(7) Closing

7.1- What is Title and title insurance? What is the coverage of Title insurance?

7.2- Explain Priority in multiple mortgage scenarios

7.3- What is the Definition of “easement”?

7.4- What are Encumbrances?

7.5- What is Reconveyance?

7.6- What is a Settlement/Closing agent?

7.7- Explain Borrower/Seller’s ability to review the HUD-1 Settlement Statement?

7.8- What is the significance and process of obtaining Eligible signatures on the security instrument?

7.9- Explain the proper Use of a Power of Attorney (POA)

7.10- What is the process of proper Explanation of Fees/charges listed on HUD-1 Settlement Statement, Title insurance fees, Pre-paid fees, Types of escrow expenses.

7.11- What are examples of Origination fees?

7.12- What are Loan origination fees?

7.13- What documents are required at a closing?

7.14- What documents are Required that pertain to the specifics when using a property as collateral?

7.15- What document pertains to "Note disclosures on a loan" and what is its significance?

7.16- What are the "Assumption clauses"?

7.17- What is the "escrow analysis statement" ?

7.18- Explain the "Funding" and the document that pertains specifically to funding.

7.19- What is a rescission period and when does it end?

7.20- Explain Funding regarding rescission period.

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