Certified Regulatory Compliance Manager (CRCM) — Question 295

On foreclosure, which of the following loans is subject to the reporting requirements for foreclosed and abandoned property?

Answer options

• A. A loan made to purchase a family car, secured by the car
• B. An unsecured loan made to purchase a computer used in the borrower's business
• C. A loan made to purchase a residence, secured by the residence
• D. A loan made to purchase a home computer, secured by the computer

Correct answer: C

Explanation

The correct answer is C because loans secured by a residence are subject to special reporting requirements in cases of foreclosure. Options A, B, and D involve loans that do not pertain to real estate, thus they are not subject to the same regulations regarding foreclosed and abandoned properties.