Loan Sign Notary Test 3 Questions and Answers Passed with 100%

Loan Sign Notary Test 3 Questions and Answers Passed with 100% Escrow Transfer Account 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 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. True Patriot Act Disclosure: 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. False Notice of Right to Cancel: 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. True First Payment Letter This document states when the borrowers first payment is due. This document states what first payment is estimated to be Equal Credit Opportunity Act (ECOA) Is a United States Law enacted in 1974, that makes it unlawful for any creditor to discriminate against any applicant, with respect to any aspect of a credit transaction, on the basis of race, color, religion, national origin, sex, marital status , or age. Give the specific reason(s) (or tell how to get the reason (s) why one is denied credit. Homeowner's insurance, prepaid interest and accrued interest are included in the closing costs. False Regarding the Loan Estimate: It is a three-page form that Buyers receive after applying for a mortgage Depicts important details about the loan The lender must provide the Buyer with the Loan Estimate within three business days of receiving the Buyer's application Borrowers pay Origination Points to lender in order to compensate them for evaluating, processing and approving mortgage loans. True Regarding the Loan Estimate: An estimate of the fees due at closing for a mortgage loan. This must be mail stamped or hand delivered by the lender to a borrower within three days of the lender receiving a loan application. As of 2015, this will replace the Good Faith Estimate The Note Includes: Address of the property Loan amount Name of Lender Interest rate Date the payment is due Payment Mailing Address Monthly payment Percentage charged if the payment is late Since the Loan Estimate must be mail stamped or hand delivered to the borrower within three days after loan application approval, Signing agents should inquire: Will the Loan Estimate be sent to borrowers separately from the closing package? Will the Closing Disclosure be sent to borrowers separately from the closing package? Both A &B A. Will the Loan Estimate be sent to borrowers separately from the closing package B. Will the Closing Disclosure be sent to borrowers separately from the closing package? C. Both A and B D.None of the above (correct) The Mortgagors (occupancy) Affidavit is document is used by the Federal Housing Administration to insure the loan, or by the Veteran's administration to guarantee the loan, or by a Private Mortgage Insurance Company to insure the loan. True Item such as notary fees, origination/ preparation costs, and inspection fees, are not tax deductible. True Since The Deed of Trust must be notarized, have the borrowers initial every page, and sign their name exactly as it is printed. True Homeowner's insurance, prepaid interest and accrued interest are not considered closing costs True Since The Deed of Trust must be notarized, have the borrowers initially every page, and sign their name exactly as it is printed. True Closing Disclosure Includes: The settlement charges to borrower The amount of the loan The gross amount due from the borrower The principle amount of the new loan Any other deposits or fees The Closing Disclosure is a statement of final loan terms and closing costs the borrower will be required to pay. True The Closing Disclosure: must be delivered to borrowers at least three days prior to a closing. Discount Points: A.Credit history is one factor that plays a role in the amount of discount points a borrower pays. B.Borrowers pay this to lenders in order to compensate them for evaluating, processing and approving mortgage loans. C.Items such as notary fees, origination/ preparation costs, and inspection fees, are not tax deductible. D.None of the above Escrow Transfer Account 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. Deed of Trust This document states that a lender will foreclose if a borrower fails to make the monthly payments. This document is Notarized. The borrowers initial every page, and sign their names exactly as it is printed.