NSA Notary Signing Agent Questions and Answers 100% Verified

Document Content and Description Below

NSA Notary Signing Agent Questions and Answers 100% Verified A Notary Signing Agent has been providing signing services with no incidents for over 10 years without having undergone a background scr ... eening. Therefore he or she: ✔✔Must still obtain and pass a background screening A Notary Signing Agent with nearly 10 years experience has reviewed and is completely familiar with all the documents in a loan package. When meeting with the borrower, the Notary Signing Agent may now: ✔✔Present and state the general purpose of each document and how it must be signed Why should a Notary Signing Agent learn about all the closing documents in a loan package if they are not allowed to provide advice or counsel? ✔✔To demonstrate to the contracting companies that the Notary signing Agent is competent to oversee a signing appointment A Notary Signing Agent consistently follows the practice of obtaining borrowers' thumbprints in his or her journal, but is commissioned in a state that does not require journal thumbprints. A borrower has complied with all other notarization requirements, but objects to leaving her thumbprint in the journal. What should the Notary Signing Agent do? ✔✔Preform the notary The Notarial Evidence Form is completed by ✔✔The Notary Signing Agent and returned to the contracting company Notarial certificates on loan documents ✔✔Must be completed in the presence of the borrower During a signing appointment, a borrower asks the Notary Signing Agent if his loan rate is competitive. How should the NSA respond? ✔✔explain the to the borrower that a Notary Signing Agent is not permitted to discuss loan rates A Notary Signing Agent regularly records all notarial acts performed at a closing in a journal. This is considered: ✔✔A practice required by the Code of Conduct A borrower expresses a reluctance to continue signing documents. The Notary Signing Agent may: ✔✔Recommend that the borrower contact the lender's representative immediately before signing any more documents A borrower expresses concern that once he signs all the documents he will be "stuck" with a second mortgage. A good response by a Notary Signing Agent could be to: ✔✔Recommend that the borrower contact his lender's representative and provide the phone number Explaining to a borrower the fees that make up the Annual Percentage Rate (APR) of a borrower's loan is: ✔✔Permissible if the Notary Signing Agent has the breakdown of the fees A borrower questions the amount of the "Notary/Signing Fee" appearing on the settlement statement. The Notary Signing Agent should: ✔✔Offer to call the closing agent to explain the fee The best way to address a borrower's questions that the Notary Signing Agent is not allowed to answer, is to ✔✔Make a list of the questions to ask the contracting company before the end of the signing One of the parties at a signing appointment asks a question regarding their first payment due. How should the Notary Signing Agent respond? ✔✔Direct the parties to read the information in the appropriate document A borrower asks the Notary Signing Agent for the contact information for the closing agent and the lender's representative. The Notary Signing Agent should respond by: ✔✔providing the borrower with the information for both contacts A Notary Signing Agent is asked to describe several of the loan terms at a signing appointment. The Notary Signing Agent may: ✔✔provide only a general description of the loan terms and indicate where in the documents the information may be found If during the signing appointment the borrower divulges that the property being financed is an investment property, while the loan papers indicate it is for a primary residence, the Notary Signing Agent should: ✔✔explain that the closing agent for the transaction needs to be contacted before resuming the signing The Notary Signing Agent has commenced a loan signing with a borrower and the borrower's mortgage broker. The mortgage broker asks to speak in private with the borrower for a few minutes. The Notary Signing Agent returns to find the mortgage broker alone and all the documents signed. The Notary Signing Agent should: ✔✔Take the loan package, and call the closing agent to report the incident immediately If the Mortgage/Deed of Trust contains the phrase "See Exhibit A" in the section of the document containing the property's legal description: ✔✔The Exhibit A must be present Acme Direct Funding's loan package contains an additional acknowledgment certificate with instructions for the Notary Signing Agent to sign and affix a seal impression and return the certificate with the completed documents. Which of the following is the best course of action for