What are the critical documents?
Notice of Right to Cancel
HUD-1 settlement
Note
Deed of trust/ Mortgage
Truth in lending disclosure
Closing disclosure
what is the first document that you present in a package?
HUD-1 settlement
what document itemizes the actual charges and fees to close on one loan?
HUD-1 settlement
the HUD-1 is the industry's settlement statement adopted by the United States Department of Housing and Urban Development all transactions requiring the HUD-1 will use the same form
HUD-1 settlement
gives Borrower 3 business days to cancel the loan only applies to loans made on a primary residence
notice of right to cancel
right to counsel does not apply to purchase loans
True
right to counsel applies to loans made on a primary residence, refinance loans first and second loans HELOC loans reverse mortgage loans
True
how many copies of the right to counsel loan document should be given
2 to each party named in the loan
if your loan package includes a truth-in-lending disclosure then it won't include a closing disclosure
True
Required by the Truth-in-Lending Act, the annual percentage rate (APR) is reported by the lender to the borrower on virtually all U.S. home mortgage loans. The APR accounts for all of the following EXCEPT:
A. All finance charges in connection with the loa
truth in lending disclosure
where can the APR and the finance charges be found?
truth in lending disclosure
where can the total amount of payment and monthly payments be found?
truth in lending disclosure
where can I borrow or find out if they will be charged a penalty for paying loan off early or if someone else can take over payment if property is sold?
truth in lending disclosure
the APR usually higher than the interest rate because it reflects the cost of the financing
found on truth in lending disclosure
The Note
written evidence of indebtedness and the borrowers promise to repay
Also contains the term of the loan
where should a borrower go to find their interest rate
Note section 2 borrowers promise to pay interest
if a borrower wants to find out the first and last payment or when payments are due they should check the Note
True
what section should you direct a borrower to if they want to know if they can pay their loan off
Note: Section 5 borrowers right to prepay
where should I borrow or go to find out late payment provisions and interest rates
Note: section 6 borrowers failure to pay
What documents are commonly notarized?
Occupancy Affidavit
Signature / Affidavit AKA
Limited Power of Attorney
Compliance Agreement
Notorial Evidence Form
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