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Based on the initial successes of the four original YSPs, DHS parlayed resources to hire more YSPs and create an entire unit.
Again, the direct fees reflect much of the variance in total broker fees, with low variance due to YSPs.
In HUD's regulatory silence, courts began interpreting the legality of YSPs under RESPA themselves.
While exact figures are not available, mortgage industry sources agreed YSPs represent a substantial portion of many New York area brokers' compensation.
The proposed rules particularly sought to reduce broker incentives to increase consumer rates and thus to limit the potential unfairness, deception and abuse in the use of yield spread premiums (YSP).
By their very nature, YSPs are not compensation for services actually performed by the broker.
For example, the financial reform legislation passed this summer--the Dodd-Frank Wall Street Reform and Consumer Protection Act--prohibits YSPs because of the perceived risk that lender-paid fees may induce mortgage brokers to steer borrowers to higher-cost loans, or to the lenders offering the highest YSPs.
The commentary adds that the new law "stresses that [the act's language] must not be construed to permit any yield-spread premium (YSP) or other similar compensation that would, for any mortgage loan, permit the total amount of direct and indirect compensation from all sources permitted to a mortgage originator to vary based on the terms of the loan (other than the amount of the principal)."
With licensing becoming more challenging; warehouse lending being severely impacted by capital and liquidity shortages; with the adoption of the Home Valuation Code of Conduct (HVCC); and threatened elimination of the yield-spread premium (YSP); brokerages are fleeing to safety by joining net branch networks of mortgage bankers.
1728) can't agree on whether it eliminates the use of yield-spread premiums (YSPs) by mortgage brokers, for instance.
The bill prohibits prepayment penalties and yield-spread premiums (YSPs) on these loans, and requires that the loans provide a net tangible benefit to the borrower.
* Brokers have some discretion to add yield-spread premiums (YSPs) after lender sets interest rate
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