Regulatory Compliance; Loan Options Safe Harbor Sample Clauses

Regulatory Compliance; Loan Options Safe Harbor. Any and all Applicable Requirements applicable to the Loan Submission and Loan have been complied with, and Broker shall maintain in its possession, available for Lender's inspection, and shall deliver to Lender upon demand, evidence of compliance with all such Applicable Requirements. All disclosures provided to Borrower, whether made by Broker, Lender or a third party (i) are true, complete and correct; (ii) were made timely in compliance with all Applicable Requirements; and (iii) are within all applicable tolerance levels for fees or charges. Additionally, for each Loan Submission submitted by Broker to Lender where Lender is to pay Broker compensation, Broker shall, in a timely manner, present each Borrower with the loan options necessary to meet the “safe harbor” provisions to comply with the prohibition on steering under Regulation Z, 12 C.F.R. § 1026.36(e), as may be amended from time to time (along with any other Applicable Requirements). Broker will not guide, incent or otherwise cause a Borrower to pick one lender over another because of compensation or other benefits to Broker. Each loan option disclosure shall be provided not later than three business days after Broker’s receipt of a Borrower’s Application, unless materially impracticable, in which case it shall be provided no later than seven business days after Broker’s receipt of a Borrower’s Application. A copy shall be included in each applicable Loan Submission delivered to Lender.
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