NOTARY Signing Agent Certification Exam.Questions And Answers Latest Update 2023, Exams of Finance

Download NOTARY Signing Agent Certification Exam.Questions And Answers Latest Update 2023 and more Exams Finance in PDF only on Docsity! 1 [Date] NOTARY Signing Agent Certification Exam.Questions And Answers Latest Update 2023 Who are the stakeholders in the loan process? - answeThe stakeholders in the loan process are: the borrower, the lender, the contracting company, and the NSA(Notary Signing Agent) Who hires an NSA? - answeAn NSA is hired by a contracting company to provide signing services and oversee the actual loan signing with the borrower. What is a contracting company? - answeA closing company could be: -closing agent -bank -escrow company -attorney -signing service -borrower's What types of transactions does a Signing Agent handle? - answe-Refinance -Purchase and sale -HELOC -Construction -Commercial -Reverse Mortgage What are some Signing Agent DO's and DONT's? - answeYou can: -Print Loan documents 2 [Date] -Oversee the signing -Notarize the appropriate documents -Return the documents You can't: -Process loans -Conduct a settlement -Prepare documents -Offer am opinion or legal advice to the borrowers What are some examples of discriminatory or unfair practices? - answe-refusing to perform signing or providing inferior services based on clients race, color, national origin, religion, gender, sexual orientation, disability, family or migratory status -making unprofessional and insensitive remarks about the clients culture, level of education or lifestyle -Prompting the perception of unwelcome advances or a lewd act Where does the NSA fit in the loan process? - answeYou may be the first or the only person the borrower meets. Although you are involved in only one step, the whole loan process hinges on how well you do your job. What are the key responsibilities of a Signing Agent? - answeKey responsibilities: -Travel to the borrower -Oversee the Signing -Collect stipulations and notarize applicable documents -Ensure that the documents are signed, dated or initialed properly -Review all the documents -Return the documents to the contracting company. 5 [Date] -Notice of right to cancel Where are the common documents most likely to be notarized? - answe-occupancy affidavit -signature/affidavit -Compliance Agreement -limited power of attorney Occupancy Affidavit - answeThe Occupancy Affidavit is for the borrower to swear that they will be living in the property they are borrowing for rather than leasing the property to a third party. ... The Occupancy Affidavit is one of the documents in the loan package that is always notarized with a Jurat. Signature Affidavit - answeSignature Affidavit is a document in which a person certifies that the signature provided is the true and correct signature. Name Affidavit is a document in which a person certifies all the names that have been used by the person. Sometimes the two documents are combined into one. Compliance Agreement - answeThis document is similar to the correction agreement limited power of attorney as it serves as an attempt to find a way to ensure that small clerical errors can be quickly fixed. The compliance agreement has the borrower agree to cooperate should there be any changes to any loan documents due to clerical errors. There would not be any changes to the terms of the loan though. Definition of Limited Power of Attorney - answeA limited power of attorney specifies the authority the agent will have. The principal lists all the matters for which the agent will make decisions, sign documents or give instructions. Often, a limited power of attorney covers only a single process or matter; for example, a contract signing which the principal is unable to carry out due to absence or illness. How should I respond to specific questions about the loan? - answeChange the borrowers"How/when/what" question into a where question What should I do with the loan documents are sent directly to the Borrowers? - answe-ask borrower to review the documents for names, property address, loan terms and dates 6 [Date] -Have borrower contact the lender to answer questions -Verify borrowers ID -Ask the borrower NOT to sign documents prior to the appointment Signing appointment order of tasks - answe1) Manage the appointment logistics 2) Take the lead when you arrive 3) Arrange the workspace 4) review the process with the Borrowers 5) Request the Borrowers ID's 6) Show the borrowers their copies 7) Obtain the required Stipulations 8) Complete the journal entries 9) Present the loan documents Manage Appointment Logistics - answe-Confirm The appointment before the signing -confirm the time of the appointment and get driving directions -confirm the borrowers have the necessary IDs and stipulations ready -if the documents were sent to the borrowers, confirm the receipt Plan for personal safety - answe-Become familiar with geographic areas you serve -Determine if the signing location is safe -Suggest an alternate location, if necessary Maintain agreed-upon arrangements - answe-Arrive and leave on time -Confirm parking and any access instructions 7 [Date] -Keep your phone and the borrower's phone number with you at all times Represent your contracting