Exam (elaborations)
Xinnix Final Exam Questions and Correct Answers the Latest Update and Recommended Version
- Course
- Institution
Xinnix Final Exam Questions and Correct Answers the Latest Update and Recommended Version
[Show more]
Content preview
TestTrackers: Unlock Your Exam Potential! | Quality Practice Materials | Boost Your Confidence Today!Xinnix Final Exam Questions and Correct
Answers the Latest Update and
Recommended Version
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
|
✓ Thank You for Choosing Us! ✓ Resources & Updates: [Testtrackers - Stuvia US]
✓ © 2024 TestTrackers ✓ Your Success is Our Mission!
✓ Customer Support: [+254707240657]
, TestTrackers: Unlock Your Exam Potential! | Quality Practice Materials | Boost Your Confidence Today!
✓ 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
Unreimbursed business expenses can be located on Form 2106 of a borrower's personal tax
return.
✓ True
HOA dues are included in the PITI calculation
✓ 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....
✓ 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.
✓ False
|
✓ Thank You for Choosing Us! ✓ Resources & Updates: [Testtrackers - Stuvia US]
✓ © 2024 TestTrackers ✓ Your Success is Our Mission!
✓ Customer Support: [+254707240657]
, TestTrackers: Unlock Your Exam Potential! | Quality Practice Materials | Boost Your Confidence Today!
The monthly MI for an FHA loan is calculated by BASE Loan Amount x .85% /12
✓ True
Redisclosure of the Truth in Lending is required if the PAR changes more than _____% on a
fixed rate loan?
✓ .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
✓ True
A room addition is allowed under the FHA 203(k) Limited program.
✓ False
The maximum allowable ratios for an owner-occupant when using a non-occupant co-borrower
per FHLMC guidelines is ______________.
✓ 35/43
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%
|
✓ Thank You for Choosing Us! ✓ Resources & Updates: [Testtrackers - Stuvia US]
✓ © 2024 TestTrackers ✓ Your Success is Our Mission!
✓ Customer Support: [+254707240657]
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 TestTrackers. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79373 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now