What duty does Emery have towards the Bridgers after collecting advance fees?

In this scenario, Emery has a duty to act as the agent for the Bridgers after collecting advance fees. This means that he is expected to represent their interests in the mortgage process. Acting as an agent involves a fiduciary responsibility, which includes providing honest advice, disclosing pertinent information, and acting in the best interests of the Bridgers.

This responsibility comes into play because, as the loan originator who has received advance fees, Emery is entrusted with the obligation to guide the Bridgers through the loan process, ensuring they are informed and supported throughout. This role encompasses various actions, such as communicating effectively, providing updates on their loan status, and addressing any concerns they may have.

The other options do not accurately reflect the obligations of a loan originator after collecting advance fees. Without responsibilities or duties towards the Bridgers, it would undermine the nature of the lender-borrower relationship. Simply being required to provide refunds or report actions to the state does not encapsulate the active and ongoing role that a loan originator has in serving their clients. Therefore, the most appropriate understanding of Emery's duty involves his role as the agent for the Bridgers.