Same as term Points: An upfront cash payment required by the lender as part of
the charge for the loan, expressed as a percent of the loan amount; e.g., '3 points' means a charge
equal to 3% of the loan amount. When points are negative, the lender credits the borrower or the
mortgage broker. Negative points are termed '''rebates.' When retained by a mortgage broker, they are
termed 'yield spread premiums.'