FORUM PROFILE

Loan Options Form

Tagged: 

Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • #4458
    mwebster
    Participant

    Can you tell me if a Loan Options Form would be required in the following scenario?

    Customer wishes to refinance their first mortgage. Balance of the loan is such that the bank could offer the customer either a first mortgage refi, conforming to secondary market, or a portfolio product such as a HELOC or fixed term home equity loan. Would the loan originator be required to use a Loan Options Form to present these products to the customer?

    #4471
    rcooper
    Keymaster

    Are you talking about an anti-steering form? If so, although a good idea, a form isn’t required by regulation, but it may be required by your policy or your secondary market investor. The prohibition on steering applies to any consumer loan secured by a dwelling.

Viewing 2 posts - 1 through 2 (of 2 total)
  • You must be logged in to reply to this topic.