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xinnix Mock Exam Questions and Answers 100% Pass
xinnix Mock Exam Questions and Answers 100% Pass 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. -Answer-Response: True Feedback: See Course 6, Lesson 1 FHA Case Numbers are tied to the property, not the borrower. -Answer-Response: True Feedback: See Course 5, Lesson 1 What is the minimum coverage required on the hazard insurance p...
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- • 11 pages •
xinnix Mock Exam Questions and Answers 100% Pass 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. -Answer-Response: True Feedback: See Course 6, Lesson 1 FHA Case Numbers are tied to the property, not the borrower. -Answer-Response: True Feedback: See Course 5, Lesson 1 What is the minimum coverage required on the hazard insurance p...
Xinnix Ground School Mortgage Final Exam Questions and Answers 100% Pass
Xinnix Ground School Mortgage Final Exam Questions and Answers 100% Pass On an FHA loan the upfront MIP should be included when calculating cash-to-close. - Answer- False The borrower must have 5% of their own funds when putting 15% down on a primary residence. (FNMA) - Answer- False A 3-Year ARM adjusts every 3 years - Answer- 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. - Answer- Fals...
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- • 6 pages •
Xinnix Ground School Mortgage Final Exam Questions and Answers 100% Pass On an FHA loan the upfront MIP should be included when calculating cash-to-close. - Answer- False The borrower must have 5% of their own funds when putting 15% down on a primary residence. (FNMA) - Answer- False A 3-Year ARM adjusts every 3 years - Answer- 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. - Answer- Fals...
XINNIX Mortage Basix Exam Questions and Answers 100% Pass
XINNIX Mortage Basix Exam Questions and Answers 100% Pass What does FNMA stand for? - Answer- Federal National Mortgage Association What does FHLMC stand for? - Answer- Federal Home Loan Mortgage Corporation What does AU stand for, and what is it? - Answer- Automated Underwriting, a computerized system that uses historical statistics to issue a decision of how to proceed with a loan request. The Purposes of Property acceptable for FNMA and FHLMC include: - Answer- Primary Residence, Seco...
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XINNIX Mortage Basix Exam Questions and Answers 100% Pass What does FNMA stand for? - Answer- Federal National Mortgage Association What does FHLMC stand for? - Answer- Federal Home Loan Mortgage Corporation What does AU stand for, and what is it? - Answer- Automated Underwriting, a computerized system that uses historical statistics to issue a decision of how to proceed with a loan request. The Purposes of Property acceptable for FNMA and FHLMC include: - Answer- Primary Residence, Seco...
Xinnix Bundled Exams Questions and Answers 100% Verified and Updated 2024 Graded A
Xinnix Bundled Exams Questions and Answers 100% Verified and Updated 2024 Graded A
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- Xinnix Ground School Mortgage Final Exam Questions and Answers 100% Pass • Exam (elaborations)
- Xinnix Mock Exam Review Questions and Answers with Verified Solutions • Exam (elaborations)
- Xinnix Ground School Questions and Answers 100% Verified • Exam (elaborations)
- Xinnix Ground School Questions and Answers Already Graded A • Exam (elaborations)
- Xinnix Final Exam Questions and Answers with Verified Solutions • Exam (elaborations)
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Xinnix Bundled Exams Questions and Answers 100% Verified and Updated 2024 Graded A
Xinnix SOAR Final Questions and Answers Already Passed
Xinnix SOAR Final Questions and Answers Already Passed FNMA and FHLMC are what type of loan? - Answer ️️ -conforming the main purpose of the Consumer financial protection bureau (CFPB) is to help consumers understand the terms of their agreements with financial companies - Answer ️️ -true conventional loans are not insured by the federal government - Answer ️️ -true Agency loans include FHA and VA loans - Answer ️️ -true the proceeds of a loan for cash out refinance may be ...
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- • 50 pages •
Xinnix SOAR Final Questions and Answers Already Passed FNMA and FHLMC are what type of loan? - Answer ️️ -conforming the main purpose of the Consumer financial protection bureau (CFPB) is to help consumers understand the terms of their agreements with financial companies - Answer ️️ -true conventional loans are not insured by the federal government - Answer ️️ -true Agency loans include FHA and VA loans - Answer ️️ -true the proceeds of a loan for cash out refinance may be ...
