Knightlines Mortgage Services, LLC has taken its transparency policy to the next level by offering a flat fee mortgage program.

What is transparency?  Transparency is full disclosure.  Many mortgage companies and their loan officers/brokers disclosure only what is required by law to disclose.  One of the items that is not specifically required under "full" disclosure is that of Yield Spread Premiums (YSP).  YSP is a fee paid by the lender to mortgage companies for the charging of a higher interest rate to a borrower.  Many companies and their loan officers/brokers opt out on disclosing this fee to their clients.  Often times, this fee is only mentioned at the closing table by the settlement agent.  And even then it is quickly dismissed because of the fact it is marked as a "Paid Outside of Closing" fee from the lender.  Borrowers are left in the dark that this fee is indirectly paid by them as a result of the mortgage company selling them a loan with a higher interest rate.

Visit Our Blog to read more.