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1
CRCM Questions and Answers (100% Correct
Answers) Already Graded A+
If an advertisement for a lender's mortgage loan product states that "we
offer 15 and 30-year loans," what additional disclosures are required by
Regula
tion Z?
© 2026 Assignment Expert
A. The terms of repayment, amount of the down payment (in a credit
sale), and the APR
Guru01 - Stuvia
If an advertisement for a lender's mortgage loan product states that "we
offer 15 and 30-year loans," what additional disclosures are required by
Regulation Z? A. The terms of repayment, amount of the down payment
(in a credit sale), and the APR
B. The APR and an example based on a $10,000 purchase price
C. The monthly payment amount based on a $10,000 purchase price
and a maturity recently offered by the bank
D. No additional disclosures are required Ans: The correct answer is a.
1026.24(d)(1) and (2) Outline IV F(6) If any triggering terms are used
(including the amount or percentage of the down payment), then the
APR and terms of repayment and the amount or percentage of the
down payment must also be disclosed.
First National Bank agreed to make a rescindable closed-end home
improvement loan to Mr. and Mrs. Smith. The Notice of the Right to
,For Expert help and assignment handling,
2
Rescind was given to the Smiths on Tuesday at the closing of the loan
along with the material disclosures. The Smiths purchased a title policy
and paid for a property appraisal for the bank in connection with the
transaction. A lien was filed against the Smiths' home on Tuesday
afternoon. The bank funded the loan on Friday morning at the request of
Mr. Smith by crediting the Smiths' joint checking account with the loan
proceeds. On Friday afternoon Mrs. Smith has a change of heart
concerning the transaction and deposits a rescission notice in the mail to
the bank. The bank receives the notice on Tuesday morning. All funds
have been withdrawn from the account. What should the bank do?
© 2026 Assignment Expert
A. Notify the Smiths that the loan proceeds are immediately due and
payable and that once the funds are Ans: The correct answer is b. 12
CFR 1026.23(d)
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Outline IV D(6)
If the consumer rescinds before midnight of the third business day after
the later of (1) consummation, (2) receipt of the notice of the right to
rescind, or (3) the receipt of the material disclosures, the rescission is
effective. In this case, the last day to rescind would have been Friday at
midnight. Therefore, Mrs. Smith's rescission notice was effective, and the
transaction was properly rescinded. Once a transaction is rescinded, the
creditor must release any lien within 20 days and tender to the consumer
any amounts paid in connection with the transaction, even though the
money may not have represented profit to the creditor. In this case, the
cost of the title policy and appraisal would have to be refunded by the
bank. Once the creditor has fulfilled these responsibilities, the consumer
must tender any funds advanced to him or her. The bank should have
been careful not to fund the loan until it was reasonably sure the
borrowers had not rescinded it. What should the bank do?
,For Expert help and assignment handling,
3
On Monday, ABC Bank received a written application from the Browns
for a loan to purchase their home. Later that day ABC mailed the Browns
their early TILA disclosures. On what day may ABC debit the Browns'
account for an application fee?
A. Tuesday
B. Wednesday
© 2026 Assignment Expert
C. Thursday
D. Friday Ans: The correct answer is c. 12 CFR 1026.19(e)(2)(i)
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Outline IV A(1)(e)(viii)
For how long must a lender retain evidence of compliance with the Truth
in Lending Act?
A. One year following consummation of the transaction for all
transactions
B. Twenty-five months from the date of the application, except for
mortgages, which have a five year retention requirement
C. Six months from the date the loan is repaid, except for mortgages,
which have a five year retention requirement
D. Two years after the disclosures are required to be made, except for
mortgages, which have a five-year retention requirement
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4
State National Bank is making a loan to the ACME Corporation to be
secured by ACME's manufacturing plant. The bank's loan is for $250,000.
The appraised value of the plant is $750,000. The maximum amount of
flood insurance available for a commercial building is $500,000. What is
the least amount of flood insurance the bank must require under the
flood regulation?
A. $250,000
B. $750,000
© 2026 Assignment Expert
C. $500,000
Guru01 - Stuvia
D. None of the Above Ans: The correct answer is a. 12 CFR 208.25(c) and
(g), 12 CFR 22.3 and 22.7, 12 CFR 339.3 and 339.7, and 12 CFR 172.3 and
172.7 Outline II E2
When is the purchase of flood insurance required on or before loan
closing?
A. Construction mortgage loan is to be secured by a single family
dwelling in a participating community
B. Conventional mortgage loan is to be secured by an attached mobile
home in a special flood hazard area of a nonparticipating community.
C. Conventional mortgage loan is to be secured by a vacant lot
located in a special flood hazard area of a participating community.
D. Business mortgage loan is to be secured by a commercial building
located in a special flood hazard area of a participating community.
