NOTARY SIGNING AGENT ACTUAL EXAM

NOTARY SIGNING AGENT (ACTUAL EXAM

QUESTIONS AND VERIFIED ANSWERS.

Truth in Lending Disclosure - _-----Answers----Not included if there is a Closing Document Contains APR Must be signed and dated

What is the difference between APR and interest rate? - _----- Answers----APR contains the interest rate plus finance charges such as fees and points

Note - _-----Answers----The most critical document Obligates borrower to repay loan and sets out the terms for doing so Many provisions are the same as HUD-1 and Closing Document, but point them out anyway Interest rate is spelled out in paragraph 2 (not the APR) Where to pay First and last payment date Right to prepay Failure to pay Payment amount 1 / 2

Must be signed ("seal" means sign, not notary) but not always dated

Where can I find the interest rate? - _-----Answers----Note

Where can I find where to make payments - _-----Answers--- -Note

Where can I find the payment amount? - _-----Answers---- Note

Where can I find the APR? - _-----Answers----Truth in Lending if there is one, or Closing Document

Where can I find out about prepayment? - _-----Answers---- Note, Closing Document

Where can I find where my first and last payments are due? - _-----Answers----Note

Deed of Trust (or Mortgage, but not in WA) - _-----Answers--- -This is the "Security Instrument" referred to in the Note Places a lien on property as security for the Note

There are usually 3 parties: borrower, lender and trustee

(often a title company) The lender is the beneficiary

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