What is H.R. 3915 Really About?
November 2nd, 2007 Categories: Mortgage News
What is H.R. 3915 Really About?
Endorse the NO on H.R. 3915 Petition to U.S. Senator Jon Kyl, U. S. John McCain, President George W. Bush, U. S. Rep Harry E Mitchell.
I’ll chime in, want to get this issue out there sooner rather than later…
Color me stoopid. I listened to the status quo out there that was promoting the idea that YSP’s would be eliminated from the landscape, WHICH IS NOT THE CASE HERE.
There seems to be some real thick irony here, in regards to HR 3915, in that that it may have been fostered just as much by mortgage broker ignorance, as big business greed and political agenda spin.
Real quick:
Yield Spread Premiums are defined as (Ad Nauseum) An option for consumers to finance some or all of their closing costs. Now repeat it. Now repeat it again.
ATTENTION ALL MORTGAGE BROKERS:
- STOP, DO NOT, DON’T EVER SAY, THAT YSP’s ARE HOW I/WE MAKE MONEY.
- DROP THE ‘IT’S NO ONES BUSINESS HOW MUCH, OR HOW I/WE MAKE MONEY’ ATTITUDE.
- YSP IS NOT A MEANS FOR PERSONAL ENRICHMENT.
When you represent your business in the above fashion it runs afoul of Regulation X in the Real Estate Settlement Procedures Act, which prohibits kickbacks in a mortgage transaction….and then you get these sweeping proposals from those in the Ivory Tower.
I really need to read HR 3915 in its original format, minus the pseudo-pundit laced opinion…I’ll be back.
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