loan documents

Question 1

UNIFORM RESIDENTIAL LOAN APPLICATION

CRITICAL DOCUMENT

Answer 1

This is the finalize application for the Loan Borrower will sign the first page , third page, and Last Page

Question 2

DEED OF TRUST( CRITICAL DOCUMENT)

Answer 2

there are two different variations of this form. You will also see the Mortgage.( depends on state)The borrower will sign the second to last page and you will complete the acknowledgment on the page after.

Question 3

The Note

Answer 3

The borrower’s promise to repay the loan at the specific rate, Borrower will sign the last page and you do not notarize the note. The borrower will not date

Question 4

Compliance Agreement

Answer 4

This is a simple agreement between the lender and the borrower. The borrowers are agreeing to comply with the terms of loan.

Question 5

W 9 Request for Taxpayer

Answer 5

The lender uses this form to create Form 1098 to show the borrower that amount of interest , taxes , and mortgage premiums paid by the borrower to the lender. ( This form is for tax purposes for the borrower)

Question 6

IRS Form 4506/ 4506

Answer 6

borrower is giving the lender permission to the lender to request their previous tax returns from the IRS.

Question 7

Va Form Report and Certification of Loan Disbursement

Answer 7

This form is when the lender will verify the VA that they comply with VA Lending requirements. Borrower will sign this form.Make sure all borrower fills out the portion

Question 8

Signature Name Affidavit

Answer 8

borrower acknowledges the different variations of their name that have appeared for them.

Question 9

Occupancy Affidavit

Answer 9

borrower acknowledges how they will use the property.

Question 10

Errors and Omissions Agreement

Answer 10

borrower is giving the lender permission to re-execute documents that have an error or an correction was made.

Question 11

Amortization Schedule

Answer 11

shows the borrowers monthly mortgage, principal,interest rate and the balance.

Question 12

Closing Disclosure (CRITICAL DOCUMENT)

Answer 12

This form is usually sent to the borrower 3 days prior to the closing date. This form will inform the borrower of the following information: the interest rate, loan amount, prepayment fees(if any), closing costs, estimated monthly payment and the estimated taxes.

Question 13

Patriots Act Disclosure Borrower Identification (CRITICAL DOCUMENT

Answer 13

notary will confirm borrower identity with two acceptable forms of ID. Notary will fill out the form and sign and date form.

Question 14

Notice of Right to cancel(Critical Document)

Answer 14

allows the borrower to cancel the loan within 3 business days. Saturdays are considered business days.

Question 15

First Payment Letter

Answer 15

shows the borrowers when their first payment is due and where to mail their payment.

Question 16

Flood Certification

Answer 16

If the borrower home is located in a flood zone they will be required to pay for flood insurance.

Question 17

Escrow Account Disclosure

Answer 17

This form is showing the borrower how the money in escrow will be used.