Loa Sign Notary Test #3 Exam With 100%
Correct Answers 2024
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.
Correct Answers 2024
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.
