Profile picture for long john

What is an anti steering disclosure

  • February 08 2012 - Sarasota
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Answers (4)

Profile picture for long john
thanks for all the good answers    I haven't seen one yet but I will know when I apply for a mortgage.
  • February 09 2012
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An anti-steering disclosure is a required document that shows the other available rates and programs that were available to the borrower at the time of locking their rate.  It shows the costs of those rates and programs as they compare to the rate the borrower has locked.  It is designed to make sure the loan officer has not deliberately 'steered' the borrower toward a loan that is less advantageous to the borrower. 

Remember those rates and programs may vary from the lowest rate with the most costs to a possible adjustable rate which may not be what the borrower wished to lock in to. They should never show a rate or program with negative amortization or balloon payments.
  • February 08 2012
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I found an anti -steering disclosure on a lenders website. It seems to be more involved with not steering a borrower into a specific loan that might benefit the lender over the borrower. The link button is broken on Zillow, but here's the URL you can cut and paste.

http://www.oaktreefunding.com/forms/Anti-Steering%20Disclosure%20and%20Acknowledgement.pdf

I am not affiliated with Oaktree Funding. The attached PDF is only used as an example and should not be considered an endorsement of OakTree Funding (which would be a violation of Zillows Terms of Service)
  • February 08 2012
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Profile picture for sunnyview
I don't know. Steering is not legal under Federal Fair Housing Law so I am not sure why a special disclosure would be required. Maybe it's a specific of your state law or the local RE Board. What does it say and who is presenting it to you, an agent or lender or ?
  • February 08 2012
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