NNA Critical Documents – Questions With
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Terms in this set (63)
The "_____" itemizes actual Closing Disclosure
closing services and fees
charged to close the
borrower's loan, and it
will be the first document
you will present to the
borrower.
This is the "_____". Your Closing Disclosure
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
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 Notice of Right to Cancel
"_____" gives the borrower
three business days to
cancel the loan. If a
customers 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 Note
document in the entire
loan package is the "_____".
The "_____" is a legal
document that obligates
a borrower to repay a
mortgage loan at 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 Note
contract between the
lender and the borrower.
You will already have
mentioned the important
elements of this
document when you
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 Note
you:
Loan amount
Interest rate
Payment amount and due
date
Prepayment provisions
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.
Guaranteed Solutions
Save
Terms in this set (63)
The "_____" itemizes actual Closing Disclosure
closing services and fees
charged to close the
borrower's loan, and it
will be the first document
you will present to the
borrower.
This is the "_____". Your Closing Disclosure
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
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 Notice of Right to Cancel
"_____" gives the borrower
three business days to
cancel the loan. If a
customers 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 Note
document in the entire
loan package is the "_____".
The "_____" is a legal
document that obligates
a borrower to repay a
mortgage loan at 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 Note
contract between the
lender and the borrower.
You will already have
mentioned the important
elements of this
document when you
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 Note
you:
Loan amount
Interest rate
Payment amount and due
date
Prepayment provisions
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.
