Loan Option Presentation Acknowledgement form

Do we need to have a form signed by the customer that states our loan originator presented the loan options for the customer?

...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.

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?

Yes....after going back over 226.36(e), I realized that. We won't be utilizing the form.

We wont be using the form either which is from laserpro as well. Thanks

Is there a way to turn this form off in LaserPro?

There are some secondary market investors asking (re requiring) this type of form...

If our compensation policy is designed so the LO has nothing to benefit by steering, do we have to disclose different options?

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.

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.)

Thank You very much.

Do we need to have our brokers use this form; we really can’t have any control over them on anti steering, as we are not in the process at the point when this is being done?