NSA Conducting a Loan Signing 2

Question 1

Before presenting documents to borrowers, what should an NSA do with the loan package?

Accepted Answer

Review the package to ensure it is complete and in order

Answer

Sign the documents on behalf of the borrower

Answer

Remove any pages that appear redundant

Answer

Submit the package to the title company first

Question 2

When a borrower asks an NSA to explain what a specific loan term means, the NSA should:

Accepted Answer

Refer the borrower to the lender or loan officer for clarification

Answer

Provide a detailed financial explanation based on their knowledge

Answer

Skip that document and move on

Answer

Translate the term into simpler language from memory

Question 3

Which document in a loan package informs the borrower of the total cost of the loan over its lifetime?

Accepted Answer

Truth-in-Lending Disclosure (TIL/TILA)

Answer

Deed of Trust

Answer

Notice of Right to Cancel

Answer

Compliance Agreement

Question 4

What is the proper way to handle a document that requires a borrower's initials on every page?

Accepted Answer

Remind the borrower to initial each required page before proceeding

Answer

Initial only the signature page on the borrower's behalf

Answer

Skip initialing if the borrower finds it tedious

Answer

Have the borrower sign the last page to cover all initials

Question 5

At a loan signing, the borrower notices their name is misspelled on several documents. What should the NSA do?

Accepted Answer

Contact the hiring party for instructions before proceeding

Answer

Correct the spelling themselves and proceed

Answer

Ask the borrower to initial next to the error and continue

Answer

Complete the signing and note the error in a cover letter

Question 6

Which of the following best describes the NSA's role during the actual signing appointment?

Accepted Answer

Facilitate the signing of documents and notarize as required

Answer

Negotiate loan terms on behalf of the borrower

Answer

Provide legal counsel to ensure the borrower understands the loan

Answer

Verify the borrower's credit score and income

Question 7

What should an NSA do if a borrower refuses to sign a required document during the closing?

Accepted Answer

Stop the signing, document the refusal, and notify the hiring party

Answer

Sign it on the borrower's behalf to complete the package

Answer

Force the borrower to sign or the loan will be void

Answer

Remove the unsigned document from the package and proceed