Trust
Note Mods
CEMA
Systems
Miscellaneous
100
If a loan closes in Trust, who signs the Note?
Only borrowers sign the Note
100
When would you need to prepare a Note Modification Agreement?
A Note Modification Agreement is used to fix incorrect documents
100
What does CEMA stand for?
Consolidation, Extension, Modification Agreement
100
Name the two ways you can print documents from the LIS system?
PREP and SCLO
100
What document do you use to obtain the Seller or Seller Agents contact information?
The Purchase Agreement
200
What documents do you use to confirm the correct name and date of the Trust?
The Trust document and the Title Commitment
200
After you have prepared a Note Modification Agreement, what is the next step?
Email the Note Modification Agreement to your lead for approval, add a Milestone in the Database and add a note to Arrow.
200
What is the benefit to the borrower for closing their loan as a CEMA versus closing as a straight refinance?
When they close as a CEMA they are only paying taxes on the new money instead of having to pay taxes on the entire loan amount.
200
What is print screen for LPS?
LCLOSE 41
200
What document shows how much interest was paid?
The final HUD-1
300
If the Note shows the borrowers signature as individual and trustee and the name of the Trust is present but the date of the Trust is missing, does a new Note need to be executed showing the date of the Trust?
No. As long as the borrowers acknowledge they are signing as individual and trustee, the date of the Trust can be added using the Limited Power of Attorney
300
When preparing a Note Modification Agreement to correct a loan amount and monthly principle and interest amount, do you use a Recordable Note Modification Agreement or an Unrecordable Note Modification Agreement? Why?
You use a Recordable Note Modification Agreement because you are correct the loan amount which is a term that appears on the Mortgage.
300
What are the two types of Notes in a CEMA loan?
Consolidated Note and New Money Note
300
Where are the Note Modification Agreement templates located?
Sharepoint/Share docs
300
Name all of the parties that have to sign the HUD-1 Addendum.
The Borrower, Seller, and Settlement Agent
400
If the verbiage on the Note shows "as individual and trustee" but the borrower writes the word "trustee" after their signature, is this okay since the name and date of the Trust is shown?
No. If the borrower writes trustee they are only acknowledging Trust and they need to acknowledge both individual and trustee.
400
If you are working a deficiency for an incorrect first payment date and the borrower refuses to sign the Note Modification Agreement, is there another way to clear the deficiency or will it go to penalty?
Yes. There is another way. You can charge the Fulfillment team for the borrowers first payment and update the system to match the incorrect documents.
400
When printing a New Money Note from the LIS system, what do you have to manually adjust on the document and why do you have to adjust it?
You have to adjust the loan amount and monthly principle and interest amount because it will print the consolidated loan amount and principle and interest amount.
400
In LIS, what screen option do you choose to find out what the old loan number is?
Option 23
400
What document do you need to send to the FAST team to verify social security?
The 4506T
500
Two borrowers are on the loan but one of them is a trustee, how do they sign the Note?
The trustee who is also a borrower signs as individual and trustee and the borrower signs only as a borrower
500
When preparing a Note Modification Agreement for a refinance loan which document do you use to confirm the correct vesting? For a purchase?
For a refinance you refer to the Title Commitment and for a purchase you refer to the mortgage.
500
Name all of the exhibits to the CEMA
Exhibit A: history of the loan Exhibit B: property description Exhibit C: Consolidated Note Exhibit D: Consolidated Mortgage
500
How do you prepare and print a Name Affidavit in LPS?
To prepare the document, go to Lclose 37, place an "x" next to "name affidavit" and press enter. Enter the borrowers name and press enter. To print the document go to Lclose and choose the Name Affidavit document. Print the document.
500
If a borrower is not cooperating, what is the next step?
Contact the Fulfillment Site Manager
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