How To Read A Wholesale Lender Rate Sheet and Beat Mortgage Banks & Brokers At Their Own Game!
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, 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, 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, making these payments the most important single source of revenue for mortgage brokers. In other words, contrary to the Departments... To view and download this full PLR article, you must be logged in. Registration is completely free. Once you create your account, you will be able to browse, search & downlod from our PLR articles database of over "1,57,897+" on 1,000's of niches and 200+ categories without paying a penny. Click here to signup...
