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#1538246 - 04/20/11 06:54 PM Loan Option Presentation Acknowledgement form
NeBanker Offline
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Joined: Jun 2008
Posts: 408
Do we need to have a form signed by the customer that states our loan originator presented the loan options for the customer?

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Lending Compliance
#1538333 - 04/20/11 07:50 PM Re: Loan Option Presentation Acknowledgement form NeBanker
swiggles Offline
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swiggles
Joined: Aug 2001
Posts: 7,333
...funny....you posted this about 15 seconds before a lender sent me a copy of that doc, created by LaserPro, asking me what it is. It's an anti-steering document. I'm kind of excited.
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The more you sweat in training, the less you bleed in battle.......

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#1538415 - 04/20/11 09:01 PM Re: Loan Option Presentation Acknowledgement form swiggles
Amos Offline
100 Club
Joined: Nov 2004
Posts: 237
USA
There is nothing in the rule requiring such a form. And there's nothing in the rule that says you gain anything by having the applicants sign such a form. So what is the value of it?

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#1538443 - 04/20/11 09:29 PM Re: Loan Option Presentation Acknowledgement form Amos
swiggles Offline
Power Poster
swiggles
Joined: Aug 2001
Posts: 7,333
Yes....after going back over 226.36(e), I realized that. We won't be utilizing the form.
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The more you sweat in training, the less you bleed in battle.......

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#1538459 - 04/20/11 09:57 PM Re: Loan Option Presentation Acknowledgement form swiggles
NeBanker Offline
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Joined: Jun 2008
Posts: 408
We wont be using the form either which is from laserpro as well. Thanks

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#1538751 - 04/21/11 03:50 PM Re: Loan Option Presentation Acknowledgement form NeBanker
Oursisnottoreasonwhy Offline
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Oursisnottoreasonwhy
Joined: Nov 2004
Posts: 489
Central Illinois
Is there a way to turn this form off in LaserPro?

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#1538899 - 04/21/11 05:46 PM Re: Loan Option Presentation Acknowledgement form Oursisnottoreasonwhy
Island Dreaming Offline
100 Club
Joined: May 2009
Posts: 217
midwest
There are some secondary market investors asking (re requiring) this type of form...
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#1538903 - 04/21/11 05:49 PM Re: Loan Option Presentation Acknowledgement form Island Dreaming
Gr8hopper Offline
Member
Gr8hopper
Joined: Jul 2008
Posts: 94
Central Missouri
If our compensation policy is designed so the LO has nothing to benefit by steering, do we have to disclose different options?
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If you aren't part of the solution - Then you are part of the problem.

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#1538904 - 04/21/11 05:50 PM Re: Loan Option Presentation Acknowledgement form Island Dreaming
swiggles Offline
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swiggles
Joined: Aug 2001
Posts: 7,333
Fortunately, our loans for the secondary market are prepared with a different software.....I suspect that software will come up with something, but I don't review their docs.
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The more you sweat in training, the less you bleed in battle.......

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#1538913 - 04/21/11 06:00 PM Re: Loan Option Presentation Acknowledgement form swiggles
Always In Training Offline
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Joined: Jul 2006
Posts: 1,111
Where the Green Grass Grows
Yes, you can remove any form in LaserPro from printing if you have admin priviledges.

Loan Processing Setup > Forms > Document Format.

Scroll down til you find the "offensive" document. (Ex: I've removed any ARM riders & other state's forms)

Hint:The ones active have +'s the ones removed have -'s.

Once you find the form, click "Edit".
When that pops up, uncheck the box that says "Include in Form List" . Click OK. Now the previously active form goes to the inactive list in alpha order at the bottom. Then exit, and exit loan admin. Now it's off.

(We have to keep doing this to re-worked credit life insurance forms. So that we don't have 2 sets of disclosures print, the good ones and the bad ones that look like the good ones except 1 clause is different.)

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#1539031 - 04/21/11 07:44 PM Re: Loan Option Presentation Acknowledgement form Always In Training
Oursisnottoreasonwhy Offline
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Oursisnottoreasonwhy
Joined: Nov 2004
Posts: 489
Central Illinois
Thank You very much.

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#1569057 - 06/23/11 07:34 PM Re: Loan Option Presentation Acknowledgement form Oursisnottoreasonwhy
markp Offline
Gold Star
Joined: Jan 2007
Posts: 382
New Jersey
Do we need to have our brokers use this form; we really canít have any control over them on anti steering, as we are not in the process at the point when this is being done?

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