QUESTION: 89

A bank has a large mortgage department as well as a high HMDA error rate. An expensive software program could automate the process, but the business unit manager does not want to purchase the software because of its expense. Though it is not as efficient, the manager prefers to make some improvements to the manual process, add some more robust monitoring procedures, and opt not to purchase the software. What should the compliance professional do?

Elevate the issue to a higher authority to force the mortgage department unit to purchase the software
Nothing; the compliance professional's job is done with the completed research
Document the fact that the level of risk present with manual systems is acceptable to the mortgage department business unit
Write a memo to the president of the bank that explains the risk assessment for this area

Answer(s): C

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QUESTION: 89

A bank has a large mortgage department as well as a high HMDA error rate. An expensive software program could automate the process, but the business unit manager does not want to purchase the software because of its expense. Though it is not as efficient, the manager prefers to make some improvements to the manual process, add some more robust monitoring procedures, and opt not to purchase the software. What should the compliance professional do?

Elevate the issue to a higher authority to force the mortgage department unit to purchase the software
Nothing; the compliance professional's job is done with the completed research
Document the fact that the level of risk present with manual systems is acceptable to the mortgage department business unit
Write a memo to the president of the bank that explains the risk assessment for this area

Answer(s): C

Reveal Solution Next Question

QUESTION: 90

The federal banking agencies have proposed an amendment to Regulation Z that would require a new early disclosure statement for loans secured by the borrower's principal dwelling. After reading the proposed change, what should the compliance professional do FIRST?

Establish a task force to study the proposed rule.
Contact the bank's platform software vendor to determine whether it will be ready for the change NOTES
Prepare a summary document that outlines the effects the proposed rule would have on the bank's operations
Train bank staff on the new rule

Answer(s): C

Reveal Solution Next Question

QUESTION: 90

The federal banking agencies have proposed an amendment to Regulation Z that would require a new early disclosure statement for loans secured by the borrower's principal dwelling. After reading the proposed change, what should the compliance professional do FIRST?

Establish a task force to study the proposed rule.
Contact the bank's platform software vendor to determine whether it will be ready for the change NOTES
Prepare a summary document that outlines the effects the proposed rule would have on the bank's operations
Train bank staff on the new rule

Answer(s): C

Reveal Solution Next Question

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QUESTION: 89

QUESTION: 89

QUESTION: 90

QUESTION: 90

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