Xinnix Final Exam 100% VERIFIED ANSWERS CORRECT 2024/2025, Exams of Nursing

Download Xinnix Final Exam 100% VERIFIED ANSWERS CORRECT 2024/2025 and more Exams Nursing in PDF only on Docsity! Xinnix Final Exam 100% VERIFIED ANSWERS CORRECT 2024/2025 On an FHA loan the upfront MIP should be included when calculating cash-to-close. False The borrower must have 5% of their own funds when putting 15% down on a primary residence. (FNMA) False A 3-Year ARM adjusts every 3 years 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. False A HELOC loan has an interest only payment True A borrower paid semi-monthly and a borrower paid bi-weekly have the same number of pay periods per year False FHA Case Numbers are tied to the property, not the borrower. True Judgments and tax liens are required to be paid off at or prior to loan closing. (FNMA/FHLMC) True Unreimbursed business expenses can be located on Form 2106 of a borrower's personal tax return. True HOA dues are included in the PITI calculation 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. VA sets their own maximum loan limits. False The monthly MI for an FHA loan is calculated by BASE Loan Amount x .85% /12 True Redisclosure of the Truth in Lending is required if the PAR changes more than _____% on a fixed rate loan? .125 If a veteran has previously used their VA entitlement and it has not yet been restored, their COE may show an available amount which is less that the VA maximum allowable entitlement True A room addition is allowed under the FHA 203(k) Limited program. False The maximum allowable ratios for an owner-occupant when using a non-occupant co-borrower per FHLMC guidelines is ______________. 35/43 A program description contains the summary of eligibility requirements for a loan to be sold to a specific lender/investor. True Three different categories of non-US Citizens that may apply for a mortgage loan or may not qualify are: Resident Aliens, Non-Resident Aliens, Foreign Nationals What is the qualifying rate for a 5/1 ARM with a note rate of 3.75% and 2/6 caps? The fully- indexed rate is 6.00% 6.00% When adjusting a 1-Year ARM with 2/6 caps, the rate at the beginning of year 2 will be determined by the Start Rate + Annual Cap or the Fully-indexed rate, whichever is less. True The maximum LTV for an FHA cash-out refinance is 80% True Income or losses derived from partnerships can be located on Schedule K-1 of a borrower;s personal tax return. False 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 What is the funding fee for a veteran who has not used his/her eligibility and plans on purchasing a home with 5% down payment? 1.65% Desktop Underwriting (DU) would result in a decision of Approve/Ineligible on a loan with excellent credit which qualifies as a jumbo loan program. True HOA dues should be added to the PITI for the purpose of calculating ratios when qualifying a borrower. True A veteran has the ability to transfer a portion of their entitlement to another veteran. False 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). True The Correspondent Lender is the "end" lender in a mortgage banker's transaction True Borrowers must meet income limits per USDA guidelines True A borrower requesting a jumbo loan will qualify for an agency loan False A borrower that is self-employed (Schedule C) will typically not be required to provide a YTD paystub. True Which agency allows a borrower to qualify at the start rate for qualifying on a fixed rate with Buydown? NOT FNMA, FHA, or FHLMC so its VA A borrower's income is a factor considered when determining the principal limit (maximum loan amount) for a reverse mortgage. False An origination fee may be paid by the borrower on an FHA loan True Churning schemes usually involve falsified down payment amounts and falsified appraisals False FNMA and FHLMC define a large deposit as any single deposit that exceeds 50% of the borrower's total monthly qualifying True 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 True A partner's percentage of ownership and earnings can be located on Schedule E part II of their personal tax returns. False 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. Response: True Feedback: See Course 6, Lesson 1 FHA Case Numbers are tied to the property, not the borrower. Response: True Feedback: See Course 5, Lesson 1 What is the minimum coverage required on the hazard insurance policy? (select all that apply) Response: Pre-Qualification Letter Feedback: See Course 9, Lesson 4 Single Tenancy is an acceptable manner in which title may be held. Response: True Feedback: See Course 8, Lesson 8 What is the maximum seller contribution allowed for a primary residence at 85% LTV? (FNMA/FHLMC) Response: 6% Feedback: See Course 4, Lesson 1 What is the maximum seller contribution allowed for an investment property at 80% LTV? (FNMA/FHLMC) Response: 2% Feedback: See Course 4, Lesson 1 After the borrower submits a complete loan application, the LE must be delivered or placed in the mail within how many days? Response: 3 Business Days Feedback: See Course 9, Lesson 2 A stand alone second mortgage is obtained separately from a first mortgage. Response: True Feedback: See Course 3, Lesson 5 Your borrowers are purchasing a home for $515,000. They are requesting a $412,000 first mortgage and a $51,500 fixed-rate second. What will their LTV, second mortgage LTV and down payment be if structured this way? Response: 80/10/10 Feedback: See Course 3, Lesson 5 An FHA 203(k) Standard program would require