Sec4-P04

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Question 1 of 7

1. Question
A receptionist receives a completed mortgage application from a borrower and forwards it to the lender without reviewing or discussing the contents.

Which statement best describes whether this individual has taken a residential mortgage loan application?
- A) Yes, because physically handling the application constitutes taking an application
- B) No, because merely transmitting a completed application does not constitute taking an application
- C) Yes, because the borrower submitted personal information
- D) Only if the receptionist reviewed the application
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Question 2 of 7

2. Question
A loan assistant helps a borrower understand where to list income and assets on a mortgage application but does not discuss loan terms.

Has this individual taken a loan application?
- A) No, because explaining how to complete an application does not constitute taking an application
- B) Yes, because borrower information was discussed
- C) Yes, because the application was partially completed
- D) Only if the loan is submitted
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Question 3 of 7

3. Question
A lender explains the general loan application process to a borrower but does not discuss specific loan products or terms.

How is this activity classified?
- A) Taking a loan application
- B) Offering loan terms
- C) Providing general information only
- D) Negotiating loan terms
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Question 4 of 7

4. Question
A borrower responds to a pre-qualification mailing, and the lender collects only the borrower’s name and contact information.

Does this constitute taking a loan application?
- A) Yes, because information was collected
- B) No, because only basic identifying information was collected
- C) Yes, because the borrower responded
- D) Only if a credit report is pulled
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Question 5 of 7

5. Question
A loan officer presents a borrower with specific loan terms for consideration.

Is this considered offering or negotiating loan terms?
- A) Yes, because presenting loan terms constitutes offering a loan
- B) No, because approval has not occurred
- C) No, because underwriting has not occurred
- D) Only if the borrower accepts the terms
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Question 6 of 7

6. Question
A lender presents loan terms but explains they are conditional upon income verification.

Does this still count as offering loan terms?
- A) No, because the offer is conditional
- B) Yes, because conditional offers still constitute offering loan terms
- C) No, because underwriting has not occurred
- D) Only if the borrower signs documents
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Question 7 of 7

7. Question
A broker presents loan terms to a borrower but explains that another lender will make the final approval decision.

Does this constitute offering or negotiating loan terms?
- A) No, because the broker does not fund the loan
- B) Yes, because presenting loan terms constitutes offering
- C) No, because the lender decides
- D) Only if a rate lock is issued
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