XINNIX Flight School Exam Questions with 100% Correct Answers

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