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dave
Guest
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 Posted: Tue Aug 26, 2008 8:44 am Post subject: Yield spread premium |
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I went to close on a home i am selling yesterday. on my hud-1 form they have me paying a "yield spread premium" in the amount of .5 percent of the home selling price. Why would i be paying that as a home seller? please help, only have until 3 pm today to get this cleared up...
dave
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 kenl314
Ranked Lender
Joined: 12 Apr 2006
Posts: 52
Location: Brentwood, NH
21.38 Dollars($)
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| Posted: Tue Aug 26, 2008 9:27 am Post subject: YSP on closing- |
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Hello- The YSP is not ever paid by you, the seller. It is not paid by the buyer either. The bank pays the mortgage broker that amount. I wouldn't worry about it.
Congrats,
Ken L.
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dave
Guest
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| Posted: Tue Aug 26, 2008 9:49 am Post subject: Thanks |
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| Thanks, that is what i kinds of cathered by reviewing some articles on the net, just wanted to get some advice by someone who would know. i think we can get it straightened out, but in case we dont, is there someone who handles disputes that arise at closing or who deals with unfair disclosures like that? |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 1679
Location: New Brunswick, New Jersey
315.11 Dollars($)
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| Posted: Wed Aug 27, 2008 3:10 am Post subject: |
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Hi dave,
Welcome to the forums.
The closing attorney will be the best person to resolve disputes associated with the closing. You have spoken of unfair disclosures. Can you say what it's all about?
Take care |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7447
Location: bloomfield, ct
70.06 Dollars($)
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| Posted: Fri Sep 05, 2008 10:14 am Post subject: |
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sara, i believe he's describing the ysp in question as having been unfairly disclosed if - a big if - he can't get it resolved otherwise.
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George M. Akerley
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chrisburns
Community Experts
Joined: 13 Nov 2007
Posts: 372
Location: Florida
64.35 Dollars($)
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| Posted: Tue Sep 09, 2008 1:16 pm Post subject: |
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Just call the title company handling your closing and ask them about it. It should be easily explained and cleared to your satisfaction.
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Chris Burns
Five Stars Mortgage, LLC
Office: 800-871-2636 ext. 200
Cell: 407-456-3697
Florida Mortgage
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banker0679
Community Experts
Joined: 15 Nov 2007
Posts: 332
Location: Charlotte, North Carolina
1.41 Dollars($)
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| Posted: Wed Sep 10, 2008 6:39 pm Post subject: |
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The attorney will explain in detail or go line by line on your HUD-1.
YSP does NOT have to be disclosed to you since you are the seller..not the buyer.
You may have some items on your side if you were paying closing costs for the buyer.
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