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ABA CRCM Practice Test - Questions Answers, Page 17

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Question 161

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Robin Martin made an individual application to the bank for a car loan. She has just returned to work on a regular basis because she was a full-time homemaker until recently, when her last child entered school. The loan officer would like to ask her about her husbanD. Under what circumstances can the officer ask Robin about her husband?

The creditor believes the spouse's signature will make the applicant more creditworthy.
The creditor believes the spouse's signature will make the applicant more creditworthy.
The applicant is married.
The applicant is married.
The applicant resides in a community property state.
The applicant resides in a community property state.
The applicant's credit reports indicate that the spouse is a better credit risk.
The applicant's credit reports indicate that the spouse is a better credit risk.
Suggested answer: C
asked 16/09/2024
Naeem Navaid Shaikh
45 questions

Question 162

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Bob Richardson has had three loan applicants this morning:

* Heather Smith, age 17, who needs a car loan for $9,500 for 3 years

* John Bako, age 42, who would like a stock loan for $15,000 for 1 year

* Maynard Williams, age 70, recently retired, who needs a $50,000 home improvement loan for 12 years Bob's bank uses a judgmental credit evaluation system. For which of these applications is Bob able to consider the age of the applicant as a factor in the decision making process?

All of them
All of them
None of them
None of them
Only Mr. Williams
Only Mr. Williams
Mr. Williams and Ms. Smith
Mr. Williams and Ms. Smith
Suggested answer: D
asked 16/09/2024
Emanuel Sifuentes
47 questions

Question 163

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What may a creditor do if an applicant applies for individual unsecured credit?

A creditor may never require the signature of another person.
A creditor may never require the signature of another person.
A creditor may ask for the signature of the applicant's spouse if the applicant is not creditworthy.
A creditor may ask for the signature of the applicant's spouse if the applicant is not creditworthy.
A creditor may require another signature if the applicant relies on jointly owned property to establish creditworthiness.
A creditor may require another signature if the applicant relies on jointly owned property to establish creditworthiness.
A creditor may ask the applicant to withdraw the application if it does not meet the creditor's credit standards.
A creditor may ask the applicant to withdraw the application if it does not meet the creditor's credit standards.
Suggested answer: C
asked 16/09/2024
Bartosz Szewczyk
41 questions

Question 164

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Cassandra Phillips requested a loan to purchase a boat. She asked for $15,000 at 7.5 percent for seven years. The bank considered her request but decided, considering her income and credit history, the best offer of credit the bank could make was $10,000 at 8.25 percent for five years. Rhonda Mays, the loan officer, wrote a letter, setting forth the terms the bank could offer. The letter was mailed on July 1. Ms. Phillips received the letter and began to look elsewhere for a loan on the terms and conditions she wanted. Does the bank have any additional responsibility to Ms. Phillips?

No. Because the bank made the offer of a loan, there is no further responsibility.
No. Because the bank made the offer of a loan, there is no further responsibility.
No. Because the customer decided to look elsewhere, there is no further responsibility.
No. Because the customer decided to look elsewhere, there is no further responsibility.
Yes. The bank must follow up with a phone call to determine if Ms. Phillips is still interested.
Yes. The bank must follow up with a phone call to determine if Ms. Phillips is still interested.
Yes. The bank must send an adverse action notice because Ms. Phillips did not take the bank's counteroffer.
Yes. The bank must send an adverse action notice because Ms. Phillips did not take the bank's counteroffer.
Suggested answer: D
asked 16/09/2024
Laimonas Mulys
48 questions

Question 165

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What may a creditor do in response to an application for credit from a business with gross revenues of $1 million or less?

Give a disclosure of the applicant's right to receive a statement of reasons at the time of the application instead of at the time of the adverse action
Give a disclosure of the applicant's right to receive a statement of reasons at the time of the application instead of at the time of the adverse action
Mention adverse action notices only if requested by the applicant
Mention adverse action notices only if requested by the applicant
Omit the ECOA statement on all notices NOTES
Omit the ECOA statement on all notices NOTES
Provide only the ECOA statement to the applicant
Provide only the ECOA statement to the applicant
Suggested answer: A
asked 16/09/2024
JP Pelovello
54 questions

Question 166

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What may a creditor do when furnishing credit information?

