Final answer:
The duty that is not included in clerical support duties for the processing or underwriting of a residential mortgage loan is locking a loan after a discussion with the customer, as this involves negotiating loan terms, which is beyond clerical tasks. The correct answer is option C: Locking a loan after a discussion with the customer is not a clerical task, but rather one that involves offering or negotiating loan rates or terms, which goes beyond clerical duties and into loan counseling or sales.
Step-by-step explanation:
The question is asking which of the listed options is not considered a clerical support duty in the context of residential mortgage loan processing. The correct answer is option C: Locking a loan after a discussion with the customer is not a clerical task, but rather one that involves offering or negotiating loan rates or terms, which goes beyond clerical duties and into loan counseling or sales.
Clerical support commonly includes administrative tasks such as the receipt, collection, distribution, and analysis of information (option A), as well as communicating with a consumer to obtain information necessary for loan processing, as long as it does not include discussing loan rates or terms (option B). Additionally, clerical tasks often involve verifying information with banks or other entities, as mentioned in option D. It is important for the Fed to ensure banks comply with consumer protection laws, including disclosures about loan distribution among different demographics.