NSA - Notary Signing Agent Conducting a Loan Signing Questions and Answers

Question 1

During a loan signing, the borrower asks for your opinion on their interest rate. According to the Notary Signing Agent Code of Conduct, what is the appropriate response?

Accepted Answer

Explain that you are prohibited from offering any personal or financial advice and should refer them to their loan officer.

Answer

Provide a general opinion that the rate seems competitive for the current market.

Answer

Suggest they research current interest rates online after the signing is complete.

Answer

Review the Note with them and point out the section detailing the interest rate without further comment.

Question 2

You are preparing for a signing appointment and notice the date on the Deed of Trust is four days in the future. What is the correct course of action?

Accepted Answer

Immediately contact the contracting company to report the post-dated document and ask for instructions.

Answer

Proceed to the signing and have the borrowers sign and date with the current date.

Answer

Contact the borrower to reschedule the appointment for the date shown on the documents.

Answer

Cross out the future date, write in the current date, and have the borrowers initial the change.

Question 3

Which of the following is a primary responsibility of the Notary Signing Agent when presenting the USA PATRIOT Act Form to a borrower?

Accepted Answer

Accurately record the details from the borrower's identification documents onto the form.

Answer

Notarize the borrower's signature on the form using an acknowledgment certificate.

Answer

Explain the history and legislative intent of the USA PATRIOT Act.

Answer

Ensure the borrower obtains two forms of government-issued photo ID for the signing.

Question 4

A borrower is hesitant to sign the Deed of Trust because they don't understand its purpose. As the Notary Signing Agent, how should you proceed?

Accepted Answer

State, "This is the Deed of Trust; it secures the loan with the property as collateral," and point to the signature line.

Answer

Advise the borrower that this document is standard and required for all mortgage loans.

Answer

Explain that the Deed of Trust gives the lender the right to foreclose if they default on the loan.

Answer

Pause the signing and immediately call the borrower's loan officer to provide a detailed explanation.

Question 5

After completing a loan signing, you are reviewing the documents before leaving the table. Which of the following potential errors should be your highest priority to check for and correct?

Accepted Answer

A missing signature or incorrect date on the Notice of Right to Cancel.

Answer

The borrower used blue ink instead of the requested black ink on a non-notarized form.

Answer

The borrower's signature is slightly different from their ID but consistent throughout the package.

Answer

The venue on a notarial certificate lists the city instead of the county.

Question 6

When conducting a loan signing for a property held in a trust, how should the borrower's signature appear on the documents?

Accepted Answer

The borrower's name, followed by the title 'Trustee'.

Answer

Exactly as their name appears on their driver's license.

Answer

The name of the trust, followed by the borrower's signature.

Answer

The borrower should sign their name and also print the name of the trust next to it.

During a loan signing, the borrower asks for your opinion on their interest rate.According to the Notary Signing Agent Code of Conduct, what is the appropriate response?

During a loan signing, the borrower asks for your opinion on their interest rate.
According to the Notary Signing Agent Code of Conduct, what is the appropriate response?