May designate accounts in any manner that is convenient and reasonable
May designate accounts in any manner that is convenient and reasonable
Must designate accounts as specified by the parties
Must designate accounts as specified by the parties
Must designate accounts to show participation by both spouses if both are liable
Must designate accounts to show participation by both spouses if both are liable
Must designate accounts to show all parties, including guarantors
Must designate accounts to show all parties, including guarantors
Suggested answer: C
asked 16/09/2024
Fatawu Musah
38 questions

Question 167

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ABC Bank has an interactive Internet Web site at which it takes consumer credit applications. At the time an applicant completes an application on the Web site and submits it, the applicant also is asked for his or her email address. If the application is denied, ABC sends an adverse action notice to the applicant's email address listed on the application. Using this procedure, what is ABC Bank's responsibility?

Post the notice on its Web site also
Post the notice on its Web site also
Send a paper notice by regular mail also
Send a paper notice by regular mail also
Use a credit scoring system
Use a credit scoring system
Obtain the applicant's affirmative consent before sending the notice
Obtain the applicant's affirmative consent before sending the notice
Suggested answer: D
asked 16/09/2024
Ahmed Khan
48 questions

Question 168

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ACME Bank is a state nonmember bank with all of its offices in one state.However, it also has an Internet Web site where it advertises consumer credit and accepts applications from a five-state regional are A. Two of the states are community property states. The other three are not. What is the best explanation for what ACME bank's management should do to comply with the FDIC ECOA spousal signature guidance?

Because ACME has all of its offices within one state, it only has to be knowledgeable of the legal requirements of that state regarding spousal property rights and can apply those laws to all of its operations.
Because ACME has all of its offices within one state, it only has to be knowledgeable of the legal requirements of that state regarding spousal property rights and can apply those laws to all of its operations.
ACME must become familiar with the laws of each of the five states and ask for spouse signatures only when appropriate under the law.
ACME must become familiar with the laws of each of the five states and ask for spouse signatures only when appropriate under the law.
ACME can choose any of the state laws where it operates to apply to its consumer lending operations.
ACME can choose any of the state laws where it operates to apply to its consumer lending operations.
ACME should make only business-purpose loans to avoid the spousal signature rules.
ACME should make only business-purpose loans to avoid the spousal signature rules.
Suggested answer: B
asked 16/09/2024
Mitchell Mansfield
33 questions

Question 169

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Hector Martinez is a loan officer in a non-community property state. He receives a verbal request for a small business working capital loan from Leon Rogers for his technology consulting business. The business is a sole proprietorship. Mr. Rogers gives Hector a written business plan for his business, a financial statement for the business for the past two years, and a personal financial statement that includes information on himself and his wife. Can Hector assume that the application is a joint application from Mr. Rogers and his wife?

Yes. Because the financial statement is signed by both Mr. and Mrs. Rogers and includes joint information, the application can be considered to be from both spouses.
Yes. Because the financial statement is signed by both Mr. and Mrs. Rogers and includes joint information, the application can be considered to be from both spouses.
Yes. Because the business is a sole proprietorship, the spouse's financial information is important.
Yes. Because the business is a sole proprietorship, the spouse's financial information is important.
No. The bank cannot assume the application is a joint one simply on the basis of submission of joint financial information.
No. The bank cannot assume the application is a joint one simply on the basis of submission of joint financial information.
No. Because the business is a sole proprietorship, the bank should assume the application is for individual credit.
No. Because the business is a sole proprietorship, the bank should assume the application is for individual credit.
Suggested answer: C
asked 16/09/2024
jitendra makwana
41 questions

Question 170

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Regulation B defines ''elderly'' as having attained an age of how many years?

55
55
59
59
62
62
70
70
Suggested answer: C
asked 16/09/2024
Padraig Walsh
38 questions
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