Loan Signing Notary Cards Exam 2024/2025 Questions With Verified Answers
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Loan Signing Notary Cards
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Loan Signing Notary Cards
Loan Signing Notary Cards Exam 2024/2025 Questions With Verified Answers
True or false when a lender processes and analyzes information about a borrower, he/she can determine the size of the loan that they are able to give to the borrower. This size depends on the borrower's ability to repay the ...
Loan Signing Notary Cards Exam
2024/2025 Questions With
Verified Answers
True or false when a lender processes and analyzes information about a borrower,
he/she can determine the size of the loan that they are able to give to the borrower.
This size depends on the borrower's ability to repay the debt. When the borrower
knows the amount of the possible loan, he/she can negotiate the terms of the
mortgage and its type
(Answer: - true
Mortgage loans imply different additional fees for the borrower (or the lender,
which is very seldom, but it depends upon prior negotiations). The following fees
may apply:
(Answer: - discount fee (this fee usually reduces interest on a pro rata basis)
Loan origination fee (this is the compensation for the lender due to his/her
operation costs for organizing the mortgage)
Application fee (this usually is paid when the borrower completes the application
form for the debt)
Appraisal fee (this fee increases directly on a pro rata basis with the price of the
house; it pays for an independent appraisal of the house, which the lender needs to
know in order to assess how much money he can lend)
Factors that determine the market value of the property
(Answer: - present cash value, use
Location
Replacement value of improvements
Condition
Income from property
Net proceeds if the property is sold, etc.
True or false moreover, lenders usually suggest a mortgage that does not exceed
95% of the assessed property.
(Answer: - true
, LOAN SIGNING NOTARY CARDS EXAM
More costs may include the following:
(Answer: - credit report fee (this fee pays for an independent assessment of the
borrower's solvency)
Title search and insurance fee (these costs are related to the investigation of the
property's history)
Flood certification costs (related to an investigation into whether or not the
property is situated in a flood zone, and if it is, it then implies flood insurance
costs)
Survey fee
Paperwork fee
Costs of attorneys
Real estate taxes (regulated by the state law)
What is a escrow account costs
(Answer: - escrow account costs (lenders often require a borrower to create such an
account as a guarantee that the borrower pays insurance fees and taxes on the real
estate in time so that he/she does not lose his/her pledge; usually governmental
loan companies require an escrow account but private companies may not require
it) and some others, depending on the situation. In this part, there also must be
mention of the fact that most lenders require an immediate down payment at a
certain rate of the purchase price (different lenders require different down
payments-from 3% up to 30%-low down payment percentages are stipulated in the
private mortgage insurance)
During the process of obtaining a mortgage loan, a notary signing agent's services
also needed.
(Answer: - yes this need is stipulated by the following circumstances: both the
lender and the borrower need to ascertain that they have a deal with the right
people and want to ascertain that the documents are sufficiently accurate, that all
of the necessary procedures are performed in the appropriate way, that all of the
essential signatures and dates are made in the appropriate way and that all of the
documents are notarized correspondingly. But, as it already has been stated above,
the loan signing agent must not give any legal advice or comments.
Lenders looking for notary signing agents
(Answer: - when a lender is in need of a notary signing agent, the lender will search
until finding a possible candidate, at which point they will call the notary signing
agent, providing them with the location, date and time of the signing. It is
important not to miss the date of the signing because this could result in the
borrower's having to start the entire process over again.
, LOAN SIGNING NOTARY CARDS EXAM
When are most loan closing
(Answer: - end of the month it is important to answer all calls because these
companies usually do not leave messages; they give the assignment to the first loan
signing agent who answers.
Lenders, title companies or signing services will inform the signing agent
(Answer: - the company they represent and ask if the signing agent is available for
the assignment, relaying the date, time and location for the signing to take place.
They also ask if the notary signing agent has a laser printer or fax machine in case
these documents need to be sent by email, faxed, or downloaded from a site. As a
notary signing agent, you should know the cities around your business, and if you
are not sure of the location, it is better to be sure before accepting the assignment.
If you have a computer close, it is best to look for the location and have an idea of
the distance. It is also advisable to have a map if you do not have a computer close
to you. It is best to know the distance, how the documents will be received, etc.
Before accepting or declining the assignment.
True or false as a loan signing agent, you know your fees in advance.
(Answer: - true
Sample:
Local service $.............40 miles max
Extra mile $.....
Use of printer $.....
(it is not the same fee if you receive the documents by mail or go to your computer
and download all documents from an email or website and print them.)
What are questions to ask before a signing
(Answer: - a question to ask in this call is to know what the policy of the company
is when borrowers do not sign the documents at the date of the appointment—and
what the notary fees are if this happens. Following this advice will reduce the
occurrence of these problems, but it is better to know what the loan signing fees
will be.
What is a notary public?
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