100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Xinnix Ground School Mortgage Final Exam Questions And Answers Rated A+ New Update Assured Satisfaction $7.99
Add to cart
Quickly navigate to
Preview
  2.  
  3. Xinnix Ground School Mortgage
  4.  
  5. Xinnix Ground School Mortgage

Exam (elaborations)

Xinnix Ground School Mortgage Final Exam Questions And Answers Rated A+ New Update Assured Satisfaction
 0 purchase
  • Course
  • Xinnix Ground School Mortgage
  • Institution
  • Xinnix Ground School Mortgage

Desktop Underwriting (DU) would result in a decision of Approve/Ineligible on a loan with excellent credit which qualifies as a jumbo loan program. - True All of the following documents must be provided by the builder to the mortgage company on an FHA new construction loan prior to the loan bein...

[Show more]

Preview 2 out of 6  pages

Document information

  • August 20, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • xinnix ground school mortgage

Written for

  • Xinnix Ground School Mortgage
  • Xinnix Ground School Mortgage

Seller

avatar-seller
PatrickKaylian

Reviews received

Content preview

Xinnix Ground School Mortgage Final
Exam
Desktop Underwriting (DU) would result in a decision of Approve/Ineligible on a loan with excellent
credit which qualifies as a jumbo loan program. - True



All of the following documents must be provided by the builder to the mortgage company on an FHA
new construction loan prior to the loan being cleared to close EXCEPT: - Appraisal Certificate



A borrower's brother would like to give her money to help towards the down payment of her new house.
This would be considered.... - 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.



A 3-Year ARM adjusts every 3 years - True



A borrower is considering a 1-year ARM with a note rate of 4.25%, 2/6 caps and a margin of 2.5%. What
would the borrower's interest rate be for year 2 if the index is at 4.25%? - 6.25%



A borrower paid semi-monthly and a borrower paid bi-weekly have the same number of pay periods per
year - False



A borrower purchased a home on January 15th and is moving in on March 2nd. How many days from
purchase to move in? (For non-leap years only) - 46 days



A borrower requesting a jumbo loan will qualify for an agency loan - False



A borrower that is self-employed (Schedule C) will typically not be required to provide a YTD paystub. -
True



A borrower's income is a factor considered when determining the principal limit (maximum loan
amount) for a reverse mortgage. - False

, A HELOC loan has an interest only payment - 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 non-arm's length transaction occurs when the borrowers or any other party to the transaction have a
direct relationship with another party to the transaction (including, but not limited to, the employer,
lender, broker, or appraiser). - True



A partner's percentage of ownership and earnings can be located on Schedule E part II of their personal
tax returns. - False



A program description contains the summary of eligibility requirements for a loan to be sold to a specific
lender/investor. - True



A room addition is allowed under the FHA 203(k) Limited program. - False



A veteran has the ability to transfer a portion of their entitlement to another veteran. - False



After the borrower submits a complete loan application, the LE must be delivered or placed in the mail
within how many days? - 3 business days



MUST BE PROVIDED: Certificate of Occupancy, Builder's 1-Year Warranty, Insulation Certificate



An origination fee may be paid by the borrower on an FHA loan - True



Based on a loan amount of $225,000, how many years will it take your customer to break-even if they
choose to pay 1.5% in discount points to secure an interest rate of 6.00% as opposed to zero points for a
6.25% rate? - 7.73 years

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

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

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 PatrickKaylian. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $7.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

69052 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling
$7.99
  • (0)
Add to cart
Added