Welcome to ExamTopics
ExamTopics Logo
- Expert Verified, Online, Free.
Mail Us[email protected]
Menu

Unlimited Access

Get Unlimited Contributor Access to the all ExamTopics Exams!
Take advantage of PDF Files for 1000+ Exams along with community discussions and pass IT Certification Exams Easily.
Aba Discussions

Exam CRCM topic 1 question 304 discussion

Actual exam question from ABA's CRCM
Question #: 304
Topic #: 1
[All CRCM Questions]

Which of the following actions subjects a lender to mortgage interest reporting requirements?

  • A. The lender holds mortgage loans in the course of its trade or business.
  • B. The lender is a qualified FHA or VA lender.
  • C. The lender receives at least $500 in interest on a mortgage loan during a calendar year.
  • D. The lender offers unsecured home improvement loans.
Show Suggested Answer Hide Answer
Suggested Answer: A 🗳️
by Cam22 at March 18, 2024, 1:32 a.m.

Comments

Chosen Answer:
This is a voting comment (?) , you can switch to a simple comment.
Switch to a voting comment New
Submit Cancel
Cam22
2 months ago
Selected Answer: A
The IRS requires lenders to report mortgage interest received if they are in the business of lending money and hold mortgage loans as part of their trade or business activities. This requirement is aimed at ensuring that the interest paid on mortgage loans is accurately reported both by borrowers, for potential tax deductions, and by lenders, for income reporting purposes.
upvoted 1 times
...

Get IT Certification

Unlock free, top-quality video courses on ExamTopics with a simple registration. Elevate your learning journey with our expertly curated content. Register now to access a diverse range of educational resources designed for your success. Start learning today with ExamTopics!

Start Learning for free
Community vote distribution
A (35%)
C (25%)
B (20%)
Other
Most Voted
A voting comment increases the vote count for the chosen answer by one.

Upvoting a comment with a selected answer will also increase the vote count towards that answer by one. So if you see a comment that you already agree with, you can upvote it instead of posting a new comment.

SaveCancel