Under the Gramm-Leach-Bliley Act, when is a mortgage loan originator permitted to share a borrower's nonpublic personal information with a third party?
Correct Answer
B) When necessary to complete the loan transaction or as otherwise permitted by law
The Gramm-Leach-Bliley Act allows sharing of nonpublic personal information when necessary to complete a financial transaction that the consumer has requested, or as otherwise permitted by law (such as for fraud prevention or regulatory compliance).
Why This Is the Correct Answer
The Gramm-Leach-Bliley Act allows sharing of nonpublic personal information when necessary to complete a financial transaction that the consumer has requested, or as otherwise permitted by law (such as for fraud prevention or regulatory compliance).
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