American Bankers Association Exam CRCM Topic 9 Question 92 Discussion

Actual exam question for American Bankers Association's CRCM exam

Question #: 92
Topic #: 9

[All CRCM Questions]

John and Elise Fernandez apply to ABC Bank for a loan to purchase a manufactured home. ABC Bank is a community bank with approximately $100 million in assets, and the home would be located outside of the bank's metropolitan are a. Mr. and Mrs. Fernandez complete an in-person application for a mobile home that is denied by the bank due to insufficient income. Which piece of information on the Fernandez application is ABC Bank NOT required to report on its HMDA LAR?

AThe ethnicity of the applicants

BThe race of the applicants

CThe purpose of the loan application

DThe metropolitan area where the home will be located

Show Suggested Answer

Suggested Answer: A

by Crissy at Jul 07, 2024, 09:22 PM

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Ronald

2 months ago

This question is making me hungry. I could really go for a nice manufactured home with a side of HMDA reporting. Maybe John and Elise can share their leftovers if the bank denies their loan.

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Colette

22 days ago

I hope John and Elise can find another way to purchase their manufactured home.

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Whitley

24 days ago

They might not have to report the metropolitan area where the home will be located.

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Chauncey

25 days ago

I wonder if the bank will report the purpose of the loan application.

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Angelo

2 months ago

Wait, wait, wait. Isn't the answer C) The purpose of the loan application? I mean, who needs to report on that when the loan was denied anyway? The bank should just focus on the important stuff.

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Leoma

2 months ago

Haha, this question is a piece of cake! The answer is obviously B) The race of the applicants. Everybody knows HMDA only cares about the home's location, not the applicants' personal details.

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Dacia

2 months ago

I'm pretty sure it's A) The ethnicity of the applicants. HMDA reporting doesn't cover that, right? The bank is only required to report on race and not ethnicity.

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Lilli

13 days ago

Yes, banks are required to report the purpose of the loan application on their HMDA LAR.

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Felicitas

20 days ago

C) The purpose of the loan application

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Joni

1 months ago

That's correct. HMDA reporting only requires banks to report on the race of the applicants, not their ethnicity.

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Steffanie

1 months ago

A) The ethnicity of the applicants

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Paulene

3 months ago

The correct answer is D) The metropolitan area where the home will be located. That information is not required for HMDA reporting since the home is located outside the bank's metropolitan area.

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