Loa Sign Notary Test #3 questions and answers latest top score.

Loa Sign Notary Test #3 questions and answers latest top score. Escrow Transfer Account - correct answers.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 - correct answers.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. - correct answers.True Patriot Act Disclosure: - correct answers.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. - correct answers.False Notice of Right to Cancel: - correct answers.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. - correct answers.True First Payment Letter - correct answers.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) - correct answers.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. - correct answers.False Regarding the Loan Estimate: - correct answers.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. - correct answers.True Regarding the Loan Estimate: - correct answers.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: - correct answers.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