other reports giving a boost (CPI-inflation) but that information is a bit boring so let’s just go into the weekend on a high with no information overload, eh?

My Schedule:  Behind the computer all day working from home…doors locked – windows shut – weapons ready.

Purchases are prioritized throughout the process…UW is three (3) days from submission and sometimes faster.  For refis we recently hired over 30 underwriters and other key personnel to handle the load. As a result, we are underwriting refis submitted on April 10^th – That’s three days ago folks!

QUICK-LOCK INSTRUCTIONS

• Files must be submitted within 10 calendar days of locking or lock will be cancelled
• I recommend 30-day locks for purchases and 45-day locks for refinances assuming you submit the loan the day you lock
• I recommend you cushion your lock with extra rebate in case an extension is required (0.125/week)

 REGISTER, THEN LOCK

Step 1.        Login at InterBank Portal.  If you do not have a login and password, check with your administrator in your office to set you up.

Step 2.        If this is a forward lock (pre-lock), then go to Step 3 below.
If the loan is already in the pipeline, then go to Step 4 below.

Step 3.        There are 2 ways to register:

1. Choose Loan Registration and manually enter the information in.  This is fast and easy.

• or

1. Upload your loan:

Step 4.        Lock your loan.  Go to Pipeline–>Manage Pipeline.  Find your loan and click on the lock  icon under the Tools column…follow the instructions….  Call me on my cell if you need assistance 619-549-9797.

Step 5.         Make sure you choose a rate and rebate that is sufficient to cover your commission.  If it’s a refi, lock 45 days.

Procedures: 

Lock  |  Running DU/DO  |  Register, Submit & Order Appraisal  |  Upload Conditions  |  CICs  |  Order Docs

Our Lender Fee is only $699 “All-In”

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 transactions.  For lender-paid transactions, outsourced Contract Processing (NMLS Licensed) is considered a 3rd-Party Fee and therefore may be covered by YSP overage/excess rebate.  YSP overage (excess rebate) may be used towards 3rd-Party Fees, Contract Processing (NMLS licensed), Prepaid Interest, Property Taxes, Hazard, and max $500 towards principal reduction.

My Schedule…and A Little Extra:   My job has changed.  As a rep in the early 2000s, I’d visit clients all the time, even while managing the largest pipeline in a national top-ten wholesale company (in case you’re wondering, this is the bragging portion of the post).  But AEs today spend most of their time on the computer running interference on submitted files and less time selling in the field.  Yesterday I met with one of my newer clients and, well, it made me remember one of the things I love about my job…visiting you.  I mean, not only do I get to build relationships but I also get to show off my incredible good looks (in case you’re wondering, this is the funny portion of the post).  The group I met with yesterday was smart, excited, positive, provocative, and fun.  And I was in my element…meeting with people and building relationships.  I need to do more of that.  So, I will be reaching out to you soon to set up a meeting (in case you’re wondering, this is the serious portion of this post).

Mystery Lyric:  When you’re down and troubled, and you need a helping hand, and nothing, oh nothing is going right — Just close your eyes and think of me, and soon I will be there, to brighten up even your darkest nights — Answer.   

My Market Watch:  Rates are almost exactly the same as yesterday with some spots showing 0.125 better.  Truthfully, I haven’t spent much time researching this morning.  I know the 30-year bond auction went just okay and stocks were performing better.  But aside from that, there isn’t much I can share this morning….  If you have a rate-sensitive situation, call me (619) 549-9797.

My Schedule:  Behind the computer all day working out of a Starbucks….

For purchases our turn-time has never changed…it’s three (3) days from submission and sometimes faster.  But refis were pushed back because of our volume.  As a result we’ve hired over 30 underwriters and other key personnel to handle the load. As a result, we are underwriting refis submitted on April 9^th – That’s three days ago folks!

TODAY’S RATES SLIGHTLY WORSE:  Pricing Engine (password required)     Rate Sheet for Today     InterBank Product Matrix 

My Schedule…and A Little Extra:   Here’s something you should know…don’t fill up a bath when you have a defective water heater running loose in your house.  And my water heater saga continues….  My wife decided to give the kids a bath since the plumber was on his way to assess the situation.  Oh yeah, you know what happened, right?  The garage started to flood.  The good news is the plumber pulled up at the onset so he helped me get it under control or it could have been a worse mess.  I guess I got to be grateful for that, eh?  He is on his way this morning to replace the damn thing…good riddance I say!   |   We are looking for more Junior Underwriters.  The underwriter can work remotely from home. If you know anyone interested, please let them know and have them contact me.

