West Virginia Mortgage Law Practice Test

A loan processor's "clerical and support duties" may include any of the following, EXCEPT:

1. Compiling and organizing documents

2. Discussing specific available rates and terms with loan applicants

3. Entering applicant data into the system

4. Verifying loan application information

The correct answer is: Compiling and organizing documents

The role of a loan processor generally includes various clerical and support duties that facilitate the processing of loan applications. These duties typically involve tasks that support the overall loan origination process. Compiling and organizing documents, entering applicant data into the system, and verifying loan application information are all essential functions that fall within the realm of clerical and support responsibilities. These tasks are vital for maintaining accuracy and ensuring that the loan processing system runs smoothly. However, discussing specific available rates and terms with loan applicants exceeds the scope of clerical and support duties. This activity typically requires a level of authority and knowledge about lending policies, which is generally reserved for loan officers or mortgage brokers who have the responsibility of advising applicants on the specific loan products and their respective terms. This distinction is crucial as it ensures that advisers are qualified to provide accurate information and guidance regarding financial products.