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

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Question: 
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?
Answer: 

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?”

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Learn more about Rebekah Leonard’s webinar

MLO, LO, or Neither?

First published on 09/06/2020

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