Mystery Lyric:  I will stand by you, I will help you through — When you’ve done all you can do, and you can’t cope — I will dry your eyes, I will fight your fight — I will hold you tight, and I won’t let go…. — Answer.   

My Market Watch:  Rates are only slightly worse today.  Last night I put out a warning that rates looked to be worse today.  I think they would be a lot worse if not for negative economic news coming out of Europe and a devastating earthquake in Indonesia (earthquakes can affect international trading which affects markets around the world including the US).  This afternoon there is an auction on 10-year notes…if all goes well, rates should hold up without anything major happening.  If the auction does poorly, it would be a good excuse for traders to sell off bonds and if that happens you know what….

My Schedule:  Behind the computer this morning while a new water heater is installed and then headed to Irvine for an appointment in the afternoon.  Then working from a coffee shop late this afternoon to catch up and then headed back down to San Diego.

1. You may lock online into the night until 11:45p.
2. If you want instructions on locking, let me know….
3. We are looking for more Junior Underwriters.  The underwriter can work remotely from home. If you know anyone interested, please let them know and have them contact me.

• Timing:  Condition sign-off is always 48 hours…and we are very consistent at keeping that time frame.  The most challenging issue we have is when you piecemeal-upload conditions and expect that condition to be cleared while you still have a bunch of outstanding conditions.  This is a big waste of time.  GET ALL YOUR DOCUEMENTS UPLOADED ON THE SAME DAY…the last document uploaded is cleared after 48 hours.
• Uploading Documents to Satisfy Conditions:  click her for specific instructions
• Notes:  Conditions may not be uploaded until an underwriting decision has been made, and, if you want to talk to the underwriter on a file, I can request it.

Our Lender Fee is only $699 “All-In”

• 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 transactions.  For lender-paid transactions, outsourced contract processing (NMLS Licensed) is considered a 3rd-Party Fee and therefore may be covered by YSP overage/excess rebate.
• YSP overage (excess rebate) may be used towards 3rd-Party Fees, Contract Processing (NMLS licensed), Prepaid Interest, Property Taxes, Hazard, and max $500 towards principal reduction.

TODAY’S RATES:  Pricing Engine (password required)     Rate Sheet for Today     InterBank Product Matrix 

My Schedule…and A Little Extra:   My water heater busted.  I tried to believe I could get it fixed without chucking out $1,500 to have it replaced, but alas, it has to go.  Oh well.  As a result of this experience, I’ve become quite knowledgeable about water heaters, and, how my wife has a harsh aversion to living in a house where she cannot shower.  I stopped researching and hired a guy.

Mystery Lyric:  She’s a good girl, loves her mama, Loves Jesus and America too — She’s a good girl, crazy ’bout Elvis, Loves horses and her boyfriend too — Answer.

My Market Watch:  Rates continue to improve and rumor is the quantitative easing discussions are back in full force.  If so, we could see momentum for mortgage rates continue.  Other than that, things are quiet for now….

My Schedule:  Behind the computer all day…and dealing with plumbers.

• Timing:  Condition sign-off is always 48 hours…and we are very consistent at keeping that time frame.  The most challenging issue we have is when you piecemeal-upload conditions and expect that condition to be cleared while you still have a bunch of outstanding conditions.  This is a big waste of time.  GET ALL YOUR DOCUEMENTS UPLOADED ON THE SAME DAY…the last document uploaded is cleared after 48 hours.
• Uploading Documents to Satisfy Conditions:  click her for specific instructions
• Notes:  Conditions may not be uploaded until an underwriting decision has been made, and, if you want to talk to the underwriter on a file, I can request it.

• 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 transactions.  For lender-paid transactions, outsourced contract processing (NMLS Licensed) is considered a 3rd-Party Fee and therefore may be covered by YSP overage/excess rebate.
• YSP overage (excess rebate) may be used towards 3rd-Party Fees, Contract Processing (NMLS licensed), Prepaid Interest, Property Taxes, Hazard, and max $500 towards principal reduction.

