XINNIX FLIGHT SCHOOL
Choose the relationship between the name of the report and mortgage interest rate tendencies -
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.
Although the appraiser makes the value determination, it is up to the processor to assess the appraisal
report and to make sure that the property is acceptable collateral for the loan. - False
A borrower may have more than one FHA loan at the same time. - True
A borrower may have more than one FHA loan at the same time. - True
A borrower must qualify at the note rate on a temp buydown, not the start rate. - True
A borrower must qualify at the note rate on a temp buydown, not the start rate. - True
A borrower needs 5% of their own funds when putting 20% down on a primary residence. - False
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. - False
A loan with a fixed rate can have a max LTV of 97%? - True
a non-agency loan does not have to conform with FNMA guidelines - True
A partner's percentage of ownership and earnings can be located on Schedule E part II of their personal
tax returns. - False
A reverse mortgage appraisal must conform to VA guidelines. - False
,A room addition is allowed under the FHA 203(k) Limited program. - False
A subordination agreement is required on every loan that has secondary financing - False
Agency loans include FHA and VA - True
Although the appraiser makes the value determination, it is up to the processor to assess the appraisal
report and to make sure that the property is acceptable collateral for the mortgage loan. - False
an "in file" credit report contains only current information about the borrowers credit - False
An FHA 203(k) Standard program would require a HUD Consultant. - True
An FHA 203(k) Standard would require a HUD consultant? - True
An LO cannot apply premium pricing for with of the following? - ?
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%? - 7.5%
At what rate does your borrower qualify on an FHA 30 yr fixed, 2/1 buy-down with a note rate of 7.5%
and a start rate of 5.5%? - 7.5%
borrower must contribute how much if the LTV is greater than 80%? (FNMA) - 5%
Chapter 13 allows for 3-5 year repayment plan - True
Child support - 3 yrs minimum - True
, Childcare is considered an expense when calculating ratios on a VA loan. - True
Choose the correct relationship between the name of the report and the mortgage rate tendencies. -
When the CPI goes up, rates tend to go up.
When the GDP goes down, rates tend to go down.
When unemployment goes up, rates tend to go down.
Commission income may be used provided that it is likely to continue for at least three years and is from
an acceptable and verifiable source. - False
a 3/1 ARM will have a higher rate than a 10/1 ARM - False
Condo HOA fees are included in the monthly housing ratio when qualifying a borrower? - Yes
Conventional loans are not insured by the federal gov't. - True
Do capital gain losses need to be factored into the borrower's qualifying income? - No
Do mortgage companies generally pay a higher or lower interest rate on their warehouse lines of credit
vs. the interest rate they receive from their borrowers? - Lower
DU does not consider non-occupant income as qualifying income - True
DU does not consider non-occupant income as qualifying income. - True
FHA case numbers are tied to the property, not the borrower. - True
FHA case numbers are tied to the property. - True
Choose the relationship between the name of the report and mortgage interest rate tendencies -
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.
Although the appraiser makes the value determination, it is up to the processor to assess the appraisal
report and to make sure that the property is acceptable collateral for the loan. - False
A borrower may have more than one FHA loan at the same time. - True
A borrower may have more than one FHA loan at the same time. - True
A borrower must qualify at the note rate on a temp buydown, not the start rate. - True
A borrower must qualify at the note rate on a temp buydown, not the start rate. - True
A borrower needs 5% of their own funds when putting 20% down on a primary residence. - False
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. - False
A loan with a fixed rate can have a max LTV of 97%? - True
a non-agency loan does not have to conform with FNMA guidelines - True
A partner's percentage of ownership and earnings can be located on Schedule E part II of their personal
tax returns. - False
A reverse mortgage appraisal must conform to VA guidelines. - False
,A room addition is allowed under the FHA 203(k) Limited program. - False
A subordination agreement is required on every loan that has secondary financing - False
Agency loans include FHA and VA - True
Although the appraiser makes the value determination, it is up to the processor to assess the appraisal
report and to make sure that the property is acceptable collateral for the mortgage loan. - False
an "in file" credit report contains only current information about the borrowers credit - False
An FHA 203(k) Standard program would require a HUD Consultant. - True
An FHA 203(k) Standard would require a HUD consultant? - True
An LO cannot apply premium pricing for with of the following? - ?
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%? - 7.5%
At what rate does your borrower qualify on an FHA 30 yr fixed, 2/1 buy-down with a note rate of 7.5%
and a start rate of 5.5%? - 7.5%
borrower must contribute how much if the LTV is greater than 80%? (FNMA) - 5%
Chapter 13 allows for 3-5 year repayment plan - True
Child support - 3 yrs minimum - True
, Childcare is considered an expense when calculating ratios on a VA loan. - True
Choose the correct relationship between the name of the report and the mortgage rate tendencies. -
When the CPI goes up, rates tend to go up.
When the GDP goes down, rates tend to go down.
When unemployment goes up, rates tend to go down.
Commission income may be used provided that it is likely to continue for at least three years and is from
an acceptable and verifiable source. - False
a 3/1 ARM will have a higher rate than a 10/1 ARM - False
Condo HOA fees are included in the monthly housing ratio when qualifying a borrower? - Yes
Conventional loans are not insured by the federal gov't. - True
Do capital gain losses need to be factored into the borrower's qualifying income? - No
Do mortgage companies generally pay a higher or lower interest rate on their warehouse lines of credit
vs. the interest rate they receive from their borrowers? - Lower
DU does not consider non-occupant income as qualifying income - True
DU does not consider non-occupant income as qualifying income. - True
FHA case numbers are tied to the property, not the borrower. - True
FHA case numbers are tied to the property. - True
