CompTIA
Checkpoint
ISC
HP
Dell
EC-Council
EXIN
Fortinet
ITIL®
Juniper
PMI
Microsoft
VMware
Avaya
Google
Salesforce
Amazon
Palo Alto Networks
Certiport
ISC2
All Vendors
  2. Home
  3. Exams
  4. Banking
  5. CRCM

Free CRCM Exam Braindumps (page: 108)

Page 108 of 344
PDF with 463 Questions

Cassandra Phillips requested a loan to purchase a boat. She asked for $15,000 at 7.5 percent for seven years. The bank considered her request but decided, considering her income and credit history, the best offer of credit the bank could make was $10,000 at 8.25 percent for five years. Rhonda Mays, the loan officer, wrote a letter, setting forth the terms the bank could offer. The letter was mailed on July 1. Ms. Phillips received the letter and began to look elsewhere for a loan on the terms and conditions she wanted. Does the bank have any additional responsibility to Ms. Phillips?

  1. No. Because the bank made the offer of a loan, there is no further responsibility.
  2. No. Because the customer decided to look elsewhere, there is no further responsibility.
  3. Yes. The bank must follow up with a phone call to determine if Ms. Phillips is still interested.
  4. Yes. The bank must send an adverse action notice because Ms. Phillips did not take the bank's counteroffer.

Answer(s): D



Cassandra Phillips requested a loan to purchase a boat. She asked for $15,000 at 7.5 percent for seven years. The bank considered her request but decided, considering her income and credit history, the best offer of credit the bank could make was $10,000 at 8.25 percent for five years. Rhonda Mays, the loan officer, wrote a letter, setting forth the terms the bank could offer. The letter was mailed on July 1. Ms. Phillips received the letter and began to look elsewhere for a loan on the terms and conditions she wanted. Does the bank have any additional responsibility to Ms. Phillips?

  1. No. Because the bank made the offer of a loan, there is no further responsibility.
  2. No. Because the customer decided to look elsewhere, there is no further responsibility.
  3. Yes. The bank must follow up with a phone call to determine if Ms. Phillips is still interested.
  4. Yes. The bank must send an adverse action notice because Ms. Phillips did not take the bank's counteroffer.

Answer(s): D



Cassandra Phillips requested a loan to purchase a boat. She asked for $15,000 at 7.5 percent for seven years. The bank considered her request but decided, considering her income and credit history, the best offer of credit the bank could make was $10,000 at 8.25 percent for five years. Rhonda Mays, the loan officer, wrote a letter, setting forth the terms the bank could offer. The letter was mailed on July 1. Ms. Phillips received the letter and began to look elsewhere for a loan on the terms and conditions she wanted. Does the bank have any additional responsibility to Ms. Phillips?

  1. No. Because the bank made the offer of a loan, there is no further responsibility.
  2. No. Because the customer decided to look elsewhere, there is no further responsibility.
  3. Yes. The bank must follow up with a phone call to determine if Ms. Phillips is still interested.
  4. Yes. The bank must send an adverse action notice because Ms. Phillips did not take the bank's counteroffer.

Answer(s): D



What may a creditor do in response to an application for credit from a business with gross revenues of $1 million or less?

  1. Give a disclosure of the applicant's right to receive a statement of reasons at the time of the application instead of at the time of the adverse action
  2. Mention adverse action notices only if requested by the applicant
  3. Omit the ECOA statement on all notices NOTES
  4. Provide only the ECOA statement to the applicant

Answer(s): A



Page 108 of 344



Post your Comments and Discuss Banking CRCM exam with other Community members:

LeAnne Hair commented on August 24, 2023
#229 in incorrect - all the customers require an annual review
UNITED STATES
upvote

LeAnne Hair commented on August 24, 2023
#229 in incorrect - all the customers require an annual review
UNITED STATES
upvote

LeAnne Hair commented on August 24, 2023
I think question 204 has an incorrect solution. It should be D-Regulation E
UNITED STATES
upvote

Igor commented on April 10, 2020
Guys, leave no stones unturned. Try to study every questions and anything other supplementary material you have. The exam is not easy. I just wrote mine and if it wss not for these questions I would have not have passed it.
BULGARIA
upvote

Lori commented on July 20, 2017
I had a good result. Worth the money.
UNITED STATES
upvote

Chipps commented on July 20, 2017
Studying from this dump helped me understand the concept and what comes in the exam. But I only get about 80 to 85% of the questions not 100% as it is claimed. Well... still good enough to pass.
UNITED STATES
upvote