Under the anti-steering provisions, which of the following represents the three categories of loan options that must be presented to a consumer?
Correct Answer
C) Loans with the lowest interest rate, lowest points and fees, and lowest interest rate without risky features
The Dodd-Frank Act anti-steering provisions require loan originators to present three specific categories: (1) the loan with the lowest interest rate, (2) the loan with the lowest points and fees, and (3) the loan with the lowest interest rate without risky features like interest-only payments or negative amortization.
Why This Is the Correct Answer
The Dodd-Frank Act anti-steering provisions require loan originators to present three specific categories: (1) the loan with the lowest interest rate, (2) the loan with the lowest points and fees, and (3) the loan with the lowest interest rate without risky features like interest-only payments or negative amortization.
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