Loan Sign Notary Test 3 (2024/25); Questions & Answers (Latest Update)

Loan Sign Notary Test 3 (2024/25); Questions
& Answers (Latest Update)
Escrow Transfer Account ✔✔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 ✔✔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.


✔✔True

, Loan Sign Notary Test 3 (2024/25); Questions
& Answers (Latest Update)
Patriot Act Disclosure: ✔✔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. ✔✔False


Notice of Right to Cancel: ✔✔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-