How YSP is reported? (PMI, loan, credit score, rate lock)

[whatzup20]

I am familiar with YSP being reported as a point but on the rate lock confirmation I just recieved it is reported at 100.75.

Anyone seen this before? Not sure how it equates to points.

[Daddys///M3]

100 is par. Anything above that is YSP.

[Modification Specialist]

6.375 -1.381 -1.131 -1.006 -0.756
6.250 -1.011 -0.761 -0.636 -0.386
6.125 -0.729 -0.479 -0.354 -0.104
6.000 -0.409 -0.159 -0.034 0.216
5.875 0.023 0.273 0.398 0.648
5.750 0.679 0.929 1.054 1.304

Today's rates - 5.75% will cost you .0679%

Tell your broker you want to buy down your rates!!!!

[mortgage king]

that is less then one percent 3/4 or a point but they can redisclose later on so...

[renriq02]

YSP is reported on the Good Faith Estimate and on the HUD

you wont know the final YSP until you get the HUD
it will more than likely be the same number on the lock agreement

[renriq02]

this isn't the place to start placing rate sheets on the forum.

stay on topic please

[mortgage king]

you should post your rate and other charges too..

[renriq02]

everyone can read the posts you placed...even though you may have deleted them.

Originally Posted by mortgage king

you should post your rate and other charges too..

[rcarrillo]

Originally Posted by Modification Specialist

6.375 -1.381 -1.131 -1.006 -0.756
6.250 -1.011 -0.761 -0.636 -0.386
6.125 -0.729 -0.479 -0.354 -0.104
6.000 -0.409 -0.159 -0.034 0.216
5.875 0.023 0.273 0.398 0.648
5.750 0.679 0.929 1.054 1.304

Today's rates - 5.75% will cost you .0679%

Tell your broker you want to buy down your rates!!!!

Once again... recommending with ZERO knowledge of the situation. A great advisor. If you were a doctor, attorney or financial planner it would be called MALPRACTICE.

1) Is that a 7, 10 or 15 day lock? What about if I want a 30 day lock?
2) What credit score do I need for these rates?
3) What downpayment?
4) What debt to income ratio?
5) What state is this in?
6) What is the min loan amount?
7) Is this FHA, Conventional, USDA?
8) Is there mortgage insurance or is it LPMI?
9) What will the APR be for this rate?

You are telling someone to buy down a rate to 5.75%... when you dont even know if he has a 5.5% rate!!! You are advertising rates without proper disclosures and corresponding APRs. It has been mentioned several times that this is a violoation of ECOA and other regulations.

Please, before you keep posting generic advice learn to read the rate sheets and how to properly qualify and advise clients. Greed and bad advice is what ended up causing this mess in the first place.