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Loa Signing Notary Test 3
- 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
- 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-1 Settlement Statement.: True
- First Payment Letter: 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): 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 includ- ed in the closing costs.: False
- Regarding the Loan Estimate:: It is a three-page form that Buyers receive after applying for a mortgage
Will the Closing Disclosure be sent to borrowers separately from the closing package? Both A &B: A. Will the Loan Estimate be sent to borrowers separately from the closing package
B. Will the Closing Disclosure be sent to borrowers separately from the closing package?
C. Both A and B
D.None of the above (correct)
- The Mortgagors (occupancy) Affidavit is document is used by the Federal Housing Administration to insure the loan, or by the Veteran's administration to guarantee the loan, or by a Private Mortgage Insurance Company to insure the loan.: True
- Item such as notary fees, origination/ preparation costs, and inspection fees, are not tax deductible.: True
- Since The Deed of Trust must be notarized, have the borrowers initial every page, and sign their name exactly as it is printed.: True
- Homeowner's insurance, prepaid interest and accrued interest are not considered closing costs: True
- Since The Deed of Trust must be notarized, have the borrowers initially every page, and sign their name exactly as it is printed.: True
- Closing Disclosure Includes:: The settlement charges to borrower The amount of the loan
The gross amount due from the borrower
The principle amount of the new loan Any other deposits or fees
- The Closing Disclosure is a statement of final loan terms and closing costs the borrower will be required to pay.: True
- The Closing Disclosure:: must be delivered to borrowers at least three days prior to a closing.
- Discount Points:
A.Credit history is one factor that plays a role in the amount of discount points a borrower pays. B.Borrowers pay this to lenders in order to compensate them for evaluating, processing and approving mortgage loans.
C.Items such as notary fees, origination/ preparation costs, and inspection fees, are not tax deductible.: D.None of the above
- Escrow Transfer Account: This form must be signed by the borrower if the lender has an escrow account.
