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The Just Point and Sign's
Closer Advanced Competency Exam (JPS-CACE)
is an online exam to test one's knowledge. Once
the exam has been successfully passed, a Seal
of Achievement will be given with an achievement
designation which will include a certificate
and a lapel pin.
The exam is pulled directly
from the book and from experience of those that
are currently in the industry. Each exam will
be a random pull of 75 questions out of a database
with a 45 minute timeframe to complete the test.
There are weighted questions
in the exam regarding the most problematic areas
in the document signing process of the loan
such as:
Right to Cancel and how
to count it,
APR and how to explain
it to the borrower,
Legal questions that should
not be answered by the closer rather the closer
should refer the question to the borrower's
loan officer or the borrower should contact
their own attorney for the legalities or ramifications
of the documents.
The exam consists of both
multiple choice and true/false questions.
The exam is designed to encourage everyone
in the industry to improve and expand their
knowledge and understanding of the importance
of the handling of the documents in order
to prevent the lost revenues due to loans
having to be redrawn or "crashing"
at the table, the un-recordable paper currently
being encountered due to the lack of knowledge
of the actual loan signing process and the
importance of the details. With a tiered system
to assist those using this test to help in
determining the knowledge level of those they
work with.
The minimum to pass/certify
the test is 81 (ACS level). This tiered system
is in place to assist those using this test/certification
to help in determining the knowledge level
of those they work with. The Instructor-Master
level has additional requirements to attain
that level. All other seals will be available
based on the individual's test scores upon
completion of the test. There are 4 tier levels,
each having their designated seal. You can
view the seals here.
All of the above items discussed
are currently plaguing the entire industry
and are lowering the net profit for everyone.
The age of digital closings nears and is all
but upon us, the bar needs to be raised to
prevent catastrophic losses for the lender
and the borrower. Fraud is prevalent and every
safeguard needs to be put in place to ensure
ALL parties to any loan are protected.
Take your exam with confidence.
Wishing you the best of luck on your exam!
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to comply with this company's instructions?
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a Title Company's Instructions.
What is the
difference between a Deed of Trust and a Mortgage?
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out.
The Book and Video
can be purchased here |
