Federal Mortgage LawsQuestion 35 of 400
The Safeguards Rule under the Gramm-Leach-Bliley Act requires a mortgage company to:
a.Develop, implement, and maintain a written information security program to protect customer data
b.Report all loans to the IRS monthly
c.Provide free credit monitoring to every applicant
d.Store all files as paper copies only
Explanation
The GLBA Safeguards Rule requires financial institutions to develop and maintain a written information security program with administrative, technical, and physical safeguards to protect customer information. It does not require monthly IRS reporting, free credit monitoring, or paper-only storage. Protecting nonpublic personal information from unauthorized access is the goal.
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