Trust
Note Mods
Documents
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/make corrections.
100
What does CFM stand for?
Critical Field Maintenance
100
How do you can print documents from the LIS system and LPS system?
18 & PREP Lclose 41
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?
Make a Milestone in the database and email the Note Modification Agreement to your lead for approval.
200
What document is used to determine what borrowers are on the loan?
Application/1003/URLA
200
How do we find notes in LIS & LPS
J Notes & Docctl F10
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, 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 document is ordered to clear a Social Security Deficiency and where can you find it?
4506T-Fast Team Website
300
Where are the Note Modification Agreement templates located?
SharePoint Home page
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
Who notarizes and signs our Note Modifications after being returned by the borrower.
Amy Toske
400
What document is used when a borrower refinances his 1st mortgage but has a 2nd that he does not want to payoff?
Subordination
400
In LIS, what screen option do you choose to find out what the old loan number is?
Option 23
400
Who signs the URLA page 3?
The Underwriter!
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
What document is used to insure work has been completed on unfinished property?
Final Inspection or CCDE {Conditional Commitment}
500
What systems belong to RDMT?
SharePoint and Database
500
Who is our Site Leader? Who is our Business Analyst Who is our Lead Underwriter?
Dan Brinkman Dan Hoover Muriel Weber
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