Certified Regulatory Compliance Manager (CRCM) — Question 299

By what date must the bank send the borrower a statement in connection with an information return on foreclosed or abandoned property?

Answer options

• A. January 15 of the year following the year of the foreclosure or abandonment
• B. January 31 of the year following the year of the foreclosure or abandonment
• C. February 28 of the year following the year of the foreclosure or abandonment
• D. March 1 of the year following the year of the foreclosure or abandonment

Correct answer: B

Explanation

The correct answer is B, as banks are required to send the statement by January 31 of the year following the foreclosure or abandonment. Options A, C, and D provide incorrect dates, as they do not comply with the established deadline set by regulatory guidelines.