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Question 1 of 7

1. Question
A borrower is reviewing the annual escrow account statement and wants to confirm the payment amount currently due each month. What item should the annual escrow account statement include?
- A) The borrower's current monthly payment
- B) Only the loan's original principal balance
- C) Only the interest rate used at closing
- D) The appraised value of the property
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Question 2 of 7

2. Question
A borrower wants to know how much of each monthly mortgage payment is being deposited into escrow. What must the annual escrow account statement show?
- A) The title company's closing fee
- B) The portion of the monthly payment being placed in the escrow account
- C) The seller's net proceeds from closing
- D) The borrower's credit score at application
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Question 3 of 7

3. Question
A borrower asks how much money was deposited into escrow over the course of the year. Which item should appear on the annual escrow account statement?
- A) Only the amount paid to the lender as interest
- B) Only the amount collected at loan application
- C) The total amount paid into the escrow account during the year
- D) The amount of the real estate commission
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Question 4 of 7

4. Question
A borrower wants to see how escrow funds were used for property-related charges during the year. What should the annual escrow account statement include?
- A) A combined total only, with no itemization
- B) Only insurance premiums, with taxes excluded
- C) Only taxes, with insurance excluded
- D) The total amount paid out of escrow for taxes, insurance premiums, and other charges, itemized separately
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Question 5 of 7

5. Question
At the end of the escrow accounting year, the borrower wants to know what remains in the escrow account. What information should the annual escrow account statement provide?
- A) The balance in the escrow account at the end of the year
- B) The seller's payoff balance
- C) The broker's compensation amount
- D) The lender's warehouse line balance
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Question 6 of 7

6. Question
A borrower closes on a refinance transaction and asks when the right to rescind ends. Under the rescission rule described on this page, what is the correct timing?
- A) At the moment the borrower signs the note
- B) Within 3 business days of closing, with Saturday counted as a business day
- C) Only after 30 calendar days have passed
- D) Only after the first monthly payment is made
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Question 7 of 7

7. Question
A refinance transaction is subject to a rescission period. When should the loan generally be funded if the borrowers do not rescind?
- A) On the same day as closing
- B) On the second calendar day after closing
- C) On the 4th business day after the 3-business day rescission period ends without rescission
- D) Only after the next tax bill is issued
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