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|Mortgage Banks and Brokers everyday are closing home buyers and refinancers at a higher rate than they deserve! This artificial upping of the rate and the revenue created by doing so are hidden from the customer. This hidden ripping-off of the mortgage consumer is called Yield Spread Premium overchaging if the loan is originated by a broker and Service Release Premium overcharging if the loan is originated by a mortgage bank...you know Darlington Nagbe World Cup Jersey , Countrywide, Wells Fargo, or Bank of America.
Prof. Howell E. Jackson, Associate Dean for Research and Special Programs Harvard Law School, testified before the Senate Banking Committee on January 8 DaMarcus Beasley World Cup Jersey , 2002, and testified to the following:
"...the vast majority of borrowers pay yield spread premiums - on the order of 85 to 90 percent of all transactions. Moreover, the average amount of yield spread premiums is quite substantial, on the order of $1,850 per transaction Clint Dempsey World Cup Jersey , making these payments the most important single source of revenue for mortgage brokers. In other words, contrary to the Department's assumptions, yield spread premiums are not an optional form of financing made available to a limited number of borrowers with special needs. Rather these payments constitute by far the largest source of compensation for mortgage brokers and are imposed on almost all borrowers who obtain mortgages or refinancings through this segment of the industry."
If Professor Jackson testified on Service Release Premium that mortgage banks receive, I'm sure his statments would echo the same as above.
The Governments own numbers, which are grossly understated I might add Christian Pulisic World Cup Jersey , say this Yield Spread and Service Release premium overcharging costs American home owners $16,000,000,000 a year...each any every year!
To beat these guys at their own game, you simply must learn how they price out a loan including this rip-off! Reading this article is a good start Chris Wondolowski World Cup Jersey , however, the complete guide to eleminated Yield Spread and Service Release Premium overcharging is outlined in my ebook, Mortgage Secrets Exposed!. See the resource box at the bottom for more information.
Understanding how to price out a loan by reading Mortgage Bank Rate Sheets is really quite easy though it may seem intimidating at first. It will all become clear as you read this narrative on how we do it at our company, Integrity First Mortgage, Inc. in Denver. So Chris Pontius World Cup Jersey , settle in and take the 10 minutes to read this article and understand this practice.
Doing so will save you 10s of $1,000 over your lifetime owning and financing houses. A small price to pay indeed!
Here we go!
All of mortgage lenders we work with at Integrity First Mortgage, Inc., furnish us with rate sheets on a daily basis via the internet or by fax. We follow the rates several times a day in order to properly quote the best available rate and term to our customers. When reviewing the rate sheet, we also determine which rate will NOT create a rebate from the lender known as a Yield Spread Premium. We believe upping your rate to make additional revenue over the 1% origination fee is deceptive Bill Hamid World Cup Jersey , dishonest, and a bad business practice. And believe me, other companies do not hold that opinion.
Let us use the rate sheet data below to demonstrate how we determine the rate that we quote to our borrowers. We will also show you using the corresponding HSH Survey data how other Brokers and Banks are making enormous undisclosed profits in the form of Yield Spread Premium.
Lender Rate Sheet (see below ) data was collected from a real Wholesale Lender (Ampro Mortgage ) Rate sheet dated 03102006. You can confirm the HSH data is real as well by visiting HSH dot com.
30 Year Fixed
Rate 15 Day 30 Day 45 Day
5.750% 1.350 1.475 1.600
5.875% 0.611 0.736 0.861
6.000% 0.039 0.164 1.826
6.125% (0.392) (0.267) (0.142)
6.250% (0.773) (0.648) (0.523)
6.375% (1.180) (1.055) (0.930)
6.500% (1.623) (1.498) (1.373)
6.625% (2.029) (1.904) (1.773)
6..750% (2.280) (2.155) (2.030)
HSH ASSOCIATES The Nations Largest Publisher of Mortgage
The Nations Mortgage Market: Average Rates for Residential Mortgages Week ending March 10, 2006
Owner-occupied 1-4 Family and Condos: Previously Occupied Homes Source: HSH Associates
National Ave. SURVEY CONVENTIONAL MORTGAGES
In our example, we will quote our borrower a 30 year rate that carries a lock period of 30 days. If we are seeking to earn only a 1.0% origination fee and NO yield spread premium (back end fee) Alejandro Bedoya World Cup Jersey , we will quote the rate of 6.000%. According to the rate sheet, 6.000% actually costs .164% Discount payable to the Lender not Integrity First Mortgage. On this rate sheet, 6.000% is as close to par pricing as we can get. As you can see the next higher rate, 6.125% creates .267% of Yield Spread Premium and that is not good. (YSP is shown in (.267) parenthesis). So with this example, look at the costs for a loan at 6.00% with us.
Rate: 6.000% Walker Zimmerman USA Jersey , $200,000 Mortgage Loan x 1.0% Broker Origination Fee + 0.164 Discount = $200,000 x 1.164% = $2,328.00
Now we will show how everyone else does it! First realize that banks and brokers do not usually quote you the rate you will close with. They will bait-and-switch with low-ball rates and artificially lowered closing costs to get you to apply with them. Then on closing day, the rates and costs are higher than you expected Tim Ream USA Jersey , but they claim their Good Faith Estimate was in deed just that...an estimate. You have the moving van idling in parking lot, so you sign. They count on the fact you are painted into a corner and have but one option...sign.
How do I know this to be true?
One reason is
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