Annual Compliance Training For Agents - Follow Up Quiz

1. Whose responsibility is it to be compliant?

Compliance only

Compliance and Directors only

Directors and Managers only

Everyone’s

Compliance is the responsibility of everyone within an organization. It is not limited to a specific group or level of employees such as directors or managers. Compliance involves adhering to laws, regulations, and internal policies, and it is essential for all individuals within the organization to understand and follow these requirements. By stating that compliance is everyone's responsibility, it emphasizes the importance of a collective effort to maintain ethical and legal practices within the organization.

Explanation

Compliance is the responsibility of everyone within an organization. It is not limited to a specific group or level of employees such as directors or managers. Compliance involves adhering to laws, regulations, and internal policies, and it is essential for all individuals within the organization to understand and follow these requirements. By stating that compliance is everyone's responsibility, it emphasizes the importance of a collective effort to maintain ethical and legal practices within the organization.

2. We cannot be fined or penalized for non-compliance because we are located in Canada and all of the business that we conduct is in the United States.

True

False

The statement is false because being located in Canada does not exempt a business from complying with the laws and regulations of the United States if they conduct business there. Even if the business is physically located in Canada, if they engage in any form of business activity in the United States, they are still subject to US laws and can be fined or penalized for non-compliance.

Explanation

The statement is false because being located in Canada does not exempt a business from complying with the laws and regulations of the United States if they conduct business there. Even if the business is physically located in Canada, if they engage in any form of business activity in the United States, they are still subject to US laws and can be fined or penalized for non-compliance.

3. True or False? I can disclose loan information about a customer immediately if the police calls and requests it.

True

False

Disclosing loan information about a customer without proper authorization or a legal requirement can be a violation of privacy laws. Even if the police call and request the information, it is important to follow proper procedures and obtain the necessary legal documentation before disclosing any sensitive customer information. Therefore, the statement is false.

Explanation

Disclosing loan information about a customer without proper authorization or a legal requirement can be a violation of privacy laws. Even if the police call and request the information, it is important to follow proper procedures and obtain the necessary legal documentation before disclosing any sensitive customer information. Therefore, the statement is false.

4. During an origination call, you ask the customer for additional documents required in order to finalize the loan. The customer advises that he will email a copy of his driver's license and SSN in the next few minutes. You should:

Thank the customer for his prompt action and wait until documents are received

Hang up and move to next call while waiting for the documents to be received

Advise the customer that he should password protect the documents before sending

Email is not a secure way to transfer sensitive documents such as a driver's license and SSN. Therefore, it is important to advise the customer of this and recommend using a more secure method such as faxing. However, if the customer insists on using email, it is necessary to follow company protocol and read the required script to ensure all necessary information is obtained.

Explanation

Email is not a secure way to transfer sensitive documents such as a driver's license and SSN. Therefore, it is important to advise the customer of this and recommend using a more secure method such as faxing. However, if the customer insists on using email, it is necessary to follow company protocol and read the required script to ensure all necessary information is obtained.

5. You take a call and begin the RPV process. The caller answers all of the questions correctly but you realize by the customer's name that he is male, however, the person on the phone is clearly a woman. You ask the caller to confirm that her name is John and she responds, "No, I am his wife". What should you do?

Proceed with the call as normal since RPV was completed

Advise the caller that written authorization from the account holder is required before you proceed any further

Based on the information provided, the correct answer is to advise the caller that you cannot proceed any further without speaking to the account holder and getting his authorization to speak to her. This is because the caller's name does not match the gender of the person on the phone, indicating a potential discrepancy or identity issue. To ensure proper security and privacy protocols, it is necessary to confirm the account holder's identity and obtain their authorization before proceeding.

Explanation

Based on the information provided, the correct answer is to advise the caller that you cannot proceed any further without speaking to the account holder and getting his authorization to speak to her. This is because the caller's name does not match the gender of the person on the phone, indicating a potential discrepancy or identity issue. To ensure proper security and privacy protocols, it is necessary to confirm the account holder's identity and obtain their authorization before proceeding.

