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Cal Lenders Win Victory On YSPs.(California)(yield-spread premiums)(Brief Article)
Washington -- A California Appeals Court has ruled the state's predatory lending law does not require lenders to include yield-spread premiums, sometimes referred to as servicing-release spreads, in the points and fees test.
In ruling in favor of Fremont Investment & Loan, the appellate judges said state legislators were aware of the mechanics of YSPs when they passed the predatory lending law.
"Had it intended that a YSP be included as the 'points and fees payable by the consumer at or before closing,' it would have included appropriate language," the Court said in Wolski v. Fremont. In rendering its decision, the Appellate Court upheld a Lower Court ruling.
Daniel Wolski claimed that the loan made by the subprime wholesaler violated the state predatory lending law and it was a "covered" loan because the points and fees, including the YSP, exceeded 6% of the loan amount.
However, Fremont successfully argued it was not a covered loan and the ...
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Source: HighBeam Research, Cal Lenders Win Victory On YSPs.(California)(yield-spread...