Anti-Steering Loan Options Disclosure Form
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1Anti-Steering Loan Options Disclosure
Sample Anti-Steering Loan Options Disclosure
Exhibit 5
Loan Number:
______________
Borrower Name: ______________
Dear Borrower,
You have applied for a mortgage loan through (
). To ensure you, the borrower(s), has
sufficient information to determine the appropriate loan, we are providing you with the following loan options.
These loan options provide you with detailed rate and loan cost information to assist you in choosing the correct
loan for your particular financial situation. Carefully review the loan options presented below to ensure you have
chosen the appropriate option.
Your Loan Options. For each type of transaction in which you expressed an interest, your mortgage broker has
obtained loan options from a significant number of the creditors with which your mortgage broker regularly does
business. Your mortgage broker has a good faith belief that you likely qualify for the following loans:
Type of Transaction (check one)
Total origination
Fixed Rate
Interest Rate
points or fees and
Adjustable Rate
discount points
Option 1
Loan with the lowest Interest Rate
________%
$________
Option 2
Loan with the lowest Interest Rate without negative
amortization, a prepayment penalty, interest-only payments,
________%
$________
a balloon payment in the first 7 years of the life of the loan,
a demand feature, shared equity, or shared appreciation
Option 3
Loan with the lowest total dollar amount for origination
________%
$________
points or fees and discount points
You are applying for a loan with the following terms
________%
$________
If you expressed an interest in an adjustable rate loan and if the loan’s initial rate is fixed for at least 5 years, the
“Interest Rate” disclosed in this document is the initial rate that would be in effect at consummation. If the loan’s
initial rate is not fixed for at least 5 years, the Interest Rate is the fully-indexed rate that would be in effect at
consummation without regard to any initial discount or premium.
This is not a lock-in agreement or a loan commitment. The interest rate and fees described throughout this
disclosure are available on the date the document was prepared and they may be subject to change if you have not
locked in your interest rate. If your lender offers rate locks you may be required to lock the rate to obtain the rate
and origination cost disclosed above. Additionally, even if your loan is locked, the Interest Rate and fees may be
subject to change as the loan is underwritten.
If your lender does offer rate locks and you have not locked your loan, please be aware that interest rates move
constantly. The way to set a certain Interest Rate and fees is for your mortgage broker to lock your loan. Once
you lock your loan, you are agreeing to close your loan within a certain period of time and at a certain interest
rate. If you instruct your mortgage broker to lock your loan, your mortgage broker can explain to you the Interest
Rate and fees you will pay.
Be sure that you understand and are satisfied with the product and terms that have been offered to you.
Signed:
_______________________________________
_____________________________________________________
Broker Loan Officer Name
Broker Loan Officer Signature
Date
_______________________________________
_______________________________________________
Broker Entity Name
Broker Entity Address & License Number
_______________________________________
_______________________________________________
Borrower Name
Borrower Signature
Date
_______________________________________
_______________________________________________
Borrower Name
Borrower Signature
Date
_______________________________________
_______________________________________________
Borrower Name
Borrower Signature
Date
_______________________________________
_______________________________________________
Borrower Name
Borrower Signature
Date
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