XINNIX FINAL/186 QUESTIONS AND ANS u u u u
WERS (A+) u
A veteran has the ability to transfer a portion of their entitle
u u u u u u u u u u u
ment to another veteran. - √Answer :False
u u u u u u
Quiz :1. Gross rent may be considered effective income wh
u u u u u u u u u
en an applicant is planning to rent their current residence af
u u u u u u u u u u
ter closing on the purchase of their new home. -
u u u u u u u u u
u√Answer :False u
Quiz :Based on the following scenario, does the borrower q
u u u u u u u u u
ualify within FNMA guidelines?
u u u
PITI: $1,725 monthlyu u
Income: $7,000 u
Debt: $700 car payment, $375 student loan ($2,250 balan
u u u u u u u u
ce), $170 credit card payments ($1,530 balance -
u u u u u u u
√Answer :No
u u
Quiz :YTD paystubs will be required from a borrower that is
u u u u u u u u u u
self-employed (Schedule C). - √Answer :False
u u u u u u
Quiz :The maximum LTV for an FHA purchase is 97%. -
u u u u u u u u u u
√Answer :False
u u
Quiz :If your borrower is being relocated and needs to clos
u u u u u u u u u u
e in 30-
u u
days, and their spouse will not be moving for 3 months, the
u u u u u u u u u u u u
spouse's income can still be used to qualify. -
u u u u u u u u
√Answer :False
u u
,Quiz :Based on the following scenario, does the borrower q
u u u u u u u u u
ualify within the FHLMC guidelines?
u u u u
PITI: $1,375 monthly u u
Income: $4,950 monthly u u
Debt: $350 car payment, $420 student loan ($4,500 balan
u u u u u u u u
ce), $75 credit card payments ($850 balance). -
u u u u u u u
u√Answer :No u
Quiz :One month of the borrower's current house payment
u u u u u u u u u
must be included when calculating the new loan amount fo
u u u u u u u u u
r a cash-out refinance - √Answer :True
u u u u u u
Quiz :The qualifying rate for a 7/1 ARM is 2% above the sta
u u u u u u u u u u u u
rt rate. - √Answer :False
u u u u
Quiz :Churning schemes usually involve falsified down pa
u u u u u u u
yment amounts and falsified appraisals. - √Answer :False
u u u u u u u
Quiz :A borrower can use a credit card to pay for their requi
u u u u u u u u u u u u
red down payment - √Answer :False
u u u u u
Quiz :A borrower's income is a factor considered when det
u u u u u u u u u
ermining the principal limit (maximum loan amount) for a re
u u u u u u u u u
verse mortgage. - √Answer :Falseu u u u
Quiz :A 30- u u
year conventional loan with an 87% LTV would require 25
u u u u u u u u u
% mortgage insurance coverage. - √Answer :True
u u u u u u
Quiz :A borrower that is self-
u u u u u
employed (Schedule C) will typically not be required to pro u u u u u u u u u
vide a YTD paystub. - √Answer :True
u u u u u u
, Quiz :Loans with an LTV >80% will typically require mortga
u u u u u u u u u
ge insurance. (FNMA/FHLMC) - √Answer :True
u u u u u
Quiz :A fixed- u u
rate second mortgage has the loan amount fully disbursed
u u u u u u u u u
at closing. Monthly payments are amortized over the term
u u u u u u u u u
of the loan. Once the balance is paid off the mortgage is clo
u u u u u u u u u u u u
sed. - √Answer :Trueu u u
Quiz :A borrower must qualify at the note rate on a tempora
u u u u u u u u u u u
ry buydown, not the start rate. - √Answer :True
u u u u u u u u
Quiz :A lender must notify an applicant of action taken withi
u u u u u u u u u u
n 30 days after receiving a completed application concerni
u u u u u u u u
ng the lender's approval of, counteroffer to, or adverse acti
u u u u u u u u u
on on the application. - √Answer :True
u u u u u u
Quiz :FNMA and FHLMC are fully backed by the U.S. Gove
u u u u u u u u u u
rnment - √Answer :True u u u
Quiz :The Correspondent Lender is the "end" lender in a m
u u u u u u u u u u
ortgage banker's transaction - √Answer :Trueu u u u u
Quiz :A stand alone second mortgage is obtained separate
u u u u u u u u
ly from a first mortgage. - √Answer :True
u u u u u u u
Quiz :Except for high- u u u
cost areas, the maximum loan amount on a 1-
u u u u u u u u
unit, single family residence is $510,400. - √Answer :True
u u u u u u u u
Quiz :When using automated underwriting for a FNMA loa
u u u u u u u u
n, DU will determine the borrower's reserve requirement fo
u u u u u u u u
r an investment property. - √Answer :True
u u u u u u
WERS (A+) u
A veteran has the ability to transfer a portion of their entitle
u u u u u u u u u u u
ment to another veteran. - √Answer :False
u u u u u u
Quiz :1. Gross rent may be considered effective income wh
u u u u u u u u u
en an applicant is planning to rent their current residence af
u u u u u u u u u u
ter closing on the purchase of their new home. -
u u u u u u u u u
u√Answer :False u
Quiz :Based on the following scenario, does the borrower q
u u u u u u u u u
ualify within FNMA guidelines?
