Yield Spread Premiums

by Valerie P. Robinson, I.A.C.F.B
(Bourbonnais, Illinois USA)

Regarding Yield Spread Premiums - To Kate and the intended Home Buyer asking about paying a YSP (Yield Spread Premium), we both agree that the amount $7,600.00 is too much!

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If Box 2 of the Good Faith Estimate is not filled in, look at Part of Box A on the bottom of the first page of your GFE. These are the two areas where the YSP would be located. If you do not see yield spread premiums in these two areas, perhaps the mortgage brokerage is using the outdated Good Faith Estimate forms.

Or if you received the YSP amount verbally and you were not given your GFE at the time of your application or within 3 business days, Monday through Saturday excluding legal holidays, then perhaps the mortgage brokerage is still using the outdated GFE forms. The new Good Faith Estimate forms came out January, 2010.

I hope these suggestions along with Kate's information on yield spread premiums are helpful to you. Best of luck in your purchase!

Valerie Robinson 800-816-1046
U.S.Goldust International
1020 Stratford Drive East, Bourbonnais, Illinois 60914

Valerie Robinson can also be found in our List of Mortgage Companies.

Yield Spread Premiums

Dear Valerie, I'm so happy to hear from you again. Thanks for the insight into disclosure of yield spread premiums and the new good faith estimates which came out January, 2010.

Best Wishes,

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PS Have you seen Sabrina's question about yield spread premiums?

PPS For more answers regarding Yield Spread Premiums, write me at Ask Kate where every question is a good question.

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