- Study guides, Class notes & Summaries

what 2 things does every borrower want to know? - correct answer1. how much will this loan cost me 2. how much will my monthly payment be what is the correct order of the documents you show to the borrower first? - correct answer1. closing statement 2. note 3. payment letter what is the job of the loan signing agent? - correct answerguiding borrower through closing documents give NO opinions how should borrower sign - correct answersign as their name appears for example, use middle...

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13 pages

Written in 2023/2024

Grade A+

ExamVerse

Why do some Mortgages Signing Agencies require Mortgage Signing Agents to submit a Live Scan Fingerprint Background check each year. - correct answerLender need to make sure that consumers and their financial information which is entrusted to Notaries remains protected and secure. Lenders are ultimately responsible for the conduct of any third-party service providers, making it critically important to verify that the people lenders send to borrowers' home are trustworthy. In order to open...

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5 pages

Written in 2023/2024

Grade A+

ExamVerse

Borrower's Certification Authorization - correct answerThis document certifies all of the information provided in the loan application is true and complete. Compliance Agreement - correct answerThis 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. Closing Disclosure - correct answerReceived by the consumer 3 days before closing. It outlines the final terms and costs of your mort...

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4 pages

Written in 2023/2024

Grade A+

ExamVerse

Critical commencement date - correct answercommencement date stated in the commission NOT date commission was issued or mailed Who issues commission? - correct answerSecretary of State When does commission become valid - correct answerAfter taking oath of office and bond are filed on time Who do you file oath and bond with - correct answercounty clerk Where is a notary's commission limited to? - correct answerState of california; not only a certain county What kind of bond and ho...

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11 pages

Written in 2023/2024

Grade A+

ExamVerse

The Note is the loan agreement, and it outlines the terms of the loan. - correct answerTrue One part of the "TILA- RESPA integrated Disclosure" (TRID) rule that affects signing agents is the: - correct answerClosing Disclosure, which consolidates the Truth-in- Lending (TIL) disclosure and the HUD-1 Settlement Statement. Which document replaces the Good Faith Estimate and the "early" Truth in Lending Disclosure. - correct answerThe Loan Estimate form. The new Closing Disclosure repla...

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5 pages

Written in 2023/2024

Grade A+

ExamVerse

Escrow Transfer Account - correct answerThis 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 answerThis 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 determi...

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5 pages

Written in 2023/2024

Grade A+

ExamVerse

What is a notary public? - correct answerA notary public is an official appointed by the county or state after his/her documents and examination results indicate his/her suitability for the job. A notary public has power to: - correct answerAdminister an oath and affirmations and take depositions and affidavits; Certify copies of power of attorney; Issue protest bills in cases of non-payment or non-acceptance of foreign and inland bills of exchange; Issue acknowledgements in the cases of h...

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28 pages

Written in 2023/2024

Grade A+

ExamVerse

The Notary Signing Agent is also the settlement or closing agent in the transaction. - correct answerFalse The Notary Signing agent is hired as an independent contractor. - correct answerTrue Notary Signing Agents draw the documents, collect and disburse funds, obtain the signatures of the borrowers and submit the title documents for recording. - correct answerFalse The Interagency Guidelines, establishing standards for safeguarding customer information, require financial institutions t...

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3 pages

Written in 2023/2024

Grade A+

ExamVerse

If a Notary identifies a signer through proper ID but forgets to put the information in her journal, she would be fined for? - correct answer750 Aaron has filed his Oath of Office and bond with the county recorder's office where he holds his principal place of business. Aaron is under oath for the duration of his commission to follow all Notary laws as a result. If Arron falsifies a statement, verbally or in writing, he may be found guilty of: - correct answerForgery A Proof of Execution ...

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6 pages

Written in 2023/2024

Grade A+

ExamVerse

A notary Signing Agent is asked to describe several of the loan terms at a signing appointment. The Notary Signing Agent may: - correct answerProvide only a general description of the loan terms A Notary Signing Agent has been providing signing services with no incidents for over 10 years without having undergone a background screening. There fore he/she: - correct answerMust undergo a background screening in order to become a "Certified" Notary Signing Agent The Certified Signing Specia...

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5 pages

Written in 2023/2024

Grade A+

ExamVerse

Borrower (Mortgagor) - correct answerAn 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 - correct answerThe document that gives evidence of ownership of a property. It also indicates the rights of ownership and possession of the property. Refinancing - correct answerThe process of paying off one loan with the proceeds from a new loan secured by the same property. Escrow Company - correct an...

