Posted by ToniK on 8/5/10 12:09am
Msg #347647

Funny conversation at the signing today

Borrower calls Mortgage broker about the Mortgage Broker fee disclosure

BO: Hey what is a yield spread premium?
LO: Ummm *silence for 10 secs* I have no idea what you are talking about, hold on let me get your documents *silence* oh thats my paycheck.
BO: your paycheck? $6200?
LO: Yes, but dont worry you dont pay that. The Lender pays me that for doing business. You dont pay anything
BO: Oh ok just wondering....
LO: Yea you dont pay nothing, Lender takes care of it
BO: Ok thanks for clearing that up *hangs up*

Borrower comments how he thinks something is up and he is ultimately paying for it.

Reply by Susan Fischer on 8/5/10 12:23am
Msg #347651

That's lying. Plain and simple. Arrrg. n/m

Reply by Marian_in_CA on 8/5/10 12:44am
Msg #347655

The borrower is right... ultimately he does pays for it.

Reply by ToniK on 8/5/10 1:01am
Msg #347657

I explained what the YSP was to the borrowers when we first came across the document which prompted him to call the loan officer. I was trying to hold in my laugh when LO said he didnt know what that was....

Reply by Les_CO on 8/5/10 9:31am
Msg #347689

When asked I always fully explain the YSP. Often the borrowers are amazed. I just say no one does this (makes loans) for free, it’s just some are less costly than others.

Reply by Shoshana/AZ on 8/5/10 10:01am
Msg #347713

When I was a loan officer I was amazed at

all the realtors who said to me, you can charge what you want on the back, but don't charge my client more than 1% on the front!