ysp: HOW DO MORTGAGE BROKERS GET PAID?
- 05/07/12 07:10 AM
HOW DO MORTGAGE BROKERS GET PAID? How I get paid comes up early on in a conversation with a home loan applicant. Mortgage brokers are paid by either a consumer or by a lender, but not by both. Prior to April 2010, mortgage brokers could get paid by a combination, but the loan officer compensation rule that went into effect on April Fools Day put an end to that. When a lender accepts a loan from a mortgage broker they pay "yield spread premium" or YSP. A mortgage broker is required to disclose to the borrower the gross amount of money (YSP) the firm … (6 comments)
ysp: LOAN OFFICER COMPENSATION RULING - WILL IT STAND?
- 03/09/11 06:23 AM
LOAN OFFICER COMPENSATION RULING TO TAKE PLACE APRIL 01, 2011 - WILL IT STAND? THIS WEEK WE HAVE SEEN A LAWSUIT BY NAIHP TO IMPOSE A TEMPORARY RESTRAINING ORDER ON THE APRIL 01, 2011 IMPLEMENTATION OF THE FEDERAL RESERVE BOARD'S LOAN OFFICER COMPENSATION RULING. NAMB IS WORKING ON ONE AS WELL. One of the reasons of the request is a failure on the part of the Federal Reserve Board to prove that loan originator YSP (yield spread premium) is "unfair" to the consumer. The loan officer compensation ruling affects all loan originators, even those working at banks as well as brokerages. … (3 comments)
HOW DO MORTGAGE BROKERS GET PAID?
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