Consumer Lending Compliance Quiz
Test your knowledge of consumer lending compliance requirements and best practices.
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First Name
Last Name
Date
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Which of the following is a primary purpose of the Truth in Lending Act (TILA)?
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To promote the informed use of consumer credit
To set interest rate limits for all loans
To regulate insurance products
To determine credit scores
A lender must provide which document to a borrower within three business days of receiving a loan application?
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Loan Estimate
Credit Report
Title Insurance Policy
Appraisal Report
Which practices are prohibited under the Equal Credit Opportunity Act (ECOA)? (Select all that apply)
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Discriminating based on race or gender
Requiring all borrowers to have a co-signer
Charging different rates based on national origin
Providing disclosures in writing
A lender must provide a privacy notice to consumers:
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Before collecting any personal information
Only if the consumer requests it
Annually and when the privacy policy changes
Never
Rate your understanding of anti-money laundering requirements for consumer lending.
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No understanding
1
2
3
4
Expert
5
1 is No understanding, 5 is Expert
True or False: A lender can deny credit solely based on an applicant’s age if they are over 18.
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True
False
Which of the following would be considered a predatory lending practice?
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Charging excessive fees without disclosure
Offering competitive interest rates
Providing clear repayment terms
Requiring proof of income
Select all items typically required for a compliant loan file.
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Signed loan agreement
Disclosure documents
Unverified income statement
Borrower’s contact information
Briefly explain why fair lending is important in consumer lending.
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