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CRCM Practice Test 1 & 2 Questions With Correctly Solved Solutions.

Traditional Mortgage 30 year fixed rate (mortgage) Balloon Payment A final payment of a mortgage loan that is considerably larger than the required periodic payments because the loan amount was not fully amortized. Federal Deposit Insurance Corporation Created to protect borrowers deposits Federal Housing Administration Created to reassure lenders in cases of borrower defaults Mortgage Backed Securities (MBS) a type of asset-backed security (investment) that is s...

CRCM PRACTICE TEST 1&2 Questions with Correctly Solved Solutions.CRCM PRACTICE TEST 1&2 Questions with Correctly Solved Solutions.CRCM PRACTICE TEST 1&2 Questions with Correctly Solved Solutions.CRCM PRACTICE TEST 1&2 Questions with Correctly Solved Solutions.CRCM PRACTICE TEST 1&2 Questions with Correctly Solved Solutions.CRCM PRACTICE TEST 1&2 Questions with Correctly Solved Solutions.CRCM PRACTICE TEST 1&2 Questions with Correctly Solved Solutions.CRCM PRACTICE TEST 1&2 Questions with ...

APRP Questions with complete solutions 2023Preventive Control A mitigating technique designated to prevent an event from occurring. Incident Response Plan A plan that defines the action steps, involved resources and communication strategy upon identification of a threat or potential threat event, such as a breach in security protocol, power or telecomunnications outage, severe weather or workplace violence. Control Self-Assessment A technique used to internally assess the effect...

According to the FDCPA only, in a community property state, you may speak with the consumer's spouse in connection with the collection of a debt. (T/F)? - ANSWER-TRUE- can always speak with spouse in a community property state In a non-community property state, you may speak with the consumer's spouse in connection with the collection of a debt. (T/F)? - ANSWER-FALSE FALSE- If they are requesting validation we can't use against them in court - ANSWER-If the consumer fails to dispute the...

APRP Questions with correct Answers 2023 Preventive Control A mitigating technique designated to prevent an event from occurring. Incident Response Plan A plan that defines the action steps, involved resources and communication strategy upon identification of a threat or potential threat event, such as a breach in security protocol, power or telecomunnications outage, severe weather or workplace violence. Control Self-Assessment A technique used to internally assess the effecti...

APRP-Exam Questions with correct Answers 2023 Prepaid/Stored Value Card A card-based payment system that assigns a value to the card; some cards can be "reloaded"through various methods and the others are designed to be discarded. Credit card A card indicating the holder has been granted a line of credit to make purchases or withdraw cash up to a prearranged ceiling. Debit card A payment card issued to a person for purchasing goods and services through an electronic transfer ...

A financial institution offers residential loans. After reading a new regulation that expands HOEPA coverage, the compliance officer analyzes the institution's lending portfolio and determines that no existing loans are covered. The compliance officer should NEXT _______ a. advise management to sell that portion of the mortgage portfolio. b. incorporate the new HOEPA triggers into existing training and procedures. c. purchase new software that identifies HOEPA covered loans. d. draft a po...

In which of the following situations is a bank required by federal regulation to verify and record the identity of the customer? a. An established customer asks to withdraw $5,000 from his checking account and asks that the withdrawal be issued in the form of a cashier's check b. An established customer purchases $2,000 worth of traveler's checks using cash to pay for the purchase c. An individual uses cash to purchase traveler's checks totaling $2,000 and, at the same time, uses cash to p...

UNFAIR, DECEPTIVE, OR ABUSIVE ACTS OR PRACTICES (UDAAP) QUESTION AND ANSWER