P5-1 Quiz

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Question 1 of 4

1. Question
In the context of mortgage lending, which of the following best matches the definition of ethics given in the text?
- A) The system of moral values and principles of right or good conduct.
- B) A company’s written procedures for processing mortgage loans.
- C) The legal requirements imposed by federal and state regulators.
- D) The lender’s policy for pricing and underwriting risk.
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Question 2 of 4

2. Question
Socrates taught that people will naturally do what is good if they know what is right. According to the text, what causes evil or bad actions?
- A) Inadequate compliance training and poor supervision.
- B) Natural human selfishness that cannot be controlled.
- C) Ignorance of what is truly right and of the mental and spiritual consequences.
- D) External pressure from regulators and investors.
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Question 3 of 4

3. Question
Which statement best reflects the “Universal Law of Cause and Effect” described in the text?
- A) Outcomes in the mortgage industry are random and unrelated to individual behavior.
- B) Our actions inevitably produce consequences—“What Goes Around Comes Around.”
- C) Ethical conduct is optional as long as loans are profitable.
- D) Only intentional misconduct has any long-term consequences.
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Question 4 of 4

4. Question
According to the text, where must ethical business practices begin in a mortgage company in order to raise overall ethical conduct?
- A) With front-line loan originators who work directly with borrowers.
- B) With the compliance department and external auditors.
- C) With investors and secondary market participants.
- D) With senior management, who must set the ethical precedent and standards of practice.
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