Where is ysp on gfe

The lenders are not wanting to send us copies. Question 27 — Does the lender or the broker generate the re-disclosed GFE? Do we need to have the copy of the redisclosure sent and the date to be sure we can charge at closing?

Question 28 — For a refinance, do we make the rate good thru the closing date or the funding date? Question 30 — So the YSP credit or charge is to the borrower? Question 31 — What if the broker is keeping the YSP? Then do you show YSP in 2 block 1? I have never heard that before. Do you know where that information came from?

ALWAYS check with your lenders and investors if you have any questions specific to your loan scenario. The information provided by Mortgage Compliance Advisors, LLC has been taken from various public resources and does not constitute legal advice.

Contact us to learn more about mortgage QC audits and compliance. MetaSource Mortgage Blog. Answer — Assuming fees will remain the same, you should be fine to update your disclosures with the correct address.

If you were attempting to increase fees and trying to use the change in house as a documented changed circumstance, the change in house number alone would not constitute a changed circumstance allowing the increase in fees. If the legal address of the property changes, however, this may constitute a changed circumstance and we recommend contacting your lender to determine their procedure. Question 2 — Can a separate line item be added for lock extension fee?

Change in legal address also constitutes a changed circumstance. The originator is still bound by the dates of the initial GFE, however, we suggest contacting your lender to determine what is acceptable to them. Answer — We recommend contacting your lender or LOS provider for recommendations on this type of fee disclosure.

Without a signature line available as part of the GFE, the Intent to Proceed document may be used to verify the GFE was provided within 3 business days of application. Answer — This may be considered a changed circumstance due to the following: borrower requested change, information relied on when initially disclosing the GFE has changed, or found to be inaccurate such as credit quality , or New information particular to the borrower or transaction that was not relied on in providing the GFE was discovered.

Answer — At the time the application is provided, it is presumed all 6 pieces of information required have been obtained and the initial GFE must be disclosed within 3 days of receiving that information. The origination charge we used as one figure could encompass both YSP and an origination fee. For purposes of documenting the disclosure was sent to the borrower, the procedure you typically use date stamp, email confirmation disclosing a date, etc.

Answer — If a portion of the origination charge is a percentage of the loan amount, and the loan amount increases, that portion of the origination charge disclosed as a percentage of the loan amount may also increase. A documented changed circumstance permitting the increase must be retained in the file. They have always been over-priced because the lender has usually selected the service provider and the borrower has paid the tab.

The obvious, simple and direct remedy is to require that lenders themselves purchase all third party services they require borrowers to have. Lenders would pass the cost on to borrowers in the mortgage price, but it would be far smaller than it is now because lenders are informed buyers who would buy in bulk and drive down prices.

It is the same reason why car buyers pay less for tires when the tires are purchased by the manufacturer and included in the price of the car. Instead of doing the obvious, Congress declared that fees paid by service providers for the referral of business were illegal, as if this would encourage service providers to reduce prices. It requires lenders to distinguish third party charges of service providers that the lender selects, and charges of providers selected by the borrower.

There is no such limit applicable to the charges of service providers selected by the borrower. But it will not reduce these charges. The explicit recognition of the two categories of charges may induce more borrowers to shop, and more service providers to market directly to borrowers.

Over the years, this could put some downward pressure on prices. This is about the best HUD could do, since it does not have the legal authority to require lenders to purchase all third party services themselves. Sign in or Create an account Sign up to receive new articles. November 16, , Revised December 18, , February 9, , February 5, On January 1, , a redesigned Good Faith Estimate GFE will become effective, making mortgage loan shopping a little easier for borrowers.

Clearer Presentation of Critical Mortgage Features The existing GFE, along with the Truth in Lending TIL disclosure that the borrower receives at the same time, are so poorly designed that borrowers who are distracted and feel under pressure when they are exposed to disclosure documents often miss critically important information.

Clearer Presentation of Lender Charges The existing GFE provides an open-ended listing of all settlement charges , without distinguishing charges of the lender and those of third parties. Obfuscation of the Distinction Between Broker and Lender An unfortunate consequence of the new GFE is that it obfuscates the distinction between brokers and lenders.

Disclosure of Third Party Settlement Costs Third party settlement charges are charges for services that lenders require borrowers to purchase. Sign up to Receive New Articles. Shop For a Mortgage. Explore Kosher Reverse Mortgage Options. Follow us. The realtor wants you to use their lender for a very simple reason. They want the loan to close on time as agreed. You see this is how they are paid. No closing — No Paycheck. Also, check with the lender your realtor is referring you too.

They are held to a much higher standard then those who are unlicensed. Those who fail, or have felonies or gross misdemeanors can still work in the industry at a depository institution or credit union where they are not required to be licensed, just registered. I would implore you to follow your realtors advice. They know who can close your loan with the least amount of problems.

Keep in mind the lenders that work at banks and credit unions work 9 to 5 from Monday to Friday and they get paid if your loan closes or not! However, the loan officer that your realtor is trying to refer you to gets paid only if the loan closes. This means they are going to be there to answer your questions that you will have after P.

I would be happy to act as a resource should you have questions. I noted at the bottom of the article that YSP has been outlawed and replaced with lender credits.