Xinnix Exam – Questions and
answers 100% Verified.
Loans with an LTV >80% will typically require mortgage insurance.
(FNMA/FHLMC) - -True
-What is the maximum seller contribution allowed for a primary residence at
95% LTV? (FNMA/FHLMC) - -3%
-On an ARM, redisclosure of the Truth in Lending is required if the APR
changes more than ____%? - -.25
-FHA loans have both a BASE Loan Amount and Total Loan Amount - -True
-A borrower's brother would like to give her money to help towards the down
payment of her new house. This would be considered _________ - -A gift from
a relative and would require a gift letter, as well as proof that the funds have
been transferred to the borrower's account.
-A straw buyer is an individual who is paid to purchase a property and apply
for a mortgage for someone who is unable to qualify for a loan. - -True
-Desktop Underwriter (DU) would result in a decision of Approve/Ineligible on
a loan with excellent credit which qualifies as a jumbo loan program - -True
-If a borrower qualifies for an agency loan of $295,750, FHA is a viable loan
option. - -True
-Using the following information, answer the following conventional financed
MI loan question.
Sales Price = $185,000
Down Payment = 10%
Credit Score = 635
20-year Fixed Rate
Owner-occupied
What is the Total Loan Amount and MI Factor? - -$169,.65%
-As a pillar of relationship selling, to Know You means to have what? - -
Name recognition
-The following are types of renovation mortgages: - -FNMA HomeStyle, FHA
203(k)
, -Your borrower is paid $1,950 bi-weekly and has been on his job for three
years. His wife works part-time and makes $10.25/hour. She works 20 hours
per week and has been on her job for two years. What is their combined
monthly income? - -$5,113
Bi-weekly: $ x = 4225
Hourly: $ x # hours x = 888
Combined: 4225 + 888 = 5113
-What is the maximum seller contribution allowed for an investment
property at 80% LTV? (FNMA/FHLMC) - -2%
-Flipping is a scheme where several people each purchase a property within
the neighborhood and then sell the properties to one another, inflating the
price of the home with each sale. - -False.
The perpetrator purchases a piece of property and resells it quickly (often
the same day) at a much higher price.
-Redisclosure of the Truth in Lending is required if the APR changes more
than ____%? - -.125
-If a borrower qualifies for an agency loan of $325,000, FNMA is a viable loan
option. - -True
-If the VA maximum entitlement has been changed by law, a veteran's COE
may show an available amount which is less than the VA maximum allowable
entitlement. - -True
-A veteran has the ability to transfer a portion of their entitlement to
another veteran. - -False
-A HUD consultant would not be required for an FHA 203(k) standard
program. - -False
-The maximum LTV for an FHA cash-out refinance is 85%. - -False (80%)
-Using the information provided, answer the following question for
conventional financing:
Sales price = $248,500
Down payment = 10%
Seller Contribution = $4,500
Closing Costs = 2.5%
Prepaids = 1%
What is the cash-to-close? - -$28,426
-Which agency allows a borrower to qualify at the start rate for qualifying on
a fixed rate with Buydown? - -VA
answers 100% Verified.
Loans with an LTV >80% will typically require mortgage insurance.
(FNMA/FHLMC) - -True
-What is the maximum seller contribution allowed for a primary residence at
95% LTV? (FNMA/FHLMC) - -3%
-On an ARM, redisclosure of the Truth in Lending is required if the APR
changes more than ____%? - -.25
-FHA loans have both a BASE Loan Amount and Total Loan Amount - -True
-A borrower's brother would like to give her money to help towards the down
payment of her new house. This would be considered _________ - -A gift from
a relative and would require a gift letter, as well as proof that the funds have
been transferred to the borrower's account.
-A straw buyer is an individual who is paid to purchase a property and apply
for a mortgage for someone who is unable to qualify for a loan. - -True
-Desktop Underwriter (DU) would result in a decision of Approve/Ineligible on
a loan with excellent credit which qualifies as a jumbo loan program - -True
-If a borrower qualifies for an agency loan of $295,750, FHA is a viable loan
option. - -True
-Using the following information, answer the following conventional financed
MI loan question.
Sales Price = $185,000
Down Payment = 10%
Credit Score = 635
20-year Fixed Rate
Owner-occupied
What is the Total Loan Amount and MI Factor? - -$169,.65%
-As a pillar of relationship selling, to Know You means to have what? - -
Name recognition
-The following are types of renovation mortgages: - -FNMA HomeStyle, FHA
203(k)
, -Your borrower is paid $1,950 bi-weekly and has been on his job for three
years. His wife works part-time and makes $10.25/hour. She works 20 hours
per week and has been on her job for two years. What is their combined
monthly income? - -$5,113
Bi-weekly: $ x = 4225
Hourly: $ x # hours x = 888
Combined: 4225 + 888 = 5113
-What is the maximum seller contribution allowed for an investment
property at 80% LTV? (FNMA/FHLMC) - -2%
-Flipping is a scheme where several people each purchase a property within
the neighborhood and then sell the properties to one another, inflating the
price of the home with each sale. - -False.
The perpetrator purchases a piece of property and resells it quickly (often
the same day) at a much higher price.
-Redisclosure of the Truth in Lending is required if the APR changes more
than ____%? - -.125
-If a borrower qualifies for an agency loan of $325,000, FNMA is a viable loan
option. - -True
-If the VA maximum entitlement has been changed by law, a veteran's COE
may show an available amount which is less than the VA maximum allowable
entitlement. - -True
-A veteran has the ability to transfer a portion of their entitlement to
another veteran. - -False
-A HUD consultant would not be required for an FHA 203(k) standard
program. - -False
-The maximum LTV for an FHA cash-out refinance is 85%. - -False (80%)
-Using the information provided, answer the following question for
conventional financing:
Sales price = $248,500
Down payment = 10%
Seller Contribution = $4,500
Closing Costs = 2.5%
Prepaids = 1%
What is the cash-to-close? - -$28,426
-Which agency allows a borrower to qualify at the start rate for qualifying on
a fixed rate with Buydown? - -VA