–Phil

Phillip L. Grossfield

Correspondent Flow/Wholesale Account Executive

(619) 549-9797  pgrossfield@interbankwholesale.com

If you wish to unsubscribe from this email, please click here and let me know….

My Schedule…and Very Little Extra:   I got back in town late last night…I’m dealing with water heater issues…you get it….  I’m behind the computer all day, but today’s daily email is limited.
My Market Watch:  Rates continue to look good and things appear quiet.
My Schedule:  Behind the computer all day….

Read For a Clean Underwriting Decision:

• FOLLOW YOUR DU EXACTLY…do not send documents DU does not require.
• We follow DU findings on Tax Returns but we always require 2-years 4506T…if DU only requires one year of returns, then only send one year.  EXCEPTIONS:  please keep in mind that if there is Interest/Dividend income, then two years are required per FNMA and DU should capture this.  If you have Schedule E income or unreimbursed expenses are filed, then two years tax returns are required to validate 2 year history/trend.  The UW also has discretion to request 2 years if there is a compelling reason…for example, if the borrower works for a spouse, then 2 years would be required.
• Always send the K-1s along with the returns, whether or not the income is used.
• Only send the asset statements required to close the loan. Do not send retirement accounts, or more than one (1) months bank statements, unless the DU requires additional statements.
• Send all pages of bank statements.
• Large deposits must be sourced and documented.  Large deposits are defined as deposits exceeding 50% of the borrower’s gross monthly income, in either a single deposit, or cumulative deposits in a month.
• If the borrower owns other property(s), then you must always document the tax/insurance/HOA expenses. The best method is with the tax returns Schedule E.  It is highly recommended you get tax returns if the borrower owns rental property, even if you document these expenses otherwise, as the transcripts will show Schedule E earnings, causing Interbank to require the returns; but only one (1) year of returns is required.
• We always require a letter of explanation on any inquiries, excluding the mortgage inquiry, or inquiries within the last 120 days.
• We always require proof of borrower’s residency status as a prior to close condition.

Our Lender Fee is only $699 “All-In”

• 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 transactions.  For lender-paid transactions, outsourced contract processing (NMLS Licensed) is considered a 3rd-Party Fee and therefore may be covered by YSP overage/excess rebate.
• YSP overage (excess rebate) may be used towards 3rd-Party Fees, Contract Processing (NMLS licensed), Prepaid Interest, Property Taxes, Hazard, and max $500 towards principal reduction.

RATES IMPROVED!  HELLO! 
HAPPY PASSOVER, GOOD FRIDAY & GOOD MORNING!

My Schedule…and A Little Extra:   Yesterday, I learned our water heater was leaking.  Hello!  of course, this happens while I’m away in Scottsdale AZ.  Thank goodness my good friends and neighbors were there to turn it off before it destroyed the place.  Anyone know the best and least expensive way to buy and install a 75gal water heater?   |   If you’re a Master’s Golf follower, then root for Tiger, I insist.   |   Click here to read my Cystic Fibrosis post and click here to read my wife’s post and charitable contribution request.   Mystery Lyric:  She’s Walking down the street, Blind to every eye she meets — Do you think you’ll be the guy, To make the queen of the angels sigh? — Answer.   My Market Watch:  The Jobs Report, which is usually one of the biggest market movers each month has not disappointed this morning…rates have moved significantly better!  The report was expected to show 200,000 new jobs in March but only came in at 120,000…that’s a big difference and sends a clear message to traders that the economy is not doing well.  Remember, when traders feel the economy is weak, they typically liquidate stocks and put their money into bonds…and when bonds increase, rates get better.  Hello!   My Schedule:  I am working until about 2p or 3p today and then will be off the clock as I suspect most of you will be too.  If course, I am available by phone but I’m more likely to respond to a text after 2p, you dig?  Have a great weekend y’all!

