Loa Sign Notary Test #3 Answered Questions

Loa Sign Notary Test #3 Answered Questions Escrow Transfer Account - ANS This form must be signed by the borrower if the lender has an escrow account. This document instructs the previous lender to send any funds remaining in the escrow account to the new lender when the mortgage is paid off. Mortgagors (Occupancy ) Affidavit - ANS This document will need to be signed and notarized. This document states whether or not the borrower intends to occupy the property as a primary residence. This document determines if a property is located in a special flood hazard area. Credit history is one factor that plays a role in the amount of origination points a borrower pays. - ANS True Patriot Act Disclosure: - ANS The signing Agent must confirm each Borrower's identity with an acceptable form of valid ID. The Signing agent must sign and date this form. Borrowers must sign and the Signing agent must complete and sign the bottom section of the "important Application" sheet. The new Closing Disclosure has replaced the Truth-in - Lending (TIL) Disclosure and the HELOC Settlement Statement. - ANS False Notice of Right to Cancel: - ANS Cancellation within three business days does not include Saturday. Cancellation within three business day includes National Holidays. The new Closing Disclosure has replaced the Truth-in - Lending (TIL) Disclosure and the HUD-1 Settlement Statement. - ANS True First Payment Letter - ANS This document states when the borrowers first payment is due. This document states what first payment is estimated to be