Xinnix Mock Exam Review With Questions And Answers 2023/2024 Quiz

(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. {Ans: } FalseWhat is the maximum seller contribution allowed for a primary residence below 75% LTV? (FNMA/FHLMC) {Ans: } 9%(T or F) DU does not consider non-occupant income as qualifying income {Ans: } True(T or F) HOA dues are included in the PITI calculation. {Ans: } FalseUsing the following information, answer the following conventional financed MI loan question. Sales Price = $185,000 Down Payment = 10% Credit Score = 635 20-year Fixed Owner-occupied What is the Total Loan Amount and MI Factor? {Ans: } $169,247/1.65%How many days must a borrower wait to close once they receive their initial disclosures? {Ans: } 7(T or F) The maximum LTV for an FHA cash-out refinance is 80%. {Ans: } TrueBased on the following scenario, does the borrower qualify within the FHLMC guidelines? PITI: $1,375 monthly Income: $4,950 monthly Debt: $350 car payment, $420 student loan ($4,500 balance), $75 credit card payments ($850 balance). {Ans: } No(T or F) A sole proprietor's net profit or loss can be located on Schedule C of their personal