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Commitment of an Upfront Mortgage Broker (UMB)
July 26, 2000, Revised July 16, 2004, Revised November 10, 2004 1. The broker will be the customer's representative or agent, and will endeavor to act in the best interests of the customer. 2. ... more... Why Are "No-Cost" Mortgages Not? March 20, 2000 "I was told that a certain mortgage lender offering loans on the Internet provided grants to first-time home buyers. The grants cover all settlement costs. Is this for real?" No. I went to the web site you mentioned, and found a mortgage broker ... more... |
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yield spread fee related definitions |
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Origination Fee
Origination Fee Charge by a lender or broker connected with originating a loan; charged to prepare loan documents, make credit checks, inspect and sometimes appraise a property; usually computed as a percentage of the value of the loan. Loan origination fee usually ... more... Warehouse Fee Warehouse Fee Some mortgage companies borrow money on a short term basis in order to originate loans which are to be sold later in the secondary mortgage market. When the prime rate of interest is higher on short term loans than on mortgage loans, the mortgage firm has an ... more... |
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More about yield spread fee
How to Spot and Avoid Predatory Lending Closing Checklist Mortgage loans: Are 'No Cost Loans' Really at No Cost? Home Mortgage Quote Problems? The Likely Culprit is Your Credit |
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