Loan Documents and the Signing Appointment
The core package
Most refinance and purchase packages contain a Note (the promise to repay, with rate, payment, and maturity), a security instrument - a mortgage or deed of trust - granting the lender a lien, riders, a Closing Disclosure or settlement statement, an escrow or impound disclosure, a hazard insurance section, tax and occupancy affidavits, and identity or Patriot Act forms. Initials are usually required on the Closing Disclosure and on disclosures; full signatures go on the Note, security instrument, and affidavits.
Dates you must not confuse
Signing date, closing or funding date, disbursement date, and the first payment date are different fields. The signer dates documents as of the actual signing date. For a covered refinance or home equity loan on a primary residence, the borrower receives a Notice of Right to Cancel and has three business days after consummation to rescind; count business days as all calendar days except Sundays and federal legal holidays. The Closing Disclosure generally must be received at least three business days before consummation on a purchase.
Traps
Questions test whether you know an initial differs from a signature, whether all borrowers must sign every document (many, but not all), and whether a blank date may be filled. Never guess. Also watch for a signer whose name on the ID differs from the typed name - signatures must match the document, and a name discrepancy is reported, not resolved by the agent.
Worked example: a Notice of Right to Cancel dated Monday (a normal business week) expires at midnight on Thursday, because Tuesday, Wednesday, and Thursday are the three business days that follow.