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NOTARY Signing Agent Certification Exam Question & Answers 2024
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Who are the stakeholders in the loan process? - Correct Answers ✅The stakeholders in the loan process are: the borrower, the lender, the contracting company, and the NSA(Notary Signing Agent) Who hires an NSA? - Correct Answers ✅An NSA is hired by a contracting company to provide signing services and oversee the actual loan signing with the borrower. What is a contracting company? - Correct Answers ✅A closing company could be: -closing agent -bank -escrow company -attorney -signing service -borrower's What types of transactions does a Signing Agent handle? - Correct Answers ✅-Refinance -Purchase and sale -HELOC -Construction -Commercial
-Reverse Mortgage What are some Signing Agent DO's and DONT's? - Correct Answers ✅You can: -Print Loan documents -Oversee the signing -Notarize the appropriate documents -Return the documents You can't: -Process loans -Conduct a settlement -Prepare documents -Offer am opinion or legal advice to the borrowers What are some examples of discriminatory or unfair practices? - Correct Answers ✅-refusing to perform signing or providing inferior services based on clients race, color, national origin, religion, gender, sexual orientation, disability, family or migratory status -making unprofessional and insensitive remarks about the clients culture, level of education or lifestyle -Prompting the perception of unwelcome advances or a lewd act
-Be dependable What Is the difference between brokered and direct assignments? - Correct Answers ✅Brokered assignments -contracted with a signing service -need not market yourself -steady stream of work -Pays flat rate -Will work with less experienced notary signing agent's Direct assignments -contracted directly with lenders, escrow agents, etc. -rate may be negotiated -Quick payment -only work with experienced notary signing agent's How can you maintain your professionalism in different environments?
-print documents on laser printer -erase documents from your hard drive when the appointment is finished What basic steps are involved in prepping the documents for the signing appointment? - Correct Answers ✅1) look for a specific lender instructions 2)Use the prep sheet to organize the packet into note the stacking order 3)Check in flag the documents 4)Compile a list of questions for the contracting company, if necessary What information should you look for in the lender instructions? - Correct Answers ✅-Who to call with questions during the signing -what you should collect from the borrowers -Number of copies to print -ink color of the pen -Special initial or signature instructions How do you check and flag documents? - Correct Answers ✅-Place a sticky note at the beginning of each document -Maintain the stacking order -Place the closing disclosure or HUD-1 on top
Signature Affidavit - Correct Answers ✅Signature Affidavit is a document in which a person certifies that the signature provided is the true and correct signature. Name Affidavit is a document in which a person certifies all the names that have been used by the person. Sometimes the two documents are combined into one. Compliance Agreement - Correct Answers ✅This document is similar to the correction agreement limited power of attorney as it serves as an attempt to find a way to ensure that small clerical errors can be quickly fixed. The compliance agreement has the borrower agree to cooperate should there be any changes to any loan documents due to clerical errors. There would not be any changes to the terms of the loan though. Definition of Limited Power of Attorney - Correct Answers ✅A limited power of attorney specifies the authority the agent will have. The principal lists all the matters for which the agent will make decisions, sign documents or give instructions. Often, a limited power of attorney covers only a single process or matter; for example, a contract signing which the principal is unable to carry out due to absence or illness. How should I respond to specific questions about the loan? - Correct Answers ✅Change the borrowers"How/when/what" question into a where question
What should I do with the loan documents are sent directly to the Borrowers? - Correct Answers ✅-ask borrower to review the documents for names, property address, loan terms and dates -Have borrower contact the lender to answer questions -Verify borrowers ID -Ask the borrower NOT to sign documents prior to the appointment Signing appointment order of tasks - Correct Answers ✅1) Manage the appointment logistics
-give instructions for signing documents -review your role in its limitations -keep a list of questions -offer to call your contracting company Obtain the required stipulations(checks for closing cost, mortgage statement, copies of ID cards, income statement, insurance declarations, IRS and state returns and W-2 forms) - Correct Answers ✅-Collect stipulations -Attach Stipulations to HUD-one settlement statement Complete Notary Journal Entries - Correct Answers ✅-record each notarization in your journal, even if not required by your state -One notary certificate equals one journal entry -Enter $0 for notary fee(since it's a loan signing appointment and not a standard notarization..the signing fee you receive from the contracting company is not recorded here) Why do you complete your journal before having the borrower sign? - Correct Answers ✅1. Journal entries interrupt the flow
What if the borrowers won't sign? - Correct Answers ✅-Call the contracting company -Halt the appointment Respecting the diversity of borrowers is the law: - Correct Answers ✅Federal Laws: -Office of fair housing and equal opportunity:Fair Housing Act -Equal Credit Opportunities Act Apply to everyone in the lending process What types of transactions does the signing agent handle? - Correct Answers ✅- refinance(most common)
Servicing Disclosure Statement - Correct Answers ✅This document discloses the fact that the lender has the right to sell, transfer or assign the servicing rights to the loan. Documents a Notary May Not Complete - Correct Answers ✅-Positive Proof of Identification & Notary Signature Affidavit -Notary Identification Certification -Blank Acknowledgment Certificates Positive Proof Identification and Notary Signature Affidavit(May Not Complete) - Correct Answers ✅Asks you to certify borrowers ID -Without their signatures -Without notarial wording Notaries cannot certify identity -Without an acknowledgment or Jurat that mentions identification -Without the borrower signing in front of them Notary Identity Certification - Correct Answers ✅-Should not be completed -Asks that you certify that you are a notary -You can't certify your own signature
Additional Information This is the Compliance Agreement. This document states that the borrower agrees to cooperate with the lender or lender's agent in fixing clerical errors on the documents after the property closes. Depending upon the lender, this document may or may not be notarized. Compliance Agreements may come in several forms: • Errors & Omissions Agreement
8)Complete the journal entries 9)Present the loan documents 10)Do a quality check The code of conduct: - Correct Answers ✅The code is divided into nine distinct areas, each area represented by key guiding principle. The document is designed to guide and educate both in essays and the companies that hire them on standards of professionalism. It also offers specific guidelines on daily administrative task such as advertising ones services, the charging and collecting the fees, and have to demonstrate responsible conduct with contracting companies in borrowers. What is a Jurat used for? - Correct Answers ✅A jurat is used when the signer is swearing to the content of the document. The notary must administer an oath or affirmation to the signer in order to complete the jurat. A jurat also requires that the signer signs in the presence of the notary.