the agent to take? ✔✔Refuse to sign and seal the additional certificate The lender's representative calls the Notary Signing Agent prior to an assignment that afternoon to inform the agent that the borrower will be represented by an attorney in fact. This is considered: ✔✔Acceptable and the agent may commence the signing appointment A borrower has asked the Notary Signing Agent to email him copies of the loan documents. How should the NSA respond? ✔✔Refuse to email the documents and notify the contracting company or closing agent of the request Which of the following parties is permitted to view all entries in the Notary Signing Agent Notary journal? ✔✔Police with warrant for the journal A Notary Signing Agent is running behind schedule and does not want to be late for an assignment. The agent's spouse volunteers to download and print the copies of the closing documents. How should the Notary Signing Agent respond? Thank the spouse for the offer but explain that this is not allowed. ✔✔Thank the spouse for the offer but explain that this is not allowed A Notary Signing Agent shows up to an assignment only to discover it has been rescheduled at the last minute for the following day. What is the agent required to do with the documents? ✔✔Contact the closing agent and request permission to hold onto them until the next day The SPW's Code of Conduct strictly prohibits Notary Signing Agents from: ✔✔Collecting the signing fee from the signer in the event that the contracting company fails to pay While on the way to a signing appointment, a Notary Signing Agent realizes that the location is outside his normal territory and he should have negotiated a higher travel fee. The most appropriate action the NSA should take is to: ✔✔complete the assignment and ask for a higher travel fee for the next signing in this area A Notary Signing Agent wants to stand out from other NSAs by guaranteeing to borrowers and contracting companies that all of her loan signings will take 30 minutes or less. This is: ✔✔Permissible as long as it is not stated as a guarantee A Notary Signing Agent decides to expand his business by offering new services. With respect to advertising, the NSA should avoid: ✔✔pitching the service to borrowers A Notary Signing Agent creates a new advertisement on Yelp that uses the phrase "On time 24/7." Is this allowed? ✔✔Yes "on time 24/7 is a claim often used in advertising Appropriate attire to wear at a loan signing assignment is determined by: ✔✔the contracting company Upon arrival to meet the borrower for a signing appointment, a Notary Signing Agent must present a: ✔✔government issued ID with a photograph A Notary Signing Agent and a borrower have finished signing documents and all that is left to wrap-up the appointment is to check the documents for errors, but the NSA is already late for the next appointment. What should the Signing Agent do next? ✔✔Check the documents for errors and then call the borrower for the next appointment When should the Signing agent determine if the date and time of the signing appointment are set and ask about any additional stipulations? ✔✔after reading the closing instruction When confirming an appointment to sign documents with a borrower, the Notary Signing Agent should: ✔✔confirm acceptable identification will be present The contracting company sends instructions to an NSA before the agent's first assignment. It details a dress code the agent will be required to follow when working for the company. The best response for the agent would be to: ✔✔Dress in conformance with the company requirement A signer indicates the address stated in the closing documents is incorrect. The lender's representative confirms the mistaken address in the documents and authorizes the signer to correct the address. Based on this confirmation, the agent may: ✔✔Have the signer correct the documents Which of the following documents contain both the monthly payment amount and a breakdown of principal, interest, taxes and insurance? ✔✔payment letter Which document represents the borrower's promise to repay the loan? ✔✔note Which document authorizes the lender to obtain copies of the borrower's tax returns? Form W-9 ✔✔form 4506-T The final printed version of the Loan Application is referred to as the: ✔✔uniform residential loan application The Notice of a Right to Cancel Form is the borrowers notice of the right to cancel the transaction within: ✔✔3 business days Which document must the borrower receive at least three days before the signing appointment? ✔✔closing disclosure Which type of loan will use a HUD-1 in place of a Closing Disclosure? ✔✔reverse mortgage loan Providing and recording documents are performed by: ✔✔The closing agent [Show More]

Last updated: 6 months ago

Preview 1 out of 9 pages