MENU
A financial institution opens a mortgage loan for a customer. During a subsequent internal review of the loan, it was noted that the appraisal used to support the loan was performed by an appraiser who was not on the institution's approved appraiser list. This exception was approved by the senior loan underwriter. The reviewer, who had examined other loans from the same general area, noted that the value on the loan appeared significantly higher than on other comparable properties. Which of the following should the anti-money laundering specialist recommend next?
Suggested Answer: C
Get Premium CAMS Questions
as Interactive Web-Based Practice Test or PDF
Real Exam Format
Detailed Explanations
Instant Access
Get Your Practice Test
35 comments · newest first
LA
Laurena
11 months ago
Training the appraiser? Really? That feels like a band-aid solution.
VI
Vincenza
11 months ago
Documenting the actions seems like the safest bet here.
PE
Peter
11 months ago
Wait, how did the appraiser get approved if they weren't on the list?
DE
Derick
12 months ago
Definitely should alert law enforcement. Too many red flags!
LA
Lai
1 year ago
Sounds like a major oversight on the underwriter's part.
JA
Jacklyn
1 year ago
Training the appraiser seems like a good idea, but I wonder if it addresses the immediate concerns about the appraisal's validity.
ST
Stevie
1 year ago
I think documenting the underwriter's actions is crucial before filing a suspicious transaction report, but I can't recall if that's the only thing we should do.
RO
Rory
1 year ago
This situation feels similar to a practice question we did on loan reviews; I think alerting law enforcement might be too drastic without more evidence.
RE
Reena
1 year ago
I remember we discussed the importance of verifying appraiser credentials, but I'm not sure if that's the best next step here.
WI
Willard
1 year ago
I'm a bit confused on whether we should alert law enforcement right away or try to gather more information first. The question doesn't provide a lot of context, so I'm not sure which option would be the best initial recommendation.
CA
Carla
1 year ago
Hmm, the fact that the appraiser wasn't on the approved list and the value was significantly higher than other comparable properties is definitely concerning. I'd want to dig deeper into the underwriter's actions and decision-making process.
JE
Jeannetta
1 year ago
This seems like a tricky one. I'd want to carefully review the details and consider the potential red flags before deciding on the best next step.
LA
Laine
1 year ago
Okay, I think the key here is to document the underwriter's actions and then file a suspicious transaction report. That seems like the most prudent approach to address any potential money laundering concerns.
PE
Pearline
1 year ago
Context Rules should run first, since they're more basic and fundamental to the product's behavior.
BO
Bobbye
1 year ago
Wait, I'm a little confused. Do I need to import the entire module or just the specific function? I'll have to think this through step-by-step to make sure I get the right approach.
GR
Graciela
2 years ago
Hold on, are we sure the underwriter wasn't just trying to get their hands on some free real estate? Option C seems like the safest bet to investigate further without jumping to conclusions.
ST
Stephaine
1 year ago
D: Training the appraiser on anti-money laundering could also help prevent similar issues in the future.
GL
Glynda
1 year ago
C: I think we should also determine whether the appraiser's license is valid to ensure compliance.
ET
Ethan
1 year ago
C: Once we have all the documentation, we can decide on the best course of action to take.
FR
Franklyn
1 year ago
B: Yeah, it's important to have all the facts before making any accusations.
DO
Donette
1 year ago
B: I agree, we need to gather all the necessary information before making any accusations.
SA
Santos
1 year ago
A: Let's document the underwriter's actions first before taking any further steps.
SH
Shad
1 year ago
A: I agree, documenting the underwriter's actions first is a good idea before taking further steps.
JU
Julianna
2 years ago
Ah, the age-old conundrum of the underwriter and the appraiser. I think option D is a bit like trying to teach a cat to bark - the appraiser's probably not the root of the issue here.
LA
Lashunda
2 years ago
Ooh, the plot thickens! I'd be a bit skeptical of option B - alerting the local law enforcement seems a bit extreme without more concrete evidence. Let's keep our cool and follow the proper procedures.
MO
Mose
1 year ago
C) Document the underwriter's actions prior to filing a suspicious transaction report.
RA
Raymon
2 years ago
A) Determine whether the loan underwriter reviewed the appraiser's license for validity.
DA
Daisy
2 years ago
I think documenting the underwriter's actions is also necessary before filing a report.
LA
Laila
2 years ago
Hmm, this seems like a tricky situation. I'd recommend going with option C - document the underwriter's actions before filing a suspicious transaction report. That way, we have a paper trail to support any potential follow-up actions.
SH
Sherita
1 year ago
Yes, it's always best to have all the necessary documentation in place before proceeding.
HE
Helene
2 years ago
I think that would provide a solid foundation for any potential investigation.
JO
Joseph
2 years ago
It's important to have a clear record of what happened before taking further steps.
NO
Noah
2 years ago
I agree, documenting the underwriter's actions is crucial in this situation.
MA
Marta
2 years ago
I agree with Leila, checking the appraiser's license is important.
LE
Leila
2 years ago
I think we should determine if the appraiser's license is valid.