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Free CRCM Exam Braindumps (page: 74)

Page 74 of 344
PDF with 463 Questions

ABC National Bank regularly purchases mortgage loans from ACME Mortgage Company, a local mortgage broker. ACME places a mandatory arbitration clause in each of its mortgage documents. ACME believes this clause is necessary because of state laws governing arbitration. Is this clause a problem for ABC National?

  1. No, unless other predatory or abusive lending practices are evident in the loans sold by ACME.
  2. Yes, the clause is a sign of an abusive lender, and the bank should not purchase the loans.
  3. Yes, the bank should make ACME strike the clause from future loans.
  4. No, this is a common practice and the bank can ignore it.

Answer(s): A



The OCC recommends all but one of the following actions to help prevent a national bank's purchasing or acquiring predatory or abusive loans. Which practice is NOT recommended?

  1. Establish policies on the bank's relationship with third-party brokers and originators
  2. Review loan documentation
  3. Audit the third-party broker
  4. Require the broker to establish a reserve account for legal contingencies

Answer(s): D



The OCC recommends all but one of the following actions to help prevent a national bank's purchasing or acquiring predatory or abusive loans. Which practice is NOT recommended?

  1. Establish policies on the bank's relationship with third-party brokers and originators
  2. Review loan documentation
  3. Audit the third-party broker
  4. Require the broker to establish a reserve account for legal contingencies

Answer(s): D



The OCC recommends all but one of the following actions to help prevent a national bank's purchasing or acquiring predatory or abusive loans. Which practice is NOT recommended?

  1. Establish policies on the bank's relationship with third-party brokers and originators
  2. Review loan documentation
  3. Audit the third-party broker
  4. Require the broker to establish a reserve account for legal contingencies

Answer(s): D



Page 74 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
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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