B2B: Introduction to Lending | Compliance Alliance

What is the interest rate cap under the Servicemembers Civil Relief Act (SCRA) when a customer is actively serving in the military?

a. 2%

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b. 4%

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c. 6%

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d. 8%

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Customer Identification Program (CIP) requires the collection of the following information:

a. Name, PO Box, Drivers License Number, Tax ID Number

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b. Name, PO Box, Date of Birth, Tax ID Number

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c. Name, Physical Address, Drivers License Number, Tax ID Number

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d. Name, Physical Address, Date of Birth, Tax ID Number

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True or False: A loan, that is not secured by property, but is used to purchase a residential property, is HMDA reportable.

a. True

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b. False

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True or False: A property is in a SHFA in a non-participating community. Flood Insurance is not required.

a. True

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b. False

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True or False: A loan originated in February 2024 and paid off early in December 2024. The customer has no other accounts. An annual privacy notice is not required.

a. True

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b. False

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Which of the following characteristics is not prohibited from being considered in lending decisions under Regulation B?

a. Race

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b. Age

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c. National Origin

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d. All of the above are prohibited

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File in the Blank: __________ is when a bank is unable to approve a loan but offers another potential option to the applicant.

a. Option Two

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b. Counteroffer

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c. Counterproposal

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d. Second Choice

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Loan officers is considering to hold an open house/networking event for realtors and title company employees. Which of the following regulations applies most to this situation?

a. Regulation P/Privacy

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b. Regulation X/RESPA

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c. Regulation B/ECOA

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d. Regulation Z/TILA

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Reconsiderations of Value pertains to practices regarding which of the following:

a. Vehicle Value

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b. Appraisals/Property Value

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c. Gifts/Things of Value

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d. All of the above

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A TRID application requires which of the following except:

a. Consumer income

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b. Consumer SSN

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c. Property address

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d. Consumer telephone number

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