Xinnix Final Exam 2023 Questions and Answers with complete solution
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Xinnix
Xinnix Final Exam 2023 Questions and Answers with complete solution
A veteran has the ability to transfer a portion of their entitlement to another veteran.
False
1. Gross rent may be considered effective income when an applicant is planning to rent their current residence after closing on the...
xinnix final exam 2023 questions and answers with complete solution a veteran has the ability to transfer a portion of their entitlement to another veteran false 1 gross rent may be considered effe
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Xinnix Final Exam 2023 Questions and Answers with
complete solution
A veteran has the ability to transfer a portion of their entitlement to another veteran.
False
1. 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.
False
Based on the following scenario, does the borrower qualify within FNMA guidelines?
PITI: $1,725 monthly
Income: $7,000
Debt: $700 car payment, $375 student loan ($2,250 balance), $170 credit card
payments ($1,530 balance
No
YTD paystubs will be required from a borrower that is self-employed (Schedule C).
False
The maximum LTV for an FHA purchase is 97%.
False
If your borrower is being relocated and needs to close in 30-days, and their spouse will
not be moving for 3 months, the spouse's income can still be used to qualify.
False
Based on the following scenario, does the borrower qualify within the FHLMC
guidelines?
PITI: $1,375 monthly
Income: $4,950 monthly
Debt: $350 car payment, $420 student loan ($4,500 balance), $75 credit card payments
($850 balance).
No
One month of the borrower's current house payment must be included when calculating
the new loan amount for a cash-out refinance
True
The qualifying rate for a 7/1 ARM is 2% above the start rate.
False
Churning schemes usually involve falsified down payment amounts and falsified
appraisals.
False
A borrower can use a credit card to pay for their required down payment
False
A borrower's income is a factor considered when determining the principal limit
(maximum loan amount) for a reverse mortgage.
False
A 30-year conventional loan with an 87% LTV would require 25% mortgage insurance
coverage.
True
, A borrower that is self-employed (Schedule C) will typically not be required to provide a
YTD paystub.
True
Loans with an LTV >80% will typically require mortgage insurance. (FNMA/FHLMC)
True
A fixed-rate second mortgage has the loan amount fully disbursed at closing. Monthly
payments are amortized over the term of the loan. Once the balance is paid off the
mortgage is closed.
True
A borrower must qualify at the note rate on a temporary buydown, not the start rate.
True
A lender must notify an applicant of action taken within 30 days after receiving a
completed application concerning the lender's approval of, counteroffer to, or adverse
action on the application.
True
FNMA and FHLMC are fully backed by the U.S. Government
True
The Correspondent Lender is the "end" lender in a mortgage banker's transaction
True
A stand alone second mortgage is obtained separately from a first mortgage.
True
Except for high-cost areas, the maximum loan amount on a 1-unit, single family
residence is $510,400.
True
When using automated underwriting for a FNMA loan, DU will determine the borrower's
reserve requirement for an investment property.
True
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
False
HomeOne will allow up to 97% LTV for a primary residence, 1-Unit purchase if at least
one of the borrowers has not owned a home in the last 3 years. A borrower who has not
owned a home in the last three years is considered a first-time home buyer under
HomeOne
True
Relief Refinance Program loans are designed to help homeowners who are current on
their mortgage payments but are unable to refinance due to a drop in their home value.
True
When adjusting a 1-Year ARM with 2/6 caps, the rate at the beginning of year 2 will be
determined by the Start Rate + Annual Cap or the Fully-indexed rate, whichever is less.
True
A veteran and a spouse may qualify together for 100% financing on a VA
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
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