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Created Oct 10, 2013
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<!DOCTYPE html>
<html xmlns="http://www.w3.org/1999/xhtml">
<head>
<title>Customer Announcement</title>
</head>
<body style="padding-bottom: 0; padding-left: 0; padding-right: 0; padding-top: 0;
margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 0; background: #eeeeee;">
<table style="width: 100%; border: 0;">
<tr>
<td style="padding: 0;">
<table style="font-size: 12px; font-family: Arial,Sans-Serif; color: #000000; background: #eeeeee;
width: 100%; -webkit-text-size-adjust: none; padding-bottom: 0px; padding-left: 0px;
padding-right: 0px; padding-top: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px;
margin-top: 0px;">
<tr>
<td style="padding-bottom: 10px; padding-top: 5px;">
<table style="background: #fff; border-collapse: collapse; width: 650px; border-style: solid;
border-width: 1px; border-color: #ccc; margin-bottom: auto; margin-left: auto;
margin-right: auto; margin-top: auto;">
<tr>
<td colspan="2" style="padding: 0;">
<table style="border-collapse: collapse; height: 100px; width: 650px;">
<tr>
<td rowspan="2" style="width: 278px; min-width: 278px; vertical-align: bottom; background: #007cc3;">
<div style="color: #fff; font-size: 20px; padding-bottom: 10px; padding-left: 10px;
padding-right: 0; padding-top: 0;">
QR Lending Announcement</div>
</td>
<td rowspan="2" style="height: 100px; text-align: right; background: #007cc3;">
<img src="https://www.qrlending.com/announcements/images/qr1.png" alt="" />
</td>
<td style="vertical-align: top; width: 60px; background: #1889ca;">
<img src="https://www.qrlending.com/announcements/images/qr2.png" alt="" />
</td>
<td style="width: 40px; background: #155184;">
</td>
</tr>
<tr style="color: #ffffff;">
<td style="text-align: right; vertical-align: bottom; width: 60px; background: #1889ca;">
<div style="font-size: 14px; padding-right: 4px;">
2013</div>
</td>
<td style="text-align: left; vertical-align: bottom; width: 40px; background: #155184;">
<div style="font-size: 14px; padding-left: 4px;">
TBD</div>
</td>
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</table>
</td>
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<div style="display: block; background: #00853f; height: 4px;">
</div>
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<td style="padding: 0;">
<div style="display: block; background: #00853f; height: 4px;">
</div>
</td>
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<td style="width: 450px; padding: 0;">
<img alt="-" src="https://www.qrlending.com/announcements/images/ds450.png" style="display: block;
height: 5px; width: 450px;" />
</td>
<td style="background-color: #dddddd; height: 5px; width: 200px; padding: 0;">
<img alt="-" src="https://www.qrlending.com/announcements/images/ds200.png" style="display: block;
height: 5px; width: 200px;" />
</td>
</tr>
<tr>
<td style="vertical-align: top; width: 450px; padding: 10px;">
<div style="margin-bottom: 5px; font-weight: bold; font-size: 18px; color: #155184;">
Excess Yield Spread Premium Resolution</div>
<div style="margin-bottom: 5px; font-size: 12px; color: #bbbbbb; font-style: italic;
-webkit-text-size-adjust: none;">
Thursday, October 10, 2013</div>
<div style="padding-top: 5px; font-size: 12px; color: #000000; -webkit-text-size-adjust: none;">
To ensure regulatory compliance, QR Lending is providing the following clarification
on the use of excess Yield Spread Premium (YSP):
<br />
<br />
When a borrower is paying the wholesale financial institution, an issue arises if
money resulting from an excess YSP credit (YSP that is remaining after all allowable
closing costs and prepaid items are paid) is provided to the Wholesale financial
institution. This is essentially the creditor funding part of the compensation payment
to the wholesale financial institution, which would violate the prohibition against
the borrower directly paying both the wholesale financial institution and QR Lending
or indirectly paying the wholesale financial institution.
<br />
<br />
As such, excess YSP credits on Lender-Paid and Borrower-Paid transactions must be
resolved in the following manner:
<br />
<br />
<strong>Excess YSP credits on Borrower-Paid transactions</strong><br />
No part of a YSP excess credit can be paid to the borrower; excess YSP credits can
<em>only</em> pay third-party fees.
<br />
<br />
If the settlement statement (HUD-1) indicates cash back to the borrower as a result
of excess YSP credits, the loan will require either a principal reduction, which
must be disclosed on the HUD-1, a loan amount change, or an interest rate change.
Any loan amount or interest rate change will require a Change in Circumstance form,
a revised GFE, and underwriting approval.
