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Question 1 of 8

1. Question
A mortgage broker obtains a borrower’s credit report and loan application information during the loan process. Under the Gramm-Leach-Bliley Act, this information is generally classified as:
- A) Public record information
- B) Nonpublic personal information
- C) Government monitoring information
- D) Consumer advertising data
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Question 2 of 8

2. Question
A mortgage company shares a borrower’s information with an appraiser to complete a pending loan transaction.

Under the GLBA, this sharing is generally permitted because it occurs:
- A) For marketing purposes
- B) With prior written consent only
- C) In the ordinary course of the transaction at hand
- D) Through a state privacy exemption
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Question 3 of 8

3. Question
A lender sells a list of former borrowers to a marketing company. What additional requirement may apply under the Gramm-Leach-Bliley Act?
- A) The lender may be required to provide a privacy disclosure notice
- B) No disclosure is required because the loans have closed
- C) The lender must file a Suspicious Activity Report
- D) The lender must obtain HUD approval
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Question 4 of 8

4. Question
Which of the following businesses is most likely covered by the Safeguards Rule?
- A) A grocery store that accepts cash only
- B) A public library
- C) A city parks department
- D) A mortgage brokerage company
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Question 5 of 8

5. Question
A borrower receives a privacy notice stating that the lender may share information unless the borrower directs otherwise.

This reflects which privacy approach under the Gramm-Leach-Bliley Act?
- A) Mandatory consent
- B) Opt-in
- C) Opt-out
- D) Prior authorization
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Question 6 of 8

6. Question
What is the primary purpose of the Safeguards Rule?
- A) Establish appraisal standards
- B) Ensure the security and confidentiality of customer information
- C) Set mortgage licensing requirements
- D) Create consumer credit scores
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Question 7 of 8

7. Question
A state passes a privacy law requiring a mortgage company to obtain a customer’s permission before sharing any nonpublic personal information.

This type of law is commonly referred to as:
- A) A safe harbor law
- B) A red flag law
- C) An opt-out law
- D) An opt-in law
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Question 8 of 8

8. Question
A mortgage company never shares borrower information with marketers or unrelated third parties and only shares information necessary to complete transactions.

What type of privacy notice may be available to the company?
- A) No privacy notice is required
- B) A simplified privacy policy notice
- C) A Suspicious Activity Report notice
- D) A Fair Housing disclosure
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