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Exam CRCM topic 1 question 34 discussion

Actual exam question from ABA's CRCM
Question #: 34
Topic #: 1
[All CRCM Questions]

Institutions that offer nontraditional mortgage products should make sure they comply with the following, as applicable, EXCEPT:

  • A. Truth in Lending Act
  • B. FTC Act (i.e., Unfair and Deceptive Acts and Practices)
  • C. RESTA
  • D. State laws prohibiting deceptive trade practices
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Suggested Answer: C 🗳️
by Tmark at Oct. 13, 2022, 2:10 p.m.

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Cam22
1 month ago
There's no widely recognized regulation or act specifically known as "RESTA" in the context of U.S. financial regulation or mortgage lending practices. Institutions offering nontraditional mortgage products must comply with the Truth in Lending Act, FTC Act (to avoid Unfair and Deceptive Acts and Practices), and state laws prohibiting deceptive trade practices, among other regulations.
upvoted 1 times
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Tmark
1 year, 6 months ago
Should this be RESPA?
upvoted 1 times
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