Fhlmc Study guides, Class notes & Summaries
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Mock Exam Review Questions and Answers Graded A
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(T or F): If a borrower tells you about a liability that is not listed on the credit report, it doesn't 
need to be included on the loan application. False 
What is the maximum seller contribution allowed for a primary residence below 75% LTV? 
(FNMA/FHLMC) 9% 
(T or F) DU does not consider non-occupant income as qualifying income True 
(T or F) HOA dues are included in the PITI calculation. False 
Using the following information, answer the following conventional financed MI loan question. 
Sa...
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XINNIX Mortage Basix Exam Questions and Answers 100% Pass
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XINNIX Mortage Basix Exam Questions and 
Answers 100% Pass 
What does FNMA stand for? - Answer- Federal National Mortgage Association 
What does FHLMC stand for? - Answer- Federal Home Loan Mortgage Corporation 
What does AU stand for, and what is it? - Answer- Automated Underwriting, a 
computerized system that uses historical statistics to issue a decision of how to proceed 
with a loan request. 
The Purposes of Property acceptable for FNMA and FHLMC include: - Answer- Primary 
Residence, Seco...
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Xinnix Quiz Questions and answers correctly solved 2023
- Exam (elaborations) • 21 pages • 2023
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Xinnix Quiz Questions and answers correctly solved 2023 
 
Ginnie Mae was wholly created to purchase government mortgages on the secondary market - correct answer false 
 
which of the following was not a reason The Federal Housing Administration (FHA) was created - correct answer to simplify mortgage forms 
 
match in order of creation - correct answer 1st-FNMA 
2nd-GNMA 
3rd-FHLMC 
 
match the following - correct answer FNMA-fannie mae 
FHLMC-Freddie Mac 
 
what allowed more conven...
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Series 79 - Knopman with correct answers graded A+ 2024
- Exam (elaborations) • 12 pages • 2024
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Series 79 - Order the following in terms of credit risk: 
1. GSEs 
2. Gov't Agency MBS / Treasury securities 
3. Private label MBS - correct answer 1. Gov't Agency MBS / Treasury Securities - backed by the full faith and credit of the US gov 
2. GSEs (Fannie, FNMA and Freddie, FHLMC) - not backed by the full faith and credit of the US gov but have special authority to borrow from the US Treasury, an implied guarantee 
3. Private label MBS - have no government backing 
 
Ginnie Mae - correct ...
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Xinnix Final Exam Questions and Answers 100% Pass
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Xinnix Final Exam Questions and 
Answers 100% Pass 
On an FHA loan the upfront MIP should be included when calculating cash-to-close. - 
Answer- False 
The borrower must have 5% of their own funds when putting 15% down on a primary 
residence. (FNMA) - Answer- False 
A 3-Year ARM adjusts every 3 years - 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 HELOC loan has an ...
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Xinnix Ground School Exam Questions With Answers
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Xinnix Ground School Exam Questions With Answers 
first-time homebuyer 
Someone who has never owned a home 
 
 
Move-up homebuyer 
Currently owns, or has previously owned a home and is looking to move up in price, location, size, etc. 
 
 
Relocation Homebuyer 
Purchasing a new home in a different city or state due to job transfer or personal desire 
 
 
Affluent homebuyer 
Well seasoned in home buying process. Knowledgeable, financially savvy, busy. 
 
 
Empty-nester homebuyer 
Experienced home...
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Xinnix Final Exam Questions With Answers
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Xinnix Final Exam Questions With Answers 
On an FHA loan the upfront MIP should be included when calculating cash-to-close. 
False 
 
 
The borrower must have 5% of their own funds when putting 15% down on a primary residence. (FNMA) 
False 
 
 
A 3-Year ARM adjusts every 3 years 
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 HELOC loan has an interest only payment 
True 
 
 
...
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XINNIX Mock Exam Review Questions and Answers 100% Pass
- Exam (elaborations) • 10 pages • 2024
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XINNIX Mock Exam Review Questions and 
Answers 100% Pass 
(T or F): If a borrower tells you about a liability that is not listed on the credit report, it 
doesn't need to be included on the loan application. - Answer- False 
What is the maximum seller contribution allowed for a primary residence below 75% 
LTV? (FNMA/FHLMC) - Answer- 9% 
(T or F) DU does not consider non-occupant income as qualifying income - Answer- 
True 
(T or F) HOA dues are included in the PITI calculation. - Answer- False...
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Xinnix Final Exam Questions With Answers
- Exam (elaborations) • 11 pages • 2024
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Xinnix Final Exam Questions With Answers 
A veteran has the ability to transfer a portion of their entitlement to another veteran. 
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. 
False 
 
 
Based on the following scenario, does the borrower qualify within FNMA guidelines? 
PITI: $1,725 monthly 
Income: $7,000 
 
Debt: $700 car payment, $375 student loan ($2,250 balance), $...
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STC SIE Final Exam Prep #5 Questions and Answers
- Exam (elaborations) • 8 pages • 2023
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STC SIE Final Exam Prep #5 Questions and Answers 
When warrants are issued, the exercise price is: 
 
A. Lower than the current market price of the stock 
B. Higher than the current market price of the stock 
C. Equal to the current market price of the stock 
D. Based on the average price of the stock over the last year - Answer- B. Higher than the current market price of the stock 
 
A individual has a mix of small-cap growth stocks, large-cap stocks from mature industries, investment-grade bon...
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