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Question 1 of 5
1. Question
A mortgage company employee receives a base salary and a quarterly bonus for loan-related work, even though the bonus is not tied to loan closings.
Is this individual acting “for compensation or gain” under §1008.103(c)(2)(ii)?
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Question 2 of 5
2. Question
A community volunteer assists borrowers with understanding the loan process but receives no payment or benefit.
Is this individual acting for compensation or gain?
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Question 3 of 5
3. Question
A loan officer collects borrower name, SSN, income, assets, liabilities, and property information during the application process.
Why is proper management of this information important?
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Question 4 of 5
4. Question
A loan officer tells an applicant they probably will not qualify before collecting any application information.
Which compliance issue does this raise?
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Question 5 of 5
5. Question
A lender requests race and national origin information for government monitoring purposes.
Is this permitted?
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