[quote=HLS][quote=no_such_reality]
The concept is simple, the execution historically has been fraught with deception and poor ethics.

YSP still clouds the issue for the end consumer and obscures how much is really being paid for services particularly when tagged with the above, IMO.[/quote]

Those days are long gone with BROKERS….
the process is highly regulated now.
If you are offered a loan with 100% clear terms, what your net cost is, whether you pay OR get no cost,
What is unclear about this ? What does YSP have to do with it ? Are you concerned about what someone is making regardless of what they are offering you ?

FYI
Banks & Direct lenders can screw you as they can manipulate their pricing.

Mortgage brokers are like Insurance brokers.
Lenders & Insurance companies control the pricing. Insurance agents don’t discount the insurance company pricing nor do they charge you extra.
They get compensated by the insurance companies.

There are 2 kinds of mortgage BROKER compensation.
Lender paid OR borrower paid.
With lender paid the wholesale lender compensates us a % of the loan amount.
With borrower paid the borrower compensates the broker and gets the exact same pricing. It’s HIGHLY regulated.

Whether you want a rate that is higher or lower doesn’t affect BROKER compensation by 1 penny.
Any credits or cost is to/from the borrower.

The days of BROKERS benefiting from overcharging borrowers are long gone, although some brokers make a higher % than others.
Banks and direct lenders can still get away with things that a BROKER cannot.
Bank employees generally do not have access to true pricing. They only see the retail rates to offer consumers and have no idea about net pricing.
There is a difference between regulations for Banks/ Direct Lenders vs. Brokers[/quote]I just saw this after responding to the same post. Well said with more (current) additions.