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ysp: Here We Go Again, DC Empowering the Big Banks (YSP Wars) - 04/29/09 03:10 PM
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)

ysp: "MARI: 1Q Mortgage Fraud Up 42%" Duh, Really? - 08/27/08 04:18 PM
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)

ysp: Name Every Industry Required To Disclose Their Profit Directly to the Buyer - 06/16/08 01:57 PM
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)

ysp: YSP All Over The Place ... Revisited ... Again ... Once More ... - 04/02/08 09:11 AM
Look, everyone is missing two very important points about YSP. By everyone I mean even NAMB is misstating. Forget YSP. Look at the RATE. I just priced a brokered loan from a wholesale only lender and included 1.5% YSP (which does NOT raise the rate the borrower QUALIFIES FOR). Where anyone gets the notion that a borrower has EVER qualified for the WHOLESALE rate is completely beyond me. But I digress. With 1.5% YSP and a little more than 1% origination and all the other fees included on a $250,000 loan I compared it with advertised rates from Bank of America, … (6 comments)

ysp: The Greatest Attribute of Active Rain is "Open Source" Education - 02/21/08 01:42 PM
I have learned many things on Active Rain and also had my thoughts confirmed here. That has some of the highest value of anything I can attribute to AR. Yes, the networking is phenomenal but if we were all just talking about American Idol or NASCAR we wouldn't be growing as a community of real estate business people and leaders. So, keeping in that vain let's talk about the myriad different types of POINTS on a mortgage and why you, whether you are a loan officer or real estate agent, need to understand the differences. 
What's the POINT? Basis, spread, yield, BIPs, … (10 comments)

ysp: The Truth About PAR Rate vs. Retail Rate - 10/31/07 04:42 PM
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)

 
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Ken "Yes You Can" Cook

Marietta, GA

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Ken Cook, Web Dev, Brand Strategist 678-439-8683

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