Xinnix Final | 117 Questions| with 100% Correct Answers
11 views 0 purchase
Course
Xinnix
Institution
Liberty University
A veteran has the ability to transfer a portion of their entitlement to another veteran. - False 1. 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. - False Based on the following scenario, d...
a veteran has the ability to transfer a portion of their entitlement to another veteran false 1 gross rent may be considered effective income when an applicant is planning to rent their current re
Written for
Liberty University
Xinnix
All documents for this subject (25)
Seller
Follow
Classroom
Reviews received
Content preview
Xinnix Final | 117 Questions| with 100% Correct Answers
A veteran has the ability to transfer a portion of their entitlement to another veteran. Correct
Answer: False
1. 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
Based on the following scenario, does the borrower qualify within FNMA guidelines?
PITI: $1,725 monthly
Income: $7,000
Debt: $700 car payment, $375 student loan ($2,250 balance), $170 credit card payments ($1,530
balance Correct Answer: No
YTD paystubs will be required from a borrower that is self-employed (Schedule C). Correct
Answer: False
The maximum LTV for an FHA purchase is 97%. Correct Answer: False
If your borrower is being relocated and needs to close in 30-days, and their spouse will not be
moving for 3 months, the spouse's income can still be used to qualify. Correct Answer: False
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). Correct Answer: No
One month of the borrower's current house payment must be included when calculating the new
loan amount for a cash-out refinance Correct Answer: True
The qualifying rate for a 7/1 ARM is 2% above the start rate. Correct Answer: False
Churning schemes usually involve falsified down payment amounts and falsified appraisals.
Correct Answer: False
A borrower can use a credit card to pay for their required down payment Correct Answer: False
A borrower's income is a factor considered when determining the principal limit (maximum loan
amount) for a reverse mortgage. Correct Answer: False
A 30-year conventional loan with an 87% LTV would require 25% mortgage insurance
coverage. Correct Answer: True
, A borrower that is self-employed (Schedule C) will typically not be required to provide a YTD
paystub. Correct Answer: True
Loans with an LTV >80% will typically require mortgage insurance. (FNMA/FHLMC) Correct
Answer: True
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.
Correct Answer: True
A borrower must qualify at the note rate on a temporary buydown, not the start rate. Correct
Answer: True
A lender must notify an applicant of action taken within 30 days after receiving a completed
application concerning the lender's approval of, counteroffer to, or adverse action on the
application. Correct Answer: True
FNMA and FHLMC are fully backed by the U.S. Government Correct Answer: True
The Correspondent Lender is the "end" lender in a mortgage banker's transaction Correct
Answer: True
A stand alone second mortgage is obtained separately from a first mortgage. Correct Answer:
True
Except for high-cost areas, the maximum loan amount on a 1-unit, single family residence is
$510,400. Correct Answer: True
When using automated underwriting for a FNMA loan, DU will determine the borrower's reserve
requirement for an investment property. Correct 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 Correct Answer: False
HomeOne will allow up to 97% LTV for a primary residence, 1-Unit purchase if at least one of
the borrowers has not owned a home in the last 3 years. A borrower who has not owned a home
in the last three years is considered a first-time home buyer under HomeOne Correct Answer:
True
Relief Refinance Program loans are designed to help homeowners who are current on their
mortgage payments but are unable to refinance due to a drop in their home value. Correct
Answer: True
When adjusting a 1-Year ARM with 2/6 caps, the rate at the beginning of year 2 will be
determined by the Start Rate + Annual Cap or the Fully-indexed rate, whichever is less. Correct
Answer: True
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Classroom. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.49. You're not tied to anything after your purchase.
