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North Carolina Bans B&C Release Premiums.(Brief article)
Byline: Brian Collins
Washington-North Carolina Gov. Mike Easley has signed a bill that bans lenders from paying yield-spread premiums, sometimes called servicing-release premiums, on subprime mortgages starting Oct. 1.
This makes North Carolina the first state to ban YSPs, which are a form of mortgage broker compensation that is based on the interest rate of the mortgage.
Consumer groups like the Center for Responsible Lending supported passage of House Bill 2188. These groups contend YSPs provide brokers with an incentive to steer borrowers into higher interest rate subprime mortgages.
"By getting rid of yield-spread premiums, we are eliminating one of the root causes of the foreclosure crisis," said CRL senior counsel ...
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Source: HighBeam Research, North Carolina Bans B&C Release Premiums.(Brief article)