NMLS Test Vocab Correct Questions And Answers(Latest Update 2023)
Abusive Act - ANSWER Action that materially interfere with a consumers 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 the down payment, loan amount, and any allowable buyer-paid closing costs adjustable rate mortgage - ANSWER a mortgage that permits the lender to periodically adjust the interest rate to reflect fluctuations in the cost of money adverse action - ANSWER the denial of credit or an increased charge for credit based on the information obtained from a third party
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