Which of the following activities is part of the primary mortgage market?

Loan servicing refers to managing the ongoing administration of a mortgage after it has been issued, including collecting payments and managing escrow accounts. While this is an essential part of the mortgage process, it occurs in the secondary market or after the loan has been originated, thus not directly related to the primary mortgage market.

Applying a payment to an account involves the lender processing payments made by the borrower on an existing loan. This function is a post-origination activity related to loan management and does not pertain to the primary mortgage market where loans are initially created.

Reviewing an application as an investor typically occurs in the context of the secondary mortgage market, where the focus is on assessing loans for purchase or investment. This activity is not part of the primary mortgage market, which is centered on the direct interaction between lenders and borrowers when creating new loans.