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ABA CRCM Practice Test - Questions Answers, Page 37

Question list

List of questions

Question 361

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The following statements make assertions about the collection and reporting of data on race, ethnicity, sex, and income. Which statement is false?

Question 362

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On which of these loans does First National have to report the interest rate spread on its HMDA LAR?

Question 363

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By what date must financial institutions submit their loan application registers to their federal supervisory agency?

Question 364

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Which of the following loans would First National report on its loan application register?

Question 365

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When must a bank make its mortgage loan disclosure statement available?

Question 366

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What information must be on the loan application registers for home loans on property located within the bank's metropolitan area?

Question 367

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How must most banks submit loan application registers to their federal supervisory agencies?

Question 368

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Which of the following is required to be reported on ABC Bank's HMDA LAR?

Question 369

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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 o

Question 370

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Which of the following loans or applications is EXCLUDED from HMDA reporting?

Related questions

Which of the following customers may be exempted under Phase II of the Bank Secrecy Act?

Martha Whitmire, the BSA Compliance Officer for First National Bank, is responsible for monitoring the bank's daily currency activity and wire transfers, for compliance with information retention and reporting requirements. Ms. Whitmire notices during her review on March 10 that, during the previous two weeks, a transaction occurred on the same account several times during the week. The activity appeared at one branch office as cash deposits in dollar amounts under the reporting thresholds. Ms. Whitmire discusses this activity with the branch manager and determines that this same deposit activity occurred several times during the previous six weeks. She then conducts a more extensive examination of the account's activity for several months and discovers that cash deposits were made at one branch office and purchases of bank cashiers checks were made by withdrawals from the same account at a different branch office. All withdrawals and purchases of cashier's checks were for the identical amount as the cash deposits.Which statement best describes Ms. Whitmire's responsibility?

Fastfood, InC. , a nationwide restaurant chain, opened an account at First National Bank last year. Fastfood is making daily deposits in amounts of $15,000 to $20,000. First National needs to determine if this company is an exempt person. What should the bank do first?

Banks must establish and maintain effective risk management and control processes over its DCCs and DSAs, including:

Bob's wife is HIV-positive due to a blood transfusion during an appendectomy 15 years ago. She is not yet sick, but takes medication to prevent the onset of AIDS. Bob occasionally needs to take time off from work to take her for testing at Johns Hopkins in Baltimore. Because of complaints about Bob's exposure to this disease, employees have asked HR to limit his contact with them and with customers. The bank has asked Bob not to eat in the lunchroom with the other employees and has placed Bob in a position where he has limited customer contact. Does this company have any potential ADA liability?

In April Lillian Redmond, the teller supervisor for First National Bank, discovers five counterfeit $20 bills in several teller drawers. In May and in June she discovers two additional counterfeit $20 bills. She has no knowledge of criminal activity on the part of any of the bank's employees or customers. She does not suspect any particular person in this transaction. Which of the following statements is true?

A financial institution may provide a customer with a short form initial notice at the same time as it delivers an opt-notice. The short form notice must:

What insurance disclosures are required in the lease disclosure statement?

The compliance program should address plans to verify adherence to applicable regulations through:

A compliance officer receives a call from a loan officer who asks for adv ice on what she should do with a stock certificate (1,437 shares of IBM) from a new loan customer who wants to pledge it in support of a loan that has been approved at your bank. What should the compliance officer tell her FIRST?

Question 361

The following statements make assertions about the collection and reporting of data on race, ethnicity, sex, and income. Which statement is false?

It must be requested on all HMDA-reportable applications received in person from natural persons.

It must be requested only for the loans where the application is taken in person.

It must be reported unless the loan was purchased.

It must be requested verbally on telephone applications.

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Question 362

On which of these loans does First National have to report the interest rate spread on its HMDA LAR?

A loan to remodel a 60-unit apartment complex

A loan to renovate a rental property

An unsecured loan to purchase an investment property

A home improvement loan secured by a principal dwelling

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Question 363

By what date must financial institutions submit their loan application registers to their federal supervisory agency?

March 31 of the year following the calendar year for which the data were compiled

March 1 of the year following the calendar year for which the data were compiled

February 1 of the year following the calendar year for which the data were compiled

April 1 of the year following the calendar year for which the data were compiled

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Question 364

Which of the following loans would First National report on its loan application register?

A refinancing of the balance of a home purchase loan made five years earlier, both loans will be secured by dwellings

A loan made to a couple, secured by their home, to pay for their children's education

A bridge loan made to a newly transferred executive of a local company

A loan made to construct a principal dwelling

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Question 365

When must a bank make its mortgage loan disclosure statement available?

Only when requested by its federal supervisory agency

At any time when requested by a member of the public

For 30 days following receipt of a request from its supervisory agency

On an ongoing basis, by posting it in the lobby of each branch

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Question 366

What information must be on the loan application registers for home loans on property located within the bank's metropolitan area?

The county, census tract, and metropolitan area of the property

The address, census tract, and metropolitan area of the property

The county, address, and fair market value of the property

The name, address, and metropolitan area of the applicant

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Question 367

How must most banks submit loan application registers to their federal supervisory agencies?

In machine-readable format

On the standard LAR form

In three copies with the required transmittal

In a separate package for each branch loan application

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Question 368

Which of the following is required to be reported on ABC Bank's HMDA LAR?

An application from Mr. Welch for a preapproval of a home purchase loan application that is approved by ABC in writing but not accepted by Mr. Welch

An application from Ms. Ensley for a preapproval of a temporary construction loan that is denied by ABC

An application from Mr. and Mrs. Rawlings for a preapproval of a home purchase loan application that is denied by ABC

An application from Ms. Connor for a home equity loan to be used to consolidate credit cards

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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?

The ethnicity of the applicants

The race of the applicants

The purpose of the loan application

The metropolitan area where the home will be located

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