Notary Signing Agent Exam Study Guide
HELOC (Ans- Home Equity Line of Credit
Construction Loan (Ans- 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 (Ans- 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 (Ans- Gender Migratory status Religion Disability Culture Politics
Questions to ask a contracting company if not provided automatically (Ans- 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
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Things to keep on hand in case of unsolicited assignments (Ans- 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 (Ans- Confirmation Form, Assignment Sheet, or Instruction Sheet. Reply in writing (could be via text or email) AFTER reading and understanding.
Borrower Call Checklist (Ans-
- My name, why I'm calling
- Confirm address and time
- What will happen at appointment - Will be signing loan documents, there
- Will take 45 minutes to an hour
- What I need from them
- Explain roles and limitations
- End on a positive note
will be two sets, one to sign and one to keep
Government issued ID, current, with exact name, current
What to do if name on ID doesn't match loan exactly (Ans- * Is there another ID or is there a credible reference who has an ID
How long after getting assignment should you call the borrower?(Ans- Within one hour
Items to check when printing out/reviewing loan package (Ans- 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?
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