NMLS National Exam (Glossary)2023 Latest Update Correct Questions And Answers
Abusive Act - ANSWER Action that materially interferes with a consumer's ability to understand the product or service. Acceleration Clause - ANSWER Clause that gives a lender the right to declare the entire loan balance due immediately because of borrower default or for violation of other contract provisions. Accrued Expenses - ANSWER Items on a settlement statement for which the cost has been incurred, but the expense has not yet been paid. Acquisition Cost - ANSWER The total amount needed to purchase property, including down payment, loan amount, and any allowable buyer-paid closing costs. Adjustable Rate Mortgage (ARM) - ANSWER A mortgage that permits the lender to periodically adjust the interest rate to reflect fluctuations in the cost of money. Advertisement - ANSWER An advertisement is a commercial message in any medium that promotes, directly or indirectly, a credit transaction.
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