Xinnix Ground School Questions And Answers Rated A+ New Update Assured Satisfaction
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Course
Xinnix Ground School
Institution
Xinnix Ground School
A non-arm's length transaction occurs when the borrowers or any other party to the transaction have a
direct relationship with another party to the transaction (including, but not limited to, the employer,
lender, broker or appraiser). - True
A partner's percentage of ownership and earnings can ...
Xinnix Ground School
A non-arm's length transaction occurs when the borrowers or any other party to the transaction have a
direct relationship with another party to the transaction (including, but not limited to, the employer,
lender, broker or appraiser). - True
A partner's percentage of ownership and earnings can be located on Schedule E part 2 of their personal
tax returns - False
A loan with an excellent credit risk, and qualifying as a jumbo loan program would receive a DU
Approve/ineligible. - True
A 30-year conventional loan with an 87% LTV would require 25% mortgage insurance coverage -
True
A borrower is considering a 1-year ARM with a note rate of 4.25% 2/6 caps and a margin of 2.5% What
would the borrower's interest rate be for year 2 if the index is at 4.25%? - 6.25% (higher of start
rate +2% or fully indexed rate)
A borrower is considering a 1-year ARM with a note rate of 4.25%, 2/6 caps and a margin of 2.5%. What
would the borrower's interest rate be for year 2 if the index is at 4.25% - 6.25
A borrower must qualify at the note rate on a temporary buydown, not the start rate. - True
A borrower requesting a jumbo loan will qualify for an agency loan - False
A borrower that is self-employed (Schedule C) will typically not be required to provide YTD paystub. -
True
A borrower's brother would like to give her money to help towards the down payment of her new house.
This would be considered______ - A gift from a relative and would require a gift letter, as well as
proof that the funds have been transferred to the borrower's account.
A borrower can use a credit card to pay for their required down payment. - False
,A borrower's income is a factor considered when determining the principal limit (maximum loan
amount) for a reverse mortgage. - False
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. - True
A HELOC loan has an interest only payment - True
A HELOC second mortgage may or may not be fully disbursed at closing. Typically, it has a variable
interest rate with an interest only payment. There is a designated draw period and repayment period. -
True
A 2/1 buydown typically cost 2.5 discount points. Give or take .25% - True
A HUD Consultant would not be required for an FHA 203(k) standard program - False
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 - True
A 3-Year ARM adjust every 3 years. - true
A liability not listed on the credit report will typically need to be included on the loan application. -
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. - False
A program description contains the summary of eligibility requirements for a loan to be sold to a specific
lender/investor - True
, A room addition is allowed under the FHA 203(K) limited programs. - False
A simultaneous second mortgage is obtained at the same time as a first mortgage. - True
A sole proprietor's net profit or loss can be located on Schedule C of their personal tax return -
true
a stand alone second mortgage is obtained separately from a first mortgage - true
A stand-alone is a second mortgage obtained separately from a first mortgage. - True
A veteran may be exempt from the funding fee is he/she - receives benefits for a service related
disability
A veteran may exchange a portion of their entitlement for cash - False
After the borrower submits a complete loan application, the LE must be delivered or placed in the mail
within how many days? - 3 Business Days
After the borrower submits a complete loan application, the LE must be delivered or placed in the mail
within how may days? - 3 Business days
Appraised value = $145,000
90% LTV for rate/term refi
30 year fixed rate
Agency loan
Owner occupied
672 Credit score
What is the coverage requirement? What is the MI factor? What is the base loan amount? What is the
loan amount with mortgage insurance? - 25%/ 2.35% / $130,500 / $133,566
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