{"id":188235,"date":"2025-01-04T01:23:49","date_gmt":"2025-01-04T01:23:49","guid":{"rendered":"https:\/\/namso-gen.co\/blog\/what-is-steering-in-fair-lending\/"},"modified":"2025-01-04T01:23:49","modified_gmt":"2025-01-04T01:23:49","slug":"what-is-steering-in-fair-lending","status":"publish","type":"post","link":"https:\/\/namso-gen.co\/blog\/what-is-steering-in-fair-lending\/","title":{"rendered":"What is steering in fair lending?"},"content":{"rendered":"<p>Fair lending is an important aspect of the financial industry, aimed at ensuring that all consumers have equal access to credit and that lenders do not discriminate based on certain protected characteristics. One form of discriminatory practice that is closely monitored is steering. But what exactly is steering in fair lending?<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_62 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/namso-gen.co\/blog\/what-is-steering-in-fair-lending\/#Understanding_Steering\" title=\"Understanding Steering\">Understanding Steering<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/namso-gen.co\/blog\/what-is-steering-in-fair-lending\/#Related_FAQs\" title=\"Related FAQs\">Related FAQs<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/namso-gen.co\/blog\/what-is-steering-in-fair-lending\/#1_What_are_some_common_indicators_of_steering\" title=\"1. What are some common indicators of steering?\">1. What are some common indicators of steering?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/namso-gen.co\/blog\/what-is-steering-in-fair-lending\/#2_How_does_steering_violate_fair_lending_laws\" title=\"2. How does steering violate fair lending laws?\">2. How does steering violate fair lending laws?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/namso-gen.co\/blog\/what-is-steering-in-fair-lending\/#3_What_are_the_consequences_of_steering\" title=\"3. What are the consequences of steering?\">3. What are the consequences of steering?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/namso-gen.co\/blog\/what-is-steering-in-fair-lending\/#4_How_can_lenders_ensure_they_are_not_engaging_in_steering\" title=\"4. How can lenders ensure they are not engaging in steering?\">4. How can lenders ensure they are not engaging in steering?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/namso-gen.co\/blog\/what-is-steering-in-fair-lending\/#5_What_are_the_potential_red_flags_for_steering\" title=\"5. What are the potential red flags for steering?\">5. What are the potential red flags for steering?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/namso-gen.co\/blog\/what-is-steering-in-fair-lending\/#6_Are_there_any_exceptions_or_exemptions_to_steering_rules\" title=\"6. Are there any exceptions or exemptions to steering rules?\">6. Are there any exceptions or exemptions to steering rules?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/namso-gen.co\/blog\/what-is-steering-in-fair-lending\/#7_What_should_borrowers_do_if_they_suspect_they_have_been_a_victim_of_steering\" title=\"7. What should borrowers do if they suspect they have been a victim of steering?\">7. What should borrowers do if they suspect they have been a victim of steering?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/namso-gen.co\/blog\/what-is-steering-in-fair-lending\/#8_How_can_fair_lending_regulators_identify_instances_of_steering\" title=\"8. How can fair lending regulators identify instances of steering?\">8. How can fair lending regulators identify instances of steering?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/namso-gen.co\/blog\/what-is-steering-in-fair-lending\/#9_How_can_technology_assist_in_monitoring_and_preventing_steering\" title=\"9. How can technology assist in monitoring and preventing steering?\">9. How can technology assist in monitoring and preventing steering?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/namso-gen.co\/blog\/what-is-steering-in-fair-lending\/#10_How_does_steering_impact_disadvantaged_communities\" title=\"10. How does steering impact disadvantaged communities?\">10. How does steering impact disadvantaged communities?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/namso-gen.co\/blog\/what-is-steering-in-fair-lending\/#11_Are_there_any_recent_legal_cases_related_to_steering\" title=\"11. Are there any recent legal cases related to steering?\">11. Are there any recent legal cases related to steering?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/namso-gen.co\/blog\/what-is-steering-in-fair-lending\/#12_Is_steering_only_applicable_to_mortgage_lending\" title=\"12. Is steering only applicable to mortgage lending?\">12. Is steering only applicable to mortgage lending?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/namso-gen.co\/blog\/what-is-steering-in-fair-lending\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Understanding_Steering\"><\/span>Understanding Steering<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>**Steering in fair lending** refers to the practice where lenders guide or direct borrowers towards or away from specific loan products, terms, or conditions, based on the borrower&#8217;s protected characteristics. These characteristics can include race, color, religion, sex, national origin, familial status, or disability.<\/p>\n<p>Steering can manifest in various ways, such as offering different loan terms to different borrowers based on their protected characteristics, disproportionately targeting certain communities, or selectively marketing certain loan products to specific groups of individuals.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Related_FAQs\"><\/span>Related FAQs<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"1_What_are_some_common_indicators_of_steering\"><\/span>1. What are some common indicators of steering?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Common indicators of steering include the provision of different interest rates or fees based on a borrower&#8217;s protected characteristics and directing or discouraging applicants from specific neighborhoods or demographic groups.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_How_does_steering_violate_fair_lending_laws\"><\/span>2. How does steering violate fair lending laws?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Steering violates fair lending laws as it discriminates against individuals based on their protected characteristics, which is prohibited under federal and state fair lending laws.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_What_are_the_consequences_of_steering\"><\/span>3. What are the consequences of steering?