Xinnix Mock Exam Review 2022

(T or F): If a borrower tells you about a liability that is not listed on the credit report, it doesn't need to be included on the loan application. - Answer- False What is the maximum seller contribution allowed for a primary residence below 75% LTV? (FNMA/FHLMC) - Answer- 9% (T or F) DU does not consider non-occupant income as qualifying income - Answer- True (T or F) HOA dues are included in the PITI calculation. - Answer- False Using the following information, answer the following conventional financed MI loan question. Sales Price = $185,000 Down Payment = 10% Credit Score = 635 20-year Fixed Owner-occupied What is the Total Loan Amount and MI Factor? - Answer- $169,247/1.65% How many days must a borrower wait to close once they receive their initial disclosures? - Answer- 7 (T or F) The maximum LTV for an FHA cash-out refinance is 80%. - Answer- True 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 (T or F) A sole proprietor's net profit or loss can be located on Schedule C of their personal tax return - Answer- True (T or F) When using automated underwriting for a FNMA loan, DU will determine the borrower's reverse requirement for an investment property. - Answer- True (T or F) The ATR and QM rules state that lenders must make a reasonable, good-faith determination of a borrower's ability to repay before consummation of the mortgage loan - Ans