Certified Regulatory Compliance Manager (CRCM) — Question 131

Which of the following statements regarding applications is correct?

Answer options

• A. Applications must be signed to be valid.
• B. Creditors may accept oral applications.
• C. Creditors may not develop their own definition for a completed application.
• D. A creditor is not required to attempt to complete incomplete applications.

Correct answer: B

Explanation

The correct answer is B because creditors are allowed to accept oral applications as valid submissions. Option A is incorrect because not all applications require a signature to be valid. Option C is also wrong since creditors can define what constitutes a completed application. Finally, option D is false as creditors may have an obligation to pursue completing incomplete applications.