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Free CRCM Exam Braindumps (page: 75)

Page 75 of 344
PDF with 463 Questions

Second State Bank offers a mortgage product that involves simultaneous second lien loans. These include a first lien for up to 90 percent of the purchase price and a second loan for the down payment, secured by a second lien on the property. The bank would like to be in full compliance with the Interagency Guidance on Nontraditional Mortgage Product Risks. Which of the following should Second State Bank incorporate into its loan program?

  1. Risk management procedures to measure the risk of all simultaneous second lien loans and report results to management
  2. A 100 percent loan loss reserve on all simultaneous second lien loans
  3. A product combining simultaneous second lien loans with negative amortization features made to nonowner occupied borrowers
  4. A prepayment penalty on all simultaneous second lien loans

Answer(s): A



Second State Bank offers a mortgage product that involves simultaneous second lien loans. These include a first lien for up to 90 percent of the purchase price and a second loan for the down payment, secured by a second lien on the property. The bank would like to be in full compliance with the Interagency Guidance on Nontraditional Mortgage Product Risks. Which of the following should Second State Bank incorporate into its loan program?

  1. Risk management procedures to measure the risk of all simultaneous second lien loans and report results to management
  2. A 100 percent loan loss reserve on all simultaneous second lien loans
  3. A product combining simultaneous second lien loans with negative amortization features made to nonowner occupied borrowers
  4. A prepayment penalty on all simultaneous second lien loans

Answer(s): A



Second State Bank offers a mortgage product that involves simultaneous second lien loans. These include a first lien for up to 90 percent of the purchase price and a second loan for the down payment, secured by a second lien on the property. The bank would like to be in full compliance with the Interagency Guidance on Nontraditional Mortgage Product Risks. Which of the following should Second State Bank incorporate into its loan program?

  1. Risk management procedures to measure the risk of all simultaneous second lien loans and report results to management
  2. A 100 percent loan loss reserve on all simultaneous second lien loans
  3. A product combining simultaneous second lien loans with negative amortization features made to nonowner occupied borrowers
  4. A prepayment penalty on all simultaneous second lien loans

Answer(s): A



According to the 2007 interagency statement on subprime mortgage lending, what should an institution offering mortgage loans to subprime borrowers provide before submission of an application?

  1. Information on local residential real property values
  2. Payment shock information
  3. Truth in Lending disclosures
  4. Initial escrow statements

Answer(s): B



Page 75 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
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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