Loa Sign Test #4 exam Questions and Answers with
complete Solutions | Updated 2024
The Note is the loan agreement, and it outlines the terms of the loan.
True
One part of the "TILA- RESPA integrated Disclosure" (TRID) rule that affects
signing agents is the:
Closing Disclosure, which consolidates the Truth-in- Lending (TIL) disclosure and the
HUD-1 Settlement Statement.
Which document replaces the Good Faith Estimate and the "early" Truth in
Lending Disclosure.
The Loan Estimate form.
The new Closing Disclosure replaces which two documents as of October 2015?
The HUD- 1 and the Truth in Lending Disclosure.
A Notary Signing Agent shows up to an assignment only to discover it has been
rescheduled at the last minute for the following day.
What is the agent required to do with the documents?
Return them to the Contracting Company
Which document represents the borrower's promise to repay the loan?
Deed of Trust
Mortgage
If during the signing appointment the borrower divulges that the property being
financed is an investment property, while the loan papers indicate it is for a
primary residence, the Notary Signing Agent should:
Contact the lender's representative immediately before signing the documents.
The Note includes the impact of impounds such as real estate taxes, Percentage
charged by the lender if payment is more than 15 days late.
False
Can a notary public notarize a sworn statement if the person refuses to take the
oath "swear to God" because of religious reasons?
Yes, as long as the person "affirms" that the facts stated are true to the best of his/her
knowledge
The SPW's Code of Conduct strictly prohibits Notary Signing Agents from:
Collecting the Signing fee from the Borrower
The "TILA-RESPA Integrated Disclosure" (TRID) rule will affect the loan signing
process and the documents Notary signing agents work with during
assignments. It went into effect in Fall 2015.
True
In which of the following cases may personal appearance by a signer be waived?
When an the signer is the Principle's attorney in fact.
If the documents were signed on Friday, May 19th at 7pm, when would the three-
day rescission period end?
tue may 23 at midnight
complete Solutions | Updated 2024
The Note is the loan agreement, and it outlines the terms of the loan.
True
One part of the "TILA- RESPA integrated Disclosure" (TRID) rule that affects
signing agents is the:
Closing Disclosure, which consolidates the Truth-in- Lending (TIL) disclosure and the
HUD-1 Settlement Statement.
Which document replaces the Good Faith Estimate and the "early" Truth in
Lending Disclosure.
The Loan Estimate form.
The new Closing Disclosure replaces which two documents as of October 2015?
The HUD- 1 and the Truth in Lending Disclosure.
A Notary Signing Agent shows up to an assignment only to discover it has been
rescheduled at the last minute for the following day.
What is the agent required to do with the documents?
Return them to the Contracting Company
Which document represents the borrower's promise to repay the loan?
Deed of Trust
Mortgage
If during the signing appointment the borrower divulges that the property being
financed is an investment property, while the loan papers indicate it is for a
primary residence, the Notary Signing Agent should:
Contact the lender's representative immediately before signing the documents.
The Note includes the impact of impounds such as real estate taxes, Percentage
charged by the lender if payment is more than 15 days late.
False
Can a notary public notarize a sworn statement if the person refuses to take the
oath "swear to God" because of religious reasons?
Yes, as long as the person "affirms" that the facts stated are true to the best of his/her
knowledge
The SPW's Code of Conduct strictly prohibits Notary Signing Agents from:
Collecting the Signing fee from the Borrower
The "TILA-RESPA Integrated Disclosure" (TRID) rule will affect the loan signing
process and the documents Notary signing agents work with during
assignments. It went into effect in Fall 2015.
True
In which of the following cases may personal appearance by a signer be waived?
When an the signer is the Principle's attorney in fact.
If the documents were signed on Friday, May 19th at 7pm, when would the three-
day rescission period end?
tue may 23 at midnight
