QUESTION: 102

The senior lender at ABC bank would like to make stated income mortgage loans (i.e., loans where the bank does not verify the applicant's income) to mortgage customers, including subprime borrowers. Under the statement on subprime mortgage lending, which of the following is the best statement of the bank's responsibility regarding this new program?

Due to the risks, it should not implement such a program for subprime borrowers
The bank should make a policy for this program that includes mitigating factors for the risks
The bank should set stringent debt-to-income ratios for these loans
The bank should establish workout procedures for such loans in advance of making them.

Answer(s): B

Reveal Solution Next Question

QUESTION: 103

Under Regulation M, what is a "consumer lease"?

Any lease of $25,000
A consumer lease for $25,000 or less with an option to own the property after the lease expires
A consumer lease for $25,000 or less for the use of personal property
Any consumer or agricultural lease for $25,000 or less

Answer(s): C

Reveal Solution Next Question

QUESTION: 103

Under Regulation M, what is a "consumer lease"?

Any lease of $25,000
A consumer lease for $25,000 or less with an option to own the property after the lease expires
A consumer lease for $25,000 or less for the use of personal property
Any consumer or agricultural lease for $25,000 or less

Answer(s): C

Reveal Solution Next Question

QUESTION: 103

Under Regulation M, what is a "consumer lease"?

Any lease of $25,000
A consumer lease for $25,000 or less with an option to own the property after the lease expires
A consumer lease for $25,000 or less for the use of personal property
Any consumer or agricultural lease for $25,000 or less

Answer(s): C

Reveal Solution Next Question

Free CRCM Exam Braindumps (page: 77)

QUESTION: 102

QUESTION: 103

QUESTION: 103

QUESTION: 103