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Loan Sign Notary Test #3 Questions 2024 Solved 100%
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Loan Sign Notary Test #3 Questions 2024 Solved 100%
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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
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