Xinnix Final | Questions| with 100% Correct Answers 2024 VERIFIED GRADED A+
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Xinnix
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Xinnix
Xinnix Final | Questions| with 100% Correct Answers 2024 VERIFIED GRADED A+
A veteran has the ability to transfer a portion of their entitlement to another veteran. - Answer- False
Gross rent may be considered effective income when an applicant is planning to rent their current residence afte...
Xinnix Final | Questions| with 100% Correct Answers 2024
VERIFIED GRADED A+
A veteran has the ability to transfer a portion of their entitlement to another veteran. - Answer-
False
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. - Answer- False
On an FHA loan the upfront MIP should be included when calculating cash-to-close. - Answer-
False
The borrower must have 5% of their own funds when putting 15% down on a primary residence.
(FNMA) - Answer- False
A 3-Year ARM adjusts every 3 years - Answer- 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. - Answer- 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 - Answer- No
Ms. Armstrong is paid an hourly wage of $17.50. She receives time and a half for overtime
(more than 40 hours per week) and has been averaging 50 hours every week, since starting
with the company five years ago. Her current paystub from 7/15 of this year shows a YTD gross
income of $26,260. Her W2 from last year shows $48,048 and the year before shows $46,116.
,What is the monthly base income and monthly overtime income that would be entered on the
1003? (Overtime not guaranteed) - Answer- Response: $3033/$915
Feedback: See Course 8, Lesson 4
Surveys are required on every loan. - Answer- Response: False
A HELOC loan has an interest only payment - Answer- True
A borrower paid semi-monthly and a borrower paid bi-weekly have the same number of pay
periods per year - Answer- False
FHA Case Numbers are tied to the property, not the borrower. - Answer- True
Judgments and tax liens are required to be paid off at or prior to loan closing. (FNMA/FHLMC) -
Answer- True
Unreimbursed business expenses can be located on Form 2106 of a borrower's personal tax
return. - Answer- True
YTD paystubs will be required from a borrower that is self-employed (Schedule C). - Answer-
False
The maximum LTV for an FHA purchase is 97%. - Answer- 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. - Answer- 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). - Answer- No
,One month of the borrower's current house payment must be included when calculating the new
loan amount for a cash-out refinance - Answer- True
The qualifying rate for a 7/1 ARM is 2% above the start rate. - Answer- False
Churning schemes usually involve falsified down payment amounts and falsified appraisals. -
Answer- False
HOA dues are included in the PITI calculation - Answer- 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.... - Answer- 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. - Answer- False
The monthly MI for an FHA loan is calculated by BASE Loan Amount x .85% /12 - Answer- True
Redisclosure of the Truth in Lending is required if the PAR changes more than _____% on a
fixed rate loan? - Answer- .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 -
Answer- True
A borrower can use a credit card to pay for their required down payment - Answer- False
A borrower's income is a factor considered when determining the principal limit (maximum loan
amount) for a reverse mortgage. - Answer- False
A 30-year conventional loan with an 87% LTV would require 25% mortgage insurance
coverage. - Answer- True
, A borrower that is self-employed (Schedule C) will typically not be required to provide a YTD
paystub. - Answer- True
Loans with an LTV >80% will typically require mortgage insurance. (FNMA/FHLMC) - Answer-
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. -
Answer- True
A room addition is allowed under the FHA 203(k) Limited program. - Answer- False
The maximum allowable ratios for an owner-occupant when using a non-occupant co-borrower
per FHLMC guidelines is ______________. - Answer- 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%? - Answer-
6.25%
The builder must provide an appraisal certificate to the mortgage company on an FHA new
construction loan prior to closing. - Answer- False
A borrower must qualify at the note rate on a temporary buydown, not the start rate. - Answer-
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. - Answer- True
FNMA and FHLMC are fully backed by the U.S. Government - Answer- True
The Correspondent Lender is the "end" lender in a mortgage banker's transaction - Answer-
True
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