Xinnix Ground Course Final Questions and answers latest update

Xinnix Ground Course Final
If your borrower is being relocated and needs to close in 30-days, and their
spouse will not be moving for 3 months, the spouse's income can still be used to
qualify. - CORRECT ANSWER-False

One month of the borrower's current house payment must be included when
calculating the new loan amount for a cash-out refinance - CORRECT ANSWER-
True

The qualifying rate for a 7/1 ARM is 2% above the start rate. - CORRECT
ANSWER-False

Churning schemes usually involve falsified down payment amounts and falsified
appraisals. - CORRECT ANSWER-False

A borrower can use a credit card to pay for their required down payment -
CORRECT ANSWER-False

A borrower's income is a factor considered when determining the principal limit
(maximum loan amount) for a reverse mortgage. - CORRECT ANSWER-False

A 30-year conventional loan with an 87% LTV would require 25% mortgage
insurance coverage. - CORRECT ANSWER-True

A borrower that is self-employed (Schedule C) will typically not be required to
provide a YTD paystub. - CORRECT ANSWER-True

Loans with an LTV >80% will typically require mortgage insurance.
(FNMA/FHLMC) - CORRECT ANSWER-True

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. - CORRECT ANSWER-True

A borrower must qualify at the note rate on a temporary buydown, not the start
rate. - CORRECT ANSWER-True

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. - CORRECT ANSWER-True

, FNMA and FHLMC are fully backed by the U.S. Government - CORRECT
ANSWER-True

The Correspondent Lender is the "end" lender in a mortgage banker's transaction
- CORRECT ANSWER-True

A stand alone second mortgage is obtained separately from a first mortgage. -
CORRECT ANSWER-True

Except for high-cost areas, the maximum loan amount on a 1-unit, single family
residence is $510,400. - CORRECT ANSWER-True

When using automated underwriting for a FNMA loan, DU will determine the
borrower's reserve requirement for an investment property. - CORRECT
ANSWER-True

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

HomeOne will allow up to 97% LTV for a primary residence, 1-Unit purchase if at
least one of the borrowers has not owned a home in the last 3 years. A borrower
who has not owned a home in the last three years is considered a first-time home
buyer under HomeOne - CORRECT ANSWER-True

Relief Refinance Program loans are designed to help homeowners who are
current on their mortgage payments but are unable to refinance due to a drop in
their home value. - CORRECT ANSWER-True

When adjusting a 1-Year ARM with 2/6 caps, the rate at the beginning of year 2
will be determined by the Start Rate + Annual Cap or the Fully-indexed rate,
whichever is less. - CORRECT ANSWER-True

A veteran and a spouse may qualify together for 100% financing on a VA -
CORRECT 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. - CORRECT ANSWER-
False

A 2/1 buydown typically costs 2.5 discount points. Give or take .25%. - CORRECT
ANSWER-True

The P&I on an FHA loan is calculated using the TOTAL Loan Amount. - CORRECT
ANSWER-True