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Question 1 of 6

1. Question
A lender sends a borrower a Notice of Incompleteness requesting additional documentation needed to process a mortgage application. During a compliance audit, regulators review whether the notice contained the required information.

Which statement best reflects ECOA Notice of Incompleteness requirements?
- A) The notice must include the applicant's name and address, the requested information, and the deadline for providing the information
- B) The notice must include only the loan amount and estimated closing costs
- C) The notice is required only for government-insured loans
- D) The notice may omit the response deadline if the borrower was verbally informed
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Question 2 of 6

2. Question
A creditor receives an incomplete mortgage application missing income documentation and bank statements. The lender plans to issue a Notice of Incompleteness requesting the missing information.

Under ECOA, within what timeframe must the lender generally mail the notice?
- A) Within 10 calendar days of receiving the incomplete application
- B) Within 30 calendar days of receiving the incomplete application
- C) Within 60 calendar days after determining the file is incomplete
- D) Only after the borrower requests additional processing time
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Question 3 of 6

3. Question
A borrower fails to provide the additional documentation requested in a Notice of Incompleteness by the stated deadline.

Under ECOA, what notification requirement generally applies?
- A) The creditor may permanently suspend the file without notice
- B) A written adverse action notice should generally be mailed within 30 calendar days after the deadline stated in the Notice of Incompleteness if the requested information is not received
- C) The creditor must automatically approve the loan using the available information
- D) The creditor must wait 90 calendar days before taking further action
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Question 4 of 6

4. Question
A lender issues a written counteroffer after determining a borrower qualifies only under modified mortgage loan terms. During a regulatory review, examiners evaluate whether the counteroffer notice included the required disclosures.

Which statement best reflects ECOA counteroffer notice requirements?
- A) The notice must include the creditor's name and address, the action taken, the counteroffer terms, and the federal agency responsible for administering compliance
- B) Counteroffer notices require only the revised interest rate and payment amount
- C) Counteroffer notices are required only for denied FHA loans
- D) The lender may omit the federal agency information if disclosed verbally
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Question 5 of 6

5. Question
A creditor receives a completed mortgage application and determines the borrower qualifies only under revised loan terms. The lender prepares a written counteroffer notice.

Under ECOA, within what timeframe must the written counteroffer generally be mailed?
- A) Within 30 calendar days of receiving the completed application
- B) Within 90 calendar days after underwriting review
- C) Only after the borrower verbally requests revised loan terms
- D) Within 10 business days of loan denial
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Question 6 of 6

6. Question
A lender issues a written counteroffer to a borrower, but the borrower neither accepts nor uses the credit offered under the revised terms.

Under ECOA, what notification requirement generally applies?
- A) The lender may close the file immediately without additional notice
- B) A written adverse action notice must generally be mailed within 90 calendar days after notifying the applicant of the counteroffer if the applicant does not accept or use the credit offered
- C) The creditor must automatically convert the file into an approval
- D) The lender must resend the counteroffer every 30 calendar days until the borrower responds
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