XINNIX FLIGHT (2025) Actual Exam
Questions and Answers A+ Graded
The .rate .lock .period .for .a .refi, .with .a .right .of .rescission, .must .be .long .enough
.to .cover .the .rescission .period. .- .CORRECT .ANSWER .-True
How .long .does .a .borrower .have .to .wait .to .buy .a .home .after .they .have .had .a
.foreclosure? .FHA .- .CORRECT .ANSWER .-3 .years
What .are .the .steps .you .should .follow .to .determine .the .correct .MI? .- .CORRECT
.ANSWER .-LTV, .term, .product .type, .occupancy .type .and .coverage.
Typically, .files .that .have .to .be .manually .underwritten .are .subject .to .less .strict
.guidelines. .- .CORRECT .ANSWER .-False
You .can .always .use .an .appraisal .that .was .transferred .from .another .lender,
.regardless .of .whether .the .loan .is .conventional, .FHA, .or .VA. .- .CORRECT
.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. .- .CORRECT .ANSWER .-yes
What .are .the .two .documents .all .retired .veterans .should .bring .to .application? .-
.CORRECT .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%? .- .CORRECT .ANSWER .-7.5%
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 .- .CORRECT .ANSWER .-True
Which .of .the .following .is .an .accurate .distinction .between .a .single-family
.detached .unit .and .a .townhouse? .- .CORRECT .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. .- .CORRECT .ANSWER .-false
The .application .fee .on .VA .loans .must .be .listed .as .an .application .fee .on .the .LE.
.- .CORRECT .ANSWER .-False
, If .the .roof .of .a .townhouse .(fee .simple) .needs .new .shingles, .who .is
.responsible? .- .CORRECT .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 .- .CORRECT .ANSWER .-False
What .is .the .max .seller .contribution .on .VA .loan .- .CORRECT .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. .- .CORRECT .ANSWER .-False
Choose .the .relationship .between .the .name .of .the .report .and .mortgage .interest
.rate .tendencies .- .CORRECT .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. .- .CORRECT .ANSWER .-120
Subordinate .financing .is .permitted .with .a .seller .second .up .to .100% .CLTV .-
.CORRECT .ANSWER .-False
How .many .days .must .a .borrower .wait .to .close .once .they .receive .their .initial
.disclosures .- .CORRECT .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.
.- .CORRECT .ANSWER .-False
What .income .would .allow .for .higher .ratios, .assuming .a .manually .underwritten
.loan .- .CORRECT .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. .- .CORRECT .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 .-
.CORRECT .ANSWER .-true
What .are .types .of .renovation .mortgages .- .CORRECT .ANSWER .-FNMA
.Homestyle .and .FHA .203(k)
What .must .you .give .to .the .appraiser .for .FHA .new .construction .- .CORRECT
.ANSWER .-builder .permit
sales .contract
Questions and Answers A+ Graded
The .rate .lock .period .for .a .refi, .with .a .right .of .rescission, .must .be .long .enough
.to .cover .the .rescission .period. .- .CORRECT .ANSWER .-True
How .long .does .a .borrower .have .to .wait .to .buy .a .home .after .they .have .had .a
.foreclosure? .FHA .- .CORRECT .ANSWER .-3 .years
What .are .the .steps .you .should .follow .to .determine .the .correct .MI? .- .CORRECT
.ANSWER .-LTV, .term, .product .type, .occupancy .type .and .coverage.
Typically, .files .that .have .to .be .manually .underwritten .are .subject .to .less .strict
.guidelines. .- .CORRECT .ANSWER .-False
You .can .always .use .an .appraisal .that .was .transferred .from .another .lender,
.regardless .of .whether .the .loan .is .conventional, .FHA, .or .VA. .- .CORRECT
.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. .- .CORRECT .ANSWER .-yes
What .are .the .two .documents .all .retired .veterans .should .bring .to .application? .-
.CORRECT .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%? .- .CORRECT .ANSWER .-7.5%
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 .- .CORRECT .ANSWER .-True
Which .of .the .following .is .an .accurate .distinction .between .a .single-family
.detached .unit .and .a .townhouse? .- .CORRECT .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. .- .CORRECT .ANSWER .-false
The .application .fee .on .VA .loans .must .be .listed .as .an .application .fee .on .the .LE.
.- .CORRECT .ANSWER .-False
, If .the .roof .of .a .townhouse .(fee .simple) .needs .new .shingles, .who .is
.responsible? .- .CORRECT .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 .- .CORRECT .ANSWER .-False
What .is .the .max .seller .contribution .on .VA .loan .- .CORRECT .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. .- .CORRECT .ANSWER .-False
Choose .the .relationship .between .the .name .of .the .report .and .mortgage .interest
.rate .tendencies .- .CORRECT .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. .- .CORRECT .ANSWER .-120
Subordinate .financing .is .permitted .with .a .seller .second .up .to .100% .CLTV .-
.CORRECT .ANSWER .-False
How .many .days .must .a .borrower .wait .to .close .once .they .receive .their .initial
.disclosures .- .CORRECT .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.
.- .CORRECT .ANSWER .-False
What .income .would .allow .for .higher .ratios, .assuming .a .manually .underwritten
.loan .- .CORRECT .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. .- .CORRECT .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 .-
.CORRECT .ANSWER .-true
What .are .types .of .renovation .mortgages .- .CORRECT .ANSWER .-FNMA
.Homestyle .and .FHA .203(k)
What .must .you .give .to .the .appraiser .for .FHA .new .construction .- .CORRECT
.ANSWER .-builder .permit
sales .contract
