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Exam (elaborations)

XINNIX FLIGHT SCHOOL EXAM QUESTIONS WITH SOLUTIONS

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  • Course
  • XINNIX FLIGHT SCHOOL
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  • XINNIX FLIGHT SCHOOL

XINNIX FLIGHT SCHOOL EXAM QUESTIONS WITH SOLUTIONS

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  • August 16, 2024
  • 13
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • XINNIX FLIGHT SCHOOL
  • XINNIX FLIGHT SCHOOL
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Nursephil2023
XINNIX FLIGHT SCHOOL EXAM
QUESTIONS WITH SOLUTIONS
The rate lock period for a refi, with a right of rescission, must be long enough
to cover the rescission period. - -True

-How long does a borrower have to wait to buy a home after they have had
a foreclosure? FHA - -3 years

-What are the steps you should follow to determine the correct MI? - -LTV,
term, product type, occupancy type and coverage.

-Typically, files that have to be manually underwritten are subject to less
strict guidelines. - -False

-You can always use an appraisal that was transferred from another lender,
regardless of whether the loan is conventional, FHA, or VA. - -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. - -yes

-What are the two documents all retired veterans should bring to
application? - -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%? - -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 - -True

-Which of the following is an accurate distinction between a single-family
detached unit and a townhouse? - -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. - -false

-The application fee on VA loans must be listed as an application fee on the
LE. - -False

-If the roof of a townhouse (fee simple) needs new shingles, who is
responsible? - -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 - -False

-What is the max seller contribution on VA loan - -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. - -False

-Choose the relationship between the name of the report and mortgage
interest rate tendencies - -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. - -120

-Subordinate financing is permitted with a seller second up to 100% CLTV -
-False

-How many days must a borrower wait to close once they receive their initial
disclosures - -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. - -False

-What income would allow for higher ratios, assuming a manually
underwritten loan - -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. - -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 - -true

-What are types of renovation mortgages - -FNMA Homestyle and FHA
203(k)

-What must you give to the appraiser for FHA new construction - -builder
permit
sales contract

-FNMA requires lower LRVs on ARM loans. - -False

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