Notary Signing Agent Procedures Questions and Answers with complete Solutions | Updated 2024
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Notary Signing Agent
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Notary Signing Agent
Notary Signing Agent Procedures Questions and Answers with complete Solutions | Updated 2024
California requirements for thumbprints for loan packages
Required by law to get a thumbprint every time a notarization is done for a loan package for anything having to do with real property title
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notary signing agent procedures questions and answ
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Notary Signing Agent Procedures Questions
and Answers with complete Solutions |
Updated 2024
California requirements for thumbprints for loan packages
Required by law to get a thumbprint every time a notarization is done for a loan package
for anything having to do with real property title
Purpose of using colored sticky notes
Identify where errors have been made without altering the loan document itself
Does a notary stamp their own signature where indicated on a loan package?
A notary can never notarize their own signature, include a sticky note to explain that no
stamp can be provided
Use of loose, unattached acknowledgment certificates in a loan package
Never provide loose certificates and expect the loan company to attach it to a specific
document, do not complete any spare acknowledgment forms provided by the lender.
What four things will a Statement of (Confidential) Information ask for?
1) Address for last ten years
2) Employment for last ten years
3) Previous marriages
4) Homeowners insurance information
Rule for loan document signature versus identification document signature
The identification used for signature verification can contain more information than the
signature, but never less
What a notary public should do if asked to perform an act that is improper or
illegal?
Refuse or cease to notarize and note the reason in the notary journal
Rule about giving the borrower their copy of the loan package?
Never give the borrower their copy until signing is completed
Two rules about a Corporation Assignment of Deed Trust document
1) Never have the borrowers sign it
2) Never notarize this document
What title is used by notary public when signing the US Patriot Act Disclosure to
indicate verification of the information on identification documents and the form
itself? What title is not used?
"Signing Agent" is the title that is used. Under no circumstances is "Notary Public" to be
used.
What to do if there are discrepancies in any information provided for US Patriot
Act Disclosure?
, Notary Signing Agent needs to contact Loan Closer at Title/Escrow Company, does not
proceed with the closing.
What to check for with loan documents that are pre-signed by borrowers and do
not require notarization?
Make sure the documents are dated for the day the signing is completed.
What to do if a borrower has pre-signed documents that require notarization?
Have borrower acknowledge the signature in the documents is their signature.
What to do if a borrower has pre-signed documents that require a jurat?
Borrower will need to resign the documents in clear space, leaving original signature
untouched. Best to call company that provided the signing to verify if the documents
need to be redrawn.
What can happen if a borrower does not sign their name as shown on the loan
documents?
County Recorder could reject the loan, which would hold it up in escrow. Title Company
will need to redraw the documents, and new signatures will be needed. Place a sticky
note indicating the borrower was instructed on how to sign if they still refuse to do so.
What to do if a borrower asks questions pertaining to their loan?
Advise they need to speak to their loan officer.
Closing Disclosure
Replaced the final Truth in Lending Disclosure and HUD-1 Settlement Statement,
discusses any prepayment penalty, loan officer needs to be contacted with questions
about it. Have borrower sign and date the document.
Loan Estimate
Replaces Initial Truth in Lending Disclosure and Good Faith Estimate, discloses any
prepayment penalty, loan officer needs to be contacted with questions about it. Have
borrower sign and date the document.
Note
Identifies loan amount, interest rate, date first payment is due, amount of monthly
payment, borrower's right to prepay, term of the loan, and whether loan has fixed or
adjustable rate. Identify how many days after payment date borrower can pay and
applicable late charge.
Deed of Trust
Document that gets recorded, borrower needs to confirm their name and address that
appears, they need to contact loan officer or notary signing agent needs to contact
company assigning the loan for how to proceed. This is recording instrument showing
there is a lien against the subject property.
Notice of Right of Rescission or Right to Cancel
Show borrower first date, which is date of transaction, followed by last day until they can
cancel by midnight. Signing agent may have to fill this date in if not already provided.
What to do if the Notice of Right of Rescission or Right to Cancel has incorrect
dates?
Signing agent strikes a single line through the incorrect dates and write them in correctly
for the borrowers to initial.
What to do anytime you handwrite dates on a document?
Have the borrowers initial to prove they saw the dates.
Escrow or Impound Account
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