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XINNIX FLIGHT SCHOOL Questions and Correct Answers the Latest Update and Recommended Version
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XINNIX FLIGHT SCHOOL Questions and Correct Answers the Latest Update and Recommended Version
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TestTrackers: Unlock Your Exam Potential! | Quality Practice Materials | Boost Your Confidence Today!XINNIX FLIGHT SCHOOL Questions and
Correct Answers the Latest Update and
Recommended Version
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.
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✓ 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.
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✓ 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.
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