ABA CRCM Certification Exam Questions with AI Explanations

QUESTION: 36

Below mentioned is the necessary information that should be included in the _.
Risk of payment shock--potential payment increases; how the new payment will be calculated when the introductory rate expires
Ramifications of prepayment penalties--how they will be calculated, when they will be imposed
Ramifications of balloon payments
Ramifications of the lack of escrowing for taxes and insurance--who is responsible for paying taxes and insurance and the fact that their costs may be substantial Cost of reduced documentation loans--whether there is a pricing premium required

Consumer protection principles
Underwriting standards
Workout arrangements
None of these

Answer(s): A

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QUESTION: 36

Below mentioned is the necessary information that should be included in the _.
Risk of payment shock--potential payment increases; how the new payment will be calculated when the introductory rate expires
Ramifications of prepayment penalties--how they will be calculated, when they will be imposed
Ramifications of balloon payments
Ramifications of the lack of escrowing for taxes and insurance--who is responsible for paying taxes and insurance and the fact that their costs may be substantial Cost of reduced documentation loans--whether there is a pricing premium required

Consumer protection principles
Underwriting standards
Workout arrangements
None of these

Answer(s): A

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QUESTION: 37

Supervisory review should also be the part of Subprime Mortgage Lending. It should review:

Regulatory agencies will continue to focus on risk management review and consumer compliance processes
Hiring and Training of personnel
Agencies will continue to take action against institutions that violate consumer protection laws or fair lending laws or that engages in unfair or deceptive acts or practices or in unsafe or unsound lending practices
Applicability of prepayment penalties

Answer(s): A,C

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QUESTION: 37

Supervisory review should also be the part of Subprime Mortgage Lending. It should review:

Regulatory agencies will continue to focus on risk management review and consumer compliance processes
Hiring and Training of personnel
Agencies will continue to take action against institutions that violate consumer protection laws or fair lending laws or that engages in unfair or deceptive acts or practices or in unsafe or unsound lending practices
Applicability of prepayment penalties

Answer(s): A,C

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QUESTION: 37

Supervisory review should also be the part of Subprime Mortgage Lending. It should review:

Regulatory agencies will continue to focus on risk management review and consumer compliance processes
Hiring and Training of personnel
Agencies will continue to take action against institutions that violate consumer protection laws or fair lending laws or that engages in unfair or deceptive acts or practices or in unsafe or unsound lending practices
Applicability of prepayment penalties

Answer(s): A,C

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ABA CERTIFIED REGULATORY COMPLIANCE MANAGER (CRCM) CRCM Dumps in PDF

Free ABA CRCM Real Questions (page: 22)

QUESTION: 36

QUESTION: 36

QUESTION: 37

QUESTION: 37

QUESTION: 37