NNA Study Guide Questions with Correct
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Terms in this set (32)
By signing the document the borrower agrees and
certifies that the info contained in the borrower's loan
Borrower's Certification application is true and complete. 2.) Borrower
Authorization authorizes the lender to release loan-specific
information to an investor looking to purchase the
loan in a secondary market.
This document states that if there are any
typographical or clerical errors on the closing
Compliance Agreement
documents, the borrower would agree to sign any
documents that had to be corrected.
combines/replaces the HUD-1 and TIL statement for
Closing Disclosure
most loans. It itemizes all closing costs.
This document is recorded in county and land records
as evidence of the lender's security interest in the
Deed of Trust
property. (*Any riders should also be signed at the
time.)
This states that if there are any typographical or
clerical errors on the closing documents, the
borrower would agree to sign any documents that
Errors & Omissions (E&O)
had to be corrected. May come in 7 forms including
compliance agreement, document correction
agreement, & Correction Agreement.
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Save
Terms in this set (32)
By signing the document the borrower agrees and
certifies that the info contained in the borrower's loan
Borrower's Certification application is true and complete. 2.) Borrower
Authorization authorizes the lender to release loan-specific
information to an investor looking to purchase the
loan in a secondary market.
This document states that if there are any
typographical or clerical errors on the closing
Compliance Agreement
documents, the borrower would agree to sign any
documents that had to be corrected.
combines/replaces the HUD-1 and TIL statement for
Closing Disclosure
most loans. It itemizes all closing costs.
This document is recorded in county and land records
as evidence of the lender's security interest in the
Deed of Trust
property. (*Any riders should also be signed at the
time.)
This states that if there are any typographical or
clerical errors on the closing documents, the
borrower would agree to sign any documents that
Errors & Omissions (E&O)
had to be corrected. May come in 7 forms including
compliance agreement, document correction
agreement, & Correction Agreement.
