#1
What is the role of a loan signing agent?
Facilitating the signing of loan documents
ExplanationFacilitates loan document signings.
#2
What is a common form of identification used in loan signings?
Passport
ExplanationPassport commonly used for identification.
#3
Which document typically outlines the terms and conditions of a loan?
Promissory Note
ExplanationOutlines loan terms and conditions.
#4
What is the purpose of the Closing Disclosure in a loan transaction?
To provide a summary of loan terms and costs
ExplanationSummarizes loan terms and costs.
#5
What is the primary purpose of the Truth in Savings Act (TISA)?
Provide disclosures about terms and conditions of deposit accounts
ExplanationProvides disclosures on deposit account terms.
#6
In a loan signing, what does the term 'escrow' refer to?
A neutral third party that holds and disburses funds
ExplanationNeutral party holding and disbursing funds.
#7
In the loan signing process, what is a common role of a notary signing agent?
Confirming the borrower's identity and witnessing signatures
ExplanationConfirms identity and witnesses signatures.
#8
What is a notary public's role in loan signings?
To witness and authenticate signatures
ExplanationWitnesses and authenticates signatures.
#9
Which party typically provides the Closing Disclosure to the borrower?
Lender
ExplanationLender provides Closing Disclosure.
#10
What is the Loan Estimate, and when is it provided to the borrower?
A document detailing the estimated closing costs; provided within three business days of loan application
ExplanationDetails estimated closing costs provided post-application.
#11
What is the purpose of the Deed of Trust in a mortgage transaction?
Serve as collateral for the loan
ExplanationActs as collateral for the loan.
#12
What is the significance of the APR (Annual Percentage Rate) in loan transactions?
It represents the total cost of borrowing, including interest and fees, expressed as a yearly percentage
ExplanationTotal cost of borrowing expressed yearly.