Conducting a Loan Signing Flashcards
7 cards from real NSA practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Conducting a Loan Signing flashcards as text
After completing a loan signing, how should the NSA return the signed loan package?
Answer: Deliver it per the hiring party's specific instructions (e.g., overnight courier)
NSAs must return the completed package as directed by the hiring party, which usually requires a specific delivery method such as overnight courier.
What does the term 'wet signature' mean in the context of a loan signing?
Answer: An original handwritten signature on a physical document
A wet signature refers to an original, handwritten signature on a physical document, distinguishing it from an electronic signature.
During a loan signing, the borrower's spouse is present but is not listed as a borrower. Under what circumstance might the spouse still need to sign?
Answer: If the property is in a community property state and the spouse has an ownership interest
In community property states, a non-borrower spouse may need to sign the Deed of Trust to relinquish their interest in the property.
An NSA is asked to notarize a document where the acknowledgment wording is missing. What should the NSA do?
Answer: Attach a loose certificate with the proper acknowledgment wording
NSAs may attach a loose notarial certificate with the correct wording when the document lacks a pre-printed acknowledgment or jurat.
What is a 'funding number' or 'loan number' and why must the NSA ensure it appears correctly on documents?
Answer: It is the unique identifier for the loan that ensures all documents are tied to the correct file
The loan number uniquely identifies the transaction and must be consistent across all documents to ensure the package is processed correctly.
When an NSA completes the notarial certificate on a document, what information must they typically include?
Answer: Their commission expiration date, signature, stamp/seal, and the venue (state/county)
A notarial certificate must include the venue (state and county), the NSA's official signature, and their notary stamp or seal, plus the commission expiration date where required.
What is the purpose of the 'Compliance Agreement' found in many loan packages?
Answer: It obligates the borrower to cooperate in correcting minor errors or re-signing documents if needed
The Compliance Agreement is a borrower's promise to cooperate with the lender if minor clerical errors need to be corrected after closing.