Certified Regulatory Compliance Manager (CRCM) — Question 72

Definition of completed application""12 CFR 202.2(f) is:

Answer options

• A. An application for which the bank has received all the information it regularly considers in evaluation, including credit reports, verifications, and so forth
• B. The creditor must be reasonably diligent in collecting information to complete the application (for example, ordering credit bureau reports)
• C. An inquiry becomes an application when the creditor evaluates information and decides to grant or decline the credit
• D. Requests for written preapprovals to be issued by the lender are considered applications

Correct answer: A, B

Explanation

The correct answer, A, accurately defines a completed application by stating that it includes all necessary information for evaluation. Option B, while relevant to the application process, does not specifically define a completed application. Options C and D describe different aspects of the application process but do not capture the definition of a completed application as outlined in the regulation.