CRCM Certified Regulatory Compliance Manager MCQ 3

Question 1

Under the Real Estate Settlement Procedures Act (RESPA), which section prohibits kickbacks and unearned fees in connection with federally related mortgage loans?

Accepted Answer

Section 8

Answer

RESPA Section 8 prohibits giving or accepting fees, kickbacks, or anything of value in exchange for referrals of settlement service business.

Question 2

The Military Lending Act (MLA) caps the Military Annual Percentage Rate (MAPR) for covered loans to active-duty servicemembers at:

Accepted Answer

36%

Answer

The MLA imposes a 36% MAPR cap on consumer credit extended to covered active-duty servicemembers and their dependents.

Question 3

Which of the following is NOT a required element of an effective compliance management system (CMS) as described by the CFPB?

Accepted Answer

Annual third-party vendor audits

Answer

The CFPB's four CMS elements are board/management oversight, compliance program, consumer complaint response, and compliance audit — not specifically annual third-party vendor audits.

Question 4

Under the Home Mortgage Disclosure Act (HMDA), which type of institution is generally required to report HMDA data?

Accepted Answer

Depository institutions meeting asset and loan volume thresholds in metropolitan statistical areas

Answer

HMDA coverage depends on asset size, loan volume thresholds, and geographic location in or near an MSA for depository institutions.

Question 5

A compliance officer at a credit union is reviewing a member's loan file and finds no documentation of income verification. This most likely violates which regulatory requirement?

Accepted Answer

Ability-to-Repay (ATR) rule under Regulation Z

Answer

The ATR rule requires lenders to make a reasonable, good-faith determination of the consumer's ability to repay based on verified income and other financial information.

CRCM - Certified Regulatory Compliance Manager Practice Test

CRCM - Certified Regulatory Compliance Manager Practice Test

CRCM Certified Regulatory Compliance Manager MCQ 3