Notary Signing Agent Exam 2024

Notary Signing Agent Exam 2024 Borrower's Certification Authorization - Answer ️️ -This document certifies all of the information provided the loan application is true and complete Closing Disclosure - Answer ️️ -(Combines and replaces the HUD/Settlement Statement and Truth in Lending (TIL) statement for most loans applied for beginning October 3, 2015 )The Closing Disclosure itemizes all closing costs. Page 1 includes loan amount, interest rate, projected monthly payments, closing costs and cash to close. The remaining pages include details of the closing cost, payoffs and payments, cash to close calculations, disclosures, loan calculations and contact information. Please note: The borrower should have received this document from his or her lender in advance of the closing. Errors & Omissions (E&O) and Compliance Agreement - Answer ️️ -This states that if there are any typographical or clerical errors on the closing documents, the borrower would agree to sign any documents that had to be corrected. Flood Hazard Notice - Answer ️️ -This indicates whether or not the property is in an area designated as a flood zone area. Form 4506-T Request for Transcript of Tax Return - Answer ️️ -This form authorizes the lender to obtain transcripts of tax returns. GFE/Good Faith Estimate - Answer ️️ -replaced by the Loan Estimate for most loans applied for beginning October 3, 2015 The Good Faith Estimate is an estimate of all closing fees including pre-paid and escrow items as well as lender charges.The bottom portion of Page 3 shows the loan terms. The loan amount, rate, term, principal and interest payment as well as total payment are at the bottom. (If the borrower has questions related to these amounts, direct the borrower to the lender.) HUD/Settlement Statement - Answer ️️ -The HUD/Settlement Statement itemizes all closing costs; on pages 1 and 2 items that appear on this statement include real estate commissions, loan fees, points, payoffs and escrow amounts. Page 3 of the Settlement Statement is a comparison of the fees disclosed on the Good Faith Estimate (GFE) to the actual costs as listed on the HUD/Settlement Statement. Identification Verification Form - Answer ️️ -This form verifies identity of the borrower and should read exactly as their state or federal issued ID reads. Impound Account Letter - Answer ️️ -This is the form authorizing the lender to collect real estate taxes and homeowner's insurance to be paid out of the borrower's escrow account when they are due and payable. Initial Escrow Account Disclosure Statement - Answer ️️ -This is a one-year snapshot of the borrowers escrow account. Insurance Requirements - Answer ️️ -This document states that homeowners insurance is required during the term of the lo