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 ...
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-
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