Once upon a time, he was a mortgage broker (mortgage broker bacchus marsh). Over the years, we have been working hard so that our customers can find the best business for them and get enough income to pay for our employees and maintain an efficient office. Then there was a travel agency who became the radio host in the name of Clark Howard (1) and he began to throw stones, but still. By constantly bombarding mortgage brokers to unnecessary ordinary people, Howard continues to insist that the growing audience avoids smaller local offices that will go directly to lenders who they may have and will not know. The happy ending of this article has not yet appeared in this article.
Currently, Senator Barney Frank (D-MA) has passed legislation seeking further control over the already heavily regulated mortgage brokerage industry. Another leader’s opinion for Obama (d-IL) and Hillary Clinton (d-NY), specifically referring to mortgage brokers (loan broker), and how they brought the country into the disaster stair financial failure. The happy ending of this story is coming soon.
Let me introduce your friends and me to Yield Spread Premium; YSP is short for a short trip to the soup tract of your favorite grocery store to meet Mr. YSP. Continue to pick up the box of chicken noodles and bring it to the starting position. Now, continue, paying employees one dollar and thirty-six cents in taxes. Let’s talk about the soup you just met with Mr. YSP.
Hold the jar and pay close attention to it. You can see at least two components and feel the weight of the third component. You can see the box and the label and think there is a soup in it that matches the description on the label. Because there is a box and a label, you can also see if you really bought the soup, or if you still bought the box and label. Obviously, you bought everything as a unit, but how much did you pay for the box? What happens to the price tag of the purchased label?
The secret is that you don’t know and you don’t care. The only really important thing is that you bought a box of soup and bought it at a reasonable price. There are no separate prices for components. There are some components on the label, but not labels and boxes. A little mysterious label and the cost of cans. Listen, we are getting closer and closer to Mr. YSP’s position.
You ask yourself what is the similarity between a box of soup and a mortgage? Only these two are things you should buy and understand. He doesn’t care about the price of the box or the label, because we are talking about items that add a penny to the total cost, right? I mean, at most, boxes and labels may not add more than three or four cents. So we didn’t talk about the two percentage points in the price, and didn’t really make a difference because you are talking about money.
Do you know the difference between the cost of obtaining a mortgage at a bank or direct lender and the mortgage obtained through a mortgage broker (mortgage broker bacchus marsh)? Do you know that mortgage brokers can get something called “wholesale price”? I bet you don’t know, mortgage brokers, according to federal law, are the only three that should tell you the profit every penny you have on each mortgage. That’s right. Banks and lenders are directly outside federal law, requiring mortgage brokers (mortgage broker bacchus marsh) to disclose the price of “fake” and “tags”. So, if a mortgage broker is required to disclose every penny they get from the transaction, why not a bank and a direct lender? I assure you that we will get there, but we replace YSP.