Xinnix Ground Course Final Exam 130 Questions and Correct Answers Graded A+
- 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. - Correct
Answer: False
A 2/1 buydown typically costs 2.5 discount points. Give or take .25%. - Correct Answer: True
A 3-Year ARM adjusts every 3 years. - Correct Answer: True
A 30-year conventional loan with an 87% LTV would require 25% mortgage insurance
coverage. - Correct Answer: True
A borrower can use a credit card to pay for their required down payment - Correct
Answer: False
A borrower is closing on a home on July 17th - Correct Answer: 5/18
A borrower is closing on a home on July 17th and needs to lock in their rate 60 days
prior - Correct Answer: 5/18
A borrower must qualify at the note rate on a temporary buydown, not the start rate. -
Correct Answer: True
A borrower purchased a home on Jan 15th and is moving in on March 2nd - Correct
Answer: 46 days
A borrower requesting a jumbo loan will qualify for an agency loan - Correct Answer: False
A borrower that is self-employed (Schedule C) will typically not be required to provide a
YTD paystub. - Correct Answer: True
A borrower that is self-employed (Schedule C0 will typically not be required to provide a
YTD paystub - Correct Answer: True
A borrower's income is a factor considered when determining the principal limit
(maximum loan amount) for a reverse mortgage. - Correct Answer: False
A borrower's income is a factor considered when determining the principal limit for a
reverse mortgage - Correct Answer: False
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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. - Correct Answer: True
A lender must notify an applicant of action taken within 30 days after receiving a completed application concerning the lender's approval of, counteroffer to, or adverse
action on the application. - Correct 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. - Correct Answer: False
A partners percentage of ownership and earnings can be located on Schedule E part
11 of their personal tax returns - Correct Answer: False
A room addition is allowed under the FHA 203k limited program - Correct Answer:
Flase
A stand alone second mortgage is obtained separately from a first mortgage. - Correct
Answer: True
A tax service fee is a non-allowable fee by FHA - Correct Answer: True
A veteran and a spouse may qualify together for 100% financing on a VA - Correct
Answer: True
A veteran has the ability to trCorrect Answer: fer a portion of their entitlement to
another veteran. - Correct Answer: False
A veteran may be exempt from the VA Funding Fee if - Correct Answer: Receives
benefits for a service related disability
A veteran may exchange a portion of their entitlement for cash - Correct Answer: False
A wholesale Lender is the lender that buys loCorrect Answer: from a mortgage broker -
Correct Answer: True
After the borrower submits a complete loan application, the LE must be delivered or
placed - Correct Answer: 3 Business days
An FHA 203(k) Standard program would require a HUD Consultant. - Correct Answer: True
An origination fee may be paid by the borrower on an FHA loan - Correct Answer: True
AUS is the acronym for Automated Underwriting Sysytem - Correct Answer: True
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