Xinnix Ground Course Final Questions and Answers Rated A
Xinnix Ground Course Final Questions and Answers Rated A A veteran has the ability to transfer a portion of their entitlement to another veteran. - Answer ️️ -False A veteran does not have the ability to transfer a portion of their entitlement to another veteran. - Answer ️️ -True 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. - Answer ️️ -False Gross rent may not be c...
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- • 12 pages •
Xinnix Ground Course Final Questions and Answers Rated A A veteran has the ability to transfer a portion of their entitlement to another veteran. - Answer ️️ -False A veteran does not have the ability to transfer a portion of their entitlement to another veteran. - Answer ️️ -True 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. - Answer ️️ -False Gross rent may not be c...
Mock Exam Review Questions and Answers Graded A
Mock Exam Review Questions and Answers Graded A (T or F): If a borrower tells you about a liability that is not listed on the credit report, it doesn't need to be included on the loan application. - Answer ️️ -False What is the maximum seller contribution allowed for a primary residence below 75% LTV? (FNMA/FHLMC) - Answer ️️ -9% (T or F) DU does not consider non-occupant income as qualifying income - Answer ️️ -True (T or F) HOA dues are included in the PITI calculation. - An...
- Exam (elaborations)
- • 9 pages •
Mock Exam Review Questions and Answers Graded A (T or F): If a borrower tells you about a liability that is not listed on the credit report, it doesn't need to be included on the loan application. - Answer ️️ -False What is the maximum seller contribution allowed for a primary residence below 75% LTV? (FNMA/FHLMC) - Answer ️️ -9% (T or F) DU does not consider non-occupant income as qualifying income - Answer ️️ -True (T or F) HOA dues are included in the PITI calculation. - An...
TEST: Understanding Niche Products Questions and Answer
TEST: Understanding Niche Products Questions and Answer Repairs/renovations can begin AFTER the renovation loan closes. - Answer ️️ -ANSWER: True On a renovation loan, the LTV is based on the after-improved value of the home. - Answer ️️ - ANSWER: True On a FHA 203(k) Limited only structural repairs are allowed. - Answer ️️ -ANSWER: False Relief Refinance Program loans may only be manually underwritten. - Answer ️️ -ANSWER: False HomeOneSM and Home Possible® have medi...
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TEST: Understanding Niche Products Questions and Answer Repairs/renovations can begin AFTER the renovation loan closes. - Answer ️️ -ANSWER: True On a renovation loan, the LTV is based on the after-improved value of the home. - Answer ️️ - ANSWER: True On a FHA 203(k) Limited only structural repairs are allowed. - Answer ️️ -ANSWER: False Relief Refinance Program loans may only be manually underwritten. - Answer ️️ -ANSWER: False HomeOneSM and Home Possible® have medi...
Xinnix SOAR Mock Exam Questions and Answers Already Graded A
Xinnix SOAR Mock Exam Questions and Answers Already Graded A 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. - Answer ️️ -True A veteran may exchange a portion of their entitlement for cash. - Answer ️️ -False Judgments and tax liens are required to be paid off at or prior to loan closing. (FNMA/FHLMC) - Answer ️️ -True Gross rent may be ...
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- Exam (elaborations)
- • 5 pages •
Xinnix SOAR Mock Exam Questions and Answers Already Graded A 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. - Answer ️️ -True A veteran may exchange a portion of their entitlement for cash. - Answer ️️ -False Judgments and tax liens are required to be paid off at or prior to loan closing. (FNMA/FHLMC) - Answer ️️ -True Gross rent may be ...
Xinnix Final Exam Questions and Answers with Verified Solutions
Xinnix Final Exam Questions and Answers with Verified Solutions A veteran has the ability to transfer a portion of their entitlement to another veteran. - Answer ️️ -False 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. - Answer ️️ -False Based on the following scenario, does the borrower qualify within FNMA guidelines? PITI: $1,725 monthly Income: $7,000 Debt: $700 ca...
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- Exam (elaborations)
- • 19 pages •
Xinnix Final Exam Questions and Answers with Verified Solutions A veteran has the ability to transfer a portion of their entitlement to another veteran. - Answer ️️ -False 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. - Answer ️️ -False Based on the following scenario, does the borrower qualify within FNMA guidelines? PITI: $1,725 monthly Income: $7,000 Debt: $700 ca...
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Hondros Nursing 172 Exam 2 Questions and Answers 100% Pass
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INSY-3303 FINAL EXAM STUDY GUIDE WITH COMPLETE SOLUTIONS
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