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American Bankers Association Exam CRCM Topic 4 Question 83 Discussion

Actual exam question for American Bankers Association's CRCM exam
Question #: 83
Topic #: 4
[All CRCM Questions]

Which of the following are recommended practices In Avoiding Predatory and Abusive Lending Practices in Brokered and Purchased Loans---AL-2003-3?

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Suggested Answer: A

by Helene at Mar 16, 2024, 11:19 PM

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Devora
16 days ago
I wonder if the OCC audits banks that don't follow these practices. Probably not a risk worth taking!
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Marti
1 days ago
A) Have written agreements with third-party brokers that specifically and clearly address the rights and responsibilities of each party. Written agreements should ensure that no inappropriate compensation exists, provide for indemnification to the bank, enable banks to exit the arrangement through a termination procedure, and provide for the bank's and the OCC's ability to access all records of the third party and to audit the third party's operations.
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Yvette
25 days ago
Option B is a no-brainer. Verifying broker compliance is just common sense.
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Reed
26 days ago
Haha, I'm just hoping I don't end up like the sub-prime mortgage lenders. Gotta make sure we follow all the rules!
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Keena
1 months ago
I think option A is the most important. Having clear written agreements is crucial to protect the bank's interests.
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Merrilee
10 days ago
User 1: I agree, having clear written agreements is key to avoid issues.
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Marshall
27 days ago
User 1: I agree, having written agreements with third-party brokers is essential.
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Torie
2 months ago
Definitely option D. That covers all the key practices recommended in the guidance to avoid predatory lending.
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Minna
16 days ago
User 4: Establishing a management information system can help monitor and ensure the performance of third-party brokers.
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Aimee
19 days ago
User 3: Verifying that brokers comply with laws is also important to prevent predatory lending.
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Cathrine
24 days ago
User 2: Agreed, having written agreements with clear terms is crucial in avoiding abusive lending practices.
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Nydia
1 months ago
User 1: Definitely option D. That covers all the key practices recommended in the guidance to avoid predatory lending.
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Dominga
2 months ago
I'm not sure about D. I think B) Verify that brokers and originators have established policies is also important to ensure compliance.
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Becky
2 months ago
I agree with Sage. Having written agreements and monitoring performance are crucial in avoiding predatory lending practices.
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Sage
2 months ago
I think the answer is D) All of the above. It makes sense to have written agreements, verify compliance with laws, and monitor performance.
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