XINNIX GROUND COURSE FINAL NEW VERSION EXAM QUESTIONS
AND VERIFIED ANSWERS PRESENTED IN A CLEAR FORMAT TO
HELP YOU PASS
A portion of a veteran's entitlement may be transferred to another veteran. The
response is incorrect.
1. When an applicant intends to rent their present home after closing on the
purchase of their new property, gross rent can be regarded as effective income.
The response is incorrect.
Does the borrower meet FNMA requirements based on the following scenario?
PITI is $1,725 per month.
Earnings: $7,000.
Debt: $170 credit card payments ($1,530 balance), $375 student loan ($2,250
balance), and $700 auto payment (ANSWER No
A borrower who works for themselves will need to provide YTD paystubs
(Schedule C). The response is incorrect.
For an FHA transaction, the maximum LTV is 97%. The response is incorrect.
The spouse's income may still be used to qualify if your borrower is moving and
must close within 30 days, and their spouse won't be moving for three months.
The response is incorrect.
Does the borrower meet the requirements of the FHLMC based on the following
scenario?
PITI is $1,375 per month.
Monthly income: $4,950
Debt: $420 student loan ($4,500 amount), $350 auto payment, and $75 credit
card payments ($850 balance). ANSWER No.
, For a cash-out refinance, the new loan amount must contain one month's worth
of the borrower's current house payment. ANSWER True
A 7/1 ARM has a qualifying rate that is 2% higher than the start rate. The
response is incorrect.
Falsified assessments and down payment amounts are common components of
churning schemes. The response is incorrect.
A credit card can be used by a borrower to cover the necessary down payment.
ANSWER False
When calculating the principle limit, or maximum loan amount, for a reverse
mortgage, the borrower's income is taken into account. The response is
incorrect.
A traditional 30-year loan with an 87% loan-to-value ratio would need to have
25% mortgage insurance. ANSWER: True
Usually, a self-employed borrower (Schedule C) is exempt from submitting a
year-to-date paystub. ANSWER: True
Mortgage insurance is usually required for loans with an LTV greater than 80%.
(FNMA/FHLMC) - True Response
At closing, the entire loan amount for a second mortgage with a fixed rate is
disbursed. Throughout the loan's duration, monthly payments are amortized.
The mortgage is closed after the remaining amount is settled. ANSWER: True
For a temporary buydown, a borrower must qualify at the note rate rather than
the start rate. ANSWER: True
Within 30 days of receiving a completed application, a lender is required to
inform the applicant of any action taken, including approval, counteroffer, or
unfavorable action on the application. ANSWER: True
The United States firmly supports FNMA and FHLMC. Government: The
answer is true
In a mortgage banker's transaction, the Correspondent Lender is the "end"
lender.
AND VERIFIED ANSWERS PRESENTED IN A CLEAR FORMAT TO
HELP YOU PASS
A portion of a veteran's entitlement may be transferred to another veteran. The
response is incorrect.
1. When an applicant intends to rent their present home after closing on the
purchase of their new property, gross rent can be regarded as effective income.
The response is incorrect.
Does the borrower meet FNMA requirements based on the following scenario?
PITI is $1,725 per month.
Earnings: $7,000.
Debt: $170 credit card payments ($1,530 balance), $375 student loan ($2,250
balance), and $700 auto payment (ANSWER No
A borrower who works for themselves will need to provide YTD paystubs
(Schedule C). The response is incorrect.
For an FHA transaction, the maximum LTV is 97%. The response is incorrect.
The spouse's income may still be used to qualify if your borrower is moving and
must close within 30 days, and their spouse won't be moving for three months.
The response is incorrect.
Does the borrower meet the requirements of the FHLMC based on the following
scenario?
PITI is $1,375 per month.
Monthly income: $4,950
Debt: $420 student loan ($4,500 amount), $350 auto payment, and $75 credit
card payments ($850 balance). ANSWER No.
, For a cash-out refinance, the new loan amount must contain one month's worth
of the borrower's current house payment. ANSWER True
A 7/1 ARM has a qualifying rate that is 2% higher than the start rate. The
response is incorrect.
Falsified assessments and down payment amounts are common components of
churning schemes. The response is incorrect.
A credit card can be used by a borrower to cover the necessary down payment.
ANSWER False
When calculating the principle limit, or maximum loan amount, for a reverse
mortgage, the borrower's income is taken into account. The response is
incorrect.
A traditional 30-year loan with an 87% loan-to-value ratio would need to have
25% mortgage insurance. ANSWER: True
Usually, a self-employed borrower (Schedule C) is exempt from submitting a
year-to-date paystub. ANSWER: True
Mortgage insurance is usually required for loans with an LTV greater than 80%.
(FNMA/FHLMC) - True Response
At closing, the entire loan amount for a second mortgage with a fixed rate is
disbursed. Throughout the loan's duration, monthly payments are amortized.
The mortgage is closed after the remaining amount is settled. ANSWER: True
For a temporary buydown, a borrower must qualify at the note rate rather than
the start rate. ANSWER: True
Within 30 days of receiving a completed application, a lender is required to
inform the applicant of any action taken, including approval, counteroffer, or
unfavorable action on the application. ANSWER: True
The United States firmly supports FNMA and FHLMC. Government: The
answer is true
In a mortgage banker's transaction, the Correspondent Lender is the "end"
lender.
