NNA Critical Documents | Questions with Correct
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Terms in this set (63)
The "_____" itemizes actual closing services and fees
Closing Disclosure charged to close the borrower's loan, and it will be
the first document you will present to the borrower.
This is the "_____". Your lender should have sent you this
in advance. It Itemizes all closing costs. Page one
includes loan amount, interest rate, projected monthly
payments, closing cost and cash to close. The
Closing Disclosure
remaining pages include closing cost details such as
loan and other costs, payoffs in payments, cash to
close calculations, disclosures, loan calculations, and
contact information.
For qualifying loans, the "_____" gives the borrower
three business days to cancel the loan. If a customers
Notice of Right to Cancel principal dwelling is used as security for a residential
mortgage loan, a right to rescind the transaction often
applies.
How to Present
Notice of Right to Cancel "This is your "_____". Your loan includes a rescission
option. This allows you to cancel the transaction within
a specified time frame."
, Perhaps the most critical document in the entire loan
package is the "_____". The "_____" is a legal document
that obligates a borrower to repay a mortgage loan at
Note
a stated interest rate during a specified term. It's the
actual evidence of indebtedness and the borrowers
promise to repay.
Think of the "_____" as the contract between the lender
and the borrower. You will already have mentioned
the important elements of this document when you
Note presented the HUD-1 (Settlement Statement), but
identifying these important provisions again can't hurt
and will build the signers confidence to see that they
are the same.
This document will tell you:
Loan amount
Interest rate
Payment amount and due date
Prepayment provisions
Note
Late charges terms and conditions
If a borrower asks questions about any of these items
direct them to this document and point to the
appropriate section containing the information that
will answer the borrower's question.
How to present
Note "This document is your "_____". The "Definition" is a
written promise to pay a sum of money at a stated
interest rate during a specified term."
You will see the word "Seal" on the signature line for
the "_____", but that doesn't mean that it should be
Note
notarized. This is just an old-fashioned way of asking
for the borrower's signature.
Answers
Save
Terms in this set (63)
The "_____" itemizes actual closing services and fees
Closing Disclosure charged to close the borrower's loan, and it will be
the first document you will present to the borrower.
This is the "_____". Your lender should have sent you this
in advance. It Itemizes all closing costs. Page one
includes loan amount, interest rate, projected monthly
payments, closing cost and cash to close. The
Closing Disclosure
remaining pages include closing cost details such as
loan and other costs, payoffs in payments, cash to
close calculations, disclosures, loan calculations, and
contact information.
For qualifying loans, the "_____" gives the borrower
three business days to cancel the loan. If a customers
Notice of Right to Cancel principal dwelling is used as security for a residential
mortgage loan, a right to rescind the transaction often
applies.
How to Present
Notice of Right to Cancel "This is your "_____". Your loan includes a rescission
option. This allows you to cancel the transaction within
a specified time frame."
, Perhaps the most critical document in the entire loan
package is the "_____". The "_____" is a legal document
that obligates a borrower to repay a mortgage loan at
Note
a stated interest rate during a specified term. It's the
actual evidence of indebtedness and the borrowers
promise to repay.
Think of the "_____" as the contract between the lender
and the borrower. You will already have mentioned
the important elements of this document when you
Note presented the HUD-1 (Settlement Statement), but
identifying these important provisions again can't hurt
and will build the signers confidence to see that they
are the same.
This document will tell you:
Loan amount
Interest rate
Payment amount and due date
Prepayment provisions
Note
Late charges terms and conditions
If a borrower asks questions about any of these items
direct them to this document and point to the
appropriate section containing the information that
will answer the borrower's question.
How to present
Note "This document is your "_____". The "Definition" is a
written promise to pay a sum of money at a stated
interest rate during a specified term."
You will see the word "Seal" on the signature line for
the "_____", but that doesn't mean that it should be
Note
notarized. This is just an old-fashioned way of asking
for the borrower's signature.
