NovaStar Financial is currently the subject of a class action lawsuit for charging its borrowers Yield Spread Premium without disclosing the markup. Yield Spread Premium rewards loan originators for arranging mortgage loans at an above market interest rate. Here’s an example of how Yield Spread Premium works. Suppose you qualified for a 6% mortgage rate [...]
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My name is Robert Regehr and I’m a personal finance blogger with a chip on my shoulder for banks and mortgage brokers that take advantage of my friends and neighbors.
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