An unlicensed assistant employed by a lender is asked to do 4 tasks, one of which is quoting a rate to a caller. If the other three tasks are only collecting documents, scheduling appointments, and requesting missing information, which task crosses beyond clerical work when it presents a specific loan offer?
Correct Answer
D) Presenting a specific loan offer for the caller's consideration goes beyond clerical support
D. Presenting the specific offer goes beyond clerical support. The stem specifies particular loan terms presented for this caller’s consideration. Using a rate sheet does not convert that substantive offer into mere information collection. Scope and exceptions: This identifies an activity beyond clerical support, not every element of a licensing violation. Neutral general information, actual duties, compensation and applicable exceptions require separate analysis. Source: Section 1008.103(c)(2)(i)(A), with (b) and (e) — https://www.consumerfinance.gov/rules-policy/regulations/1008/103/
Why This Is the Correct Answer
D. Presenting the specific offer goes beyond clerical support. The stem specifies particular loan terms presented for this caller’s consideration. Using a rate sheet does not convert that substantive offer into mere information collection. Scope and exceptions: This identifies an activity beyond clerical support, not every element of a licensing violation. Neutral general information, actual duties, compensation and applicable exceptions require separate analysis.
Why the Other Options Are Wrong
Option A: All four tasks are clerical whenever the assistant does not close the loan
Whether the assistant closes the loan does not define clerical work.
Option B: Presenting an offer is clerical whenever its rate came from a rate sheet
The source of the rate does not change the specified act of offering terms.
Option C: Every contact with a borrower requires a separate MLO license
Borrower contact alone is not the test.
Exam Tip
Examine what was communicated, not merely whether a rate sheet was used.
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