Anti Steering Safe Harbor Requirements - fcmkc.com

anti Steering safe Harbor Requirements The Requirements : The anti Steering Disclosure is required for any loan that: Your institution is not funding the loan (Brokered loan). Lender Paid Compensation (LPO). Therefore, FCM does not require anti Steering disclosure on loans that: Your institution is funding the loan (Correspondent). Borrower Paid Compensation (BPO). The following disclosure is an example of the minimum standards required of the anti Steering safe Harbor disclosure. It is highly recommended to use the FCM form, but not required, if you are able to demonstrate similar elements including the loan comparison chart. The Disclosure: The anti Steering Disclosure is used to meet the safe Harbor Requirements set forth in (e) (2). As evidence of the provisions being met, FCM will require an anti Steering disclosure (ASD) signed by all borrowers listed on the Note and be presented to the borrower(s) at the time the Loan Originator has sufficient information to complete the disclosure, but no later than one business day prior to closing.

Revised 12/17/2012 Anti‐Steering Safe Harbor Requirements The Requirements: The Anti Steering Disclosure is required for any loan that: Your institution is not funding the loan (Brokered loan).

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