6. Which of the following statements is true?

I do not need to confirm the apartment number as part of RPV

I do not need to advise the customer of the 2 business day rule

Customers can have more than one active loan at a time

I need to confirm the customer’s email address prior to sending an email

The correct answer is "I need to confirm the customer’s email address prior to sending an email." This statement is true because it is important to verify the email address of the customer before sending any email communication to ensure that the email reaches the correct recipient and to avoid any potential errors or miscommunication.

Explanation

The correct answer is "I need to confirm the customer’s email address prior to sending an email." This statement is true because it is important to verify the email address of the customer before sending any email communication to ensure that the email reaches the correct recipient and to avoid any potential errors or miscommunication.

7. What are the permitted hours to call a consumer?

As soon as you receive the application or inquiry

8 am to 9 pm at the company’s local time

8 am to 9 pm at the consumer’s local time

8 am to 8 pm at the consumer’s local time

The permitted hours to call a consumer are from 8 am to 9 pm at the consumer's local time. This means that the company can contact the consumer during this time frame without violating any regulations or restrictions. It is important for companies to respect these permitted hours in order to avoid any potential legal issues and to ensure that they are providing good customer service by not contacting consumers outside of reasonable hours.

Explanation

The permitted hours to call a consumer are from 8 am to 9 pm at the consumer's local time. This means that the company can contact the consumer during this time frame without violating any regulations or restrictions. It is important for companies to respect these permitted hours in order to avoid any potential legal issues and to ensure that they are providing good customer service by not contacting consumers outside of reasonable hours.

8. Which of the following statements is true?

Payment processors and banks can end their relationship with us if there are too many unauthorized debits

I do not need to send a confirmation email after changing a payment date/amount

The banking information is on the loan agreement and EPIC/Infinity so I do not need to reconfirm the information

If there are too many unauthorized debits, payment processors and banks have the authority to terminate their relationship with us.

Explanation

If there are too many unauthorized debits, payment processors and banks have the authority to terminate their relationship with us.

9. The Compliance Department has which of the following functions?

Setting the policies and procedures for adherence to regulatory requirements in all jurisdictions where a company operates

Monitoring and assessing the company’s compliance with these policies and procedures using a risk-based approach

Review and revise customer’s account standing, override denial decisions, disciple employees that have repeated compliance violations

Both A and B

All of the above

The Compliance Department has the function of setting the policies and procedures for adherence to regulatory requirements in all jurisdictions where a company operates. They also have the function of monitoring and assessing the company's compliance with these policies and procedures using a risk-based approach. Therefore, the correct answer is "Both A and B."

Explanation

The Compliance Department has the function of setting the policies and procedures for adherence to regulatory requirements in all jurisdictions where a company operates. They also have the function of monitoring and assessing the company's compliance with these policies and procedures using a risk-based approach. Therefore, the correct answer is "Both A and B."

10. When should Mini Miranda be said on a call?

Immediately on collection calls

After stating the recording advisory on collection calls

After completing RPV on collection calls

Only on outbound collection calls after RPV

Mini Miranda should be said on a call after completing RPV on collection calls. RPV stands for Right Party Verification, which is the process of confirming that the person being contacted is the correct debtor. Once RPV is successfully completed, the collector should then proceed to provide the Mini Miranda disclosure. The Mini Miranda is a statement that informs the debtor that the call is from a debt collector and that any information obtained will be used for the purpose of collecting the debt.

Explanation

Mini Miranda should be said on a call after completing RPV on collection calls. RPV stands for Right Party Verification, which is the process of confirming that the person being contacted is the correct debtor. Once RPV is successfully completed, the collector should then proceed to provide the Mini Miranda disclosure. The Mini Miranda is a statement that informs the debtor that the call is from a debt collector and that any information obtained will be used for the purpose of collecting the debt.