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Xinnix SOAR Final Exam with complete solutions latest update

Xinnix Final Exam Questions With Answers @ 2024...

Xinnix SOAR Mock Exam Questions and Answers 100% Pass 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 considered effective income ...

Xinnix Flight School Study Questions and Answers 100% Pass T or F - You are required to disclose why a loan was declined, if applicable, to the lender you are transferring a loan package to for all FHA and VA Loans - Answer- True What following repairs are allowed under the FHA 203(K) Standard Program - Answer- - Those allowed by 203(K) limited - converting a 1-family to a 2, 3, 4 family structure. - decreasing an existing multi unit structure to a one to four family structure - Reconstr...

Xinnix Final Exam Questions and Answers 100% Pass 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 car payment, $375 student loan ...

Xinnix Ground School Exam Questions and Answers 100% Pass Flipping is a scheme where several people each purchase a property within the neighborhood and then sell the properties to one another, inflating the price of the home with each sale. - Answer- False YTD paystubs will be requires from a borrower that is self-employed (schedule C) - Answer- False A borrower requesting a jumbo loan will qualify for an agency loan - Answer- False Trailing spouse income can be used for qualifying purp...

Xinnix SOAR Final Exam Questions and Answers 100% Pass 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 used by the borrower to in...

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

Xinnix 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- False A HELOC loan has an ...