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Xinnix Final Exam | 125 Questions with 100% Correct Answers | Updated and Verified | 21 Pages
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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 requirements for a loan to be sold to a specific lender/investor in the lender specs. - False A HELOC loan has an interest only payment - True A borrower paid semi-monthly and a borrower paid bi-weekly have the same number of pay periods per year - False FHA Case Numbers are tied to the property, not the borrower. - True Judgments and tax liens are required to be paid off at or prior to loan closing. (FNMA/FHLMC) - True
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