Loan Signing Agent-NNA Questions and Answers Rated A+

Loan Signing Agent-NNA Questions and Answers Rated A+ Before you can notarize ones signature, what are the basic requirements? The signer must appear before you-no exceptions. Why is personal appearance important in notarizing? Are who they say they are, signing at their free will and know what's happening. How do you review a document? Make sure its OK to notarize, Find out what kind of notarization to do, Locate the info for your journal How do you screen a signer and verify facts? They're acting willingly, Aware of what's happening, Identified them properly, What are the common methods of identification? Personal Knowledge, Identification documents, credible identifying witnesses. How do you record the notarization? Date and time of notarization, type of notarization, Address, Document date, Document title or type, name of each signer, Method used to identify signer, signature of each signer, Fees charged and any relevant info. How do you complete the Notary Certificate? Fill in the venue, Fill in the body of the certificate, Sign your official notary signature, Add your official notary seal or the information required by your state. Who are the four key parties involved in a loan signing? Lender, NSA, Borrower, Contracting company Whats the role of an NSA in a mortgage process? Who are your stakeholders in a signing? What is a Borrower? Home or property owner, they initiate the loan by contacting lender and applying for it. Lender Finance company ( a bank), approves, and funds a loan and contracts the closing agent. What can qualify as a contracting company? closing agent, What is a closing agent? finalizes documents for signing appointment and for closing the loan. Example of a closing agent Attorney, Bank, Title Company, Escrow agent, Borrowers, Signing service What else can a contracting company serve as? A signing service Whats a signing service? Middleman or broker has accounts w/ lenders and title companies to schedule nsa to have home loan signings Where does a loan signer fit in the loan package? Facilitate seller signing appointment and borrower signing appointment and are the face of a lender. ( Lending) What are service level agreements (SLA)? Part of a service contract between a lender and a contracting company Who are Notary Signing Agents hired by? Lenders, title company or closing agent Why do hiring companies that hire loan signers? complete the loan process In turn what do signing agents do? Deliver loan packages to borrowers, making sure it is signed and returned to the lender. What are the 5 primary responsibilities of an NSA? #1 To coordinate appointments where loan docs are signed by borrower. What are the 5 primary responsibilities of an NSA? #2 Receive docs for the signing appointment and deliver those docs to the appointment What are the 5 primary responsibilities of an NSA? #3 Make sure real estate docs are properly executed. What are the 5 primary responsibilities of an NSA? #4 Make sure docs are properly notarized What are the 5 primary responsibilities of an NSA? #5 Return docs for processing What are the requirements for NSA to protect their customers personal and financial information? NSA's must follow federal and state regulations Notary and Federal Laws and Regulations Gramm-Leach Bailey Act (GLBA) Notary and Federal Laws and Regulations Truth-in-Lending Act (TILA) Notary and Federal Laws and Regulations Real- Estate Settlement Procedures Act (RESPA) Notary and Federal Laws and Regulations Fair and Accurate Credit and Transaction Act (FACTA) Notary and Federal Laws and Regulations Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT) Act What is true about fees? Must be pre-determined w/ contracting company through text/e-mail How do u deal with relatives/friends Cant have impartiality, refer them to someone else