Annual Compliance Training For Agents - Follow Up Quiz

10 Questions | Total Attempts: 152

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Annual Compliance Training For Agents - Follow Up Quiz

This Quiz is intended for all agents as a follow up to the Self-Learning module "Annual Compliance Training for Agents"


Questions and Answers
  • 1. 
    The Compliance Department has which of the following functions?
    • A. 

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

    • B. 

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

    • C. 

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

    • D. 

      Both A and B

    • E. 

      All of the above

  • 2. 
    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:
    • A. 

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

    • B. 

      Advise the customer that email is not a secure way to transfer the documents and that he should fax instead, but if the customer insists, you read the required script

    • C. 

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

    • D. 

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

  • 3. 
    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?
    • A. 

      Proceed with the call as normal since RPV was completed

    • B. 

      Look at the customer’s account to confirm that he is married and if he is, proceed with the call as normal

    • C. 

      Advise the caller that you cannot proceed any further without speaking to the account holder and getting his authorization to speak to her

    • D. 

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

  • 4. 
    What are the permitted hours to call a consumer?
    • A. 

      As soon as you receive the application or inquiry

    • B. 

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

    • C. 

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

    • D. 

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

  • 5. 
    Which of the following statements is true?
    • A. 

      I only need to get authorization to debit a customer’s account when the customer wants to set up a PTP, not when the customer wants to change the payment date

    • B. 

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

    • C. 

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

    • D. 

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

  • 6. 
    Whose responsibility is it to be compliant?
    • A. 

      Compliance only

    • B. 

      Compliance and Directors only

    • C. 

      Directors and Managers only

    • D. 

      Everyone’s

  • 7. 
    When should Mini Miranda be said on a call?
    • A. 

      Immediately on collection calls

    • B. 

      After stating the recording advisory on collection calls

    • C. 

      After completing RPV on collection calls

    • D. 

      Only on outbound collection calls after RPV

  • 8. 
    True or False? I can disclose loan information about a customer immediately if the police calls and requests it.
    • A. 

      True

    • B. 

      False

  • 9. 
    Which of the following statements is true?
    • A. 

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

    • B. 

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

    • C. 

      Customers can have more than one active loan at a time

    • D. 

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

  • 10. 
    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.
    • A. 

      True

    • B. 

      False

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