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XINNIX EXAM Xinnix final exam LATEST ACTUAL EXAM QUESTIONS AND CORRECT DETAILED ANSWERS (100% CORRECT VERIFIED ANSWERS) A NEW UPDATED VERSION |ALREADY GRADED A+ (FULL REVISED EXAM)$20.49
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XINNIX EXAM Xinnix final exam LATEST ACTUAL EXAM QUESTIONS AND CORRECT DETAILED ANSWERS (100% CORRECT VERIFIED ANSWERS) A NEW UPDATED VERSION |ALREADY GRADED A+ (FULL REVISED EXAM)
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Course
XINNIX
Institution
XINNIX
XINNIX EXAM Xinnix final exam LATEST ACTUAL EXAM QUESTIONS AND CORRECT DETAILED ANSWERS (100% CORRECT VERIFIED ANSWERS) A NEW UPDATED VERSION |ALREADY GRADED A+ (FULL REVISED EXAM)
XINNIX EXAM \ Xinnix final exam LATEST 2024-2025
ACTUAL EXAM QUESTIONS AND CORRECT
DETAILED ANSWERS (100% CORRECT VERIFIED
ANSWERS) A NEW UPDATED VERSION |ALREADY
GRADED A+ (FULL REVISED EXAM)
A 30-year conventional loan with an 87% LTV would require
25% mortgage insurance coverage. - Answer-True
A borrower that is self-employed (Schedule C) will typically not
be required to provide a YTD paystub. - Answer-True
Loans with an LTV >80% will typically require mortgage
insurance. (FNMA/FHLMC) - 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. - Answer-True
,A borrower must qualify at the note rate on a temporary
buydown, not the start rate. - 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. - Answer-True
FNMA and FHLMC are fully backed by the U.S. Government -
Answer-True
The Correspondent Lender is the "end" lender in a mortgage
banker's transaction - Answer-True
A stand alone second mortgage is obtained separately from a
first mortgage. - Answer-True
Except for high-cost areas, the maximum loan amount on a 1-
unit, single family residence is $510,400. - Answer-True
When using automated underwriting for a FNMA loan, DU will
determine the borrower's reserve requirement for an
investment property. - 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 - 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 - 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. -
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. -
Answer-True
A veteran and a spouse may qualify together for 100% financing
on a VA - Answer-True
, A Loan Officer can locate the summary of the eligibility
requirements for a loan to be sold to a specific lender/investor
in the lender specs. - Answer-False
A 2/1 buydown typically costs 2.5 discount points. Give or take
.25%. - Answer-True
The P&I on an FHA loan is calculated using the TOTAL Loan
Amount. - Answer-True
When considering a FHLMC loan, the maximum allowable ratios
for the owner occupant when using a non-occupant co-
borrower are 35/43. - Answer-True
A veteran has the ability to transfer a portion of their
entitlement to another veteran. - 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. - Answer-False
Based on the following scenario, does the borrower qualify
within FNMA guidelines?
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