Loan Signing Agent question and answers rated A+ 2023

Loan Signing Agent question and answers rated A+ 2023Borrower (Mortgagor) - correct answer An individual who applies for and receives funds in the form of a loan and is obligated to repay the loan in full under the terms of the loan. Title - correct answer The document that gives evidence of ownership of a property. It also indicates the rights of ownership and possession of the property. Refinancing - correct answer The process of paying off one loan with the proceeds from a new loan secured by the same property. Escrow Company - correct answer A licensed neutral third party that distributes legal documents and funds on behalf of a buyer and seller. Escrow Agent - correct answer A person with fiduciary responsibility to the buyer and seller, or the borrower and lender, to ensure that the terms of the purchase/sale or loan are carried out. Title Company - correct answer Makes sure that a piece of real estate is legitimate, then issues title insurance for that property which protects both the lender and the owner from lawsuits as a result of title disputes. Title Insurance - correct answer Protects a lender against any title dispute that may arise regarding a particular property. Lender - correct answer Bank that is lending the money. Deed of Trust & Rider - correct answer It records who actually owns the property: e.g. Jane Doe and John Doe, husband and wife as joint tenants It records the amount the borrower is borrowing from the bank, also known as the lien amount It records who is lending the money, also known as the lien holder