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Anti-Steering rules are a pain! Does my bank have to follow them?

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Is my bank exempt from the anti-steering requirements (i.e. giving the applicant 3 other loan options) in the LO Comp rules of 1026.36?

Maybe. The anti-steering rules are primarily directed to mortgage brokers, but that doesn’t mean your bank is automatically exempted. The commentary exempts employees of the creditor on a transaction, but whether or not your institution table funds, or acts as a broker for another creditor, could impact this exemption. Learn more at the upcoming webinar “MLO, LO, or Neither?”


Learn more about Rebekah Leonard’s webinar

MLO, LO, or Neither?

First published on 09/06/2020

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