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CRCM Exam - Question 34


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

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Correct Answer: C

Institutions offering nontraditional mortgage products must comply with the Truth in Lending Act, the FTC Act (Unfair and Deceptive Acts and Practices), and state laws prohibiting deceptive trade practices. There is no recognized regulation or act specifically known as RESTA in the context of U.S. financial regulation or mortgage lending practices.

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TmarkOption: C
Oct 13, 2022

Should this be RESPA?

Cam22Option: C
Mar 15, 2024

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.