QUESTION: 14

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

Penalties up to $7,500 per day for violations of laws and regulations
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
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
Penalties up to $6,500 per day for violations of laws and regulations

Answer(s): A,C

Reveal Solution Next Question

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:

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

Answer(s): D

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QUESTION: 15

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:

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

Answer(s): D

Reveal Solution Next Question

QUESTION: 15

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:

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

Answer(s): D

Reveal Solution Next Question

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