CRCM Exam 2025/2026 Exam Questions
and Detailed Answers | Get it 100%
Correct Answers
Regulation B—Applicant - 🧠ANSWER ✔✔An applicant is any person who
asks for or receives credit from a creditor. The term includes any person
who is or may become contractually liable for an extension of credit,
including a creditor required co-signer The term also includes guarantors,
sureties, endorsers, and similar parties
Fair Lending - Credit transaction - 🧠ANSWER ✔✔For purposes of fair
lending rules, "credit transaction" covers every aspect of an applicant's
dealings with the creditor, from the application through pay-off or collection.
Regulation B—Age Discrimination - 🧠ANSWER ✔✔There are special rules
and protections for elderly applicants—those age 62 or older. As long as
applicants 62 or older are treated at least as favorable as applicants
younger than 62, age discrimination has not occurred
COPYRIGHT©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
1
,Regulation B— Marital Status - 🧠ANSWER ✔✔Marital status can be
considered in only three ways. The applicant is Married Separated, or
Unmarried (divorced, never-been-married, or widowed)
Regulation B - Required Information to Request and Document -
🧠ANSWER ✔✔Monitoring information is required when the loan is primarily
to purchase or refinance a dwelling that is occupied or to be occupied by
the applicant as their principal residence and the loan will be secured by
the dwelling. Additionally, a creditor that is a financial institution under
Regulation C (12 C.F.R. 1003.2(g)) may collect applicant ethnicity, race,
and sex information on loans secured by a dwelling in accordance with
Appendix B of HMDA that are not exempt under 1003.3(c)(11) or
1003.3(c)(12).
Reg. B - Marital Status and Marital Income - 🧠ANSWER ✔✔1. When the
applicant applies for individual unsecured credit, you may not ask the
applicant's marital status unless the applicant resides in a community
property state or is relying on property located in such a state.
2. Do not ask whether the applicant receives marital income (alimony, child
support, separate maintenance) unless and until they are notified that they
need not reveal such income unless relying on it to qualify for credit
COPYRIGHT©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
2
,Reg. B - Information Essential for Underwriting the Loan - 🧠ANSWER
✔✔Some information that could appear to be discriminatory is allowed
because it is essential for underwriting the loan application.
1. All liabilities, including accounts which the applicant holds or has held in
another name
2. how many dependents he/she/they have
3. Applicant's immigration status—but only to determine the applicant's
legal status in this country and our legal remedies, should we need them
These questions are allowed if we ask all applicants for the same
information and we do not seek or use the information in a discriminatory
way.
Reg. B - Age - 🧠ANSWER ✔✔1. We may consider age to favor an elderly
applicant (age 62 or older).
2. We may consider the applicant's youth—especially for the ability to enter
into a legally binding contract.
3. We may NOT use statistics to estimate the applicant's life expectancy—
no matter how old they are.
COPYRIGHT©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
3
, 4. We may NOT base our credit decision on availability of credit life, health,
accident, disability or other credit-related insurance.
Reg B - Applications for Joint Credit - 🧠ANSWER ✔✔When taking
applications from unmarried co-applicants, creditors must treat them the
same way they treat married co-applicants. When two people apply for
credit, creditors consider the combined income, assets and debts in the
same way whether the applicants are married to each other or not
Reg B - Signature Rules, Secured Credit - 🧠ANSWER ✔✔If the applicant
requests secured credit, we must not ask for or request the signature of the
applicant's spouse unless we need the signature to perfect our security
interest. In this case, we may only require the spouse's signature on
instruments needed to perfect security.
Reg. B - Timing Requirements - 🧠ANSWER ✔✔The lender must send the
notice in the following timeframe:
1. Within 30 days of receiving a completed application or taking adverse
action on an incomplete application 2. Within 90 days of a counter-offer if
the applicant did not accept it
COPYRIGHT©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
4
and Detailed Answers | Get it 100%
Correct Answers
Regulation B—Applicant - 🧠ANSWER ✔✔An applicant is any person who
asks for or receives credit from a creditor. The term includes any person
who is or may become contractually liable for an extension of credit,
including a creditor required co-signer The term also includes guarantors,
sureties, endorsers, and similar parties
Fair Lending - Credit transaction - 🧠ANSWER ✔✔For purposes of fair
lending rules, "credit transaction" covers every aspect of an applicant's
dealings with the creditor, from the application through pay-off or collection.
Regulation B—Age Discrimination - 🧠ANSWER ✔✔There are special rules
and protections for elderly applicants—those age 62 or older. As long as
applicants 62 or older are treated at least as favorable as applicants
younger than 62, age discrimination has not occurred
COPYRIGHT©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
1
,Regulation B— Marital Status - 🧠ANSWER ✔✔Marital status can be
considered in only three ways. The applicant is Married Separated, or
Unmarried (divorced, never-been-married, or widowed)
Regulation B - Required Information to Request and Document -
🧠ANSWER ✔✔Monitoring information is required when the loan is primarily
to purchase or refinance a dwelling that is occupied or to be occupied by
the applicant as their principal residence and the loan will be secured by
the dwelling. Additionally, a creditor that is a financial institution under
Regulation C (12 C.F.R. 1003.2(g)) may collect applicant ethnicity, race,
and sex information on loans secured by a dwelling in accordance with
Appendix B of HMDA that are not exempt under 1003.3(c)(11) or
1003.3(c)(12).
Reg. B - Marital Status and Marital Income - 🧠ANSWER ✔✔1. When the
applicant applies for individual unsecured credit, you may not ask the
applicant's marital status unless the applicant resides in a community
property state or is relying on property located in such a state.
2. Do not ask whether the applicant receives marital income (alimony, child
support, separate maintenance) unless and until they are notified that they
need not reveal such income unless relying on it to qualify for credit
COPYRIGHT©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
2
,Reg. B - Information Essential for Underwriting the Loan - 🧠ANSWER
✔✔Some information that could appear to be discriminatory is allowed
because it is essential for underwriting the loan application.
1. All liabilities, including accounts which the applicant holds or has held in
another name
2. how many dependents he/she/they have
3. Applicant's immigration status—but only to determine the applicant's
legal status in this country and our legal remedies, should we need them
These questions are allowed if we ask all applicants for the same
information and we do not seek or use the information in a discriminatory
way.
Reg. B - Age - 🧠ANSWER ✔✔1. We may consider age to favor an elderly
applicant (age 62 or older).
2. We may consider the applicant's youth—especially for the ability to enter
into a legally binding contract.
3. We may NOT use statistics to estimate the applicant's life expectancy—
no matter how old they are.
COPYRIGHT©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
3
, 4. We may NOT base our credit decision on availability of credit life, health,
accident, disability or other credit-related insurance.
Reg B - Applications for Joint Credit - 🧠ANSWER ✔✔When taking
applications from unmarried co-applicants, creditors must treat them the
same way they treat married co-applicants. When two people apply for
credit, creditors consider the combined income, assets and debts in the
same way whether the applicants are married to each other or not
Reg B - Signature Rules, Secured Credit - 🧠ANSWER ✔✔If the applicant
requests secured credit, we must not ask for or request the signature of the
applicant's spouse unless we need the signature to perfect our security
interest. In this case, we may only require the spouse's signature on
instruments needed to perfect security.
Reg. B - Timing Requirements - 🧠ANSWER ✔✔The lender must send the
notice in the following timeframe:
1. Within 30 days of receiving a completed application or taking adverse
action on an incomplete application 2. Within 90 days of a counter-offer if
the applicant did not accept it
COPYRIGHT©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
4
