Loan Signing Agent Vocabulary question & answers rated A+ 2023

Loan Signing Agent Vocabulary question & answers rated A+ - correct answer abbreviated term for the Universal Residential Loan Application 1-4 Family Rider (Assignment of Rents) - correct answer transfers the owner's right to collect rents to the lender. Could also say that additional property is subject to the security instrument such as appliances or heating and cooling equipment. It also can prohibit additional liens, offer rent loss insurance or even assignment of rents 80-10-10 Loan - correct answer allows a borrower to pay 10% down, borrow 80% of the purchase price on one loan, and get a second mortgage for the remaining 10%. Your total payments are tax deductable. Acceleration Clause - correct answer Allows the lender to speed up the rate at which your loan comes due or gives criteria for how they can call your loan due in full Acknowledgment - correct answer The act of recognizing the existence of an agreement by signing as evidence Addendum to the HUD - correct answer accompanies the HUD-1 and discloses fees / closing costs associated with the loan. Address Certification - correct answer document that requires the borrower to verify the address of the property mentioned in the Deed of Trust Adjustable Rate Mortgage - correct answer a mortgage in which the interest rate is adjusted periodically based on a preselected index Adjustable Rate Note - correct answer contains information about what the initial interest rate is, when it can be adjusted, and by how much it can be adjusted. Goes hand-in-hand with ARM mortgages