Fancy words for You got Screwed on your Interest Rate.
It will ONLY show up on one line of your final closing statement (HUD-1).. It is not in your column of numbers, it is usually off the left with the letters POC (Paid Outside Closing)
The 6 letters that you don’t want to see on your final statement (unless you agreed to it) YSP & POC.
You usually only see this statement when you are signing docs.
Even an estimated HUD that you might see prior to signing may not show this.
A loan from a bank or direct lender WILL NOT show this amount. Overcharging you is all internal to them.
Bank employees probably don’t even know about it and just insist that they have no fees.. It’s what they are told.
IF you ask, many slimeballs lie and say that it didn’t cost you anything, which is an outright lie.
You are paying higher monthly payments for the life of the loan so slimeball can get the YSP rebate.
Getting a PAR rate pays no YSP-rebate. Not a penny.
