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Question 142

Hector Martinez is a loan officer in a non-community property state. He receives a verbal request for a small business working capital loan from Leon Rogers for his technology consulting business. The business is a sole proprietorship. Mr. Rogers gives Hector a written business plan for his business, a financial statement for the business for the past two years, and a personal financial statement that includes information on himself and his wife. Can Hector assume that the application is a joint application from Mr. Rogers and his wife?

    Correct Answer: C

    Hector cannot assume the application is a joint application from Mr. Rogers and his wife simply because joint financial information was submitted. The bank needs explicit consent or application from both parties to consider it a joint application. The presentation of joint financial information alone does not imply joint intent for applying.

Discussion
Cam22Option: C

C - Question in the guide