P3-45 quiz

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Question 1 of 6

1. Question
When must a lender provide a written Counteroffer under ECOA?
- A) Only when the loan is denied for credit reasons
- B) When the loan is offered under terms different from those originally requested by the applicant
- C) Only when the loan amount is increased above the requested amount
- D) Whenever the applicant asks to change the loan program after closing
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Question 2 of 6

2. Question
What is the lender expected to do after mailing a written Counteroffer to the applicant?
- A) Automatically close the loan on the new terms
- B) Cancel the application unless the applicant calls the lender
- C) Issue an immediate Credit Denial Notice
- D) Ask the applicant to acknowledge acceptance of the Counteroffer and return a signed copy
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Question 3 of 6

3. Question
If the applicant does not accept the Counteroffer, what should the lender do after 90 business days?
- A) Mail a Credit Denial Notice stating the reason as the borrower’s failure to accept the new terms outlined in the Counteroffer
- B) Automatically cancel the file with no further notice
- C) Re-issue the same Counteroffer for another 90 business days
- D) Approve the loan on the originally requested terms
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Question 4 of 6

4. Question
Under the Notice of Incompleteness rule, when may a lender deny a loan application?
- A) Whenever the lender changes processing staff
- B) Whenever the applicant requests a rate lock
- C) When the applicant fails to provide information requested in a Notice of Incompleteness
- D) Only when the appraisal value is lower than expected
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Question 5 of 6

5. Question
What must be included in a Notice of Incompleteness sent to an applicant?
- A) Only a status update with no specific documentation listed
- B) A list of the documentation needed and a deadline for providing the requested information
- C) A copy of the appraisal report and title commitment
- D) A promise that the loan will be approved once any item is received
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Question 6 of 6

6. Question
If an applicant fails to provide the additional documentation within the time stated in the Notice of Incompleteness, what should the denial reason state on the Credit Denial Notice?
- A) Insufficient collateral value
- B) Excessive credit inquiries
- C) Failure to accept the Counteroffer
- D) Borrower’s failure to provide the information requested in the Notice of Incompleteness
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