NOTARY SIGNING AGENT ACTUAL STUDY GUIDE

NOTARY SIGNING AGENT (ACTUAL / ) STUDY GUIDE

QUESTIONS AND CORRECT ANSWERS

Which document represents the borrower's promise to repay the loan?The Note

Which of the following documents breaks down the monthly payment amount including principal/interest, taxes and insurance and also shows when the first payment will be due?First payment letter

If the deed of trusts says, "see exhibit A" in the section of the

document that says legal description:

Exhibit A must be present

During a loan signing appointment, the borrower asks if his closing costs are too high. How should you respond to the borrower?Explain to the borrower that you are not allowed to discuss his loan rates but you can give his loan officer a call at the table if he needs further explanation on his closing costs 1 / 2

A borrower complains at closing that he has not had time to review the loan documents thoroughly and feels rushed into closing. What do you do as the Notary Signing Agent?Recommend the borrower stop and speak with their loan officer and discuss loan documents if he is uncomfortable closing at this time

A borrower asks if they have escrow set up for property taxes and homeowners insurance. How do you respond as a notary signing agent?Direct borrower to review the first page of the closing disclosure for that information

Which document must the borrower receive at least 3 days before the closing day?Closing disclosure

Which type of loan will use a HUD-1 instead of closing disclosure Reverse Mortgage

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