A Conflict Of Interest (coi) Quiz

5 Questions

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A Conflict Of Interest (coi) Quiz

A conflict of interest is a situation in which the interests of two parties, mostly bound by a service or contractual agreement collide. What is your definition of conflict of interest? Find out more in the quiz below.


Questions and Answers
  • 1. 
    An employee is prohibited from being directly or indirectly involved in the origination, processing, underwriting, closing or funding of a mortgage loan for the following family member(s) - check all that apply:
    • A. 

      Mother/Mother-in-Law

    • B. 

      Father/Father-in-Law

    • C. 

      Brother/Sister

    • D. 

      Daughter/Step-Daughter

    • E. 

      Son/Step-Son

    • F. 

      Grandparent

    • G. 

      Grandchild

    • H. 

      Spouse

  • 2. 
    An employee can work on his or her own loan, as long as his or her name does not appear on any of the documents in the file.
    • A. 

      True

    • B. 

      False

  • 3. 
    • A. 

      The employee is the seller for a borrower's purchase mortgage.

    • B. 

      The employee resides with the borrower.

    • C. 

      The employee has financial interest in the transaction.

    • D. 

      All of the Above

  • 4. 
    • A. 

      The Loan Officer may input the application into the LOS, but may not pull credit and must list another licensed Loan Officer as the Loan Officer of record.

    • B. 

      The Loan Officer may input the application into the LOS, may pull credit, but then must have the processor complete the required documentation and disclosures.

    • C. 

      The Loan Officer may not originate the loan either directly or indirectly and must submit an application to any other licensed Loan Officer in the company.

    • D. 

      The Loan Officer may pull credit, but must provide the application to another licensed Loan Officer for input into the LOS.

  • 5. 
    An employee may upload supporting documents for their own transaction into the LOS system, providing they do not input any data into the LOS for their loan.
    • A. 

      True

    • B. 

      False