XINNIX FLIGHT SCHOOL Exam
2025 Questions and Answers
The rate lock period for a refi, with a right of rescission, must be long enough to
cover the rescission period. - --Answer --True
How long does a borrower have to wait to buy a home after they have had a
foreclosure? FHA - --Answer --3 years
What are the steps you should follow to determine the correct MI? - --
Answer --LTV, term, product type, occupancy type and coverage.
Typically, files that have to be manually underwritten are subject to less strict
guidelines. - --Answer --False
You can always use an appraisal that was transferred from another lender,
regardless of whether the loan is conventional, FHA, or VA. - --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. - --Answer --yes
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,What are the two documents all retired veterans should bring to application? - --
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%? - --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 - --Answer --True
Which of the following is an accurate distinction between a single-family detached
unit and a townhouse? - --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. - --Answer --false
The application fee on VA loans must be listed as an application fee on the LE. - --
Answer --False
If the roof of a townhouse (fee simple) needs new shingles, who is responsible? - --
Answer --homeowner?
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 2
, 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 - --Answer --False
What is the max seller contribution on VA loan - --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. - --Answer --False
Choose the relationship between the name of the report and mortgage interest rate
tendencies - --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. - --Answer --120
Subordinate financing is permitted with a seller second up to 100% CLTV - --
Answer --False
How many days must a borrower wait to close once they receive their initial
disclosures - --Answer --7 days
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 3
2025 Questions and Answers
The rate lock period for a refi, with a right of rescission, must be long enough to
cover the rescission period. - --Answer --True
How long does a borrower have to wait to buy a home after they have had a
foreclosure? FHA - --Answer --3 years
What are the steps you should follow to determine the correct MI? - --
Answer --LTV, term, product type, occupancy type and coverage.
Typically, files that have to be manually underwritten are subject to less strict
guidelines. - --Answer --False
You can always use an appraisal that was transferred from another lender,
regardless of whether the loan is conventional, FHA, or VA. - --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. - --Answer --yes
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 1
,What are the two documents all retired veterans should bring to application? - --
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%? - --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 - --Answer --True
Which of the following is an accurate distinction between a single-family detached
unit and a townhouse? - --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. - --Answer --false
The application fee on VA loans must be listed as an application fee on the LE. - --
Answer --False
If the roof of a townhouse (fee simple) needs new shingles, who is responsible? - --
Answer --homeowner?
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 2
, 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 - --Answer --False
What is the max seller contribution on VA loan - --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. - --Answer --False
Choose the relationship between the name of the report and mortgage interest rate
tendencies - --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. - --Answer --120
Subordinate financing is permitted with a seller second up to 100% CLTV - --
Answer --False
How many days must a borrower wait to close once they receive their initial
disclosures - --Answer --7 days
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 3
