Xinnix Ground School Mortgage Final Exam | 55 Questions with 100% Correct Answers
44 views 1 purchase
Course
Xinnix
Institution
Liberty University
On an FHA loan the upfront MIP should be included when calculating cash-to-close. - False The borrower must have 5% of their own funds when putting 15% down on a primary residence. (FNMA) - False A 3-Year ARM adjusts every 3 years - True A Loan Officer can locate the summary of the eligibility requ...
xinnix ground school mortgage final exam | 55 questions with 100 correct answers
Written for
Liberty University
Xinnix
All documents for this subject (25)
Seller
Follow
Classroom
Reviews received
Content preview
Xinnix Ground School Mortgage Final Exam | 55
Questions with 100% Correct Answers
On an FHA loan the upfront MIP should be included when calculating cash-to-close. Correct
Answer: False
The borrower must have 5% of their own funds when putting 15% down on a primary residence.
(FNMA) Correct Answer: False
A 3-Year ARM adjusts every 3 years Correct Answer: True
A Loan Officer can locate the summary of the eligibility requirements for a loan to be sold to a
specific lender/investor in the lender specs. Correct Answer: False
A HELOC loan has an interest only payment Correct Answer: True
A borrower paid semi-monthly and a borrower paid bi-weekly have the same number of pay
periods per year Correct Answer: False
FHA Case Numbers are tied to the property, not the borrower. Correct Answer: True
Judgments and tax liens are required to be paid off at or prior to loan closing. (FNMA/FHLMC)
Correct Answer: True
Unreimbursed business expenses can be located on Form 2106 of a borrower's personal tax
return. Correct Answer: True
HOA dues are included in the PITI calculation Correct Answer: False
A borrower's brother would like to give her money to help towards the down payment of her new
house. This would be considered.... Correct Answer: A gift from a relative and would require a
gift letter, as well as proof that the funds have been transferred to the borrower's account.
VA sets their own maximum loan limits. Correct Answer: False
The monthly MI for an FHA loan is calculated by BASE Loan Amount x .85% /12 Correct
Answer: True
Redisclosure of the Truth in Lending is required if the PAR changes more than _____% on a
fixed rate loan? Correct Answer: .125
If a veteran has previously used their VA entitlement and it has not yet been restored, their COE
may show an available amount which is less that the VA maximum allowable entitlement
Correct Answer: True
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Classroom. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
