Loan Sign Test #4
The Note is the loan agreement, and it outlines the terms of the loan. - answer True
One part of the "TILA- RESPA integrated Disclosure" (TRID) rule that affects signing
agents is the: - answer 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. - answer The Loan Estimate form.
The new Closing Disclosure replaces which two documents as of October 2015? -
answerThe 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? - answer Return them to the
Contracting Company
Which document represents the borrower's promise to repay the loan? - answer 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: - answerContact 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. - answerFalse
Can a notary public notarize a sworn statement if the person refuses to take the oath
"swear to God" because of religious reasons? - answerYes, 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: -
answerCollecting the Signing fee from the Borrower
The Note is the loan agreement, and it outlines the terms of the loan. - answer True
One part of the "TILA- RESPA integrated Disclosure" (TRID) rule that affects signing
agents is the: - answer 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. - answer The Loan Estimate form.
The new Closing Disclosure replaces which two documents as of October 2015? -
answerThe 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? - answer Return them to the
Contracting Company
Which document represents the borrower's promise to repay the loan? - answer 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: - answerContact 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. - answerFalse
Can a notary public notarize a sworn statement if the person refuses to take the oath
"swear to God" because of religious reasons? - answerYes, 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: -
answerCollecting the Signing fee from the Borrower
