Mortgage loan document types and the loan signing process for notaries who work as loan signing agents.
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- What is a promissory note?
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A legal document in which the borrower promises to repay a specific loan amount with interest.- What is the difference between a promissory note and a mortgage?
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The note is the borrower's debt obligation; the mortgage is the lien that secures that obligation.- What is a mortgage?
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A legal document that gives the lender a claim against the property if the loan is not repaid.- What is a deed of trust?
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A document similar to a mortgage but involving three parties: borrower, lender, and a neutral third-party trustee.- What does the Closing Disclosure contain?
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Final loan terms, monthly payment, interest rate, fees, and closing costs, provided at least three days before closing.- What is a Loan Estimate?
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An initial estimate of loan terms and costs that must be provided within three days of loan application.- What does TILA require?
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The Truth in Lending Act requires lenders disclose credit terms and costs in a clear, standardized format.- What does RESPA require?
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The Real Estate Settlement Procedures Act requires uniform loan disclosure and prohibits kickbacks in real estate transactions.- What is title insurance?
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Insurance protection against losses from defects in property ownership or recorded title.- What is a flood certification?
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A document that determines whether the property is located in a federally designated flood zone.- What is Form 1003?
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The Uniform Residential Loan Application, the standard form borrowers complete when applying for a mortgage.- What is Form 4506-C?
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An IRS authorization form allowing the lender to obtain the borrower's tax return transcripts for verification.- What is an affidavit of occupancy?
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A sworn statement confirming that the borrower intends to occupy the property as their primary residence.- What does a preliminary title report show?
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The results of the title search, including the property's ownership history and any title issues.- What government-issued identification is required for loan signings?
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A photo ID such as a driver's license, passport, or military ID to verify the signer's identity.
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