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Free CRCM Exam Braindumps (page: 20)

Page 19 of 344
PDF with 463 Questions

Examples of unfair practices mentioned in guidelines against Predatory and Abusive Lending includes loan flipping and loan equity stripping. It is said that:

  1. Loan flipping may be unfair because it increases the chances of foreclosure by decreasing home equity and increasing debt burden
  2. Equity stripping is the practice of making loans secured by the consumer's home but with high, up-front fees that are financed and secured by the home
  3. Loan flipping is the practice of making loans secured by the consumer's home but with high, up-front fees that are financed and secured by the home
  4. Equity stripping may be unfair because it increases the chances of foreclosure by decreasing home equity and increasing debt burden

Answer(s): A,B



Examples of unfair practices mentioned in guidelines against Predatory and Abusive Lending includes loan flipping and loan equity stripping. It is said that:

  1. Loan flipping may be unfair because it increases the chances of foreclosure by decreasing home equity and increasing debt burden
  2. Equity stripping is the practice of making loans secured by the consumer's home but with high, up-front fees that are financed and secured by the home
  3. Loan flipping is the practice of making loans secured by the consumer's home but with high, up-front fees that are financed and secured by the home
  4. Equity stripping may be unfair because it increases the chances of foreclosure by decreasing home equity and increasing debt burden

Answer(s): A,B



Which of the following are recommended practices In Avoiding Predatory and Abusive Lending Practices in Brokered and Purchased Loans--AL-2003-3?

  1. Have written agreements with third-party brokers that specifically and clearly address the rights and responsibilities of each party. Written agreements should
    1. Ensure that no inappropriate compensation exists
    2. Provide for indemnification to the bank
    3. Enable banks to exit the arrangement through a termination procedure
    4. Provide for the bank's and the OCC's ability to access all records of the third party and to audit the third party's operations
  2. Verify that brokers and originators have established policies to ensure that loans will comply with all applicable laws
  3. Establish an effective management information system to monitor the performance of third-party brokers and originators
  4. All of the above

Answer(s): D



Which of the following are recommended practices In Avoiding Predatory and Abusive Lending Practices in Brokered and Purchased Loans--AL-2003-3?

  1. Have written agreements with third-party brokers that specifically and clearly address the rights and responsibilities of each party. Written agreements should
    1. Ensure that no inappropriate compensation exists
    2. Provide for indemnification to the bank
    3. Enable banks to exit the arrangement through a termination procedure
    4. Provide for the bank's and the OCC's ability to access all records of the third party and to audit the third party's operations
  2. Verify that brokers and originators have established policies to ensure that loans will comply with all applicable laws
  3. Establish an effective management information system to monitor the performance of third-party brokers and originators
  4. All of the above

Answer(s): D






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