1
CRCM Questions and Answers (100% Correct
Answers) Already Graded A+
If an advertisement for a lender's mortgage loan product states that "we
offer 15 and 30-year loans," what additional disclosures are required by
Regula
tion Z?
© 2026 Assignment Expert
A. The terms of repayment, amount of the down payment (in a credit
sale), and the APR
Guru01 - Stuvia
If an advertisement for a lender's mortgage loan product states that "we
offer 15 and 30-year loans," what additional disclosures are required by
Regulation Z? A. The terms of repayment, amount of the down payment
(in a credit sale), and the APR
B. The APR and an example based on a $10,000 purchase price
C. The monthly payment amount based on a $10,000 purchase price
and a maturity recently offered by the bank
D. No additional disclosures are required Ans: The correct answer is a.
1026.24(d)(1) and (2) Outline IV F(6) If any triggering terms are used
(including the amount or percentage of the down payment), then the
APR and terms of repayment and the amount or percentage of the
down payment must also be disclosed.
First National Bank agreed to make a rescindable closed-end home
improvement loan to Mr. and Mrs. Smith. The Notice of the Right to
,For Expert help and assignment handling,
2
Rescind was given to the Smiths on Tuesday at the closing of the loan
along with the material disclosures. The Smiths purchased a title policy
and paid for a property appraisal for the bank in connection with the
transaction. A lien was filed against the Smiths' home on Tuesday
afternoon. The bank funded the loan on Friday morning at the request of
Mr. Smith by crediting the Smiths' joint checking account with the loan
proceeds. On Friday afternoon Mrs. Smith has a change of heart
concerning the transaction and deposits a rescission notice in the mail to
the bank. The bank receives the notice on Tuesday morning. All funds
have been withdrawn from the account. What should the bank do?
© 2026 Assignment Expert
A. Notify the Smiths that the loan proceeds are immediately due and
payable and that once the funds are Ans: The correct answer is b. 12
CFR 1026.23(d)
Guru01 - Stuvia
Outline IV D(6)
If the consumer rescinds before midnight of the third business day after
the later of (1) consummation, (2) receipt of the notice of the right to
rescind, or (3) the receipt of the material disclosures, the rescission is
effective. In this case, the last day to rescind would have been Friday at
midnight. Therefore, Mrs. Smith's rescission notice was effective, and the
transaction was properly rescinded. Once a transaction is rescinded, the
creditor must release any lien within 20 days and tender to the consumer
any amounts paid in connection with the transaction, even though the
money may not have represented profit to the creditor. In this case, the
cost of the title policy and appraisal would have to be refunded by the
bank. Once the creditor has fulfilled these responsibilities, the consumer
must tender any funds advanced to him or her. The bank should have
been careful not to fund the loan until it was reasonably sure the
borrowers had not rescinded it. What should the bank do?
,For Expert help and assignment handling,
3
On Monday, ABC Bank received a written application from the Browns
for a loan to purchase their home. Later that day ABC mailed the Browns
their early TILA disclosures. On what day may ABC debit the Browns'
account for an application fee?
A. Tuesday
B. Wednesday
© 2026 Assignment Expert
C. Thursday
D. Friday Ans: The correct answer is c. 12 CFR 1026.19(e)(2)(i)
Guru01 - Stuvia
Outline IV A(1)(e)(viii)
For how long must a lender retain evidence of compliance with the Truth
in Lending Act?
A. One year following consummation of the transaction for all
transactions
B. Twenty-five months from the date of the application, except for
mortgages, which have a five year retention requirement
C. Six months from the date the loan is repaid, except for mortgages,
which have a five year retention requirement
D. Two years after the disclosures are required to be made, except for
mortgages, which have a five-year retention requirement
, For Expert help and assignment handling,
4
State National Bank is making a loan to the ACME Corporation to be
secured by ACME's manufacturing plant. The bank's loan is for $250,000.
The appraised value of the plant is $750,000. The maximum amount of
flood insurance available for a commercial building is $500,000. What is
the least amount of flood insurance the bank must require under the
flood regulation?
A. $250,000
B. $750,000
© 2026 Assignment Expert
C. $500,000
Guru01 - Stuvia
D. None of the Above Ans: The correct answer is a. 12 CFR 208.25(c) and
(g), 12 CFR 22.3 and 22.7, 12 CFR 339.3 and 339.7, and 12 CFR 172.3 and
172.7 Outline II E2
When is the purchase of flood insurance required on or before loan
closing?
A. Construction mortgage loan is to be secured by a single family
dwelling in a participating community
B. Conventional mortgage loan is to be secured by an attached mobile
home in a special flood hazard area of a nonparticipating community.
C. Conventional mortgage loan is to be secured by a vacant lot
located in a special flood hazard area of a participating community.
D. Business mortgage loan is to be secured by a commercial building
located in a special flood hazard area of a participating community.
