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XINNIX FLIGHT SCHOOL EXAM PRACTICE QUESTIONS AND ASNWERS
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XINNIX FLIGHT SCHOOL EXAM PRACTICE QUESTIONS AND ASNWERS The rate lock period for a refi, with a right of rescission, must be long enough to cover the rescission period. - Answer️️ -True How long does a borrower have to wait to buy a home after they have had a foreclosure? FHA - Answer️�...

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  • August 30, 2024
  • 23
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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©SOPHIABENNET@2024-2025 Friday, August 23, 2024 10:49 AM




XINNIX FLIGHT SCHOOL EXAM PRACTICE
QUESTIONS AND ASNWERS

The rate lock period for a refi, with a right of rescission, must be long
enough to cover the rescission period. - Answer✔️✔️-True

How long does a borrower have to wait to buy a home after they have had
a foreclosure? FHA - Answer✔️✔️-3 years

What are the steps you should follow to determine the correct MI? -
Answer✔️✔️-LTV, term, product type, occupancy type and coverage.

Typically, files that have to be manually underwritten are subject to less
strict guidelines. - Answer✔️✔️-False

You can always use an appraisal that was transferred from another lender,
regardless of whether the loan is conventional, FHA, or VA. - Answer✔️✔️-
False

Whould you need tax returns from a borrower who is paid in the following
manner? Total yearly income (base + commissions)=$50,000;commission
varies each year. - Answer✔️✔️-yes

What are the two documents all retired veterans should bring to
application? - Answer✔️✔️-COE and DD214?

At what rate does your borrower qualify on an FHA 30 year fixed, 2/1 buy-
down with a note rate of 7.5% and a start rate of 5.5%? - Answer✔️✔️-7.5%


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, ©SOPHIABENNET@2024-2025 Friday, August 23, 2024 10:49 AM




If income is non-taxable, we would consider allowing for higher ratios
since most ratios are calculated with the assumption of income being
taxable. Assume manually underwritten loan - Answer✔️✔️-True

Which of the following is an accurate distinction between a single-family
detached unit and a townhouse? - Answer✔️✔️-One shares common walls
with other units, the other does not.

The borrower must have 5% of their own funds when putting 20% down
on a conventional loan for a primary residence. - Answer✔️✔️-false

The application fee on VA loans must be listed as an application fee on the
LE. - Answer✔️✔️-False

If the roof of a townhouse (fee simple) needs new shingles, who is
responsible? - Answer✔️✔️-homeowner?

The CPI is a monthly index published by the US gov't that measures
consumer attitudes and expectations concerning both present and future
economic conditions - Answer✔️✔️-False

What is the max seller contribution on VA loan - Answer✔️✔️-4% which
includes cc, pp and points ?

You must check "form 2106" for un-reimbursed employee expenses when
you have a borrower who earns commissions. - Answer✔️✔️-False




2

, ©SOPHIABENNET@2024-2025 Friday, August 23, 2024 10:49 AM




Choose the relationship between the name of the report and mortgage
interest rate tendencies - Answer✔️✔️-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.

Verification of employment, income, source of funds and payment history
must not be older than ---- days prior to the note rate. - Answer✔️✔️-120

Subordinate financing is permitted with a seller second up to 100% CLTV -
Answer✔️✔️-False

How many days must a borrower wait to close once they receive their
initial disclosures - Answer✔️✔️-7 days

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

What income would allow for higher ratios, assuming a manually
underwritten loan - Answer✔️✔️-Taxable income?

The purpose of this act, implemented by Reg Z, is to provide consumers
with a greater understanding of the actual cost of credit. - Answer✔️✔️-TILA

You are required to disclose why a loan was declined, if applicable to the
lender you are transferring a loan package to for all FHA and VA loans -
Answer✔️✔️-true




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