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Xinnix bundled exams newest 2024/2025 versions with complete solutions
Xinnix bundled exams newest 2024/2025 versions with complete solutions
[Show more]Xinnix bundled exams newest 2024/2025 versions with complete solutions
[Show more]Using the information provided, answer the following question: 
Sales price = $225,000 
Seller Contribution = $6,000 
Closing Costs = $5,580 
Prepaids = $2,250 
What is the cash-to-close? - $9,705 
A refinance transaction resulting from a divorce settlement where either the borrower or the coborrowe...
Preview 4 out of 54 pages
Add to cartUsing the information provided, answer the following question: 
Sales price = $225,000 
Seller Contribution = $6,000 
Closing Costs = $5,580 
Prepaids = $2,250 
What is the cash-to-close? - $9,705 
A refinance transaction resulting from a divorce settlement where either the borrower or the coborrowe...
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 - TRUE 
A program description contains the summary of eligibility requirements for a loan to be sold to a specific 
lender/investor - TRUE 
HOA dues are included in t...
Preview 1 out of 1 pages
Add to cartIf 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 - TRUE 
A program description contains the summary of eligibility requirements for a loan to be sold to a specific 
lender/investor - TRUE 
HOA dues are included in t...
Risky loan features - - negative amortization 
- interest only payment feature 
- loan terms in excess of 30 years 
- prepayment penalties 
- balloon mortgages 
A _________ loan is one that has met the ATR requirements, and meets some additional rules that focus 
on prohibiting risky loan features. ...
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Add to cartRisky loan features - - negative amortization 
- interest only payment feature 
- loan terms in excess of 30 years 
- prepayment penalties 
- balloon mortgages 
A _________ loan is one that has met the ATR requirements, and meets some additional rules that focus 
on prohibiting risky loan features. ...
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...
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Add to cartDesktop 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...
A borrower's income is a factor considered when determining the principal limit (maximum loan 
amount) for a reverse mortgage. - 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 wo...
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Add to cartA borrower's income is a factor considered when determining the principal limit (maximum loan 
amount) for a reverse mortgage. - 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 wo...
Choose the relationship between the name of the report and mortgage interest rate tendencies - 
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. 
Although the appraiser makes the value determination, it ...
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Add to cartChoose the relationship between the name of the report and mortgage interest rate tendencies - 
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. 
Although the appraiser makes the value determination, it ...
Based on the following scenario, what is the borrower's qualifying ratios under FHLMC guidelines? 
PITI: $3,350 monthly 
Income: $8,350 monthly 
Debt: $595 - car payment - 40.12% / 47.25% 
A straw buyer is an individual who is paid to purchase a property and apply for a mortgage for someone 
who is...
Preview 2 out of 15 pages
Add to cartBased on the following scenario, what is the borrower's qualifying ratios under FHLMC guidelines? 
PITI: $3,350 monthly 
Income: $8,350 monthly 
Debt: $595 - car payment - 40.12% / 47.25% 
A straw buyer is an individual who is paid to purchase a property and apply for a mortgage for someone 
who is...
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 
A program description contains the summary of eligibility requirements for a loan to be sold to a specific 
lender/investor. - True 
A borrower purchased a...
Preview 3 out of 19 pages
Add to cartAfter the borrower submits a complete loan application, the LE must be delivered or placed in the mail 
within how many days? - 3 business days 
A program description contains the summary of eligibility requirements for a loan to be sold to a specific 
lender/investor. - True 
A borrower purchased a...
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...
Preview 3 out of 16 pages
Add to cartA 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...
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