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XINNIX FLIGHT SCHOOL Exam 2025 Questions and Answers The rate lock period for a refi, with a right of rescission, must be long enough to cover the rescission period. - --Answer --True How long does a borrower have to wait to buy a home after they have had a foreclosure? FHA - --Answer --3 years What are the steps you should follow to determine the correct MI? - -Answer --LTV, term, product type, occupancy type and coverage. Typically, files that have to be manually underwritten are subject to less strict guidelines. - --Answer --False You can always use an appraisal that was transferred from another lender, regardless of whether the loan is conventional, FHA, or VA. - --Answer -- False Whould you need tax returns from a borrower who is paid in the following manner? Total yearly income (base + commissions)=$50,000;commission varies each year. - --Answer --yes ....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 1