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Free Banking CRCM Exam Braindumps (page: 12)

Page 12 of 344
PDF with 463 Questions

Which one of the following is out of the FIRREA penalties included in the enforcement section of Adjusted Mortgage Regulation (12 CFR 34)?

  1. Penalties up to $7,500 per day for violations of laws and regulations
  2. Penalties up to $47,500 per day if violations or unsafe or unsound practices are engaged in recklessly or are part of a pattern of misconduct that causes more than a minimal loss to the bank or any pecuniary gain to the parties involved
  3. Penalties up to $1,375,000 per day against persons who knowingly commit a violation and knowingly or recklessly cause a substantial loss to the bank or a substantial benefit to the party
  4. Penalties up to $6,500 per day for violations of laws and regulations

Answer(s): A,C



In Requirements section of Adjusted Mortgage Regulation (12 CFR 34), for loans subject to both the OCC ARM regulation and to Regulation Z, 12 CFR 226.19(b)--that is, loans made to an individual, for personal purposes, secured by the borrower's principal dwelling, and having a term longer than one year-- the index to which the interest rate is tied must be:

  1. Specified in loan documents
  2. Readily available to and verifiable by the browser
  3. Multiple values of a chosen measure or a moving average of the chosen measure calculated over a specified period
  4. A and B only

Answer(s): D



In Requirements section of Adjusted Mortgage Regulation (12 CFR 34), for loans subject to both the OCC ARM regulation and to Regulation Z, 12 CFR 226.19(b)--that is, loans made to an individual, for personal purposes, secured by the borrower's principal dwelling, and having a term longer than one year-- the index to which the interest rate is tied must be:

  1. Specified in loan documents
  2. Readily available to and verifiable by the browser
  3. Multiple values of a chosen measure or a moving average of the chosen measure calculated over a specified period
  4. A and B only

Answer(s): D



In Requirements section of Adjusted Mortgage Regulation (12 CFR 34), for loans subject to both the OCC ARM regulation and to Regulation Z, 12 CFR 226.19(b)--that is, loans made to an individual, for personal purposes, secured by the borrower's principal dwelling, and having a term longer than one year-- the index to which the interest rate is tied must be:

  1. Specified in loan documents
  2. Readily available to and verifiable by the browser
  3. Multiple values of a chosen measure or a moving average of the chosen measure calculated over a specified period
  4. A and B only

Answer(s): D



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