Which of the following are recommended practices in Avoiding Predatory and Abusive Lending Practices in Brokered and Purchased Loans""AL-2003-3?
A.
Have written agreements with third-party brokers that specifically and clearly address the rights and responsibilities of each party. Written agreements should 1. Ensure that no inappropriate compensation exists 2. Provide for indemnification to the bank 3. Enable banks to exit the arrangement through a termination procedure 4. Provide for the bank's and the OCC's ability to access all records of the third party and to audit the third party's operations
B.
Verify that brokers and originators have established policies to ensure that loans will comply with all applicable laws
C.
Establish an effective management information system to monitor the performance of third-party brokers and originators
All the options listed are recommended practices for avoiding predatory and abusive lending practices in brokered and purchased loans, as outlined in the advisory letter AL-2003-3. These practices aim to ensure that banks maintain sound underwriting standards, legal compliance, and oversight when working with third-party brokers and loan originators, thus protecting both the banks and their customers from the risks associated with predatory lending.
Verify and stablishment will effectively grow and management will be honored
upvoted 1 times
...
Log in to ExamTopics
Sign in:
Community vote distribution
A (35%)
C (25%)
B (20%)
Other
Most Voted
A voting comment increases the vote count for the chosen answer by one.
Upvoting a comment with a selected answer will also increase the vote count towards that answer by one.
So if you see a comment that you already agree with, you can upvote it instead of posting a new comment.
Dex24
7 months agoCam22
8 months, 3 weeks agoJessyJazz24
1 year, 2 months ago