Which federal law primarily governs reverse mortgage disclosures?
Truth in Lending Act (TILA) mandates clear disclosure of credit terms to protect consumers.
What ethical responsibility does a CRMP have when identifying potential elder abuse?
A CRMP must report suspected elder abuse to appropriate authorities to protect the client.
Which federal agency oversees reverse mortgage advertising compliance?
The CFPB ensures fair practices in mortgage advertising and consumer protection.
Which regulation requires a clear explanation of costs in reverse mortgages?
RESPA ensures that borrowers are informed about real estate settlement costs.
What is a CRMP's obligation under the NRMLA Code of Ethics?
CRMPs must act with integrity, honesty, and in the best interest of senior clients.
What should be done if a borrower's capacity is in doubt?
A mental competency evaluation may be required to proceed ethically and legally.
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Which practice is considered unethical in CRMP conduct?
Steering a client to a more profitable product that isn't in their best interest is unethical.
What document must be given during reverse mortgage counseling?
The TALC disclosure shows the total annual loan cost under various scenarios.
When must a CRMP act as a mandatory reporter?
Mandatory reporting laws require CRMPs to report abuse or neglect of elders.