XINNIX Ground School Final|Questions/Answers from multiple Mock Exams
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Course
Xinnix
Institution
Xinnix
XINNIX Ground School Final|Questions/Answers from
multiple Mock Exams
A program description contains the summary of eligibility requirements for a loan to be sold
to a specific lender/investor Correct Answer-TRUE
If the term of an ARM is 5 years or less, the qualifying rate is the Start Rate ...
XINNIX Ground School Final|Questions/Answers from
multiple Mock Exams
A program description contains the summary of eligibility requirements for a loan to be sold
to a specific lender/investor Correct Answer-TRUE
If the term of an ARM is 5 years or less, the qualifying rate is the Start Rate + 2% or the fully-
indexed rate, whichever is greater Correct Answer-TRUE
HOA dues are included in the PITI calculation. Correct Answer-FALSE
The Correspondent lender is the "end" lender in a mortgage banker's transaction Correct
Answer-TRUE
What is the maximum seller contribution allowed for an investment property at 80% LTV
(FNMA/FHLMX)? Correct Answer-2%
What is their new loan amount and proposed monthly PITI based on 30-year fixed-rate of
6.375%
value= $350,000
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