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Notary Signing Agent Exam Questions and Answers 100% correct
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Notary Signing Agent Exam Questions and Answers
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Notary Signing Agent Exam Questions and AnswersHELOC - Answer- Home Equity Line of Credit
Construction Loan - Answer- A short-term, interim loan for financing the cost of construction. The lender makes payments to the builder at periodic intervals as the work
progresses or is converted to a mortgage.
Reverse Mortgage - Answer- A loan based on the equity in a home that provides homeowners with tax-free income and is paid back with interest when the home is sold or the homeowner dies. No payment as long as the borrower lives in the home.
Things not to mention to borrower due to Fair Housing Act - Answer- Gender
Migratory status
Religion
Disability
Culture
Politics
Questions to ask a contracting company if not provided automatically - Answer- How many pages need to be faxed back?
Are there any special circumstances, such as more than 2 borrowers or multiple locations of borrowers?
After hours contact info for contract company contact, closing agent, including names, phone numbers and email addresses
Independent Contractor's Agreement if first time working with this company
Things to keep on hand in case of unsolicited assignments - Answer- Copy of Drivers License
Proof of Notary Commission
Proof of E&O Insurance
Completed W9
Proof of Surety Bond
What you should receive soon after accepting assignment - Answer- Confirmation Form, Assignment Sheet, or Instruction Sheet. Reply in writing (could be via text or email) AFTER reading and understanding.
Borrower Call Checklist - Answer- * My name, why I'm calling
* Confirm address and time * What will happen at appointment - Will be signing loan documents, there will be two sets, one to sign and one to keep
* Will take 45 minutes to an hour
* What I need from them Government issued ID, current, with exact name, current
* Explain roles and limitations
* End on a positive note
What to do if name on ID doesn't match loan exactly - Answer- * Is there another ID or is there a credible reference who has an ID
How long after getting assignment should you call the borrower? - Answer- Within one hour
Items to check when printing out/reviewing loan package - Answer- Have all pages printed completely? Sometimes get cut off on bottom of page.
Are there barcodes at the bottoms of the pages? If so, are they on every page?
Do the names and information on the info sheet match the names and info in the loan package?
Are all critical documents present and complete?
No inappropriate blank spaces
How to prep a loan package - Answer- 1. Locate and highlight NSA instructions only
2. See if there are any blank spaces
3. Identify and flag all signature/initial/notary
4. Highlight/flag anything out of the ordinary
5. Flag anything specifically mentioned in instructions
6. Make a list of any questions
7. Note the original order in case it gets dropped
8. Place HUD-1 or Closing Disclosure on top (flag original location)
9. Fill out the Notarial Evidence Form
10. Check the Uniform Residental Loan App (1003) for loan officer contact info in case its needed
11. Check to see that IRS Form 4506-T has enough copies. There should be 2 if there are 2 borrowers, plus the one extra.
12. Check to see that there are enough Notices of Right to Cancel. There should be 5 if there are two borrowers since each borrower gets 2.
13. Check to see that each borrower has a W9 and Patriot Act form.
14. Check to see that something is checked in the Impound Authorization and First Payment document. If not, the borrower will need to check something. 15. Pull Tax Information Sheet if there is one because it should NOT be presented to the borrower. Return it when you're done.
Other names for Signing Agent Instructions - Answer- NSA Instructions
Confirmation Sheet
Lender's Instructions
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