A+
CRCM 2025/2026 Exam Questions with
100% Correct Answers | Latest Update
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?
A. The terms of repayment, amount of the down payment (in a credit sale), and the
APR
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
1
COPYRIGHT©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
, A+
D. No additional disclosures are required - 🧠ANSWER ✔✔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.
- 🧠ANSWER ✔✔
First National Bank agreed to make a rescindable closed-end home improvement
loan to Mr. and Mrs. Smith. The Notice of the Right to 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 All funds have been withdrawn from the account.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?
2
COPYRIGHT©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
, A+
A. Notify the Smiths that the loan proceeds are immediately due and payable and
that once the funds are - 🧠ANSWER ✔✔The correct answer is b. 12 CFR
1026.23(d)
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?
3
COPYRIGHT©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
, A+
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
C. Thursday
D. Friday - 🧠ANSWER ✔✔The correct answer is c. 12 CFR 1026.19(e)(2)(i)
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
4
COPYRIGHT©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
CRCM 2025/2026 Exam Questions with
100% Correct Answers | Latest Update
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?
A. The terms of repayment, amount of the down payment (in a credit sale), and the
APR
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
1
COPYRIGHT©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
, A+
D. No additional disclosures are required - 🧠ANSWER ✔✔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.
- 🧠ANSWER ✔✔
First National Bank agreed to make a rescindable closed-end home improvement
loan to Mr. and Mrs. Smith. The Notice of the Right to 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?
2
COPYRIGHT©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
, A+
A. Notify the Smiths that the loan proceeds are immediately due and payable and
that once the funds are - 🧠ANSWER ✔✔The correct answer is b. 12 CFR
1026.23(d)
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?
3
COPYRIGHT©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
, A+
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
C. Thursday
D. Friday - 🧠ANSWER ✔✔The correct answer is c. 12 CFR 1026.19(e)(2)(i)
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
4
COPYRIGHT©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
