Certified Regulatory Compliance Manager (CRCM) — Question 2

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

Answer options

• 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

Correct answer: C

Explanation

The correct answer is C, as RESTA is not a widely recognized regulation that applies to nontraditional mortgage products, unlike the other options. The Truth in Lending Act, FTC Act, and state laws are established laws that govern mortgage practices and protect consumers from unfair practices.