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Sec4-P03

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Question 1 of 5

1. Question

A mortgage originator receives borrower information indirectly from another individual who collected it from the borrower.

Does this constitute taking a residential mortgage loan application?

A) Yes, because the application may be received directly or indirectly
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B) No, because the originator did not receive it directly
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C) No, because the borrower did not submit it personally
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D) Only if the originator verifies the information
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Question 2 of 5

2. Question

A mortgage broker collects borrower information but does not verify it before sending it to the lender.

Is this individual considered to have taken a loan application?

A) No, because verification is required
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B) No, because the lender performs underwriting
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C) Yes, because collecting information constitutes taking an application
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D) Only if the broker approves the loan
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Question 3 of 5

3. Question

A loan officer enters borrower data into an automated application system but does not make loan decisions.

Has the loan officer taken a loan application?

A) No, because the system collected the information
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B) Yes, because entering information qualifies as taking an application
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C) No, because approval authority is required
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D) Only if the loan is approved
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Question 4 of 5

4. Question

A mortgage broker gathers borrower information but does not participate in loan approval.

Is this considered taking a loan application?

A) No, because only lenders approve loans
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B) No, because verification was not performed
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C) Yes, because collecting information qualifies as taking an application
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D) Only if the broker sets loan terms
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Question 5 of 5

5. Question

An individual receives a completed loan application by mail and forwards it without review to loan approval staff.

Is this considered taking a loan application?

A) Yes, because the application was received
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B) No, because it was forwarded without review
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C) Yes, because the borrower submitted it
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D) Only if underwriting reviews it
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