Notary Name: *
Notary Email Address: *
1. It is acceptable to dress casually (T-shirt and Jeans) going to a loan signing when it is:
A. After normal business hours
B. On a weekend
C. At a borrower's home
D. Never. Business attire is mandatory at all signings
2. The Notice of Right to Cancel gives the borrowers how many business days after the signing date to change their mind and rescind the loan?
A. 1 day
B. 2 days
C. 3 days
D. 7 days
3. Which of the following documents require notarization?
A. The Deed of Trust
B. The Right to Cancel
C. The Good Faith Estimate
D. Both A and B
4. If there is no room for the Notary Seal imprint on a document, you should:
A. Omitt it
B. Affix it over the Notary's signature
C. Affix it to the back of the document
D. Affix it on a loose certificate that contains the proper notarial
wording and attach the certificate to the document.
5. What is the APR of a loan?
A. The interest rate charged to the borrower over the life of the
B. Finance charges and the interest rate factored over the life of
the loan, and is usually higher than the actual interest rate.
C. The rate the borrower pays after the finance charges and closing
costs are subtracted.
D. The interest rate adjusted for inflation over 30 years.
6. If you are notarizing a signing in a county other than where the subject property is, you should complete your notary certificate by writing in the county where:
A. The property is located.
B. You reside.
C. You are actually notarizing the borrower's signature.
D. The borrower resides.
7. When not specified by the escrow or title company, what color of ink should you default to when signing loan documents:
A. The color does not matter.
D. Either Blue or Black
8. What does APR stand for?
A. Approximate Payment Rate
B. Annual Percentage Rate
C. Actual Payment Rate
D. Actual Percentage Rate
9. What is a 4506 form.
A. Verification of Taxpayer ID Number
B. Request for Copy of Tax Form
C. Verification of Proper ID
D. Breakdown of Fees Charged to Borrower
10. Which documents need to be signed by a non-borrowing spouse?
A. Deed of Trust and Right to Cancel
B. Note, Deed of Trust, 4506 Form
C. Good Faith Estimate, Deed of Trust, W-9 Form
11. What is an impound account?
A. Additional monies owed to borrower that are applied to future
B. Additional fees charged to borrowers with subprime credit.
C. An account where additional money is deposited at close of escrow
to pay lender fees.
D. Additional money paid monthly with the mortgage payment that is
deposited into an account to be used to pay
(D continued) property taxes and/or hazard insurance premiums.
12. What documents do you leave with borrowers if they refuse to sign?
A. The borrowers' copy of loan documents
B. The Good Faith Estimate and Right to Cancel only.
C. The Good Faith Estimate and the Note.
D. Nothing. You must take all documents with you and return them
13. What is a HUD-1 Settlement Statement?
A. Government designed form to give borrowers information as to how
their interest rate was determined.
B. Government designed form to give borrowers a breakdown of all
charges, fees and disbursements associated
(B continued) with the loan transaction.
C. Government designed form to explain the loan transaction for a
14. Once a loan signing is complete, when should you report the outcome to Elite Signing Services?
A. Immediately by phone or email.
B. By noon the following day.
C. Within 24 hours.
D. When the documents have been returned.
15. if a borrower does not want to sign their loan documents, you should:
A. Leave the documents with them and ask them to call their loan
B. First call the loan officer, then remind them of the 3 day
C. Leave and return the following night.
D. Change what they don't like on the documents.
16. If a borrower's name is misspelled on the loan documents, you should:
A. First contact the title company or Elite Signing Services for
B. Cross out the misspelled name and write in the new name.
C. Use white out and correct the misspelled name.
17. Which of the following loan transactions typically have a
A. Owner occupied purchase
B. Non-owner occupied refinance
C. Owner-occupied refinance
D. All of the above.
18. Where can you find the loan amount, the interest rate and the monthly payment information?
A. On the Note
B. On the Hud-1 Settlement Statement
C. On the Deed of Trust
D. On the Notice of Right to Cancel.
19. When you complete the notary certificate on the Deed of Trust, you fill in the borrower's name as follows:
A. Match the name to the ID given
B. Match the name is it signed on the documents
C. As the borrower would like title to be held
D. As the name the borrower usually goes by.
20. Elite Signing Services prides itself on working with notaries that are:
D. All of the above
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