Xinnix Mock Exam Review Questions and Answers with Verified Solutions

Xinnix Mock Exam Review Questions and Answers with Verified Solutions Residual income is the amount of income available for family support after taxes and social security expense have been subtracted from the gross income and after PITI and other long-term debt has been paid. - Answer ️️ -Response: True Feedback: See Course 6, Lesson 1 FHA Case Numbers are tied to the property, not the borrower. - Answer ️️ -Response: True Feedback: See Course 5, Lesson 1 What is the minimum coverage required on the hazard insurance policy? (select all that apply) - Answer ️️ -Response: Loan amount Response: Replacement amount Feedback: See Course 9, Lesson 7 HOA dues should be added to the PITI for the purpose of calculating ratios when qualifying a borrower. - Answer ️️ -Response: True Feedback: See Course 3, Lesson 2 An origination fee may be paid by the borrower on an FHA loan. - Answer ️️ -Response: True Feedback: See Course 5, Lesson 1 When considering a FHLMC loan, the maximum allowable ratios for the owner occupant when using a non-occupant co-borrower are 35/43. - Answer ️️ -Response: True Feedback: See Course 4, Lesson 1 Which of the following is the correct list of charges included when calculating the borrower's cash-to-close? - Answer ️️ -Response: Down Payment, Closing Costs, Prepaids, Discount Points, MI paid in cash (UFMIP/FF) Feedback: See Course 3, Lesson 4 A borrower that is self-employed (Schedule C) will typically not be required to provide a YTD paystub. - Answer ️️ -Response: True Feedback: See Course 8, Lesson 5 A partner's percentage of ownership and earnings can be located on Schedule E part II of their personal tax returns. - Answer ️️ -Response: False Feedback: See Course 8, Lesson 5 It is ultimately the ____________ responsibility to take a thorough loan application, to make sure all required documents are requested, and to effectively relay the decision to the borrowers. - Answer ️️ -Response: Feedback: See Course 8, Lesson 1 Unemployment income cannot be used as qualifying income. - Answer ️️ -Response: False Feedback: See Course 4, Lesson 4 HomeOneSM will allow up to 97% LTV 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 HomeOneSM - Answer ️️ -Response: True Feedback: See Course 7, Lesson 3 Using the following information, answer the following conventional financed MI loan question. Sales Price = $185,000 Down Payment = 10% Credit Score = 6