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Exam CRCM topic 1 question 95 discussion

Actual exam question from ABA's CRCM
Question #: 95
Topic #: 1
[All CRCM Questions]

Of the following loans made by a national bank, which loan is NOT covered by the OCC ARM regulation?

  • A. A loan to purchase a single-family dwelling to be used as a residence, secured by the dwelling with an adjustable interest rate
  • B. A loan made to purchase a mobile home to be used as rental property, secured by the home with a variable interest rate
  • C. A loan made to purchase an eight-unit apartment complex, secured by the building, made payable on demand with a variable rate of interest
  • D. A loan made to purchase a duplex, secured by the dwelling, amortized over 15 years with a 5-year maturity, at a variable rate of interest
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Suggested Answer: C 🗳️
by Cam22 at March 15, 2024, 3:07 a.m.

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Cam22
4 months ago
Selected Answer: C
The OCC ARM (Adjustable Rate Mortgage) regulation primarily applies to loans secured by residential properties. Option C involves a loan secured by an eight-unit apartment complex, which typically falls under commercial lending rather than residential lending. Therefore, it would not be covered by the OCC ARM regulation. Options A, B, and D involve loans secured by properties typically used for residential purposes, such as single-family dwellings, mobile homes, and duplexes. These loans would typically fall under the scope of the OCC ARM regulation as they involve adjustable or variable interest rates on residential properties.
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