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Free CRCM Exam Braindumps (page: 67)

Page 67 of 344
PDF with 463 Questions

A bank has a large mortgage department as well as a high HMDA error rate. An expensive software program could automate the process, but the business unit manager does not want to purchase the software because of its expense. Though it is not as efficient, the manager prefers to make some improvements to the manual process, add some more robust monitoring procedures, and opt not to purchase the software. What should the compliance professional do?

  1. Elevate the issue to a higher authority to force the mortgage department unit to purchase the software
  2. Nothing; the compliance professional's job is done with the completed research
  3. Document the fact that the level of risk present with manual systems is acceptable to the mortgage department business unit
  4. Write a memo to the president of the bank that explains the risk assessment for this area

Answer(s): C



A bank has a large mortgage department as well as a high HMDA error rate. An expensive software program could automate the process, but the business unit manager does not want to purchase the software because of its expense. Though it is not as efficient, the manager prefers to make some improvements to the manual process, add some more robust monitoring procedures, and opt not to purchase the software. What should the compliance professional do?

  1. Elevate the issue to a higher authority to force the mortgage department unit to purchase the software
  2. Nothing; the compliance professional's job is done with the completed research
  3. Document the fact that the level of risk present with manual systems is acceptable to the mortgage department business unit
  4. Write a memo to the president of the bank that explains the risk assessment for this area

Answer(s): C



The federal banking agencies have proposed an amendment to Regulation Z that would require a new early disclosure statement for loans secured by the borrower's principal dwelling. After reading the proposed change, what should the compliance professional do FIRST?

  1. Establish a task force to study the proposed rule.
  2. Contact the bank's platform software vendor to determine whether it will be ready for the change NOTES
  3. Prepare a summary document that outlines the effects the proposed rule would have on the bank's operations
  4. Train bank staff on the new rule

Answer(s): C



The federal banking agencies have proposed an amendment to Regulation Z that would require a new early disclosure statement for loans secured by the borrower's principal dwelling. After reading the proposed change, what should the compliance professional do FIRST?

  1. Establish a task force to study the proposed rule.
  2. Contact the bank's platform software vendor to determine whether it will be ready for the change NOTES
  3. Prepare a summary document that outlines the effects the proposed rule would have on the bank's operations
  4. Train bank staff on the new rule

Answer(s): C



Page 67 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
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