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3 pages

Written in 2023/2024

Grade A+

ExamVerse

Who are the stakeholders in the loan process? - correct answerThe stakeholders in the loan process are: the borrower, the lender, the contracting company, and the NSA(Notary Signing Agent) Who hires an NSA? - correct answerAn NSA is hired by a contracting company to provide signing services and oversee the actual loan signing with the borrower. What is a contracting company? - correct answerA closing company could be: -closing agent -bank -escrow company -attorney -signing service -...

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11 pages

Written in 2023/2024

Grade A+

ExamVerse

Notary Signing Agent - correct answerA notary who specifically trained to handle and notarized loan documents; plays a critical role in many mortgage transactions nationwide The Five Requirements - correct answerThe created five standards required of all NNA NSA candidates: 1. Signing and adhering today the notary signing agent code of conduct 2. Passing and annual certification examination 3. Submitting to an annual background screening 4. Using the signing presentation guidelines 5...

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4 pages

Written in 2023/2024

Grade A+

ExamVerse

GUIDING PRINCIPLE 1: QUALIFICATIONS - correct answerThe Notary Signing Agent will satisfactorily meet and maintain all qualifications necessary to perform signing services GUIDING PRINCIPLE 2: NOTARIZATION - correct answerThe Notary Signing Agent will follow all laws, rules and best practices that apply to the notarizing of closing documents. GUIDING PRINCIPLE 3: IMPARTIALITY - correct answerThe Notary Signing Agent will remain impartial to the transaction at all times. GUIDING PRINCIP...

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4 pages

Written in 2023/2024

Grade A+

ExamVerse

Close Relative - correct answerThe Notary Signing agents spouse, domestic partner, parent, granapretn, sibling, child, stepchild, step sibling, stepparent, step grandparents, step-grandchild or inlaw Closing - correct answerconsummation of a transaction involving the purchase, sale or finking of real property Closing AGent - correct answera third party, an attorney title agent or escrow officer, that performs duties incident to the consummation of a transaction involving the purchase, sale...

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3 pages

Written in 2023/2024

Grade A+

ExamVerse

acknowledgement - correct answernotarial act where the signer admits to notary that he signed doc, that he understands the contents of the doc; and that he is aware of the consequences of executing the doc by signing it. signer indicates that he signed of his own free will. taken from signers of documents such as deeds, contracts and powers of attorney. By signing the document the signer agrees to the terms and conditions of the document. The signer does not have to sign the document in t...

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8 pages

Written in 2023/2024

Grade A+

ExamVerse

A Notary Signing Agent is required to have a background screen when? - correct answerEvery year to maintain industry standards When should the notary signing agent ask if the date and time of the signing appointment has been set and also if there are any additional stipulations needed to complete this closing? - correct answerOn the initial phone call with the contracting company A notary signing agent just received documents for a closing scheduled in 1 hour but will not have time to retu...

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4 pages

Written in 2023/2024

Grade A+

ExamVerse

1003 - Uniform Residential Loan Application - correct answerStandard form completed by borrowers when applying for a mortgage loan. A borrower lists all assets and liabilities on the form, also includes a section for income, including two years of employment history and monthly household income. ACKNOWLEDGEMENT - correct answerFormal declaration before a public official that one has signed a document prior to recording real estate documents, such as grant deeds and deeds of trust, a Notary Pu...

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7 pages

Written in 2023/2024

Grade A+

ExamVerse

A Notary Signing Agent is required to have a background screen when? - correct answerEvery year to maintain industry standards When should the notary signing agent ask if the date and time of the signing appointment has been set and also if there are any additional stipulations needed to complete this closing? - correct answerOn the initial phone call with the contracting company A notary signing agent just received documents for a closing scheduled in 1 hour but will not have time to retu...

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3 pages

Written in 2023/2024

Grade A+

ExamVerse

When would the Right of Rescission period end if refinance documents for a borrower's primary residence were signed on Thursday, October 25th at 8pm? - correct answerMonday October 29th at midnight Which document(s) specify the interest rate being charged for a loan? - correct answerNote Which of the following questions can a notary signing agent answer without supplying unauthorized or illegal assistance? - correct answerWhere are my interest rate and monthly payment amount listed? Du...

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10 pages

Written in 2023/2024

Grade A+

ExamVerse