Of the following loans made by a national bank, which loan is NOT covered by the OCC ARM regulation?
Posted: Tue Mar 08, 2022 10:35 am
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
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