yield spread premium: New Obama regulation to limit agent commissions to 1.2% total
- 02/09/10 04:47 AM
Washington DC (APL) February 9, 2010 - for immediate release. The Senate agreed today to send SB 60-1A to President Obama for his signature to be signed into law. As part of the National Initiative for Market Recovery Over the Decade (NIMROD) the president leveled his sites on real estate commissions which advisers say, "artificially inflate the sales price of homes as much as 6%" and the administration believes that has contributed highly to the number of properties which are "upside down". The president is expected to sign the bill into law as early as Wednesday. In essence it places the … (115 comments)
yield spread premium: Here We Go Again, DC Empowering the Big Banks (YSP Wars)
- 04/29/09 08:10 AM
Say it isn't so! H.R. 1728 (did not get passed in the Senate the last time) Let me explain this to you One More Time Brad Miller and Mel Watt. Side question: How does such an obviously beneficial to big banks and destructive to mortgage brokers legislation get introduced by Congressmen from a notorious big banking area? What Yield Spread Premium is NOT Yield Spread Premium is not a unique and only way for loan officers to rip off home owners and home buyers (any more than any other way).Yield Spread Premium is not something a mortgage broker can make up … (27 comments)
yield spread premium: The Attack on Yield Spread Premium Goes Mainstream
- 03/30/09 07:59 AM
The Georgia General Assembly have completely lost their minds? Reference SB 57 OUTLAWING YIELD SPREAD PREMIUM WILL NOT HELP WHAT YOU MAY THINK IT WILL HELP. I typed in all caps because it's obvious you have not been able to see it in the past. I don't know how many times I have to say this until every math deficient person on the planet gets it: Yield Spread Premium DOES NOT INCREASE INTEREST RATES. Greedy loan officers do and it doesn't matter if they work at the bank, the lender, a broker, or your mamma's house. For example: Today I can … (9 comments)
yield spread premium: National Banks and Mortgage Insurance Conspire Against YOU
- 02/13/09 07:15 AM
So basically I am the RantMan this week - but I am doing it all for you my clients and my friends. Seriously - it's not like I get paid for these blog posts :) Not a conspiracy theory ... an actual conspiracy. This is not so much about the inner workings of the conspiracy itself but more about why it is bad for you as a borrower with average credit and average down payment or equity (less than 20%). I have written several articles and blog posts over the last few months about how mortgage insurance companies control the mortgage … (7 comments)
yield spread premium: "MARI: 1Q Mortgage Fraud Up 42%" Duh, Really?
- 08/27/08 09:18 AM
I think I was I who said, "we'll have less sales and refinances and more fraud" in reference to changes in the lending environment. Trust me - I'm not making excuses for these scumballs and thugs - it's just common sense. Make the dream harder to acheive and people are going to take more risks and break more rules (and laws) to acheive it. According to a report in National Mortgage News "Florida led the states in mortgage fraud, accounting for 24% of all properties with material misrepresentation for loans originated in the first quarter, according to the MARI Quarterly Fraud … (12 comments)
yield spread premium: Name Every Industry Required To Disclose Their Profit Directly to the Buyer
- 06/16/08 06:57 AM
Challenge: let's list every industry whose participants are required to fully disclose all of their profits PRIOR TO or AT the time of the sale directly to the client ... 1. Mortgage Brokers 2. Well, I just can't seem to think of any others. Here is a list to choose from - see which of these can be added to the list above: 1. Dentists 2. Doctors 3. Lawyers 4. Auto Dealers 5. Airlines 6. Movie Theatres 7. Banks 8. Home Builders 9. Clothing Retailers 10. Restaurants 11. Phone Companies 12. Computer Retailers 13. Sears, Macy's, Belks, etc. I really … (7 comments)
yield spread premium: The Truth About PAR Rate vs. Retail Rate
- 10/31/07 09:42 AM
Okay, it is obvious that this needs a little deliberation. Some people, even supposedly "industry experts" are off on their understanding of PAR versus Retail mortgage interest rates. First let's define the terms as we are using them. Retail rate is the mortgage interest rate you see advertised on Bankrate.com or on commercials from Ditech or Countrywide or Wachovia. PAR is the wholesale mortgage interest rate offered to mortgage brokers. The broker may increase the wholesale rate to equal the retail rate and receive a fully disclosed rebate called Yield Spread Premium or YSP from the lender. The lender and the … (5 comments)
Washington DC (APL) February 9, 2010 - for immediate release.
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