Which document represents the borrowers promise to repay alone?

Promissory Notes. Homeowners usually think of their mortgage as an obligation to repay the money they borrowed to buy their residence. But actually, it’s a promissory note they also sign, as part of the financing process, that represents that promise to pay back the loan, along with the repayment terms.

What is a compliance agreement in a mortgage?

A Compliance Agreement is a document in a closing loan document package in which a borrower agrees to “comply” with requests from the lender or closing agent to correct typographical or clerical errors and inadvertent mistakes in the loan documentation. Compliance Agreements are found in many loan document packages.

What does Certificate of Compliance mean?

A Certificate of Compliance is a legal document which certifies that a parcel of land complies with the Subdivision Map Act. In other words, it is a document that states Kern County accepts the fact that a particular parcel of real property has been legally created.

Who received the Notice of right to Cancel Nortc?

The borrower has the right to cancel until midnight of the third day after signing the documents. To determine this date, the borrower or qualified escrow officer will count three days starting with the first day following the signing date.

What does a loan servicing disclosure tell you?

The Loan Servicing Disclosure is a collection of mortgage payments from borrowers and related responsibilities (such as handling escrows for property tax and insurance, foreclosing on defaulted loans and remitting payments investors). Will disclose whether the borrower’s loan will be sold.

Can a notary sign a loan for a primary residence?

If during the signing appointment the borrower divulges that the property being financed is an investment property, while the loan papers indicate it is for a primary residence, the Notary Signing Agent should: Contact the lender’s representative immediately before signing the documents.

What does ” conforming ” mean on a mortgage flashcard?

Coordinate the closing process. c. Explain the risks and benefits of the ARM product in which the client is closing. When a loan is characterized as “conforming,” it means the loan: a. Is a 30-year fixed. b. Meets guidelines established by Fannie Mae and Freddie Mac.

Which is the following document contains both the monthly payment amount and a breakdown?

Which of the following documents contains both the monthly payment amount and a breakdown of principal, interest, taxes and insurance?