Exam (elaborations)
Loan Sign Notary Test #3 Questions 2024 Solved 100%
- Course
- Institution
Loan Sign Notary Test #3 Questions 2024 Solved 100%
[Show more]
Content preview
LOAN SIGN NOTARY TEST #3Loan Sign Notary Test #3
Questions 2024 Solved 100%
Escrow Transfer Account
(Answer: - 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
(Answer: - 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.
(Answer: - True
Patriot Act Disclosure:
(Answer: - 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.
, LOAN SIGN NOTARY TEST #3
(Answer: - False
Notice of Right to Cancel:
(Answer: - 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-1 Settlement Statement.
(Answer: - True
First Payment Letter
(Answer: - This document states when the borrowers first payment is due.
This document states what first payment is estimated to be
Equal Credit Opportunity Act (ECOA)
(Answer: - Is a United States Law enacted in 1974, that makes it unlawful for any
creditor to discriminate against any applicant, with respect to any aspect of a credit
transaction, on the basis of race, color, religion, national origin, sex, marital status ,
or age.
Give the specific reason(s) (or tell how to get the reason (s) why one is denied credit.
Homeowner's insurance, prepaid interest and accrued interest are included in the
closing costs.
(Answer: - False
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Bestmaxsolutions. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $6.50. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77254 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now