WHAT DID YOU LEARN ABOUT REGULATORY COMPLIANCE?
Win the New Google Home! There will be a drawing every three months. Each month every person who
scores 100% gets their name placed into the drum for the drawing. This means that it’s possible for one of
our readers to have their name placed into the drum three ( 3) times for each quarterly drawing. A reader
who scores 100% on each Quiz during the quarter could have an advantage over others by having their name
placed into the drum 3 times. The winner will be featured with their photo and bio published in Mortgage
Compliance Magazine along with a photo of the prize. Send a copy of this page along with your answers to
1. Based on the Consumer Financial
Protection Bureau’s (CFPB)
Supervisory Highlights, lenders can
expect to see more scrutiny of their
Compliance Management Systems
(CMS) in upcoming exams. (Pages
2. The CFPB’s fourth set of
amendments to the Mortgage
Ser¬vicing Rules: (Pages 12-16)
A. Require clarity in the servicer’s
communications with confirmed
B. Take effect on October 19,
2017, generally, and on April 19,
2018, for the periodic statement
requirements for borrowers in
bankruptcy and the successor in
C. Provides a safe harbor from liability
under Section 805(b) for a servicer
communicating with a confirmed
successor in interest about a
mortgage loan secured by property
in which the confirmed successor in
interest has an ownership interest.
D. All the above.
3. The accuracy rate for manual keying
of loan data into a system varies
between _____: (Pages 18-21)
A. 72 and 85%
B. 88 and 92%
C. 89 and 95%
D. 98 and 99%
Circle the best answer to each question based on the articles in this month’s Mortgage Compliance Magazine:
4. Polls have consistently shown that
the American populace, by and
large, supports the regulation of
financial institutions. (Pages 22-24)
5. According to the article, the CFPB
cites certain factors that cause a rule
to be “significant.” These include:
A. The rule protects providers from
liability for the violations of agents.
B. The rule may create new
compliance risks for providers.
C. The estimated aggregate annual
cost to the industry of complying
with the rule is high.
D. B and C.
6. According to the article, HMDA
reporters should obtain an LEI. The
LEI is the: (Pages 30-32)
E. Legal Enforcement Indicator.
F. Linked Entity Information.
G. Linked Entity Identifier.
H. Legal Entity Identifier.
7. The SSAE 16 rule, which went into
effective May 1, 2017, sets many
new standards for addressing
counterparty vendor risk.
Company: _____________________________________________________________________________ State: ____________
Phone: _________________________________________ Mobile: _________________________________________________
Send Answers to: Whiz@MortgageComplianceMagazine.Com
8. Best practices to help detect and
prevent mortgage fraud include:
A. Track the timing of suspicious
activity in your fraud management
B. Keep a timeline of changes in
controls or policies that are likely to
impact fraud risk.
C. Track trailing indicators of fraud
risk for trending, including by
origination channel, third-party
originators, loan programs, or loan
purpose (purchase or refinance).
D. A and B.
9. Regulators make comparisons
to “peers” during _______
examinations. (Pages 44-46)
D. Truth in Lending Act
10. Information obtained by hackers
often goes to the:
B. Information basket
D. Dark web