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Question 1 of 9

1. Question
A mortgage broker includes a signature line on a privacy notice provided to a borrower. Which statement is correct?
- A) Federal law requires the borrower to sign the notice
- B) The signature is required only for refinance transactions
- C) The signature is optional but may help demonstrate compliance
- D) The signature is required only if information is shared with third parties
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Question 2 of 9

2. Question
A loan originator agrees over the telephone to help a consumer obtain a mortgage loan, but the consumer has not yet completed a loan application. When must the privacy notice be provided?
- A) Only after underwriting approval
- B) When the loan closes
- C) Within 30 days after closing
- D) When the originator agrees to look for a mortgage loan
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Question 3 of 9

3. Question
A mortgage company has been working with a borrower for 14 months because of construction delays. What privacy notice requirement applies?
- A) No additional notice is required
- B) The borrower must receive an annual privacy notice
- C) A new loan application must be completed
- D) A new credit report must be obtained
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Question 4 of 9

4. Question
Which individual must receive the privacy notice?
- A) Only applicants who close on a loan
- B) Only borrowers whose information is shared with marketers
- C) Anyone for whom the originator takes an application or agrees to broker a loan
- D) Only borrowers obtaining conventional financing
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Question 5 of 9

5. Question
A mortgage broker first establishes a business relationship with a consumer during a telephone conversation. How should the privacy notice be delivered?
- A) It may be delivered verbally only
- B) It must be mailed immediately
- C) It may wait until loan closing
- D) It must be posted on the company website
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Question 6 of 9

6. Question
Which delivery method satisfies the privacy notice requirements described on this page?
- A) Posting the notice on a website only
- B) Text message delivery only
- C) Hard-copy delivery to the client
- D) Social media notification
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Question 7 of 9

7. Question
A mortgage company had customers before July 1, 2001. What privacy notice requirement applied to those customers?
- A) No notice was required
- B) Notice was required only if a loan closed
- C) Notice was required only if information was sold
- D) The company was required to provide the privacy notice to existing customers
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Question 8 of 9

8. Question
Under the 2018 amendments to the privacy rule, a financial institution may qualify for an exemption from the annual privacy notice requirement if:
- A) It has fewer than 100 customers
- B) It originates only residential mortgages
- C) It has not changed its privacy policies and disclosures and meets certain information-sharing limitations
- D) It obtains annual customer signatures
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Question 9 of 9

9. Question
A lender continues to share nonpublic personal information only as previously disclosed and has not changed its privacy practices since providing the last privacy notice. Under the 2018 rule, what may be true?
- A) The lender may not need to provide an annual privacy notice
- B) The lender must provide quarterly privacy notices
- C) The lender must obtain a new signed authorization each year
- D) The lender must stop sharing information
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