Loan Signing Test #5 2024 Questions Solved 100%
The consumer Financial Protection Bureau is responsible for implementing the "TILA- RESPA Integrated Disclosure" (TRID) rule.
(Answer: - True
Loan Signing Test #5 2024
Questions Solved 100%
The consumer Financial Protection Bureau is responsible for implementing the
"TILA- RESPA Integrated Disclosure" (TRID) rule.
(Answer: - True
What is an Adjustable Rate Mortgage- ARM?
(Answer: - A loan that offers a short introductory period with a low, fixed interest
rate. After that period usually two to five years, sometimes more the rate becomes
adjustable, up to a certain limit.
What is a balloon loan?
(Answer: - Short term loan with payments amortized over a longer period of time.
These payments are not sufficient to pay off the loan in full within the term of the
loan. The remaining balance, known as balloon payment, is due in full at maturity
of the note.
How is the monthly mortgage payment applied to the loan?
(Answer: - The monthly mortgage payment can be used to pay the interest, and
escrow.
The TRID rule went into effect on the following date in 2015:
(Answer: - October 3, 2015
A Notary Signing Agent or NSA is a Notary Public who has special training to handle
loan document signings. Title companies and signing services hire NSA to deliver
loan document to borrowers, oversee the signing and return the documents.
(Answer: - True
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