Mike Roberts is about to make his first early payoff (EPO) penalty in two years after finding out that one of his clients refinanced a $355,000 loan with a 7.25% rate that Roberts closed in April. 

“The amount that we received in yield spread was 1.72%, which equates to $6,106,” said Roberts, co-founder and president of City Creek Mortgage. “He didn’t refi with us, so we are not making back money. We are giving back the money we earned. It’s a pure loss. If they came back to us, we would have gotten the revenue to offset the EPO. But in details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com