Exam Practice Questions with complete Solutions for Notary Signing Agent Rated A+
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Course
Notary Signing
Institution
Notary Signing
Exam Practice Questions with complete Solutions for Notary Signing Agent Rated A+
HELOC - Answers Home Equity Line of Credit
Construction Loan - Answers A short-term, interim loan for financing the cost of construction. The lender makes payments to the builder at periodic intervals as the work p...
Exam Practice Questions with complete Solutions for Notary Signing Agent Rated A+
HELOC - Answers Home Equity Line of Credit
Construction Loan - Answers 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 - Answers 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 - Answers Gender
Migratory status
Religion
Disability
Culture
Politics
Questions to ask a contracting company if not provided automatically - Answers 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 - Answers 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 - Answers Confirmation Form, Assignment
Sheet, or Instruction Sheet. Reply in writing (could be via text or email) AFTER reading and
understanding.
* 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 - Answers * Is there another ID or is there a
credible reference who has an ID
How long after getting assignment should you call the borrower? - Answers Within one hour
Items to check when printing out/reviewing loan package - Answers 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 - Answers 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
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