Read the following two-part scenario and answer the questions provided. In each of your responses, please...

    

Transcribed Image Text:

Read the following two-part scenario and answer the questions provided. In each of your responses, please include: • A clear answer that shows your understanding of the course material • All of the relevant acts that relate to each answer Scenario Part 1 Stella is a licensed MLO and takes a mortgage loan application from Armand Martinez. The lending company Stella works for is currently performing a law compliance self-test. On the application, Armand includes the following information: • His full name His social security number . His date of birth • His home address, email address, and phone number • His monthly income • The estimated value of the property he's trying to finance The mortgage amount sought • His age Armand did not include: • The address of the home he's trying to finance (because he forgot what the address is) • His marital status • His ethnicity or race (since the application said he did not have to provide that information) • His sex Is Stella required to obtain any of the missing information? If so, how should she handle filling in the blanks in the application? Stella has all the information she needs to process the loan application (either because she had all of the information necessary in the application or Armand sent over pertinent missing information). Stella plans to send Armand important documents electronically. What are the next steps for Stella, assuming the application will be approved? (Remember to include the names of the acts associated with each step or action.) 4 1 Comment: While you did provide important details and information, remember we are just beginning the application process. 3 of these steps are critical. Try simplifying your answer, we are only at the point of reviewing and checking to see if he is eligible. If you were the client and walked to applying for a loan, what would they need you, and what needs to be verified? 1. 2. 3. 4. 5 Read the following two-part scenario and answer the questions provided. In each of your responses, please include: • A clear answer that shows your understanding of the course material • All of the relevant acts that relate to each answer Scenario Part 1 Stella is a licensed MLO and takes a mortgage loan application from Armand Martinez. The lending company Stella works for is currently performing a law compliance self-test. On the application, Armand includes the following information: • His full name His social security number . His date of birth • His home address, email address, and phone number • His monthly income • The estimated value of the property he's trying to finance The mortgage amount sought • His age Armand did not include: • The address of the home he's trying to finance (because he forgot what the address is) • His marital status • His ethnicity or race (since the application said he did not have to provide that information) • His sex Is Stella required to obtain any of the missing information? If so, how should she handle filling in the blanks in the application? Stella has all the information she needs to process the loan application (either because she had all of the information necessary in the application or Armand sent over pertinent missing information). Stella plans to send Armand important documents electronically. What are the next steps for Stella, assuming the application will be approved? (Remember to include the names of the acts associated with each step or action.) 4 1 Comment: While you did provide important details and information, remember we are just beginning the application process. 3 of these steps are critical. Try simplifying your answer, we are only at the point of reviewing and checking to see if he is eligible. If you were the client and walked to applying for a loan, what would they need you, and what needs to be verified? 1. 2. 3. 4. 5

Answer rating: 100% (QA)

The first step for Stella is to verify the information provided by Armand Martinez on the loan appli... View the full answer