Notary signing agent study guide : A+ Score Guide Solution: Updated

Flood certification (ans- a certificate which has the determination as to whether or not a property is in a flood zone or not. If so the lender will require the borrower to purchase flood insurance. W9 (ans- an irs form, also known as "request for taxpayer identification number and certification", which is used by an individual defined as a "u.s. person" or a resident alien to verify his or her taxpayer identification number (tin).report income paid, real estate transactions, mortgage interest paid, acquisition or abandonment of secured property, or cancellation of debts. Gfe Good faith estimate (ans- this document includes the breakdown of approximate payments due upon the closing of a mortgage loan Hud (ans- housing and urban development Hud 1 (ans- this is a document outlining the actual costs of the transaction as well as a listing of the parties receiving the funds and fees. (hud-1a for refinances) (no longer used for most mortgages). Borrowers may compare their good faith estimate to the hud-1 settlement statement and ask their lender or broker about any changes. Loan officer (ans- this is the person that works with the borrower in finding the best type of loan. They also work through the entire transaction in coordinating the loan process with the underwriter, real estate agent, appraiser, borrower and title officers. Loan application (ans- the uniform residential loan application (also known as the 1003 or ten o three), is basically a summary of all the information the mortgage company used to determine the loan terms they should offer the borrowers. An application that gives a lender information about the purpose of the loan as well as the applicant's financial condition. Mortgage (ans- security instrument. This is basically the same document as the deed of trust. The mortgage represents the borrower's pledging their homes, security or collateral in exchange for the loan they are receiving from the mortgage company. Note (ans- the note is a fancy way of saying "contract". A signed instrument acknowledging a debt and a promise to repay per the terms outlined. The important terms contained in the note, which must be reviewed with the borrower, are interest rate, term of loan, monthly mortgage payment, type of loan (fixed rate, arm, etc.), da