<br />
<br />
<strong>Excess YSP credits on Lender-Paid transactions</strong><br />
One of the following two options may be used:
<ul>
<li style="margin: 0px 0px 5px;">If the HUD-1 indicates cash back to the consumer as
a result of excess YSP credits, the loan will require a principal reduction, which
must be disclosed on the HUD-1, or a loan amount change. Any loan amount change
will require a Change in Circumstance form, a revised GFE, and underwriting approval.</li>
<li>After the payment of all third-party fees, any excess YSP credit may go back to
the borrower to cover any documented POC item. For example, if there is an excess
YSP credit of $300 after the payment of all third-party fees and the borrower paid
a $300 POC appraisal fee (as evidenced by the appraisal invoice), the excess YSP
credit of $300 may be refunded to the consumer.</li>
</ul>
If you have any additional questions regarding the handling of excess YSP please
contact your Loan Coordinator.<br />
</div>
</td>
<td style="vertical-align: top; background-color: #dddddd; width: 200px; border-left-style: solid;
border-left-width: 1px; border-left-color: #ccc; padding: 0">
<div style="padding-top: 1px; text-align: center;">
<div style="border-radius: 3px; background: #cccccc; width: 195px; height: 30px;
margin-bottom: 0; margin-left: auto; margin-right: auto; margin-top: 2px;">
<table style="font-size: 16px; width: 100%; border-collapse: collapse; text-align: center;">
<tr>
<td style="width: 30px;">
<div style="float: left; height: 24px; width: 29px; margin-bottom: 0; margin-left: 2px;
margin-right: 0; margin-top: 3px;">
</div>
</td>
<td style="padding-top: 3px; color: #ffffff;">
Retail
</td>
</tr>
</table>
</div>
<div style="border-radius: 3px; background: #6dbde8; width: 195px; height: 30px;
margin-bottom: 0; margin-left: auto; margin-right: auto; margin-top: 2px;">
<table style="font-size: 16px; color: #ffffff; width: 100%; border-collapse: collapse;
text-align: center;">
<tr>
<td style="width: 30px;">
<div style="float: left; height: 24px; width: 29px; margin-bottom: 0; margin-left: 2px;
margin-right: 0; margin-top: 3px;">
<img alt="-" src="https://www.qrlending.com/announcements/images/chk1.png" /></div>
</td>
<td style="padding-top: 3px; color: #ffffff;">
Wholesale
</td>
</tr>
</table>
</div>
<div style="border-radius: 3px; background: #cccccc; width: 195px; height: 30px;
margin-bottom: 0; margin-left: auto; margin-right: auto; margin-top: 2px;">
<table style="font-size: 16px; color: #ffffff; width: 100%; border-collapse: collapse;
text-align: center;">
<tr>
<td style="width: 30px;">
<div style="float: left; height: 24px; width: 29px; margin-bottom: 0; margin-left: 2px;
margin-right: 0; margin-top: 3px;">
</div>
</td>
<td style="padding-top: 3px; color: #ffffff;">
Correspondent
</td>
</tr>
</table>
</div>
</div>
<hr style="margin-bottom: 5px; margin-left: 3px; margin-right: 3px; margin-top: 5px;" />
<div style="padding-bottom: 0; padding-left: 10px; padding-right: 10px; padding-top: 0;">
<span style="color: #155184; font-weight: bold; font-size: 16px;">Categories</span><table
style="font-size: 14px; width: 175px; margin-bottom: 5px; margin-left: auto;
margin-right: auto; margin-top: 5px;">
<tr>
<td style="width: 16px;">
<img alt="-" src="https://www.qrlending.com/announcements/images/chk2.png" />
</td>
<td>
Compliance
</td>
</tr>
</table>
</div>
<hr style="margin-bottom: 5px; margin-left: 3px; margin-right: 3px; margin-top: 5px;" />
<div style="padding-bottom: 0; padding-left: 10px; padding-right: 10px; padding-top: 0;">
<span style="color: #155184; font-weight: bold; font-size: 16px;">Quick Links</span><table
style="font-size: 14px; width: 175px; margin-bottom: 5px; margin-left: auto;
margin-right: auto; margin-top: 5px;">
<tr>
<td style="width: 16px;">
<img alt="-" src="https://www.qrlending.com/announcements/images/chk2.png" />
</td>
<td>
<a href="https://www.qrlending.com/" style="color: #155184;">Our Website</a>
</td>
</tr>
<tr>
<td style="width: 16px;">
<img alt="-" src="https://www.qrlending.com/announcements/images/chk2.png" />
</td>
<td>
<a href="https://www.qrlending.com/Overview.aspx" style="color: #155184;">Products &amp;
Services</a>
</td>
</tr>
<tr>
<td style="width: 16px;">
<img alt="-" src="https://www.qrlending.com/announcements/images/chk2.png" />
</td>
<td>
<a href="https://www.qrlending.com/AboutUs.aspx" style="color: #155184;">More About
Us</a>
</td>
</tr>
</table>
</div>
</td>
</tr>
<tr>
<td style="padding: 0;">
</td>
<td style="text-align: center; background-color: #dddddd; width: 200px; padding-bottom: 6px;
padding-left: 0; padding-right: 0; padding-top: 16px; border-left-style: solid;
border-left-width: 1px; border-left-color: #ccc;">
<img src="https://www.qrlending.com/announcements/images/qrl.png" alt="" />
</td>
</tr>
<tr>
<td colspan="2" style="background: #155184; padding: 0;">
<table style="font-size: 14px; color: #ffffff; width: 100%; border-collapse: collapse;">
<tr>
<td style="padding-bottom: 5px; padding-left: 10px; padding-right: 5px; padding-top: 5px;">
Your <strong>quality resource</strong> for community lending.
</td>
<td style="padding-bottom: 5px; padding-left: 5px; padding-right: 5px; padding-top: 5px;">
<span style="color: #ffffff;">888·766·4734</span>
</td>
<td style="padding-bottom: 5px; padding-left: 5px; padding-right: 5px; padding-top: 5px;">
<a href="https://www.qrlending.com/" style="color: #ffffff;">www.qrlending.com</a>
</td>
</tr>
</table>
</td>
</tr>
</table>
</td>
</tr>
</table>
</td>
</tr>
</table>
</body>
</html>
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