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Question 1 of 10

1. Question
Is a customer signature legally required on the sample privacy notice shown on the next page?
- A) No. The signature is not legally required, but a dated signature can help prove timely compliance.
- B) Yes. The notice is invalid unless every customer signs it.
- C) Yes. A signature is required only when the loan is a refinance transaction.
- D) No. The signature line may be used only for existing customers.
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Question 2 of 10

2. Question
Which person must receive the notice from the loan originator?
- A) Only a person whose loan has already closed.
- B) A person from whom the loan originator takes a loan application.
- C) Only a person who requests a written rate quote.
- D) Only a person who has already been denied credit.
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Question 3 of 10

3. Question
Besides taking an application, what other activity triggers the duty to provide the notice?
- A) Sending a birthday card to a past customer.
- B) Quoting general market interest rates without agreeing to help the consumer.
- C) Agreeing, whether in writing or not, to look for a home mortgage loan for the consumer.
- D) Ordering office supplies for a branch location.
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Question 4 of 10

4. Question
When must the simplified notice be provided at application or agreement?
- A) Only after the Closing Disclosure has been issued.
- B) Only after the loan has been approved by underwriting.
- C) Within 30 days after the first payment is due.
- D) When the loan originator takes the application or agrees to look for a home mortgage loan for the consumer.
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Question 5 of 10

5. Question
If a loan originator continues working with a client for longer than one year, what additional notice requirement applies?
- A) The client must receive an annual notice with the same content as the sample notice if the information sharing practices have not changed.
- B) The client must receive a new Loan Estimate every year.
- C) The client must sign a new promissory note every year.
- D) The loan originator must send the client a new adverse action notice.
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Question 6 of 10

6. Question
If the customer relationship is not terminated within 12 months, what must the loan originator do?
- A) Cancel the application and start over.
- B) Provide the sample privacy notice again as an annual notice.
- C) Stop communicating with the client until the loan closes.
- D) Send only an oral reminder by telephone.
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Question 7 of 10

7. Question
How must the notice generally be delivered to clients according to the manual?
- A) By posting it only on the company's internet website.
- B) By sending only a text message with a link to the notice.
- C) In hard copy form, designed to be provided to clients in person.
- D) Only by recording an oral disclosure during a phone call.
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Question 8 of 10

8. Question
If the loan originator and client first agree to do business together over the telephone, what must happen?
- A) The notice must be mailed immediately.
- B) The notice may be delayed until closing.
- C) The notice is not required because the agreement was oral.
- D) The notice may be replaced with a verbal disclosure.
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Question 9 of 10

9. Question
Under the August 2018 rule change, when is a financial institution not required to deliver an annual privacy notice?
- A) Whenever the customer has signed any privacy notice in the past.
- B) Whenever the loan is secured by a primary residence.
- C) When it discloses nonpublic personal information only under specified exceptions and has not changed its privacy policies and practices from the most recent notice.
- D) Whenever the customer relationship lasts less than five years.
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Question 10 of 10

10. Question
Which statement best describes the relationship between the annual notice rule and the 2018 exception?
- A) The annual notice is always required even when the institution meets the 2018 exception.
- B) The 2018 exception may eliminate the annual notice duty only when the institution meets both conditions in the rule.
- C) The 2018 exception applies only when the borrower is denied credit.
- D) The 2018 exception applies only to website notices and never to hard-copy notices.
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