Acams Exam CAMS Topic 1 Question 72 Discussion

Actual exam question for Acams's CAMS exam

Question #: 72
Topic #: 1

[All CAMS Questions]

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?

ADetermine whether the loan underwriter reviewed the appraiser's license for validity.

BAlert local law enforcement regarding a potential collusive relationship between the un-derwriter and appraiser.

CDocument the underwriter's actions prior to filing a suspicious transaction report.

DTrain the appraiser on anti-money laundering compliance for high-end real estate loans.

Show Suggested Answer

Suggested Answer: C

by Dorothy at Apr 25, 2024, 09:27 PM

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Graciela

1 months 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.

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Donette

8 days ago

B: I agree, we need to gather all the necessary information before making any accusations.

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Santos

16 days ago

A: Let's document the underwriter's actions first before taking any further steps.

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Shad

28 days ago

A: I agree, documenting the underwriter's actions first is a good idea before taking further steps.

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Julianna

1 months 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.

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Lashunda

2 months 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.

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Mose

28 days ago

C) Document the underwriter's actions prior to filing a suspicious transaction report.

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Raymon

1 months ago

A) Determine whether the loan underwriter reviewed the appraiser's license for validity.

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Daisy

2 months ago

I think documenting the underwriter's actions is also necessary before filing a report.

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Laila

2 months 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.

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