NNA Loan Signing Agent Procedures Questions and Answers

Question 1

A loan signing for a primary residence refinance is conducted on Tuesday, September 15th.
The package includes a Notice of Right to Cancel (RTC).
According to federal law, what is the last day the borrower can cancel the loan?

Accepted Answer

Friday, September 18th

Answer

Thursday, September 17th

Answer

Saturday, September 19th

Answer

Monday, September 21st

Question 2

During a loan signing, the borrower notices their middle name is misspelled on the Deed of Trust. As the Loan Signing Agent, your appropriate course of action is to:

Accepted Answer

Immediately halt the signing and contact the contracting company (lender or title company) for instructions.

Answer

Have the borrower line through the error, write the correct name, and initial the change.

Answer

Proceed with the signing as-is and make a note of the error in your journal for the title company to fix later.

Answer

Correct the misspelling yourself using a black ink pen and initial the change on behalf of the lender.

Question 3

Which of the following actions is definitively OUTSIDE the scope of a Loan Signing Agent's responsibilities?

Accepted Answer

Explaining to the borrower why their property tax impound amount is higher than they expected.

Answer

Ensuring the borrower receives the correct number of copies of the Notice of Right to Cancel.

Answer

Pointing to the interest rate listed on the Promissory Note when a borrower asks where to find it.

Answer

Verifying the identity of the signers in accordance with state law.

Question 4

A Loan Signing Agent is at an appointment where the Closing Disclosure (CD) shows a cash-to-close amount that the borrower disputes, stating it's incorrect based on their conversation with the loan officer. What is the LSA's proper course of action?

Accepted Answer

Stop the signing and have the borrower contact their loan officer or the title company immediately to resolve the issue.

Answer

Advise the borrower to sign the documents to avoid a funding delay and sort out the discrepancy with the lender later.

Answer

Review the fee details on the CD with the borrower and attempt to calculate and explain the difference yourself.

Answer

Cross out the disputed amount, write in the amount the borrower states is correct, and have all parties initial the change.

Question 5

The 'Statement of Information,' also known as a 'Statement of Identity,' is a common document in a loan package. What is its primary purpose?

Accepted Answer

To distinguish the borrower from other individuals with similar names, helping the title company clear potential liens or judgments.

Answer

To provide the lender with a final declaration of the borrower's income and assets.

Answer

To fulfill the identity verification requirements of the USA PATRIOT Act.

Answer

To serve as the borrower's official application for homeowner's insurance.

Question 6

After completing a signing appointment and dropping the package at the courier, the Loan Signing Agent realizes they forgot to have the borrowers sign the W-9 form. What is the most professional and appropriate next step?

Accepted Answer

Immediately contact the contracting company (signing service or title company), inform them of the error, and follow their instructions.

Answer

Wait to see if the title company notices the missing signature before taking any action.

Answer

Contact the borrower directly to schedule a time to go back and get the signature, without informing the contracting company.

Answer

Forge the borrower's signature on the form, since it is not a notarized document.

A loan signing for a primary residence refinance is conducted on Tuesday, September 15th.The package includes a Notice of Right to Cancel (RTC).According to federal law, what is the last day the borrower can cancel the loan?

A loan signing for a primary residence refinance is conducted on Tuesday, September 15th.
The package includes a Notice of Right to Cancel (RTC).
According to federal law, what is the last day the borrower can cancel the loan?