Posted by Virginia/PA on 9/27/13 2:02pm
Msg #486277

(Re)Certification Exam wrong answer

The following question was on one of the NSA Certification Exams. I got it wrong. What would be your answer?

When completing the loan signing appointment, what should the NSA do with any borrower stipulations?
A) Secure them to the back of the loan package
B) Secure them to the front of the loan package
C) Secure them to the 1003
D) Secure them to the Settlement Statement

Reply by Teresa/FL on 9/27/13 2:06pm
Msg #486278

Either B or D. It's really up to the TC what they prefer. n/m

Reply by monet/MI on 9/27/13 2:42pm
Msg #486282

Well it isn't B. I got it wrong as well.

Reply by Linda Juenger on 9/27/13 2:44pm
Msg #486283

Since when is it called stipulations?? Since I always put the HUD on top of the pkg, B & D would both be correct for me. What was your answer?

Reply by Virginia/PA on 9/27/13 5:38pm
Msg #486300

My answer was B. No formal training for logic is needed. My reasoning being if there are no specific instructions the front of the package is logical so they know instantly when they open the package that I have collected required stipulations and they don't have to search for them. Does that sound logical to anyone else?

Reply by jba/fl on 9/27/13 7:17pm
Msg #486308

Yes. n/m

Reply by MW/VA on 9/27/13 8:32pm
Msg #486315

I say "Yes" also. I've found that those tests often

contain errors. First of all, I don't know that I'd know what "borrowers stipulations" meant in the first place. The question isn't even all that clear, but I'm considering the source. ;-(

Reply by JPH13/MO on 9/27/13 2:47pm
Msg #486285

Re: (Re)Certification Exam correct answer per NNA

I re-certified recently and had to look up what they wanted the answer to be in the book I got from them over 2 years ago. According to them, all borrower stipulations, including any check for funds due, should be stapled to the first page of the HUD1 (Settlement Statement).

I only staple the check to the HUD1 and place all other stipulations at the front of the package unless otherwise instructed, but barring instructions telling you to do otherwise it wouldn't hurt to do it this way.

Reply by Marian_in_CA on 9/27/13 2:59pm
Msg #486287

There is no "right" answer...

This is entirely the preference of the hiring party or their client -- or even you as a business owner. The answer would likely depend on the training materials from whoever was issuing the exam. There is no standard. I've seen at least 10 different ways this is handled.

Then, of course...there's always the issue that this so-called training may or may not violate independent contractor rules wherein they dictate how they want things done. The IRS is cracking down on this stuff. One of the companies I used to work for as a contractor (not notary related) got in to some trouble and had to convert to an employee system recently. They dumped the majority of their contractors and kept on a handful of their best reps and converted us to employees. The work is the same, essentially, on my end... but I do have to report my activities and mileage a little differently. They process regular payroll for the work done, keeping out taxes, etc. I'm covered under their worker's comp. Oddly enough... since the conversion I'm actually earning *more* money than before per job. It's costing them a lot more to be sure. Handling employees is an expensive issue, but that's the price they have to pay for the amount of control they need in order to satisfy their clients' needs.

SEE:

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Independent-Contractor-Defined

and
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Independent-Contractor-%28Self-Employed%29-or-Employee

"You are not an independent contractor if you perform services that can be controlled by an employer (what will be done and how it will be done). This applies even if you are given freedom of action. What matters is that the employer has the legal right to control the details of how the services are performed."

If they are "failing" you or expecting you to perform in a certain way... you are not an independent contractor and should be put on their roles as a contract employee.

When you are required to do things the way THEY want, you are subject to THEIR control. Being an employee has benefits that you don't get as an independent contractor. Companies abuse the IC status because it's cheaper for them.

Reply by anotaryinva on 9/27/13 7:33pm
Msg #486312

Another example of certs meaning nothing n/m

Reply by MW/VA on 9/27/13 8:33pm
Msg #486316

BTW, I checked your profile & you might want to use the

new editing tools to break it into paragraphs, etc. I personally don't think anyone is going to read all that.

Reply by Claudine Osborne on 9/27/13 8:43pm
Msg #486321

Re: BTW, I checked your profile & you might want to use the

I agree with Marilyn..Your profile is very hard to read..Wow

Reply by Robert522TX on 9/27/13 9:17pm
Msg #486328

made my eyes cross.... n/m

Reply by Linda_H/FL on 9/27/13 9:27pm
Msg #486330

Very outdated too

Electricity was deregulated in Connecticut well over 7 years ago...

Reply by jba/fl on 9/27/13 11:51pm
Msg #486346

Re: BTW, I checked your profile & you might want to use the

I sure didn't - too, too much, close together, can't keep track of where you are in all that see of letters.

Reply by Notarysigner on 9/28/13 11:38am
Msg #486360

O my, my n/m