A Borrower Who Has Failed to Make a Payment of Principal

question 16

Multiple Choice

A borrower who has failed to make a payment of principal or interest when due or meet any other requirement of a credit agreement is said to be in

• A)arrears
• B)foreclosure
• C)rescission
• D)default

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Definitions:

Digital Channel

A means of communication or distribution over digital platforms, such as social media, websites, or email.

Mobile Phones

Portable electronic devices used for communication, internet browsing, and running applications.

Tablets

Portable computing devices featuring a touchscreen interface, designed for a range of activities from reading and web browsing to multimedia consumption.

Oral Media

Media content that is delivered and consumed through spoken word, such as podcasts or radio.