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XINNIX GROUND SCHOOL MORTGAGE
FINAL EXAM BRAND NEW ACTUAL EXAM
WITH ANSWERS.
1. 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). - correct answer -
True
2. The Correspondent Lender is the "end" lender in a mortgage
banker's transaction - correct answer -True
3. Borrowers must meet income limits per USDA guidelines -
correct answer -True
4. A borrower requesting a jumbo loan will qualify for an agency
loan - correct answer -False
5. A borrower that is self-employed (Schedule C) will typically not
be required to provide a YTD paystub. - correct answer -True
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6. Which agency allows a borrower to qualify at the start rate for
qualifying on a fixed rate with Buydown? - correct answer -NOT
FNMA, FHA, or FHLMC so its VA
7. A borrower's income is a factor considered when determining
the principal limit (maximum loan amount) for a reverse
mortgage. - correct answer -False
8. An origination fee may be paid by the borrower on an FHA loan
- correct answer -True
9. Churning schemes usually involve falsified down payment
amounts and falsified appraisals - correct answer -False
10. FNMA and FHLMC define a large deposit as any single
deposit that exceeds 50% of the borrower's total monthly
qualifying - correct answer -True
XINNIX GROUND SCHOOL MORTGAGE
FINAL EXAM BRAND NEW ACTUAL EXAM
WITH ANSWERS.
1. 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). - correct answer -
True
2. The Correspondent Lender is the "end" lender in a mortgage
banker's transaction - correct answer -True
3. Borrowers must meet income limits per USDA guidelines -
correct answer -True
4. A borrower requesting a jumbo loan will qualify for an agency
loan - correct answer -False
5. A borrower that is self-employed (Schedule C) will typically not
be required to provide a YTD paystub. - correct answer -True
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6. Which agency allows a borrower to qualify at the start rate for
qualifying on a fixed rate with Buydown? - correct answer -NOT
FNMA, FHA, or FHLMC so its VA
7. A borrower's income is a factor considered when determining
the principal limit (maximum loan amount) for a reverse
mortgage. - correct answer -False
8. An origination fee may be paid by the borrower on an FHA loan
- correct answer -True
9. Churning schemes usually involve falsified down payment
amounts and falsified appraisals - correct answer -False
10. FNMA and FHLMC define a large deposit as any single
deposit that exceeds 50% of the borrower's total monthly
qualifying - correct answer -True
