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
An NSA arrives at a signing and discovers the loan package is missing the Closing Disclosure. What should they do?
Answer: Contact the hiring party immediately and await instructions
A missing required document must be reported to the hiring party immediately; the NSA should not proceed without all required documents.
Which scenario most accurately represents a 'table-funded' loan signing?
Answer: The lender provides funds to the title company at the closing table, allowing disbursement at signing
In a table-funded closing, the lender wires funds to the title company so that disbursement occurs simultaneously with signing.
What does it mean when a notary uses a 'jurat' instead of an 'acknowledgment'?
Answer: The signer swears or affirms that the document's contents are true, typically in person
A jurat requires the signer to swear or affirm under oath that the document's contents are true, whereas an acknowledgment only verifies the signature.
If a borrower is signing as an attorney-in-fact (under a Power of Attorney), how should the signature line typically read?
Answer: The principal's name, followed by the attorney-in-fact's name and 'Attorney-in-Fact'
When signing under a Power of Attorney, the signature typically reads '[Principal Name], by [Attorney-in-Fact Name], Attorney-in-Fact' to reflect the representative capacity.
How many copies of the Notice of Right to Cancel must typically be provided to each borrower on a refinance?
Answer: Two copies per borrower (plus one executed copy)
Under TILA/Regulation Z, each borrower with a right to rescind must receive two copies of the Notice of Right to Cancel, plus one completed copy.
An NSA discovers after leaving the signing that a borrower did not sign one page of the Deed of Trust. What is the appropriate next step?
Answer: Notify the hiring party immediately and follow their instructions for a cure
The NSA must notify the hiring party immediately; the lender or title company will determine whether a corrective signing or other cure is needed.
What is the primary reason an NSA should never photocopy a borrower's identification document without explicit authorization?
Answer: It may violate privacy laws and the borrower's rights regarding personal data
Copying identification documents without consent can violate privacy laws and expose the NSA to liability; authorization from the borrower and hiring party is required.