What are the four ways a loan application can be taken?

What are the four ways a loan application can be taken?

• A. Face to face; Internet/ email; Mail/Fax; Telephone
• B. Face to face; Internet/ email; Telephone; Email only
• C. Face to face; Mail/Fax; Telephone; Internet only
• D. Face to face; Internet/ email; Mail; Electronic submission

Answer: (A)

The main idea is recognizing the four channels through which a loan application can be taken. A loan application can be collected in person, online (through the internet, including related email communications as part of that process), by mail or fax, or by telephone. This set covers both modern and traditional methods and ensures regulators require lenders to be able to take applications in multiple ways for accessibility and proper record-keeping. The option that lists face-to-face, internet/email, mail/fax, and telephone matches these four intake channels exactly. Other choices fall short by omitting a channel (for example, leaving out mail/fax), or by treating a single medium as the only method (such as email only or internet only), or by including electronic submission, which describes sending an already-taken application rather than the act of taking it from the consumer.

The main idea is recognizing the four channels through which a loan application can be taken. A loan application can be collected in person, online (through the internet, including related email communications as part of that process), by mail or fax, or by telephone. This set covers both modern and traditional methods and ensures regulators require lenders to be able to take applications in multiple ways for accessibility and proper record-keeping. The option that lists face-to-face, internet/email, mail/fax, and telephone matches these four intake channels exactly. Other choices fall short by omitting a channel (for example, leaving out mail/fax), or by treating a single medium as the only method (such as email only or internet only), or by including electronic submission, which describes sending an already-taken application rather than the act of taking it from the consumer.