XINNIX FLIGHT SCHOOL EXAM
QUESTIONS & VERIFIED CORRECT
ANSWERS PASSED
The rate lock period for a refi, with a right of rescission, must be long enough to cover
the rescission period. - Correct Answer ✔✔ True
How long does a borrower have to wait to buy a home after they have had a
foreclosure? FHA - Correct Answer ✔✔ 3 years
What are the steps you should follow to determine the correct MI? - Correct Answer ✔✔
LTV, term, product type, occupancy type and coverage.
Typically, files that have to be manually underwritten are subject to less strict guidelines.
- Correct Answer ✔✔ False
You can always use an appraisal that was transferred from another lender, regardless
of whether the loan is conventional, FHA, or VA. - Correct Answer ✔✔ 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. -
Correct Answer ✔✔ yes
What are the two documents all retired veterans should bring to application? - Correct
Answer ✔✔ 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%? - Correct Answer ✔✔ 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 - Correct Answer ✔✔ True
Which of the following is an accurate distinction between a single-family detached unit
and a townhouse? - Correct Answer ✔✔ 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. - Correct Answer ✔✔ false
, The application fee on VA loans must be listed as an application fee on the LE. -
Correct Answer ✔✔ False
If the roof of a townhouse (fee simple) needs new shingles, who is responsible? -
Correct Answer ✔✔ 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 - Correct
Answer ✔✔ False
What is the max seller contribution on VA loan - Correct Answer ✔✔ 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. - Correct Answer ✔✔ False
Choose the relationship between the name of the report and mortgage interest rate
tendencies - Correct Answer ✔✔ 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. - Correct Answer ✔✔ 120
Subordinate financing is permitted with a seller second up to 100% CLTV - Correct
Answer ✔✔ False
How many days must a borrower wait to close once they receive their initial disclosures
- Correct Answer ✔✔ 7 days
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
What income would allow for higher ratios, assuming a manually underwritten loan -
Correct Answer ✔✔ Taxable income?
The purpose of this act, implemented by Reg Z, is to provide consumers with a greater
understanding of the actual cost of credit. - Correct Answer ✔✔ TILA
You are required to disclose why a loan was declined, if applicable to the lender you are
transferring a loan package to for all FHA and VA loans - Correct Answer ✔✔ true
What are types of renovation mortgages - Correct Answer ✔✔ FNMA Homestyle and
FHA 203(k)
QUESTIONS & VERIFIED CORRECT
ANSWERS PASSED
The rate lock period for a refi, with a right of rescission, must be long enough to cover
the rescission period. - Correct Answer ✔✔ True
How long does a borrower have to wait to buy a home after they have had a
foreclosure? FHA - Correct Answer ✔✔ 3 years
What are the steps you should follow to determine the correct MI? - Correct Answer ✔✔
LTV, term, product type, occupancy type and coverage.
Typically, files that have to be manually underwritten are subject to less strict guidelines.
- Correct Answer ✔✔ False
You can always use an appraisal that was transferred from another lender, regardless
of whether the loan is conventional, FHA, or VA. - Correct Answer ✔✔ 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. -
Correct Answer ✔✔ yes
What are the two documents all retired veterans should bring to application? - Correct
Answer ✔✔ 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%? - Correct Answer ✔✔ 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 - Correct Answer ✔✔ True
Which of the following is an accurate distinction between a single-family detached unit
and a townhouse? - Correct Answer ✔✔ 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. - Correct Answer ✔✔ false
, The application fee on VA loans must be listed as an application fee on the LE. -
Correct Answer ✔✔ False
If the roof of a townhouse (fee simple) needs new shingles, who is responsible? -
Correct Answer ✔✔ 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 - Correct
Answer ✔✔ False
What is the max seller contribution on VA loan - Correct Answer ✔✔ 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. - Correct Answer ✔✔ False
Choose the relationship between the name of the report and mortgage interest rate
tendencies - Correct Answer ✔✔ 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. - Correct Answer ✔✔ 120
Subordinate financing is permitted with a seller second up to 100% CLTV - Correct
Answer ✔✔ False
How many days must a borrower wait to close once they receive their initial disclosures
- Correct Answer ✔✔ 7 days
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
What income would allow for higher ratios, assuming a manually underwritten loan -
Correct Answer ✔✔ Taxable income?
The purpose of this act, implemented by Reg Z, is to provide consumers with a greater
understanding of the actual cost of credit. - Correct Answer ✔✔ TILA
You are required to disclose why a loan was declined, if applicable to the lender you are
transferring a loan package to for all FHA and VA loans - Correct Answer ✔✔ true
What are types of renovation mortgages - Correct Answer ✔✔ FNMA Homestyle and
FHA 203(k)
