XINNIX EXAMINATION 2026 SET QUESTIONS AND
SOLUTIONS RATED A+
✔✔Unemployment income can not be used as qualifying income - ✔✔False
✔✔What is the largest house payment Ms. Joyce can have with her current income of
$92,650 per year considering she has a $525 car payment and $0 in credit cards?
(FHLMC) - ✔✔$2,161.83
✔✔What is the maximum seller contribution allowed for an investment property at 80%
LTV? (FNMA/FHLMC) - ✔✔2%
✔✔Depreciation should be added to a borrower's income who owns several investment
properties. - ✔✔True
✔✔Based on a loan amount of $225,000, how many years will it take your customer to
break-even if they choose to pay 1.5% in discount points to secure an interest rate of
6.00% as opposed to zero points for a 6.25% rate? - ✔✔7.73 years
✔✔On an ARM, redisclosure of the Truth in Lending is required if the APR changes
more than _____%? - ✔✔.25
✔✔The maximum LTV for an FHA purchase is 97%. - ✔✔False
✔✔A program description contains the summary of eligibility requirements for a loan to
be sold to a specific lender/investor. - ✔✔True
✔✔Three different categories of non-US Citizens that may apply for a mortgage loan or
may not qualify are: - ✔✔Resident Aliens, Non-Resident Aliens, Foreign Nationals
✔✔What is the qualifying rate for a 5/1 ARM with a note rate of 3.75% and 2/6 caps?
The fully-indexed rate is 6.00% - ✔✔6.00%
✔✔When adjusting a 1-Year ARM with 2/6 caps, the rate at the beginning of year 2 will
be determined by the Start Rate + Annual Cap or the Fully-indexed rate, whichever is
less. - ✔✔True
✔✔The maximum LTV for an FHA cash-out refinance is 80% - ✔✔True
✔✔Income or losses derived from partnerships can be located on Schedule K-1 of a
borrower;s personal tax return. - ✔✔False
, ✔✔A borrower purchased a home on January 15th and is moving in on March 2nd. How
many days from purchase to move in? (For non-leap years only) - ✔✔46 days
✔✔What is the funding fee for a veteran who has not used his/her eligibility and plans
on purchasing a home with 5% down payment? - ✔✔1.65%
✔✔Desktop Underwriting (DU) would result in a decision of Approve/Ineligible on a loan
with excellent credit which qualifies as a jumbo loan program. - ✔✔True
✔✔HOA dues should be added to the PITI for the purpose of calculating ratios when
qualifying a borrower. - ✔✔True
✔✔A veteran has the ability to transfer a portion of their entitlement to another veteran.
- ✔✔False
✔✔A non-arm's length transaction occurs when the borrowers or any other party to the
transaction have a direct relationship with another party to the transaction (including, but
not limited to, the employer, lender, broker, or appraiser). - ✔✔True
✔✔The Correspondent Lender is the "end" lender in a mortgage banker's transaction -
✔✔True
✔✔Borrowers must meet income limits per USDA guidelines - ✔✔True
✔✔A borrower requesting a jumbo loan will qualify for an agency loan - ✔✔False
✔✔A borrower that is self-employed (Schedule C) will typically not be required to
provide a YTD paystub. - ✔✔True
✔✔Which agency allows a borrower to qualify at the start rate for qualifying on a fixed
rate with Buydown? - ✔✔NOT FNMA, FHA, or FHLMC so its VA
✔✔A borrower's income is a factor considered when determining the principal limit
(maximum loan amount) for a reverse mortgage. - ✔✔False
✔✔An origination fee may be paid by the borrower on an FHA loan - ✔✔True
✔✔Churning schemes usually involve falsified down payment amounts and falsified
appraisals - ✔✔False
✔✔FNMA and FHLMC define a large deposit as any single deposit that exceeds 50% of
the borrower's total monthly qualifying - ✔✔True
SOLUTIONS RATED A+
✔✔Unemployment income can not be used as qualifying income - ✔✔False
✔✔What is the largest house payment Ms. Joyce can have with her current income of
$92,650 per year considering she has a $525 car payment and $0 in credit cards?
(FHLMC) - ✔✔$2,161.83
✔✔What is the maximum seller contribution allowed for an investment property at 80%
LTV? (FNMA/FHLMC) - ✔✔2%
✔✔Depreciation should be added to a borrower's income who owns several investment
properties. - ✔✔True
✔✔Based on a loan amount of $225,000, how many years will it take your customer to
break-even if they choose to pay 1.5% in discount points to secure an interest rate of
6.00% as opposed to zero points for a 6.25% rate? - ✔✔7.73 years
✔✔On an ARM, redisclosure of the Truth in Lending is required if the APR changes
more than _____%? - ✔✔.25
✔✔The maximum LTV for an FHA purchase is 97%. - ✔✔False
✔✔A program description contains the summary of eligibility requirements for a loan to
be sold to a specific lender/investor. - ✔✔True
✔✔Three different categories of non-US Citizens that may apply for a mortgage loan or
may not qualify are: - ✔✔Resident Aliens, Non-Resident Aliens, Foreign Nationals
✔✔What is the qualifying rate for a 5/1 ARM with a note rate of 3.75% and 2/6 caps?
The fully-indexed rate is 6.00% - ✔✔6.00%
✔✔When adjusting a 1-Year ARM with 2/6 caps, the rate at the beginning of year 2 will
be determined by the Start Rate + Annual Cap or the Fully-indexed rate, whichever is
less. - ✔✔True
✔✔The maximum LTV for an FHA cash-out refinance is 80% - ✔✔True
✔✔Income or losses derived from partnerships can be located on Schedule K-1 of a
borrower;s personal tax return. - ✔✔False
, ✔✔A borrower purchased a home on January 15th and is moving in on March 2nd. How
many days from purchase to move in? (For non-leap years only) - ✔✔46 days
✔✔What is the funding fee for a veteran who has not used his/her eligibility and plans
on purchasing a home with 5% down payment? - ✔✔1.65%
✔✔Desktop Underwriting (DU) would result in a decision of Approve/Ineligible on a loan
with excellent credit which qualifies as a jumbo loan program. - ✔✔True
✔✔HOA dues should be added to the PITI for the purpose of calculating ratios when
qualifying a borrower. - ✔✔True
✔✔A veteran has the ability to transfer a portion of their entitlement to another veteran.
- ✔✔False
✔✔A non-arm's length transaction occurs when the borrowers or any other party to the
transaction have a direct relationship with another party to the transaction (including, but
not limited to, the employer, lender, broker, or appraiser). - ✔✔True
✔✔The Correspondent Lender is the "end" lender in a mortgage banker's transaction -
✔✔True
✔✔Borrowers must meet income limits per USDA guidelines - ✔✔True
✔✔A borrower requesting a jumbo loan will qualify for an agency loan - ✔✔False
✔✔A borrower that is self-employed (Schedule C) will typically not be required to
provide a YTD paystub. - ✔✔True
✔✔Which agency allows a borrower to qualify at the start rate for qualifying on a fixed
rate with Buydown? - ✔✔NOT FNMA, FHA, or FHLMC so its VA
✔✔A borrower's income is a factor considered when determining the principal limit
(maximum loan amount) for a reverse mortgage. - ✔✔False
✔✔An origination fee may be paid by the borrower on an FHA loan - ✔✔True
✔✔Churning schemes usually involve falsified down payment amounts and falsified
appraisals - ✔✔False
✔✔FNMA and FHLMC define a large deposit as any single deposit that exceeds 50% of
the borrower's total monthly qualifying - ✔✔True
