Get Antisteering

Brokers who are preparing their own initial disclosure package are responsible for the Anti-Steering disclosure. As a reminder, the Anti-Steering form must be fully completed and provided to the borrower within 3 days of the application date.

“Anti-steering” is the practice by which a credit card company prohibits a merchant from encouraging consumer cardholders to use another credit card company's card.

The rule does not allow a lender to pay an originator based on the mortgage transaction's terms or conditions except the loan amount. This means a mortgage originator cannot steer you to a loan that pays her more.

Anti-steering in pharmacy benefits is a policy trend that prohibits PBMs from steering individuals to use their owned or affiliated pharmacies and may require plan sponsors to use an open or unrestricted pharmacy network. Prohibited steering includes requiring members to use a PBM-owned or -affiliated pharmacy.

An Anti-Steering Loan Options Disclosure is required for all transactions where a Wholesale Mortgage Loan Originator is compensated by someone other than the borrower (i.e. when borrower is selecting the lender-paid option).

The Anti-Steering Disclosure must: Indicate the types of transactions the consumer is interested in; Clearly indicate the options presented for each type of transaction the consumer is interested in; Indicate the option selected by the consumer; and Be signed and dated by the Loan Originator and the consumer(s).