Notary Signing Agent correctly answered to pass rated A+

Notary Signing Agent correctly answered to pass rated A+1003 - Uniform Residential Loan Application - correct answer Standard form completed by borrowers when applying for a mortgage loan. A borrower lists all assets and liabilities on the form, also includes a section for income, including two years of employment history and monthly household income. ACKNOWLEDGEMENT - correct answer Formal declaration before a public official that one has signed a document prior to recording real estate documents, such as grant deeds and deeds of trust, a Notary Public acknowledges the persons signature on the document. Most documents that require notarization contain the acknowledgement on the document. Sometimes the notary will have to attach a separate acknowledgment to a document. ALLONGE - correct answer APR - correct answer Annual Percentage Rate: describes the interest rate for a whole year (annualized), rather than just a monthly fee/rate, as applied on a loan, mortgage loan, credit card, etc. It is a finance charge expressed as an annual rate. APR has been called the "mathematically-true" interest rate for each year ARM: Adjustable Rate Mortgage - correct answer A mortgage where the interest rate is not fixed for the life of the loan. These mortgages adjust periodically based on an index that changes with the market conditions. Amortization - correct answer the reduction of a loan balance through payments made over a period of time. reduce or pay off (a debt) with regular payments. Borrower (Mortgagor) - correct answer One who applies for and receives a loan in the form of a mortgage with the intention of repaying the loan in full. CERTIFICATE OF ACKNOWLEDGMENT - correct answer Ensures that the signer of the document is indeed the person named in the document.