QUESTION: 77

In Processing and evaluating applications--12 CFR 202.6, protected income part is also under discussion. Which of the following considerations is NOT its part?

Public assistance income may not consider whether an applicant's income is from a public assistance source
Public assistance income may consider as it relates to another pertinent element of creditworthiness
May consider length of time public assistance income will be received, whether the applicant will continue to qualify for the income, and whether the income can be garnished
Can discount or refuse to consider the following:
Part-time income
Annuities
Pensions
Retirement benefits
Alimony, child support, and separate maintenance payments to the extent they are likely to be consistently made

Answer(s): D

Reveal Solution Next Question

QUESTION: 77

In Processing and evaluating applications--12 CFR 202.6, protected income part is also under discussion. Which of the following considerations is NOT its part?

Public assistance income may not consider whether an applicant's income is from a public assistance source
Public assistance income may consider as it relates to another pertinent element of creditworthiness
May consider length of time public assistance income will be received, whether the applicant will continue to qualify for the income, and whether the income can be garnished
Can discount or refuse to consider the following:
Part-time income
Annuities
Pensions
Retirement benefits
Alimony, child support, and separate maintenance payments to the extent they are likely to be consistently made

Answer(s): D

Reveal Solution Next Question

QUESTION: 78

Credit scoring systems:

Evaluate an applicant's creditworthiness mechanically, based on key attributes of the applicant and aspects of the transaction, and determine, alone or in conjunction with an evaluation of additional information about the applicant, whether an applicant is deemed creditworthy
Are evaluated by regulatory agencies to determine whether they are empirically derived and statistically sound and to examine:
The bank's policies on the use of the credit scoring system Training of bank employees on the use of the system The number of high-side and low-side overrides of the system
Both of these
None of these

Answer(s): C

Reveal Solution Next Question

QUESTION: 78

Credit scoring systems:

Evaluate an applicant's creditworthiness mechanically, based on key attributes of the applicant and aspects of the transaction, and determine, alone or in conjunction with an evaluation of additional information about the applicant, whether an applicant is deemed creditworthy
Are evaluated by regulatory agencies to determine whether they are empirically derived and statistically sound and to examine:
The bank's policies on the use of the credit scoring system Training of bank employees on the use of the system The number of high-side and low-side overrides of the system
Both of these
None of these

Answer(s): C

Reveal Solution Next Question

Free CRCM Exam Braindumps (page: 59)

QUESTION: 77

QUESTION: 77

QUESTION: 78

QUESTION: 78

CRCM Discussions & Posts