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XINNIX Ground School Final|Questions/Answers from multiple Mock Exams $7.99   Add to cart

Exam (elaborations)

XINNIX Ground School Final|Questions/Answers from multiple Mock Exams

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XINNIX Ground School Final|Questions/Answers from multiple Mock Exams A program description contains the summary of eligibility requirements for a loan to be sold to a specific lender/investor Correct Answer-TRUE If the term of an ARM is 5 years or less, the qualifying rate is the Start Rate ...

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  • September 4, 2024
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XINNIX Ground School Final|Questions/Answers from
multiple Mock Exams

A program description contains the summary of eligibility requirements for a loan to be sold

to a specific lender/investor Correct Answer-TRUE




If the term of an ARM is 5 years or less, the qualifying rate is the Start Rate + 2% or the fully-

indexed rate, whichever is greater Correct Answer-TRUE




HOA dues are included in the PITI calculation. Correct Answer-FALSE




The Correspondent lender is the "end" lender in a mortgage banker's transaction Correct

Answer-TRUE




What is the maximum seller contribution allowed for an investment property at 80% LTV

(FNMA/FHLMX)? Correct Answer-2%




What is their new loan amount and proposed monthly PITI based on 30-year fixed-rate of

6.375%


value= $350,000

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