A loan originator informs a customer pursuing a stated income loan of what income amount must be stated in order to make the loan work. This is an ethical violation because:
A. The customer didn’t ask the loan originator before being informed
B. A loan originator may not prompt a customer
C. It is not an ethical violation because it is a stated loan and income really does not matter
D. The loan originator is a party to the transaction
Answer:B
A loan originator informs a customer pursuing a stated income loan of what income amount must be stated in order to make the loan work. This is an ethical violation because:
A. The customer didn’t ask the loan originator before being informed B. A loan originator may not prompt a customer C. It is not an ethical violation because it is a stated loan and income really does not matter D. The loan originator is a party to the transaction