Xinnix Guides d'étude, Notes de cours & Résumés

Xinnix Final Exam Study Guide On an FHA loan the upfront MIP should be included when calculating cash-to-close. - Answer️️ -False The borrower must have 5% of their own funds when putting 15% down on a primary residence. (FNMA) - Answer️️ -False A 3-Year ARM adjusts every 3 years - Answer️️ -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. - Answer️️ -False A HELOC loan has...

XINNIX FLIGHT SCHOOL EXAM PRACTICE QUESTIONS AND ASNWERS The rate lock period for a refi, with a right of rescission, must be long enough to cover the rescission period. - Answer️️ -True How long does a borrower have to wait to buy a home after they have had a foreclosure? FHA - Answer️️ -3 years What are the steps you should follow to determine the correct MI? - Answer️️ -LTV, term, product type, occupancy type and coverage. Typically, files that have to be manually underwri...

Xinnix Exam Practice Questions and Answers (100% Pass) Loans with an LTV >80% will typically require mortgage insurance. (FNMA/FHLMC) - Answer️️ -True What is the maximum seller contribution allowed for a primary residence at 95% LTV? (FNMA/FHLMC) - Answer️️ -3% On an ARM, redisclosure of the Truth in Lending is required if the APR changes more than ____%? - Answer️️ -.25 FHA loans have both a BASE Loan Amount and Total Loan Amount - Answer️️ -True A borrower's brot...

XINNIX FINAL EXAM LATEST 2024 WITH ACTUAL QUESTIONS AND CORRECT VERIFIED ANSWERS/ALREADY GRADED A+ 100% GUARANTEED TO PASS CONCEPTS(ALL WHAT YOU NEED) LATEST EDITION 2024

XINNIX FINAL EXAM LATEST EXAM | GRADED A+ | VERIFIED ANSWERS | ALL QUESTIONS AND ANSWERS (JUST RELEASED)

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...

Based on the following scenario, what is the borrower's qualifying ratios under FHLMC guidelines? PITI: $3,350 monthly Income: $8,350 monthly Debt: $595 - car payment - 40.12% / 47.25% A straw buyer is an individual who is paid to purchase a property and apply for a mortgage for someone who is unable to qualify for a loan. - 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 relativ...

A borrower's income is a factor considered when determining the principal limit (maximum loan amount) for a reverse mortgage. - False 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 can use a credit card to pay for their required down payment. - Response: False...

Risky loan features - - negative amortization - interest only payment feature - loan terms in excess of 30 years - prepayment penalties - balloon mortgages A _________ loan is one that has met the ATR requirements, and meets some additional rules that focus on prohibiting risky loan features. - QM (qualifies mortgage) for all QM loans, the points and fees charged to the borrower may not exceed ____% of the total loan amount, unless the loan amount is $____________ or less - 3, 100,000 w...