Pricing Engine (password required)     Rate Sheet for Today     InterBank Product Matrix

For a Clean Underwriting Decision:

• FOLLOW YOUR DU EXACTLY…do not send documents DU does not require.
• We follow DU findings on Tax Returns but we always require 2-years 4506T…if DU only requires one year of returns, then only send one year.  EXCEPTIONS:  please keep in mind that if there is Interest/Dividend income, then two years are required per FNMA and DU should capture this.  If you have Schedule E income or unreimbursed expenses are filed, then two years tax returns are required to validate 2 year history/trend.  The UW also has discretion to request 2 years if there is a compelling reason…for example, if the borrower works for a spouse, then 2 years would be required.
• Always send the K-1s along with the returns, whether or not the income is used.
• Only send the asset statements required to close the loan. Do not send retirement accounts, or more than one (1) months bank statements, unless the DU requires additional statements.
• Send all pages of bank statements.
• Large deposits must be sourced and documented.  Large deposits are defined as deposits exceeding 50% of the borrower’s gross monthly income, in either a single deposit, or cumulative deposits in a month.
• If the borrower owns other property(s), then you must always document the tax/insurance/HOA expenses. The best method is with the tax returns Schedule E.  It is highly recommended you get tax returns if the borrower owns rental property, even if you document these expenses otherwise, as the transcripts will show Schedule E earnings, causing Interbank to require the returns; but only one (1) year of returns is required.
• We always require a letter of explanation on any inquiries, excluding the mortgage inquiry, or inquiries within the last 120 days.
• We always require proof of borrower’s residency status as a prior to close condition.

• 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 transactions.  For lender-paid transactions, outsourced contract processing (NMLS Licensed) is considered a 3rd-Party Fee and therefore may be covered by YSP overage/excess rebate.
• YSP overage (excess rebate) may be used towards 3rd-Party Fees, Contract Processing (NMLS licensed), Prepaid Interest, Property Taxes, Hazard, and max $500 towards principal reduction.

IMPROVED RATES!

My Schedule…and A Little Extra:   I used to be tough back when I lived in Minnesota, not a temperature wimp.  Winters with glacial temperatures and wind-chill that froze the inside of your nose in seconds…and then summers with blistering heat and humidity that would make you wish you could take your skin off.  Okay, but Scottsdale Arizona is hot.  Yeah, I know, it’s a “dry-hot” and not like being in humidity.  I don’t care, it’s still frickin hot.  I guess I’m a wimp after living in San Diego for 12 years.  Actually, now that I recall, when I lived in Minnesota I had an automatic car-starter on my car so I could get into a toasty or chilly vehicle, depending on the season.  So, full circle…I guess I am a wimp.   |   Click here to read my Cystic Fibrosis post and click here to read my wife’s post and charitable contribution request.   Mystery Lyric:  Little darling, It’s been a long cold lonely winter — Little darling, It feels like years since it’s been here — Answer.   My Market Watch:  It’s all about the unemployment report tomorrow…traders are jittery and sweaty…you can just see them sitting there biting their fingernails and picking at themselves like monkeys. If you have a loan that is rate sensitive right now, I’d be close to a computer and ready to lock should the market turn.  As I type this Watch, bonds and rates are in a good place but things could change fast and fierce.  Tomorrow is Good Friday, a short day, and as such volatility might be extreme.  With that said, based on my research traders expect the unemployment numbers to come out flat…that is, as expected.  If the numbers are slightly higher or lower, we could see a dramatic shift in bonds and if so, rates would move significantly as a result.  Higher or Lower?  Well, I wouldn’t want to spoil all the fun, would I?   My Schedule:  I am working all day and not sure if I’ll be at my in-law’s place or a Starbucks, but who cares…as long as I have an internet connection and coffee I’m solid, like the sun.

Pricing Engine (password required)     Rate Sheet for Today     InterBank Product Matrix

• 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 transactions.  For lender-paid transactions, outsourced contract processing (NMLS Licensed) is considered a 3rd-Party Fee and therefore may be covered by YSP overage/excess rebate.
• YSP overage (excess rebate) may be used towards 3rd-Party Fees, Contract Processing (NMLS licensed), Prepaid Interest, Property Taxes, Hazard, and max $500 towards principal reduction.

• Quick Lock Instructions
• Detailed Lock Instructions
• Exceptions
• Register, Submit & Order Appraisal
• Appraisal Review Process
• Uploading Conditions
• Change in Circumstance
• Order Docs = Schedule Closing
• User IDs and Passwords