Notary Signing Agent exam Questions with 100% Correct
Answers | Verified | Updated 2024
Borrower's Certification Authorization
This document certifies all of the information provided the loan application is true and
complete
Closing Disclosure
(Combines and replaces the HUD/Settlement Statement and Truth in Lending (TIL)
statement for most loans applied for beginning October 3, 2015 )The Closing Disclosure
itemizes all closing costs. Page 1 includes loan amount, interest rate, projected monthly
payments, closing costs and cash to close. The remaining pages include details of the
closing cost, payoffs and payments, cash to close calculations, disclosures, loan
calculations and contact information. Please note: The borrower should have received
this document from his or her lender in advance of the closing.
Errors & Omissions (E&O) and Compliance Agreement
This states that if there are any typographical or clerical errors on the closing
documents, the borrower would agree to sign any documents that had to be corrected.
Flood Hazard Notice
This indicates whether or not the property is in an area designated as a flood zone area.
Form 4506-T Request for Transcript of Tax Return
This form authorizes the lender to obtain transcripts of tax returns.
GFE/Good Faith Estimate
replaced by the Loan Estimate for most loans applied for beginning October 3, 2015
The Good Faith Estimate is an estimate of all closing fees including pre-paid and
escrow items as well as lender charges.The bottom portion of Page 3 shows the loan
terms. The loan amount, rate, term, principal and interest payment as well as total
payment are at the bottom. (If the borrower has questions related to these amounts,
direct the borrower to the lender.)
HUD/Settlement Statement
The HUD/Settlement Statement itemizes all closing costs; on pages 1 and 2 items that
appear on this statement include real estate commissions, loan fees, points, payoffs
and escrow amounts. Page 3 of the Settlement Statement is a comparison of the fees
disclosed on the Good Faith Estimate (GFE) to the actual costs as listed on the
HUD/Settlement Statement.
Identification Verification Form
This form verifies identity of the borrower and should read exactly as their state or
federal issued ID reads.
Impound Account Letter
This is the form authorizing the lender to collect real estate taxes and homeowner's
insurance to be paid out of the borrower's escrow account when they are due and
payable.
Initial Escrow Account Disclosure Statement
This is a one-year snapshot of the borrowers escrow account.
Insurance Requirements
Answers | Verified | Updated 2024
Borrower's Certification Authorization
This document certifies all of the information provided the loan application is true and
complete
Closing Disclosure
(Combines and replaces the HUD/Settlement Statement and Truth in Lending (TIL)
statement for most loans applied for beginning October 3, 2015 )The Closing Disclosure
itemizes all closing costs. Page 1 includes loan amount, interest rate, projected monthly
payments, closing costs and cash to close. The remaining pages include details of the
closing cost, payoffs and payments, cash to close calculations, disclosures, loan
calculations and contact information. Please note: The borrower should have received
this document from his or her lender in advance of the closing.
Errors & Omissions (E&O) and Compliance Agreement
This states that if there are any typographical or clerical errors on the closing
documents, the borrower would agree to sign any documents that had to be corrected.
Flood Hazard Notice
This indicates whether or not the property is in an area designated as a flood zone area.
Form 4506-T Request for Transcript of Tax Return
This form authorizes the lender to obtain transcripts of tax returns.
GFE/Good Faith Estimate
replaced by the Loan Estimate for most loans applied for beginning October 3, 2015
The Good Faith Estimate is an estimate of all closing fees including pre-paid and
escrow items as well as lender charges.The bottom portion of Page 3 shows the loan
terms. The loan amount, rate, term, principal and interest payment as well as total
payment are at the bottom. (If the borrower has questions related to these amounts,
direct the borrower to the lender.)
HUD/Settlement Statement
The HUD/Settlement Statement itemizes all closing costs; on pages 1 and 2 items that
appear on this statement include real estate commissions, loan fees, points, payoffs
and escrow amounts. Page 3 of the Settlement Statement is a comparison of the fees
disclosed on the Good Faith Estimate (GFE) to the actual costs as listed on the
HUD/Settlement Statement.
Identification Verification Form
This form verifies identity of the borrower and should read exactly as their state or
federal issued ID reads.
Impound Account Letter
This is the form authorizing the lender to collect real estate taxes and homeowner's
insurance to be paid out of the borrower's escrow account when they are due and
payable.
Initial Escrow Account Disclosure Statement
This is a one-year snapshot of the borrowers escrow account.
Insurance Requirements
