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Find Your LenderResources » Disclosure of Yield Spread Premium
Many borrowers are interested in the disclosure of yield spread premium so they know if they are getting a fair mortgage. If you do not know what yield spread premium (YSP) is, you can read more about it in the resource section. Yield spread should be disclosed by mortgage brokers and is typically seen on the good faith estimate and always on the HUD-1 settlement statement at closing. It can be found labeled as many different things since the mortgage broker is often in control of how names of charges read on a good faith estimate. Below is a list of different ways it might be phrased.
Correspondent lenders and banks do not have to disclose yield spread premium. If you are working with a mortgage broker and are not being told or shown what the yield spread premium is, demand that it be disclosed or stop working with them if you don't think you are getting a fair interest rate. The honest and up front mortgage professionals will never try to hide yield spread premium.
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