What is steering in banking?
Likewise, steering is a form of illegal discrimination in which applicants or prospective applicants for credit are guided toward or away from a specific loan product or feature because of their race, sex, or other prohibited characteristic, rather than based on the applicant's needs or other legitimate factors.
What does steering mean in banking?
Steering is simply a loan applicant being guided into a particular loan product that may have less favorable terms or conditions than an alternative product.
What is an example of steering?
Examples include showing a person of one race properties only in neighborhoods where that race is prominent while avoiding neighborhoods where another race is dominant. Steering is illegal under the Fair Housing Act, but it still occurs.
What is an example of steering in lending?
Steering a borrower to a loan with less favorable terms because of his or her race, color, religion, sex (including gender, gender identity, sexual orientation, and sexual harassment), familial status, national origin or disability. Targeting a minority community for fraudulent home loan modification assistance.
What is the legal definition of steering?
Steering refers to the illegal practice of directing a prospective homebuyer toward — or away from — a particular neighborhood or area based on protected characteristics. These characteristics include race, religion and more.
What are the 3 types of steering?
There are three basic types of power steering systems found in vehicles: the hydraulic power steering (HPS), the electric power hydraulic steering (EPHS), and the fully electric power steering (EPS).
How does steering work?
The steering system converts the rotation of the steering wheel into a swivelling movement of the road wheels in such a way that the steering-wheel rim turns a long way to move the road wheels a short way. The system allows a driver to use only light forces to steer a heavy car. The rim of a 15 in.
What is the most common steering method?
For road driving, the main two techniques to cover the majority of situations are 'fixed grip' steering and 'pull-push' steering. For high-speed steering during low-speed manoeuvring or skid situations, 'rotational' steering can be useful.
What is the most common type of steering?
Rack-and-pinion steering is quickly becoming the most common type of steering on cars, small trucks and SUVs. It is actually a pretty simple mechanism. A rack-and-pinion gearset is enclosed in a metal tube, with each end of the rack protruding from the tube. A rod, called a tie rod, connects to each end of the rack.
What's the difference between Blockbusting and steering?
Steering is directing buyers based on their class. Redlining is generally the discrimination of buyers by the lending industry. Blockbusting is when an agent convinces people in a neighborhood to sell their house because the socioeconomics of the community is negatively changing.
What is steering in fair lending?
“Steering” is the practice of influencing a buyer's choice of communities based upon one of the protected characteristics under the Fair Housing Act, which are race, color, religion, gender, disability, familial status, or national origin.
What is redlining in banking?
The term refers to the presumed practice of mortgage lenders of drawing red lines around portions of a map to indicate areas or neighborhoods in which they do not want to make loans. Redlining on a racial basis has been held by the courts to be an illegal practice.
What is anti steering in mortgage?
The rules: Prohibit steering incentives: The rules prohibit compensation that varies with the loan terms. A broker or loan officer cannot get paid more if the consumer takes a loan with a higher interest rate, a prepayment penalty, or higher fees.
What are the two main types of steering?
There are two types of power steering systems: hydraulic and electric/electronic. A hydraulic-electric hybrid system is also possible. A hydraulic power steering (HPS) uses hydraulic pressure supplied by an engine-driven pump to assist the motion of turning the steering wheel.
What are the 2 correct steering methods?
There are two correct methods of steering a vehicle, which are known as the pull-push method or the hand-over-hand method.
What are the two basic steering methods?
There are two methods of steering a motor vehicle that demonstrate correct steering wheel technique. These are the pull-push steering method and the hand-over-hand method.
What is steering rate?
The steering ratio is the ratio of the number of degrees of turn of the steering wheel to the number of degrees the wheel(s) turn as a result. In motorcycles, delta tricycles and bicycles, the steering ratio is always 1:1, because the steering wheel is fixed to the front wheel.
What are the disadvantages of steering system?
Disadvantages - At slow speeds you would need to put in a lot of effort to turn the wheels and this can be tiring if you drive on a roads with twists, like on a hill. Modern assited power steering systems (hydraulic, electric).
What makes a steering?
Rack and Pinion: This system is common in smaller cars and provides a more direct and responsive steering feel. It consists of a rack (a long, flat gear) and a pinion (a small gear). When the driver turns the steering wheel, the pinion gear moves the rack, causing the wheels to turn left or right.
What is the safest steering method?
Experts at the National Highway and Traffic Safety Administration (NHTSA) now recommend 9 and 3 — on opposite sides of the wheel halfway up — as the ideal steering wheel hand placement. The 9 and 3 steering wheel hand position maintains good control over the wheel while reducing the risk of injury from the airbag.
Which type of steering is best?
Summary. Electric power steering is superior to hydraulic steering. If you're buying a newer car, the chances are good that you're already using it. With older cars, you're likely dealing with a hydraulic steering system.
What steering technique is not recommended and why?
Tips for Safe Steering
Using only one hand to steer makes the vehicle prone to swerving, leading to reduced control for the driver. This can potentially result in collisions with other vehicles due to poor vehicle control. Therefore, this technique is not recommended.
What is type of steering?
There are various types of power steering systems, including Hydraulic Power Steering (HPS) using hydraulic fluid and a pump, Electric Power Steering (EPS) with an electric motor, Electro-hydraulic Power Steering (EHPS) combining hydraulic and electric components, Integral Power Steering with a hydraulic rack piston, ...
Is steering the same as redlining?
A form of redlining, steering involves a real estate agent influencing a homebuyer's choice of communities based on the buyer's race, religion, gender, sexual orientation, or other protected characteristic.
What is panic selling in real estate?
Panic selling in real estate occurs in situations like Mark's. Investors will start to sell their investment properties all at once. This will cause a big drop in the prices of these properties. In the investors' minds, it is worth it to get out from under the properties.