a HUD Consultant. Response: True Feedback: See Course 7, Lesson 1 FHA guidelines require 3 years to have passed since a foreclosure, deed in lieu, or short sale before a borrower may apply for an FHA loan. Response: True Feedback: See Course 5, Lesson 2 Interest and dividend income for a borrower can be located on Schedule B of their tax returns. Response: True Feedback: See Course 8, Lesson 5 If a veteran has previously used their VA entitlement and it has not yet been restored, their COE may show an available amount which is less that the VA maximum allowable entitlement. Response: True Feedback: See Course 6, Lesson 1 YTD paystubs will be required from a borrower that is self-employed (Schedule C). Response: False Feedback: See Course 8, Lesson 5 If a borrower qualifies for an agency loan of $325,000, FNMA is a viable loan option. Response: True Feedback: See Course 4, Lesson 1 All of the following documents must be provided by the builder to the mortgage company on an FHA new construction loan prior to the loan being cleared to close EXCEPT: Response: Appraisal Certificate Feedback: See Course 5, Lesson 2 Using the information provided, answer the following maximum cash-out question using FNMA: Value = $195,000 Current balance = $127,500 Current payment = $1,135 Closing Costs = 2.5% Prepaids = 1% What is the maximum cash the borrower would receive? Response: $21,515 Feedback: See Course 4, Lesson 6 Which is the correct coverage requirement, monthly MI factor and monthly MI payment based on the following scenario: $145,000 sales price $20,000 down payment 5/1 ARM with 2/6 caps 30-year amortization Agency loan Primary residence Response: 25% / .62% / $64.58 Feedback: See Course 3, Lesson 3 How many discount points does a 2/1 buydown typically cost? Response: 2.5 Feedback: See Course 2, Lesson 1 A room addition is allowed under the FHA 203(k) Limited program. Response: False Feedback: See Course 7, Lesson 1 Closing dates and disbursement dates will be the same date on a refinance loan. Response: False Feedback: See Course 9, Lesson 8 The builder must provide an appraisal certificate to the mortgage company on an FHA new construction loan prior to closing. Response: False Feedback: See Course 5, Lesson 2 Response: True Feedback: See Course 5, Lesson 1 Renovation loan appraisals are based on the after-improved value of the home. Response: True Feedback: See Course 7, Lesson 1 On a FHA 203(k) Streamline purchase, a borrower is allowed to finance up to $35,000 for repairs/renovations. Response: True Feedback: See Course 7, Lesson 1 The P&I on an FHA loan is calculated using the TOTAL Loan Amount. Response: True Feedback: See Course 5, Lesson 1 One month of the borrower's current house payment must be included when calculating the new loan amount for a cash-out refinance. Response: True Feedback: See Course 4, Lesson 6 A borrower is considering a 1-year ARM with a note rate of 4.25%, 2/6 caps and a margin of 2.5%. What would the borrower's interest rate be for year 2 if the index is at 4.25%? Response: 6.25% Feedback: See Course 2, Lesson 1 Communication Begins with a high level of self-awareness. Response: True A borrower can use a credit card to pay for their required down payment. Response: False Feedback: See Course 4, Lesson 3 Judgments and tax liens are required to be paid off at or prior to loan closing. (FNMA/FHLMC) Response: True Feedback: See Course 4, Lesson 5 What is the largest house payment that Mr. Coulter can have with his current income of $75,500 per year considering he just bought a car with a payment of $525 per month? (FNMA) Response: Feedback: See Course 3, Lesson 1 Which type of letter would be best for a borrower who has made an offer on a property and has provided their pay stubs, bank statements and W-2's? Response: Commitment letter Feedback: See Course 9, Lesson 4 If the VA maximum entitlement has been changed by law, a veteran's COE may show an available amount which is less than the VA maximum allowable entitlement. Response: True Feedback: See Course 6, Lesson 1 If a student loan payment is deferred, it does not have to be included in the borrower's ratios. (FNMA/FHLMC) Response: False Feedback: See Course 4, Lesson 5 When should you return a call? Response: Within the same day Feedback: See Course 10, Lesson 1 DU does not consider non-occupant income as qualifying income. Response: True Feedback: See Course 4, Lesson 1 Gross rent may be considered effective income when an applicant is planning to rent their current residence after closing on the purchase of their new home. Response: False Feedback: See Course 4, Lesson 4 A sole proprietor's net profit or loss can be located on Schedule C of their personal tax return. Response: True Feedback: See Course 8, Lesson 5 Loans with an LTV >80% will typically require mortgage insurance. (FNMA/FHLMC) Response: True Feedback: See Course 3, Lesson 3 Trailing spouse income can be used for qualifying purposes. Response: False Feedback: See Course 4, Lesson 4 FNMA and FHLMC are fully backed by the U.S. Government. Response: True Feedback: See Course 1, Lesson 2 Rate Adjustments listed on a Mortgage Insurance company's rate card are added to or subtracted from the monthly MI factor. Response: True Feedback: See Course 3, Lesson 3 A fixed-rate second mortgage has the loan amount fully disbursed at closing. Monthly payments are amortized over the term of the loan. Once the balance is paid off the mortgage is closed. Response: True Feedback: See Course 3, Lesson 5