Loan Signing Agent Procedures Flashcards

Which item does a borrower NOT need to sign the Notice of Right to Cancel at closing to acknowledge?

Answer: Their election to cancel

At closing borrowers acknowledge receipt; the 'I wish to cancel' section is signed only if they choose to rescind.

Documents are signed late afternoon and the instructions require same-day return. What should the agent do?

Answer: Drop them with the designated carrier before the cutoff and keep the tracking number

Timely return with tracking protects funding schedules and proves delivery.

Which form number identifies the Uniform Residential Loan Application?

Answer: Form 1003

Form 1003 is the Uniform Residential Loan Application signed in final form at closing.

A signing agent is a co-borrower's cousin and is listed as a beneficiary of the transaction. What should they do?

Answer: Decline the assignment due to a financial interest/conflict

Notaries must not notarize where they have a financial or beneficial interest in the transaction.

Which statement about describing loan documents to borrowers is accurate for a signing agent?

Answer: The agent may briefly identify each document's general purpose but not advise

NSAs may describe a document's general nature but cannot give legal or financial advice.

What does a Notary Signing Agent background screening, such as the NNA's, primarily demonstrate to hiring companies?

Answer: That the agent has no disqualifying criminal history and meets industry trust standards

Title and escrow companies commonly require an annual background screening to confirm agent trustworthiness.

In California, what extra step is required in the notary journal for a deed of trust affecting real property?

Answer: The signer's right thumbprint

California requires the signer's right thumbprint in the journal for documents affecting real property.