Loan Signing System Flashcards With Verified Answers

Loan Signing System Flashcards With Verified Answers 5 things every borrower wants to know - ANS 1. Loan amount 2. Interest rate 3. Term 4. Fixed/Adjustable 5. Prepayment penalty What are the 2 important things in the Deed of Trust? - ANS 1. Loan amount. Verify the lien amount is correct. 2. Make sure the vesting is correct. (Who owns the property? Verify there are no typos.) What is the most common thing LSAs forget to do on a loan document/application? - ANS Borrower's signature at the top of the first page. What number should you verify on the W-9 form? - ANS The borrower's SSN. The borrower can sign all forms that are predated except for which form? - ANS Notice of Right to Cancel Notice of Right to Cancel Rules: - ANS 1. If you change ANY dates, you ALWAYS have the borrower initial by the dates that were changed. 2. If you do not have to change any dates (if the dates that are already preprinted on the right to cancel are already correct) or if you write in dates in the blank lines provided, you DO NOT need to initial anywhere. 3. If the dates were correct or you filled in the dates in the blank lines, instruct the borrower to fill out and sign two DIFFERENT copies of the Notice of Right to Cancel. On one copy, they DO NOT initial anywhere, and on the other copy, they initial by the dates, even if the dates are CORRECT. * If there is only one copy of a Notice of Right to Cancel in your set of docs, then take the Notice of Right to Cancel from the client's copy set.