A mortgage company shares customer account information with its affiliated insurance company to offer insurance products. Under GLBA, this sharing:
Correct Answer
C) Is permitted without opt-out rights for consumers
Under GLBA, sharing information among affiliated companies is generally permitted without providing consumers opt-out rights, though the sharing must still be disclosed in privacy notices.
Why This Is the Correct Answer
Under GLBA, sharing information among affiliated companies is generally permitted without providing consumers opt-out rights, though the sharing must still be disclosed in privacy notices.
More Federal Laws Questions
A mortgage broker's website states 'Qualified borrowers can get loans with down payments as low as 3%.' Which statement about TILA advertising requirements is correct?
A loan's APR increases from 4.25% on the Loan Estimate to 4.35% on the Closing Disclosure due to a rate lock expiration. What action is required?
A lender originates a mortgage that meets all QM requirements. Three years later, the borrower defaults and claims the lender violated the ATR rule. What legal protection does the lender have?
For a closed-end mortgage loan, when must the creditor provide the Closing Disclosure to the borrower?
Which of the following documents must be provided to trigger the start of the 3-day rescission period?
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A title company offers a 'loyalty program' where real estate agents earn points for each referral, redeemable for gift cards after 10 referrals. The title company argues this is not a per-transaction payment. Under RESPA, this program is:
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A mortgage company discovers that a former employee downloaded customer financial information to a personal device before termination and may have shared it with competitors. Under the Gramm-Leach-Bliley Act, what is the company's primary obligation regarding this potential breach?