Loan Signing Agent Documents
Borrower's Certification Authorization - answer This document certifies all of the
information provided in the loan application is true and complete.
Compliance Agreement - answer This document informs the borrower that if anything
else needs to be signed before the loan funds, the borrower will comply with any
requests.
NOTARIZE
Closing Disclosure (CD) - answer Document that replaces what used to be called the
truth in lending form. Informs the borrower about everything pertinent about the loan; all
costs associated with the transaction, just like the closing statement. The lender must
disclose everything about the loan so the borrower has a concise look at what they are
getting in to. This form is a little redundant as it has information found on different forms
throughout the loan documents.
Deed of Trust - answerA deed to real property, which serves the same purpose as a
mortgage, involving three parties instead of two. The third party holds naked title for the
benefit of the lender. Beneficiary (Lender), Trustor (Borrower), Trustee (Third Party)
NOTARIZE
Error and Omission Agreement - answerBorrower agrees to sign if there were any
mistakes and docs need correction
NOTARIZE
Flood Hazard Notice - answerThis indicates whether or not the property is in an area
designated as a flood zone area. This will also house the flood Insurance fee.
General Closing Instructions - answerThis document provides the lender's general
requirements (conditions) to the settlement agent for the closing of all single-family
residential mortgage loan transactions. May include executing and correcting docs,
power of attorney, and transactions with remission period
Good Faith Estimate - answerWritten estimate of the settlement costs the borrower will
likely have to pay at closing. Under the Real Estate Settlement Procedures Act
(RESPA), tThe lender is required to provide this disclosure to the borrower within three
days of receiving a loan application.
HUD-1 Settlement Statement - answerA document that provides an itemized listing of
the funds that were paid at closing. Items that appear on the statement include real
estate commissions, loan fees, points, and initial escrow (impound) amounts. Each type
of expense goes on a specific numbered line on the sheet. The totals at the bottom of
, the HUD-1 statement define the seller's net proceeds and the buyer's net payment at
closing. It is called a HUD1 because the form is printed by the Department of Housing
and Urban Development (HUD). The HUD1 statement is also known as the "closing
statement" or "settlement sheet."
Line 103: Settlement Charges
Line 120: Gross Amount
Line 220: Total amount payed by and for borrower
Line 300: Check box for Borrower to Receive or provide funds at closing
HUD/VA Addendum to Uniform Residential Loan Application - answerLenders and
veterans must complete certain sections. Federal agencies must approve each
collection of information they conduct or sponsor
Impound Account Letter - answerEscrowing Funds:
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.
Not escrowing funds:
Elect no real estate tax or hazard insurance to be apart of mortgage so they are
responsible to pay for the outside of payment
Initial Escrow Account Disclosure Statement - answerThis form shows how the impound
account will look over the next 12 months. It shows the balance every month for the
next 12 months, when the lender will make the tax and insurance payments, and how
much will be paid.
Insurance Requirements - answerThis document states that homeowners insurance is
required during the term of the loan.
Itemization of Amount Financed - answerThis describes the items in detail that comprise
the amounts necessary to calculate the annual percentage rate. Amount of proceeds to
the borrower, to the borrower with lender, and any other person's by the lender on the
borrower's behalf
IRS Form 4506-T - answerThis form authorizes the lender to obtain transcripts of tax
returns. Loans are randomly chosen for audit to make sure the borrower and the lender
are not committing fraud.
IRS form W-9 and Sellers Certification - answerare used to verify the sellers' Social
Security number and details of the sale to comply with income tax regulations. Allows
the lender to report to the IRS the interest that is paid on the mortgage during a
particular tax year.
Borrower's Certification Authorization - answer This document certifies all of the
information provided in the loan application is true and complete.
Compliance Agreement - answer This document informs the borrower that if anything
else needs to be signed before the loan funds, the borrower will comply with any
requests.
NOTARIZE
Closing Disclosure (CD) - answer Document that replaces what used to be called the
truth in lending form. Informs the borrower about everything pertinent about the loan; all
costs associated with the transaction, just like the closing statement. The lender must
disclose everything about the loan so the borrower has a concise look at what they are
getting in to. This form is a little redundant as it has information found on different forms
throughout the loan documents.
Deed of Trust - answerA deed to real property, which serves the same purpose as a
mortgage, involving three parties instead of two. The third party holds naked title for the
benefit of the lender. Beneficiary (Lender), Trustor (Borrower), Trustee (Third Party)
NOTARIZE
Error and Omission Agreement - answerBorrower agrees to sign if there were any
mistakes and docs need correction
NOTARIZE
Flood Hazard Notice - answerThis indicates whether or not the property is in an area
designated as a flood zone area. This will also house the flood Insurance fee.
General Closing Instructions - answerThis document provides the lender's general
requirements (conditions) to the settlement agent for the closing of all single-family
residential mortgage loan transactions. May include executing and correcting docs,
power of attorney, and transactions with remission period
Good Faith Estimate - answerWritten estimate of the settlement costs the borrower will
likely have to pay at closing. Under the Real Estate Settlement Procedures Act
(RESPA), tThe lender is required to provide this disclosure to the borrower within three
days of receiving a loan application.
HUD-1 Settlement Statement - answerA document that provides an itemized listing of
the funds that were paid at closing. Items that appear on the statement include real
estate commissions, loan fees, points, and initial escrow (impound) amounts. Each type
of expense goes on a specific numbered line on the sheet. The totals at the bottom of
, the HUD-1 statement define the seller's net proceeds and the buyer's net payment at
closing. It is called a HUD1 because the form is printed by the Department of Housing
and Urban Development (HUD). The HUD1 statement is also known as the "closing
statement" or "settlement sheet."
Line 103: Settlement Charges
Line 120: Gross Amount
Line 220: Total amount payed by and for borrower
Line 300: Check box for Borrower to Receive or provide funds at closing
HUD/VA Addendum to Uniform Residential Loan Application - answerLenders and
veterans must complete certain sections. Federal agencies must approve each
collection of information they conduct or sponsor
Impound Account Letter - answerEscrowing Funds:
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.
Not escrowing funds:
Elect no real estate tax or hazard insurance to be apart of mortgage so they are
responsible to pay for the outside of payment
Initial Escrow Account Disclosure Statement - answerThis form shows how the impound
account will look over the next 12 months. It shows the balance every month for the
next 12 months, when the lender will make the tax and insurance payments, and how
much will be paid.
Insurance Requirements - answerThis document states that homeowners insurance is
required during the term of the loan.
Itemization of Amount Financed - answerThis describes the items in detail that comprise
the amounts necessary to calculate the annual percentage rate. Amount of proceeds to
the borrower, to the borrower with lender, and any other person's by the lender on the
borrower's behalf
IRS Form 4506-T - answerThis form authorizes the lender to obtain transcripts of tax
returns. Loans are randomly chosen for audit to make sure the borrower and the lender
are not committing fraud.
IRS form W-9 and Sellers Certification - answerare used to verify the sellers' Social
Security number and details of the sale to comply with income tax regulations. Allows
the lender to report to the IRS the interest that is paid on the mortgage during a
particular tax year.
