XINNIX Final Exam 2024: Actual Questions and Verified Answers Guide,
Exams of Sales Management
Which of the following is the correct list of charges included when calculating
the borrower's cash-to-close? - ANSWERDown payment, closing costs,
prepaids, discount points, MI paid in cash (UFMIP/FF)
There is no minimum needed to run/submit both HomeOne and Home
Possible through an automated underwriting system - ANSWERTrue
A partner's percentage of ownership and earnings can be located on
Schedule E part II of their personal tax returns - ANSWERFalse
lender-paid mortgage insurance (LPMI) is a one-time single premium paid by
the lender. In turn, the lender increases the borrower's interest rate to cover
the cost of the mortgage insurance paid on their behalf - ANSWERTrue
Except for high-cost areas, the maximum loan amount on a 1-unit, single
family residence is $647,200 - ANSWERTrue
A borrower who has made an offer on a property, but has not yet provided
their paystubs, bank statements and W2s would be issued what letter? -
ANSWERPre-Qualification Letter
,Judgements and tax liens are required to be paid off at or prior to closing
(FNMA/FHLMC) - ANSWERTrue
HomeOne will allow up to 97% LTV for a primary residence, 1-Unit purchase if
at least one of the borrowers has not owned a home in the last 3 years. A
borrower who has not owned a home in the last three years is considered a
first-time home buyer under HomeOne - ANSWERTrue
If a student loan payment is deferred, it does not have to be included in the
borrowers ratios (FNMA/FHLMC) - ANSWERFalse
FHA Case Numbers are tied to the property, not the borrower. - ANSWERTrue
YTD paystubs will be required from a borrower that is self-employed
(Schedule C). - ANSWERFalse
A borrower that is self-employed (Schedule C) will typically not be required to
provide a YTD paystub - ANSWERTrue
The builder must provide an appraisal certificate to the mortgage company
on an FHA new construction loan prior to closing - ANSWERFalse
What is the maximum seller contribution allowed for a primary residence at
85% LTV (FNMA/FHLMC) - ANSWER6%
When taking an application for a VA loan on new construction, it is very
important to order the appraisal: - ANSWERWhen the house is completed
, A tax-service fee is a non-allowable fee by FHA - ANSWERTrue
If gift funds will be utilized in the purchase, what documentation is required?
- ANSWERGift letter stating the amount of the gift, that it doesn't need to be
repaid, and the donor is a family member. Verification that the donor has the
funds available to make the gift. and Verification that the borrower has
deposited the funds into an account
Residual income is the amount of income available for family support after
taxes and social security expense have been subtracted from the gross
income and after PITI and other long-term debt has been paid - ANSWERTrue
Joint tenants with right of survivorship (JTWROS) is an acceptable manner in
which title may be held - ANSWERTrue
If a borrower qualifies for an agency loan of $215,000, FHLMC is a viable loan
option - ANSWERTrue
Unless a borrower can document extenuating circumstances they must wait
at least 7 years from a Chapter 7 bankruptcy - ANSWERFalse
FNMA and FHLMC define a large deposit as any single deposit that exceeds
50% of the borrower's total monthly qualifying - ANSWERTrue
A HUD consultant would not be required for an FHA 203(k) Standard program
- ANSWERFalse
Exams of Sales Management
Which of the following is the correct list of charges included when calculating
the borrower's cash-to-close? - ANSWERDown payment, closing costs,
prepaids, discount points, MI paid in cash (UFMIP/FF)
There is no minimum needed to run/submit both HomeOne and Home
Possible through an automated underwriting system - ANSWERTrue
A partner's percentage of ownership and earnings can be located on
Schedule E part II of their personal tax returns - ANSWERFalse
lender-paid mortgage insurance (LPMI) is a one-time single premium paid by
the lender. In turn, the lender increases the borrower's interest rate to cover
the cost of the mortgage insurance paid on their behalf - ANSWERTrue
Except for high-cost areas, the maximum loan amount on a 1-unit, single
family residence is $647,200 - ANSWERTrue
A borrower who has made an offer on a property, but has not yet provided
their paystubs, bank statements and W2s would be issued what letter? -
ANSWERPre-Qualification Letter
,Judgements and tax liens are required to be paid off at or prior to closing
(FNMA/FHLMC) - ANSWERTrue
HomeOne will allow up to 97% LTV for a primary residence, 1-Unit purchase if
at least one of the borrowers has not owned a home in the last 3 years. A
borrower who has not owned a home in the last three years is considered a
first-time home buyer under HomeOne - ANSWERTrue
If a student loan payment is deferred, it does not have to be included in the
borrowers ratios (FNMA/FHLMC) - ANSWERFalse
FHA Case Numbers are tied to the property, not the borrower. - ANSWERTrue
YTD paystubs will be required from a borrower that is self-employed
(Schedule C). - ANSWERFalse
A borrower that is self-employed (Schedule C) will typically not be required to
provide a YTD paystub - ANSWERTrue
The builder must provide an appraisal certificate to the mortgage company
on an FHA new construction loan prior to closing - ANSWERFalse
What is the maximum seller contribution allowed for a primary residence at
85% LTV (FNMA/FHLMC) - ANSWER6%
When taking an application for a VA loan on new construction, it is very
important to order the appraisal: - ANSWERWhen the house is completed
, A tax-service fee is a non-allowable fee by FHA - ANSWERTrue
If gift funds will be utilized in the purchase, what documentation is required?
- ANSWERGift letter stating the amount of the gift, that it doesn't need to be
repaid, and the donor is a family member. Verification that the donor has the
funds available to make the gift. and Verification that the borrower has
deposited the funds into an account
Residual income is the amount of income available for family support after
taxes and social security expense have been subtracted from the gross
income and after PITI and other long-term debt has been paid - ANSWERTrue
Joint tenants with right of survivorship (JTWROS) is an acceptable manner in
which title may be held - ANSWERTrue
If a borrower qualifies for an agency loan of $215,000, FHLMC is a viable loan
option - ANSWERTrue
Unless a borrower can document extenuating circumstances they must wait
at least 7 years from a Chapter 7 bankruptcy - ANSWERFalse
FNMA and FHLMC define a large deposit as any single deposit that exceeds
50% of the borrower's total monthly qualifying - ANSWERTrue
A HUD consultant would not be required for an FHA 203(k) Standard program
- ANSWERFalse
