Xinnix Final Exam
After the borrower submits a complete loan application, the LE must be delivered or placed in the mail
within how many days? - 3 business days
A program description contains the summary of eligibility requirements for a loan to be sold to a specific
lender/investor. - True
A borrower purchased a home on January 15th and is moving in on March 2nd. How many days from
purchase to move in? (For non-leap years only) - 46 days
1. 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. - False
A 2/1 buydown typically costs 2.5 discount points. Give or take .25%. - True
A 3-Year ARM adjusts every 3 years - True
A 3-Year ARM adjusts every 3 years. - True
A 30-year conventional loan with an 87% LTV would require 25% mortgage insurance coverage. -
True
A borrower can use a credit card to pay for their required down payment - False
A borrower is closing on a home on July 17th - 5/18
A borrower is closing on a home on July 17th and needs to lock in their rate 60 days prior - 5/18
,A borrower is considering a 1-year ARM with a note rate of 4.25%, 2/6 caps and a margin of 2.5%. What
would the borrower's interest rate be for year 2 if the index is at 4.25%? - 6.25%
A borrower must qualify at the note rate on a temporary buydown, not the start rate. - True
A borrower paid semi-monthly and a borrower paid bi-weekly have the same number of pay periods per
year - False
A borrower paid semi-monthly and a borrower paid bi-weekly have the same number of pay periods per
year. - False
A borrower purchased a home on Jan 15th and is moving in on March 2nd - 46 days
A borrower requesting a jumbo loan will qualify for an agency loan - False
A borrower requesting a jumbo loan will qualify for an agency loan - False
A borrower that is self-employed (Schedule C) will typically not be required to provide a YTD paystub. -
True
A borrower that is self-employed (Schedule C) will typically not be required to provide a YTD paystub. -
True
A borrower that is self-employed (Schedule C0 will typically not be required to provide a YTD paystub -
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 borrower's income is a factor considered when determining the principal limit (maximum loan
amount) for a reverse mortgage. - False
A borrower's income is a factor considered when determining the principal limit (maximum loan
amount) for a reverse mortgage. - False
A borrower's income is a factor considered when determining the principal limit for a reverse mortgage -
False
A fixed-rate second mortgage has the loan amount fully disbursed at closing. Monthly payments are
amortized over the term of the loan. Once the balance is paid off the mortgage is closed. - True
A HELOC loan has an interest only payment - True
A lender must notify an applicant of action taken within 30 days after receiving a completed application
concerning the lender's approval of, counteroffer to, or adverse action on the application. - True
A liability not listed on the credit report will typically need to be included on the loan application -
True
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 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 non-arm's length transaction occurs when the borrowers or any other party to the transaction have a
direct relationship with another party to the transaction (including, but not limited to, the employer,
lender, broker, or appraiser). - True
A partner's percentage of ownership and earnings can be located on Schedule E part II of their personal
tax returns. - False
After the borrower submits a complete loan application, the LE must be delivered or placed in the mail
within how many days? - 3 business days
A program description contains the summary of eligibility requirements for a loan to be sold to a specific
lender/investor. - True
A borrower purchased a home on January 15th and is moving in on March 2nd. How many days from
purchase to move in? (For non-leap years only) - 46 days
1. 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. - False
A 2/1 buydown typically costs 2.5 discount points. Give or take .25%. - True
A 3-Year ARM adjusts every 3 years - True
A 3-Year ARM adjusts every 3 years. - True
A 30-year conventional loan with an 87% LTV would require 25% mortgage insurance coverage. -
True
A borrower can use a credit card to pay for their required down payment - False
A borrower is closing on a home on July 17th - 5/18
A borrower is closing on a home on July 17th and needs to lock in their rate 60 days prior - 5/18
,A borrower is considering a 1-year ARM with a note rate of 4.25%, 2/6 caps and a margin of 2.5%. What
would the borrower's interest rate be for year 2 if the index is at 4.25%? - 6.25%
A borrower must qualify at the note rate on a temporary buydown, not the start rate. - True
A borrower paid semi-monthly and a borrower paid bi-weekly have the same number of pay periods per
year - False
A borrower paid semi-monthly and a borrower paid bi-weekly have the same number of pay periods per
year. - False
A borrower purchased a home on Jan 15th and is moving in on March 2nd - 46 days
A borrower requesting a jumbo loan will qualify for an agency loan - False
A borrower requesting a jumbo loan will qualify for an agency loan - False
A borrower that is self-employed (Schedule C) will typically not be required to provide a YTD paystub. -
True
A borrower that is self-employed (Schedule C) will typically not be required to provide a YTD paystub. -
True
A borrower that is self-employed (Schedule C0 will typically not be required to provide a YTD paystub -
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 borrower's income is a factor considered when determining the principal limit (maximum loan
amount) for a reverse mortgage. - False
A borrower's income is a factor considered when determining the principal limit (maximum loan
amount) for a reverse mortgage. - False
A borrower's income is a factor considered when determining the principal limit for a reverse mortgage -
False
A fixed-rate second mortgage has the loan amount fully disbursed at closing. Monthly payments are
amortized over the term of the loan. Once the balance is paid off the mortgage is closed. - True
A HELOC loan has an interest only payment - True
A lender must notify an applicant of action taken within 30 days after receiving a completed application
concerning the lender's approval of, counteroffer to, or adverse action on the application. - True
A liability not listed on the credit report will typically need to be included on the loan application -
True
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 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 non-arm's length transaction occurs when the borrowers or any other party to the transaction have a
direct relationship with another party to the transaction (including, but not limited to, the employer,
lender, broker, or appraiser). - True
A partner's percentage of ownership and earnings can be located on Schedule E part II of their personal
tax returns. - False
