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Banking CRCM Exam (page: 44)
Banking CERTIFIED REGULATORY COMPLIANCE MANAGER (CRCM)
Updated on: 12-Aug-2025

Viewing Page 44 of 276
CRCM PDF 463 Questions

An oral or written request for credit made in accordance with the creditor's procedures for the type of credit requested. Information entered into and retained by a computer system qualifies as a written application. It is called:

  1. Credit Application
  2. Credit completed application
  3. Initial credit approach
  4. None of these

Answer(s): A



An oral or written request for credit made in accordance with the creditor's procedures for the type of credit requested. Information entered into and retained by a computer system qualifies as a written application. It is called:

  1. Credit Application
  2. Credit completed application
  3. Initial credit approach
  4. None of these

Answer(s): A



An oral or written request for credit made in accordance with the creditor's procedures for the type of credit requested. Information entered into and retained by a computer system qualifies as a written application. It is called:

  1. Credit Application
  2. Credit completed application
  3. Initial credit approach
  4. None of these

Answer(s): A



Definition of completed application--12 CFR 202.2(f) is:

  1. An application for which the bank has received all the information it regularly considers in evaluation, including credit reports, verifications, and so forth
  2. The creditor must be reasonably diligent in collecting information to complete the application (for example, ordering credit bureau reports)
  3. An inquiry becomes an application when the creditor evaluates information and decides to grant or decline the credit
  4. Requests for written preapprovals to be issued by the lender are considered applications

Answer(s): A,B



Definition of completed application--12 CFR 202.2(f) is:

  1. An application for which the bank has received all the information it regularly considers in evaluation, including credit reports, verifications, and so forth
  2. The creditor must be reasonably diligent in collecting information to complete the application (for example, ordering credit bureau reports)
  3. An inquiry becomes an application when the creditor evaluates information and decides to grant or decline the credit
  4. Requests for written preapprovals to be issued by the lender are considered applications

Answer(s): A,B



Viewing Page 44 of 276



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LeAnne Hair 8/24/2023 12:47:00 PM

#229 in incorrect - all the customers require an annual review
UNITED STATES