Which of the following lists the three stages of a mortgage loan life cycle?

The correct answer highlights the stages of the mortgage loan life cycle within the context of the lending market. The three stages listed—borrowers' consideration, primary market, and secondary market—effectively capture the overall process of mortgage lending from the perspective of the loan originator and the broader market.

Borrower's consideration refers to the initial stage where potential borrowers assess their options and consider applying for a mortgage. The primary market represents the environment where borrowers obtain loans directly from lenders, and this is where the loan origination process primarily occurs. After a mortgage is originated in the primary market, it often transitions to the secondary market, where loans are bought and sold among investors, allowing lenders to recoup funds and continue lending. This broad view encompasses the entire lifecycle of mortgage loans and their subsequent trading and funding mechanisms.

The other options, while they contain relevant components of the mortgage process, do not represent the complete life cycle as effectively as the stages indicated in the correct choice. For instance, loan processing, underwriting, and closing focus on the internal processes of the loan rather than the market dimensions, and pre-qualification, appraisal, and funding highlight only parts of the initial stages without addressing the market dynamics. Similarly, application, processing, and secondary sales emphasize transaction