u u u
PITI: $1,725 monthlyu u
Income: $7,000 u
Debt: $700 car payment, $375 student loan ($2,250 balan
u u u u u u u u
ce), $170 credit card payments ($1,530 balance -
u u u u u u u
√Answer :No
u u
Quiz :YTD paystubs will be required from a borrower that is
u u u u u u u u u u
self-employed (Schedule C). - √Answer :False
u u u u u u
Quiz :The maximum LTV for an FHA purchase is 97%. -
u u u u u u u u u u
√Answer :False
u u
Quiz :If your borrower is being relocated and needs to clos
u u u u u u u u u u
e in 30-
u u
days, and their spouse will not be moving for 3 months, the
u u u u u u u u u u u u
spouse's income can still be used to qualify. -
u u u u u u u u
√Answer :False
u u
,Quiz :Based on the following scenario, does the borrower q
u u u u u u u u u
ualify within the FHLMC guidelines?
u u u u
PITI: $1,375 monthly u u
Income: $4,950 monthly u u
Debt: $350 car payment, $420 student loan ($4,500 balan
u u u u u u u u
ce), $75 credit card payments ($850 balance). -
u u u u u u u
u√Answer :No u
Quiz :One month of the borrower's current house payment
u u u u u u u u u
must be included when calculating the new loan amount fo
u u u u u u u u u
r a cash-out refinance - √Answer :True
u u u u u u
Quiz :The qualifying rate for a 7/1 ARM is 2% above the sta
u u u u u u u u u u u u
rt rate. - √Answer :False
u u u u
Quiz :Churning schemes usually involve falsified down pa
u u u u u u u
yment amounts and falsified appraisals. - √Answer :False
u u u u u u u
Quiz :A borrower can use a credit card to pay for their requi
u u u u u u u u u u u u
red down payment - √Answer :False
u u u u u
Quiz :A borrower's income is a factor considered when det
u u u u u u u u u
ermining the principal limit (maximum loan amount) for a re
u u u u u u u u u
verse mortgage. - √Answer :Falseu u u u
Quiz :A 30- u u
year conventional loan with an 87% LTV would require 25
u u u u u u u u u
% mortgage insurance coverage. - √Answer :True
u u u u u u
Quiz :A borrower that is self-
u u u u u
employed (Schedule C) will typically not be required to pro u u u u u u u u u
vide a YTD paystub. - √Answer :True
u u u u u u
, Quiz :Loans with an LTV >80% will typically require mortga
u u u u u u u u u
ge insurance. (FNMA/FHLMC) - √Answer :True
u u u u u
Quiz :A fixed- u u
rate second mortgage has the loan amount fully disbursed
u u u u u u u u u
at closing. Monthly payments are amortized over the term
u u u u u u u u u
of the loan. Once the balance is paid off the mortgage is clo
u u u u u u u u u u u u
sed. - √Answer :Trueu u u
Quiz :A borrower must qualify at the note rate on a tempora
u u u u u u u u u u u
ry buydown, not the start rate. - √Answer :True
u u u u u u u u
Quiz :A lender must notify an applicant of action taken withi
u u u u u u u u u u
n 30 days after receiving a completed application concerni
u u u u u u u u
ng the lender's approval of, counteroffer to, or adverse acti
u u u u u u u u u
on on the application. - √Answer :True
u u u u u u
Quiz :FNMA and FHLMC are fully backed by the U.S. Gove
u u u u u u u u u u
rnment - √Answer :True u u u
Quiz :The Correspondent Lender is the "end" lender in a m
u u u u u u u u u u
ortgage banker's transaction - √Answer :Trueu u u u u
Quiz :A stand alone second mortgage is obtained separate
u u u u u u u u
ly from a first mortgage. - √Answer :True
u u u u u u u
Quiz :Except for high- u u u
cost areas, the maximum loan amount on a 1-
u u u u u u u u
unit, single family residence is $510,400. - √Answer :True
u u u u u u u u
Quiz :When using automated underwriting for a FNMA loa
u u u u u u u u
n, DU will determine the borrower's reserve requirement fo
u u u u u u u u
r an investment property. - √Answer :True
u u u u u u
