CONTINUING EDUCATION QUIZ
CRCM
Certified Regulatory
Compliance Manager
The CE quizzes in ABA Bank Compliance magazines provide up to six continuing education credits per year to Certified
Regulatory Compliance Managers (CRCMs). Each quiz consists of 10 questions taken directly from the articles in
each issue and have been pre-approved by the ICB for 1.0 credit per quiz. You must correctly answer seven out of
the 10 questions to receive the credit.
To take the quiz, please go to www.icbmembers.org, login, and click on “Continuing Education Quizzes (ABA
Magazine)” located on the left-hand side of the page. Once you have completed the quiz, you will receive immediate
notification of the results, which can be printed and saved for your records. Quiz credits are automatically uploaded
to your record and will show under “My Continuing Education Credits” within 48 hours. If you have any questions,
contact ICB’s Continuing Education Manager at icb@aba.com.
Awash In Flood Issues
By David Dickinson, CRCM, and Carl Pry, CRCM
1. The flood insurance determination must be
performed:
a. prior to loan origination
b. immediately after loan origination
c. when a building is constructed to be insured
d. halfway through construction
2. There are three exceptions to the rule that you must
ensure that insurance is in place before disbursing
funds to pay for construction; which of the following is
NOT one of them?
a. pouring the slab
b. preliminary site work
c. early framing work
d. purchasing building materials
3. What someone is willing to pay for a property on the
open market is considered:
a. insured value
b. appraised value
c. replacement cost value
d. market value
The New RESPA/Reg. X:
The Changes and the Challenges
By Maureen Carollo, CRCM
4. HUD claims that consumers can save an average of
how much money per loan just by being able to have a
three-page good faith estimate (GFE) that more clearly
details fees they will pay, the fees paid by the lender,
and others, and that simply arms them to comparison-shop more effectively with other lenders?
a. $488
b. $588
c. $688
d. $788
5. The good faith estimate (GFE) of terms and charges
must be available for at least how long after the
disclosure is provided?
a. five calendar days
b. five business days
c. 10 calendar days
d. 10 business days
6. If a revised good faith estimate is required for any
reason, it must be provided to the consumer within:
a. three calendar days
b. three business days
c. five calendar days
d. five business days
Impact of the Mortgage Meltdown on HMDA Data
By Rajeev Darolia and David M. Skanderson, Ph.D
7. HMDA-reportable loan origination volume declined
by how much from 2007 to 2008 for first-lien home
purchase and refinance loans on owner-occupied, site-built properties?
a. 22 percent
b. 23 percent
c. 39 percent
d. 49 percent
8. In 2008, which is the only state in which black and
Hispanic denial disparities for FHA/VA loans exceed
those of conventional loans?
a. Alaska
b. Hawaii
c. Louisiana
d. Vermont
2010: Unprecedented Change All at Once
By Joseph M. Kelly, Senior Editor
9. When asked about which issue would be the
“thorniest” in 2010, the majority of the respondents
answered:
a. Real Estate Settlement Procedures Act (RESPA)
b. The proposed Consumer Financial Protection Agency
(CFPA)
c. Home Mortgage Disclosure Act (HMDA)
d. Flood Insurance
10. Fairfield County Bank’s John Bonora, CRCM, dubbed
the drastic reaction of Congress to the banking collapse
of 2008 the:
a. rebound effect
b. over-reaction reaction
c. 9/11 effect
d. rubber band effect
