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mortgage modification: What is Yield Spread Premium? - 01/15/08 09:26 PM
What is Yield Spread Premium? I would like to discuss an area of mortgage lending that is fast becoming a hot point for litigation. It is called Yield Spread Premium or YSP (for banks, it's called a service release premium or SYP).
What's a YSP? It's a broker's income for raising your are above the PAR rate on brokered loans (or, in the case of a bank, the bank's income for increasing the rate on correspondent loans). One point of YSP is equal to one percent of the total loan amount.
Lenders use this as an incentive to brokers to bring … (4 comments)
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mortgage modification: Mortgage Rate Reduction or Loan Restructuring - 01/14/08 10:10 PM
Mortgage Rate Reduction or Loan Restructuring
Often times, when the consumer actually CAN afford to make a mortgage payment going forward (even if it's not a full mortgage payment), a loan modification and a mortgage pay rate reduction is a possibility. A loan modification involves demonstrating to the lender that a temporary situation caused the borrower to fall behind on the payments, but that the situation has been resolved completely and the borrower is eligible for a mortgage rate reduction. A loan modification typically requires proof, that the borrower earns enough household income each month to make a mortgage payment. Showing the … (8 comments)
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mortgage modification: Rescission of Mortgage - 01/14/08 09:49 PM
In the past few months we have seen a huge increase in the number of defaults of residential mortgages, specifically those involving "sub-prime" borrowers and what I would like to call "predatory lending" practices. Thee defaults continue to lead to foreclosures, short sales, subsequent property devaluation, and other related adverse circumstances. Many borrowers will end up in bankruptcy or credit counseling, often reaching out to attorneys for direction. Unfortunately, most lawyers have never heard of the Truth In Lending Act, let alone know anything about it. The Truth In Lending Act, promulgated by Regulation Z, allows many borrowers in financial distress … (3 comments)
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