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Exam (elaborations)

XINNIX Ground School Final

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XINNIX Ground School Final A program description contains the summary of eligibility requirements for a loan to be sold to a specific lender/investor - Correct Answers TRUE If the term of an ARM is 5 years or less, the qualifying rate is the Start Rate + 2% or the fully-indexed rate, whichever is greater - Correct Answers TRUE HOA dues are included in the PITI calculation. - Correct Answers FALSE The Correspondent lender is the "end" lender in a mortgage banker's transaction - Correct Answers TRUE What is the maximum seller contribution allowed for an investment property at 80% LTV (FNMA/FHLMX)? - Correct Answers 2% What is their new loan amount and proposed monthly PITI based on 30-year fixed-rate of 6.375% value= $350,000 balance= $228,000 monthly= $1920 cash out = $20,000 taxes= $270 HOI= $75 CC= 2.5% PP= 1% - Correct Answers $259,620/$1,964.69

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A program description contains the summary of eligibility requirements for a loan to be sold to a specific
lender/investor - Correct Answers TRUE



If the term of an ARM is 5 years or less, the qualifying rate is the Start Rate + 2% or the fully-indexed
rate, whichever is greater - Correct Answers TRUE



HOA dues are included in the PITI calculation. - Correct Answers FALSE



The Correspondent lender is the "end" lender in a mortgage banker's transaction - Correct Answers
TRUE



What is the maximum seller contribution allowed for an investment property at 80% LTV
(FNMA/FHLMX)? - Correct Answers 2%



What is their new loan amount and proposed monthly PITI based on 30-year fixed-rate of 6.375%

value= $350,000

balance= $228,000

monthly= $1920

cash out = $20,000

taxes= $270

HOI= $75

CC= 2.5%

PP= 1% - Correct Answers $259,620/$1,964.69

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  • a program description contains the summary of elig
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  • hoa dues are included in the piti calculation

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