How Are Mortgage Brokers Paid?
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@ beingreal40: yes, sorry to say this gentleman did mention the YSP paid back to the broker from the bank which is NONE of the Borrower's business anyway! The points up front are from the borrower to the broker, that is for the work they are doing for you and if you can get a 0 point loan then go get one and quit bitchin!! When the YSP is paid to the brker from the bank, that is none of YOUR BUSINESS at all because you couldn't have gotten that deal without the broker if ya coulda u woulda
tara7775 1 year ago 2
I'm sure the new anti trust laws will take care of any discrepancies to the YSP The whiny people inquired into a service (a place of business) with the assumption of Federal Laws and Consumer Law protection. U.S. Code. Tilte 18 Chap. 47 Sec. 1006 Explains fraud based on the lender, broker, employee. One small part says whoever participates. Yes a signature, but the borrower doesn't have the employee power to enforce a loan. But I'm leaving. Silly to debate this on U-tube
Beingreal40 2 years ago
It is not always a riskier loan. Don't give the people reading this that sort of stereotype. Yield Spread Premium is way for the broker to make money without the borrower having to pay points, therefore, lower closing costs. People also need to read what they are signing. Too many whiny people in this country complain about their mortgage, but forget that it is their signature on the paperwork. This video was good for an introduction.
gavinphx 2 years ago
Funny how the High Yield Premium Spread isn't mentioned. The highest fees paid by the lender to the broker for selling a more risker loan. That High Yield Spread is then added to your loan.
Beingreal40 2 years ago
Great Advice!
Clarissa2424 2 years ago
Now I understand the "difference" between a point and a percent.
myoceanspirit 3 years ago
thehelpfund.blogspot
mannyfeseha 3 years ago