XINNIX FLIGHT SCHOOL EXAM PRACTICE QUESTIONS AND ASNWERS
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Course
Xinnix
Institution
Xinnix
XINNIX FLIGHT SCHOOL EXAM PRACTICE
QUESTIONS AND ASNWERS
The rate lock period for a refi, with a right of rescission, must be long
enough to cover the rescission period. - Answer️️ -True
How long does a borrower have to wait to buy a home after they have had
a foreclosure? FHA - Answer️�...
XINNIX FLIGHT SCHOOL EXAM PRACTICE
QUESTIONS AND ASNWERS
The rate lock period for a refi, with a right of rescission, must be long
enough to cover the rescission period. - Answer✔️✔️-True
How long does a borrower have to wait to buy a home after they have had
a foreclosure? FHA - Answer✔️✔️-3 years
What are the steps you should follow to determine the correct MI? -
Answer✔️✔️-LTV, term, product type, occupancy type and coverage.
Typically, files that have to be manually underwritten are subject to less
strict guidelines. - Answer✔️✔️-False
You can always use an appraisal that was transferred from another lender,
regardless of whether the loan is conventional, FHA, or VA. - Answer✔️✔️-
False
Whould you need tax returns from a borrower who is paid in the following
manner? Total yearly income (base + commissions)=$50,000;commission
varies each year. - Answer✔️✔️-yes
What are the two documents all retired veterans should bring to
application? - Answer✔️✔️-COE and DD214?
At what rate does your borrower qualify on an FHA 30 year fixed, 2/1 buy-
down with a note rate of 7.5% and a start rate of 5.5%? - Answer✔️✔️-7.5%
If income is non-taxable, we would consider allowing for higher ratios
since most ratios are calculated with the assumption of income being
taxable. Assume manually underwritten loan - Answer✔️✔️-True
Which of the following is an accurate distinction between a single-family
detached unit and a townhouse? - Answer✔️✔️-One shares common walls
with other units, the other does not.
The borrower must have 5% of their own funds when putting 20% down
on a conventional loan for a primary residence. - Answer✔️✔️-false
The application fee on VA loans must be listed as an application fee on the
LE. - Answer✔️✔️-False
If the roof of a townhouse (fee simple) needs new shingles, who is
responsible? - Answer✔️✔️-homeowner?
The CPI is a monthly index published by the US gov't that measures
consumer attitudes and expectations concerning both present and future
economic conditions - Answer✔️✔️-False
What is the max seller contribution on VA loan - Answer✔️✔️-4% which
includes cc, pp and points ?
You must check "form 2106" for un-reimbursed employee expenses when
you have a borrower who earns commissions. - Answer✔️✔️-False
Choose the relationship between the name of the report and mortgage
interest rate tendencies - Answer✔️✔️-When CPI goes up, rates tend to go
up; when the GDP goes down, rates tend to go down; when the
unemployment rate goes up, rates tend to go down.
Verification of employment, income, source of funds and payment history
must not be older than ---- days prior to the note rate. - Answer✔️✔️-120
Subordinate financing is permitted with a seller second up to 100% CLTV -
Answer✔️✔️-False
How many days must a borrower wait to close once they receive their
initial disclosures - Answer✔️✔️-7 days
Gross rent may be considered effective income when an applicant is
planning to rent their current residence after closing on the purchase of
their new home. - Answer✔️✔️-False
What income would allow for higher ratios, assuming a manually
underwritten loan - Answer✔️✔️-Taxable income?
The purpose of this act, implemented by Reg Z, is to provide consumers
with a greater understanding of the actual cost of credit. - Answer✔️✔️-TILA
You are required to disclose why a loan was declined, if applicable to the
lender you are transferring a loan package to for all FHA and VA loans -
Answer✔️✔️-true
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