I am writing this letter to complain about the treatment and the excessive amount of yield spread premium (over 16133) that the company MORTGAGE CONCEPTS received to process my loan. I was not told about the amount of the yield-spread premium until we (my wife and myself) were at the closing. I had stopped signing and proceeded to call Steven Milner president and CEO of Mortgage Concepts who was the loan officer on the transaction, who at that point had assured me that he was buying down (his words) the rate to get the loan. At that time I had taken him at his word, after all why would he lie? Then after I had moved into my home I started to look over my paperwork I noticed the HUD 1 (see enclosed) and also copies of the disbursement checks (see enclosed) and proceeded to see the amount of over 16133 that MORTGAGE CONCEPTS was paid. I started doing some research and found out that in fact there is no buy down that was being done but that is the gross amount that MORTGAGE CONCEPTS made on the loan. If I had known that this was the case I would have never signed the loan and shopped around for a better deal. I am asking for your help to force MORTGAGE CONCEPTS to rectify the deal and change the Margin to a lower amount or to make restitution for the lie that was told to my wife and myself. If at the time of application and throughout the loan process I was told that MORTGAGE CONCEPTS was making this kind of yield spread premium I would have never gone with them and would have shopped around. I did go with Steven Milner because I used to work for him and always found him to be a straightforward person and even considered him a friend but this shows that I was wrong. The GFE that was presented to us at closing had the yield spread premium on it but in small print smaller than everything else that is on the GFE. It also is the only one that we received with the amount of yield spread premium on it.
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