Security Instrument
True or False; the Security Instrument does not have to be signed.
False!
True or False; The Final Note must have an Endorsement Stamp on it.
True!
What section is the borrower's signature in?
Section 6
How many days is the rescission period?
3 days!
What does UCD stand for?
Uniform Closing Dataset
What are the other two names the mortgage can go by?
Deed of Trust and Security Instrument
True or False; The First Payment Date on the Note does not have to match the system.
False!
True or false: We can use the initial loan application to review the borrowers initials.
True
True or False; Sundays are considered business days for the RTC.
False
How many "Closing Disclosure Final - Borrower" labels can be in the DMS?
What does the Security Instrument do if the borrower defaults on payment?
Takes the property back.
Name three items that Specialists review on the Final Note.
What is the name of the additional 2-page document that is found with the loan application?
Lender Loan Information
What loan type will have a Right to Cancel?
Refinances!
On the Closing Disclosure Final - Borrower, where can you locate the Version number?
Bottom Right hand corner
Does every Security Instrument have Riders?
No!
If there is no Final Note in the DMS, what must Specialists do next?
Add a condition to the file stating that the Final Note is missing.
For the Loan Application; Which of the following have to match between the system and the document:
Borrower(s) Name
Property Address
Interest Rate
Loan Amount
All of the above!
What additional requirement must dry states have on the RTC?
Initials (next to the Transaction and Midnight Dates)
What verbiage will appear that tells you the UCD was successful?
Success
Success with Warnings
Name two Riders that could be attached to a Mortgage.
Condo Rider
VA Rider
PUD Rider
1-4 Family Rider
Second Home Rider
Adjustable Rate Rider
If the loan is closing in a trust, what must be present on the Note?
Trust Verbiage
What is required on the Loan Application for it to be considered fully executed?
Borrowers signature, date, initials (if applicable) and the Lender Loan Information pages.
What are the 4 key items of the Right to Cancel?
Transaction Date
Midnight Date
"I wish to cancel" line
Signature Line
When checking UCD results after running the UCD, what are the two names of the reports you will review?
Fannie and Freddie