XINNIX Ground School Final
Exam/6 Complete Q’s and A’s
A program description contains the summary of eligibility requirements for a
loan to be sold to a specific lender/investor - -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 - -TRUE
-HOA dues are included in the PITI calculation. - -FALSE
-The Correspondent lender is the "end" lender in a mortgage banker's
transaction - -TRUE
-What is the maximum seller contribution allowed for an investment
property at 80% LTV (FNMA/FHLMX)? - -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% - -$259,620/$1,964.69
-
Exam/6 Complete Q’s and A’s
A program description contains the summary of eligibility requirements for a
loan to be sold to a specific lender/investor - -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 - -TRUE
-HOA dues are included in the PITI calculation. - -FALSE
-The Correspondent lender is the "end" lender in a mortgage banker's
transaction - -TRUE
-What is the maximum seller contribution allowed for an investment
property at 80% LTV (FNMA/FHLMX)? - -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% - -$259,620/$1,964.69
-