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The consequences of steering can be severe for lenders. They may face legal action, monetary penalties, reputational damage, and may even lose their license to operate.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"4_How_can_lenders_ensure_they_are_not_engaging_in_steering\"><\/span>4. How can lenders ensure they are not engaging in steering?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Lenders can ensure they are not engaging in steering by adopting fair lending policies, conducting regular fair lending training for employees, implementing robust internal controls, and monitoring their lending practices for any signs of discriminatory behavior.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"5_What_are_the_potential_red_flags_for_steering\"><\/span>5. What are the potential red flags for steering?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Red flags for steering include significant variations in loan terms offered to different borrowers in similar situations, complaints or testimonies suggesting discriminatory practices, and disproportionate representation of protected classes in specific loan products.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"6_Are_there_any_exceptions_or_exemptions_to_steering_rules\"><\/span>6. Are there any exceptions or exemptions to steering rules?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>No, there are no exceptions or exemptions to steering rules based on protected characteristics. Fair lending laws aim to ensure equal access to credit for all individuals.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"7_What_should_borrowers_do_if_they_suspect_they_have_been_a_victim_of_steering\"><\/span>7. What should borrowers do if they suspect they have been a victim of steering?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>If borrowers suspect they have been a victim of steering, they should document their experience, gather any evidence or supporting documents, and file a complaint with the appropriate regulatory agency or a fair lending organization.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"8_How_can_fair_lending_regulators_identify_instances_of_steering\"><\/span>8. How can fair lending regulators identify instances of steering?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Fair lending regulators can identify instances of steering through loan application data analysis, statistical modeling, auditing, investigation of consumer complaints, and conducting fair lending examinations of financial institutions.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"9_How_can_technology_assist_in_monitoring_and_preventing_steering\"><\/span>9. How can technology assist in monitoring and preventing steering?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Technology can assist in monitoring and preventing steering by identifying patterns of discriminatory behavior, conducting data analysis to identify potential disparities, and automating fair lending compliance checks.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"10_How_does_steering_impact_disadvantaged_communities\"><\/span>10. How does steering impact disadvantaged communities?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Steering can perpetuate economic disparities in disadvantaged communities by limiting their access to affordable credit, creating barriers to homeownership, and hindering the growth of businesses in those areas.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"11_Are_there_any_recent_legal_cases_related_to_steering\"><\/span>11. Are there any recent legal cases related to steering?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Yes, there have been multiple legal cases related to steering in fair lending. These cases highlight the significance of fair lending regulations and serve as a deterrent to lenders engaging in discriminatory practices.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"12_Is_steering_only_applicable_to_mortgage_lending\"><\/span>12. Is steering only applicable to mortgage lending?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>No, while steering is commonly associated with mortgage lending, it can also occur in other types of lending, such as auto loans, personal loans, and small business loans.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In the realm of fair lending, steering represents a discriminatory practice that undermines the principles of equal access to credit. Lenders must be cognizant of the potential consequences, both legally and reputationally, that can arise from engaging in steering. By adhering to fair lending laws, lenders can help build a more inclusive and equitable financial system for all borrowers.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fair lending is an important aspect of the financial industry, aimed at ensuring that all consumers have equal access to credit and that lenders do not discriminate based on certain protected characteristics. One form of discriminatory practice that is closely monitored is steering. But what exactly is steering in fair lending? Understanding Steering **Steering in &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"What is steering in fair lending?\" class=\"read-more button\" href=\"https:\/\/namso-gen.co\/blog\/what-is-steering-in-fair-lending\/#more-188235\">Read more<span class=\"screen-reader-text\">What is steering in fair lending?<\/span><\/a><\/p>\n","protected":false},"author":48,"featured_media":107420,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[86279],"tags":[],"class_list":["post-188235","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-learn","no-featured-image-padding"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is steering in fair lending?<\/title>\n<meta name=\"description\" content=\"Fair lending is an important aspect of the financial industry, aimed at ensuring that all consumers have equal access to credit and that lenders do not\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/namso-gen.co\/blog\/what-is-steering-in-fair-lending\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is steering in fair lending?\" \/>\n<meta property=\"og:description\" content=\"Fair lending is an important aspect of the financial industry, aimed at ensuring that all consumers have equal access to credit and that lenders do not\" \/>\n<meta property=\"og:url\" content=\"https:\/\/namso-gen.co\/blog\/what-is-steering-in-fair-lending\/\" \/>\n<meta property=\"og:site_name\" content=\"Namso Gen Blog - 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