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Free CRCM Exam Braindumps (page: 26)

Page 26 of 344
PDF with 463 Questions

Institutions that offer nontraditional mortgage products should make sure they comply with the following, as applicable, EXCEPT:

  1. Truth in Lending Act
  2. FTC Act (i.e., Unfair and Deceptive Acts and Practices)
  3. RESTA
  4. State laws prohibiting deceptive trade practices

Answer(s): C



Underwriting standards in Subprime Mortgage Lending include:

  1. The borrower's debt-to-income ratio should include the borrower's total yearly housing-related payments as a percentage of gross monthly income
  2. Institutions should have a clear policy governing the use of risk-layering features, such as reduced documentation loans or simultaneous second lien mortgages
  3. Stated income and reduced documentation loans to subprime borrowers should be made only if there are clear, documented mitigating factors
  4. Mitigating factors should be present when risk layering features are combined in order to support the underwriting decision and the borrower's repayment capacity

Answer(s): A



Underwriting standards in Subprime Mortgage Lending include:

  1. The borrower's debt-to-income ratio should include the borrower's total yearly housing-related payments as a percentage of gross monthly income
  2. Institutions should have a clear policy governing the use of risk-layering features, such as reduced documentation loans or simultaneous second lien mortgages
  3. Stated income and reduced documentation loans to subprime borrowers should be made only if there are clear, documented mitigating factors
  4. Mitigating factors should be present when risk layering features are combined in order to support the underwriting decision and the borrower's repayment capacity

Answer(s): A



Underwriting standards in Subprime Mortgage Lending include:

  1. The borrower's debt-to-income ratio should include the borrower's total yearly housing-related payments as a percentage of gross monthly income
  2. Institutions should have a clear policy governing the use of risk-layering features, such as reduced documentation loans or simultaneous second lien mortgages
  3. Stated income and reduced documentation loans to subprime borrowers should be made only if there are clear, documented mitigating factors
  4. Mitigating factors should be present when risk layering features are combined in order to support the underwriting decision and the borrower's repayment capacity

Answer(s): A



Page 26 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
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LeAnne Hair commented on August 24, 2023
#229 in incorrect - all the customers require an annual review
UNITED STATES
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LeAnne Hair commented on August 24, 2023
I think question 204 has an incorrect solution. It should be D-Regulation E
UNITED STATES
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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
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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