Arizona Notary Signing Agent Exam Questions With 100% Correct Answers 2024.
Borrower's Certification Authorization
This document certifies all of the information provided in the loan application is true and complete.
Compliance Agreement
This states that if there are any typographical or cler...
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Arizona Notary Signing Agent Exam Questions
With 100% Correct Answers 2024.
Borrower's Certification Authorization
This document certifies all of the information provided in the loan application is true and
complete.
Compliance Agreement
This states that if there are any typographical or clerical errors on the closing
documents, the borrower would agree to sign any documents that had to be corrected.
Closing Disclosure
Received by the consumer 3 days before closing. It outlines the final terms and costs of
your mortgage.
Deed of Trust
Lean pledged by borrower as security for a debt (loan). Recorded in county land records
as evidence of the lender's security interest in the property.
Errors & Omission Agreement
This states if there are any typographical or clerical errors on the closing documents,
the borrower would agree to sign any documents that had to be corrected.
Flood Hazard Notice
This indicated whether or not the property is in an area designated as a flood zone area.
General Closing Instructions
For the settlement agent. Not NSA or borrower. Leave blank
GFE/Good Faith Estimate
An estimate of all closing fees including pre-paid and escrow items as well as lender
charges at the time of application.
HUD-1 Settlement Statement
A 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.". PRESENT THIS TO BORROWER 1ST.
HUD/VA Addendum to Uniform Residential Loan Application
Final typed version of loan application. aka 1003
Impound Account Letter
Authorizes the lender to collect real estate taxes and homeowner's insurance to be paid
out of your escrow account when they are due and payable.
Initial Escrow Account Disclosure Statement
A one-year snapshot of your escrow account.
Insurance Requirements
States that homeowners insurance is required during the term of the loan.
Itemization of Amount Financed
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