Loan Signing Agent Exam Already Passed

Loan Signing Agent Exam Already Passed Borrower (Mortgagor) - 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 - Answer ️️ -The document that gives evidence of ownership of a property. It also indicates the rights of ownership and possession of the property. Refinancing - Answer ️️ -The process of paying off one loan with the proceeds from a new loan secured by the same property. Escrow Company - Answer ️️ -A licensed neutral third party that distributes legal documents and funds on behalf of a buyer and seller. Escrow Agent - 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 - 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 - Answer ️️ -Protects a lender against any title dispute that may arise regarding a particular property. Lender - Answer ️️ -Bank that is lending the money. Deed of Trust & Rider - 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 It records the legal description of the property. We all know the street address to a property - e.g. 123 Springdale Avenue. The legal description is how the county recognizes the property location via the lot boundaries and lot location within the county. Last but not least, it states the rules and regulations to which the new property owner has to abide. Simply amendments to the deed of trust - something the lender wants to add to the deed. Principal - Answer ️️ -The amount of debt, not counting interest, left on a loan. Note - Answer ️️ -Fancy way of saying "contract". Interest Rate - Answer ️️ -What the borrower agrees to pay back on the money that is borrowed from the bank