XINNIX EXAM Xinnix final exam LATEST ACTUAL EXAM
QUESTIONS AND CORRECT DETAILED ANSWERS (100%
CORRECT VERIFIED ANSWERS) A NEW UPDATED
VERSION |ALREADY GRADED A+ (FULL REVISED EXAM)
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 veteran may exchange a portion of their entitlement for cash. - ANSWER: False
Judgments and tax liens are required to be paid off at or prior to loan closing.
(FNMA/FHLMC) - ANSWER: 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. - ANSWER:
False
A simultaneous second mortgage is obtained at the same time as a first mortgage. -
ANSWER: True
A 2/1 buydown typically costs 2.5 discount points. Give or take .25%. - ANSWER:
True
Most loans do not have a prepayment penalty. - ANSWER: True
What are the four General Styles of Communication? - ANSWER: Expresser, Relater,
Driver, Analytic
VA requires connection to a public or community water/sewer disposal system if
required by local building, planning, or health authorities. - ANSWER: True
A 3/1 ARM will have an initial fixed rate for 3 years, then adjust annually. - ANSWER:
True
HOA dues are included in the PITI calculation. - ANSWER: False
All of the following documents must be provided by the builder to the mortgage
company on an FHA new construction loan prior to the loan being cleared to close
EXCEPT: - ANSWER: Appraisal Certificate
DU does not consider non-occupant income as qualifying income. - ANSWER: True
To sympathize with a customer lets them know you identify with the way they feel. -
ANSWER: True
, FNMA and FHLMC are fully backed by the U.S. Government. - ANSWER: True
What is the qualifying rate for a 3/1 ARM with a note rate of 4.25% and 2/6 caps?
The fully-indexed rate is 6.38%. - ANSWER: not 4.25%
Verification of employment, income, source of funds and payment history must not
be older than ______ days prior to the note date. - ANSWER: not 60
A borrower who has made an offer on a property and has provided their pay stubs,
bank statements and W2s would be issued a Commitment Letter. - ANSWER: True
What is not part of the ABCD's of an effective LO/Processor meeting? - ANSWER:
Deliver
How long does a consumer have to shop for a mortgage without the credit inquiries
affecting their score? - ANSWER: 30 days
What is the largest house payment that Mr. Coulter can have with his current
income of $75,500 per year considering he just bought a car with a payment of $525
per month? (FNMA) - ANSWER: $1,740.00
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
A non-arm's length transaction occurs when the borrowers or any other party to the
transaction have a direct relationship with another party to the transaction
(including, but not limited to, the employer, lender, broker or appraiser). - ANSWER:
True
The builder must provide an appraisal certificate to the mortgage company on an
FHA new construction loan prior to closing. - ANSWER: False
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'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.
Unless a borrower can document extenuating circumstances, they must wait at least
7 years from a Chapter 7 bankruptcy or foreclosure to apply for conventional
financing. - ANSWER: False
QUESTIONS AND CORRECT DETAILED ANSWERS (100%
CORRECT VERIFIED ANSWERS) A NEW UPDATED
VERSION |ALREADY GRADED A+ (FULL REVISED EXAM)
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 veteran may exchange a portion of their entitlement for cash. - ANSWER: False
Judgments and tax liens are required to be paid off at or prior to loan closing.
(FNMA/FHLMC) - ANSWER: 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. - ANSWER:
False
A simultaneous second mortgage is obtained at the same time as a first mortgage. -
ANSWER: True
A 2/1 buydown typically costs 2.5 discount points. Give or take .25%. - ANSWER:
True
Most loans do not have a prepayment penalty. - ANSWER: True
What are the four General Styles of Communication? - ANSWER: Expresser, Relater,
Driver, Analytic
VA requires connection to a public or community water/sewer disposal system if
required by local building, planning, or health authorities. - ANSWER: True
A 3/1 ARM will have an initial fixed rate for 3 years, then adjust annually. - ANSWER:
True
HOA dues are included in the PITI calculation. - ANSWER: False
All of the following documents must be provided by the builder to the mortgage
company on an FHA new construction loan prior to the loan being cleared to close
EXCEPT: - ANSWER: Appraisal Certificate
DU does not consider non-occupant income as qualifying income. - ANSWER: True
To sympathize with a customer lets them know you identify with the way they feel. -
ANSWER: True
, FNMA and FHLMC are fully backed by the U.S. Government. - ANSWER: True
What is the qualifying rate for a 3/1 ARM with a note rate of 4.25% and 2/6 caps?
The fully-indexed rate is 6.38%. - ANSWER: not 4.25%
Verification of employment, income, source of funds and payment history must not
be older than ______ days prior to the note date. - ANSWER: not 60
A borrower who has made an offer on a property and has provided their pay stubs,
bank statements and W2s would be issued a Commitment Letter. - ANSWER: True
What is not part of the ABCD's of an effective LO/Processor meeting? - ANSWER:
Deliver
How long does a consumer have to shop for a mortgage without the credit inquiries
affecting their score? - ANSWER: 30 days
What is the largest house payment that Mr. Coulter can have with his current
income of $75,500 per year considering he just bought a car with a payment of $525
per month? (FNMA) - ANSWER: $1,740.00
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
A non-arm's length transaction occurs when the borrowers or any other party to the
transaction have a direct relationship with another party to the transaction
(including, but not limited to, the employer, lender, broker or appraiser). - ANSWER:
True
The builder must provide an appraisal certificate to the mortgage company on an
FHA new construction loan prior to closing. - ANSWER: False
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'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.
Unless a borrower can document extenuating circumstances, they must wait at least
7 years from a Chapter 7 bankruptcy or foreclosure to apply for conventional
financing. - ANSWER: False
