As a Loan Signing Agent , I have to make sure that the borrower fully understands and agrees with what he is signing and is willing to sign the Loan Documents. The following are 6 of the Loan Documents package explained for you:
- Power Of Attorney: When the borrower is not able to appear for signing himself, he gives power of attorney to someone else to take care of this for him and this is called power Of Attorney.
- Deed Of Trust: Is a Document that the borrower signs and by doing that he promises to pay the principal and interest back to the lender on a monthly basis for so many years.
- Closing Statement: Is the document prepared by the Escrow which shows all the closing costs and the total amount the borrower is borrowing.
- Loan Application: The borrower has to fill up his information and sign.
- Compliance Agreement: The borrower agrees to comply with the lender’s requests.