Get Anti Steering Disclosure Uwm

An Anti-Steering Loan Options Disclosure is required for all transactions where a Wholesale Mortgage Loan Originator is compensated by someone other than the borrower (i.e. when borrower is selecting the lender-paid option).

Brokers who are preparing their own initial disclosure package are responsible for the Anti-Steering disclosure. As a reminder, the Anti-Steering form must be fully completed and provided to the borrower within 3 days of the application date.

An Anti-Steering Loan Options Disclosure is required for all transactions where a Wholesale Mortgage Loan Originator is compensated by someone other than the borrower (i.e. when borrower is selecting the lender-paid option).

Anti-Steering and Safe Harbor The rule also prohibits loan originators from steering borrowers to loans in which they receive greater compensation from the lender unless the loan is in the borrower's interest.

The anti-steering rule prohibits loan originators from directing or steering borrowers to consummate a loan based solely on the fact that the loan originator will receive greater compensation from the lender in a particular transaction than in other transactions the loan originator offered or could have offered, unless ...

Change in interest rate, payment, or term. A creditor must disclose the fact that the terms of the legal obligation permit the creditor, after consummation of the transaction, to increase (or decrease) the interest rate, payment, or term of the loan initially disclosed to the consumer.

An Anti-Steering Disclosure on all Lender-Paid transactions is required.

The Anti-Steering Disclosure must be signed by EACH borrower at least one business day prior to the date the note is signed. • … only one borrower signs and there is more than one borrower on the loan. • … any borrower's signature is dated on the same date the note is intended to be signed. • …