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

Free ABA CRCM Real Questions (page: 9)

Which one of the following is out of the FIRREA penalties included in the enforcement section of Adjusted Mortgage Regulation (12 CFR 34)?

  1. Penalties up to $7,500 per day for violations of laws and regulations
  2. Penalties up to $47,500 per day if violations or unsafe or unsound practices are engaged in recklessly or are part of a pattern of misconduct that causes more than a minimal loss to the bank or any pecuniary gain to the parties involved
  3. Penalties up to $1,375,000 per day against persons who knowingly commit a violation and knowingly or recklessly cause a substantial loss to the bank or a substantial benefit to the party
  4. Penalties up to $6,500 per day for violations of laws and regulations

Answer(s): A,C



In Requirements section of Adjusted Mortgage Regulation (12 CFR 34), for loans subject to both the OCC ARM regulation and to Regulation Z, 12 CFR 226.19(b)--that is, loans made to an individual, for personal purposes, secured by the borrower's principal dwelling, and having a term longer than one year-- the index to which the interest rate is tied must be:

  1. Specified in loan documents
  2. Readily available to and verifiable by the browser
  3. Multiple values of a chosen measure or a moving average of the chosen measure calculated over a specified period
  4. A and B only

Answer(s): D



In Requirements section of Adjusted Mortgage Regulation (12 CFR 34), for loans subject to both the OCC ARM regulation and to Regulation Z, 12 CFR 226.19(b)--that is, loans made to an individual, for personal purposes, secured by the borrower's principal dwelling, and having a term longer than one year-- the index to which the interest rate is tied must be:

  1. Specified in loan documents
  2. Readily available to and verifiable by the browser
  3. Multiple values of a chosen measure or a moving average of the chosen measure calculated over a specified period
  4. A and B only

Answer(s): D



In Requirements section of Adjusted Mortgage Regulation (12 CFR 34), for loans subject to both the OCC ARM regulation and to Regulation Z, 12 CFR 226.19(b)--that is, loans made to an individual, for personal purposes, secured by the borrower's principal dwelling, and having a term longer than one year-- the index to which the interest rate is tied must be:

  1. Specified in loan documents
  2. Readily available to and verifiable by the browser
  3. Multiple values of a chosen measure or a moving average of the chosen measure calculated over a specified period
  4. A and B only

Answer(s): D



Subprime borrowers are those with weakened credit histories or reduced repayment capacity. Loans to these borrowers historically have had a higher delinquency rate. Many lenders have expanded their lending programs and added subprime products as a method by providing greater credit access to lower-income of meeting their
consumers.

  1. Community Reinvestment Act (CRA) responsibilities
  2. Fraudulent marketing tactics
  3. FTC Act
  4. Predatory Lending

Answer(s): A



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