XINNIX FLIGHT SCHOOL EXAM | 186 QUESTIONS & ANSWERS
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Course
Xinnix
Institution
Xinnix
XINNIX FLIGHT SCHOOL EXAM | 186 QUESTIONS &
ANSWERS
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...
XINNIX FLIGHT SCHOOL EXAM | 186 QUESTIONS &
ANSWERS
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
, XINNIX FLIGHT SCHOOL EXAM | 186 QUESTIONS &
ANSWERS
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
, XINNIX FLIGHT SCHOOL EXAM | 186 QUESTIONS &
ANSWERS
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
, XINNIX FLIGHT SCHOOL EXAM | 186 QUESTIONS &
ANSWERS
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?
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