company properly - answe-present yourself as if you work directly for the lender -introduce yourself and present your ID -dress according to your contract and company's policy -A signing appointment as a business meeting: never bring children or friends, never leave a child or pet in the car, mute your phone and keep it out of sight. Review the process with the borrowers - answe-provide an overview of the signing -give instructions for signing documents -review your role in its limitations -keep a list of questions -offer to call your contracting company Obtain the required stipulations(checks for closing cost, mortgage statement, copies of ID cards, income statement, insurance declarations, IRS and state returns and W-2 forms) - answe-Collect stipulations -Attach Stipulations to HUD-one settlement statement Complete Notary Journal Entries - answe-record each notarization in your journal, even if not required by your state -One notary certificate equals one journal entry -Enter $0 for notary fee(since it's a loan signing appointment and not a standard notarization..the signing fee you receive from the contracting company is not recorded here) Why do you complete your journal before having the borrower sign? - answe1. Journal entries interrupt the flow 2. Interrupting the flow can increase mistakes 10 [Date] - construction - Commercial - reverse mortgage Good Faith Estimate(GFE) - answeThe Good Faith Estimate is an estimate of all closing fees, including pre-paid and escrow items as well as lender charges. Servicing Disclosure Statement - answeThis document discloses the fact that the lender has the right to sell, transfer or assign the servicing rights to the loan. Documents a Notary May Not Complete - answe-Positive Proof of Identification & Notary Signature Affidavit -Notary Identification Certification -Blank Acknowledgment Certificates Positive Proof Identification and Notary Signature Affidavit(May Not Complete) - answeAsks you to certify borrowers ID -Without their signatures -Without notarial wording Notaries cannot certify identity -Without an acknowledgment or Jurat that mentions identification -Without the borrower signing in front of them Notary Identity Certification - answe-Should not be completed -Asks that you certify that you are a notary -You can't certify your own signature 11 [Date] -You can't stamp paper that does not contain Notarial wording. Blank Certificates - answeNever complete and return an extra acknowledgment or jurat that is not attached to a document. It is illegal Borrowers Certification Authorization - answeThis document certifies all of the information provided in the loan application is true and complete. This is the Borrower's Certification and Authorization. By signing this document the borrower agrees and certifies that the information contained in the borrower's loan application is true and complete, without misrepresentation or omission of important facts. The borrower also authorizes the lender to release loan-specific information to an investor looking to purchase the loan in the secondary market. Information provided to the investor could include the borrower's employment history and income, bank account balances, credit history and copies of the borrower's income tax returns. Compliance Agreement - answeCompliance 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. Signing Presentation Guidelines Additional Information This is the Compliance Agreement. This document states that the borrower agrees to cooperate with the lender or lender's agent in fixing clerical errors on the documents after the property closes. Depending upon the lender, this document may or may not be notarized. Compliance Agreements may come in several forms: • Errors & Omissions Agreement • Document Correction Agreement • Correction Agreement Some variations (Correction Agreement - Limited Power of Attorney) give an agent of the lender permission to fix the clerical errors on the borrower's behalf. It speeds up the process of correcting the documents by giving someone who works for the lender the power to make corrections on the borrower's behalf. 12 [Date] What is the best order in which to complete the signing appointment - answe1)Manage appointment logistics 2)Take the lead when you arrive 3)Arrange the workspace 4)Review the process with the borrowers 5)Request the borrower's ID's 6)Show the borrowers their copies 7)Obtain the required stipulations 8)Complete the journal entries 9)Present the loan documents 10)Do a quality check The code of conduct: - answeThe code is divided into nine distinct areas, each area represented by key guiding principle. The document is designed to guide and educate both in essays and the companies that hire them on standards of professionalism. It also offers specific guidelines on daily administrative task such as advertising ones services, the charging and collecting the fees, and have to demonstrate responsible conduct with contracting companies in borrowers. What is a Jurat used for? - answeA jurat is used when the signer is swearing to the content of the document. The notary must administer an oath or affirmation to the signer in order to complete the jurat. A jurat also requires that the signer signs in the presence of the notary.