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Xinnix Final Exam Questions and
Answers Latest 2026
On an FHA loan the upfront MIP should be included when
calculating cash-to-close.— Ans: False
The borrower must have 5% of their own funds when
putting 15% down on a primary residence. (FNMA)— Ans:
False
A 3-Year ARM adjusts every 3 years— Ans: 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.— Ans: False
A HELOC loan has an interest only payment— Ans: True
A borrower paid semi-monthly and a borrower paid bi-
weekly have the same number of pay periods per year—
Ans: False
FHA Case Numbers are tied to the property, not the
borrower.— Ans: True
Judgments and tax liens are required to be paid off at or
prior to loan closing. (FNMA/FHLMC)— Ans: True
Unreimbursed business expenses can be located on Form
2106 of a borrower's personal tax return.— Ans: True
© 2025 All rights reserved
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HOA dues are included in the PITI calculation— Ans:
False
A borrower's brother would like to give her money to
help towards the down payment of her new house. This
would be considered....— Ans: A gift from a relative and
would require a gift letter, as well as proof that the funds
have been transferred to the borrower's account.
VA sets their own maximum loan limits.— Ans: False
The monthly MI for an FHA loan is calculated by BASE
Loan Amount x .85% /12— Ans: True
Redisclosure of the Truth in Lending is required if the
PAR changes more than _____% on a fixed rate loan?—
Ans: .125
If a veteran has previously used their VA entitlement and
it has not yet been restored, their COE may show an
available amount which is less that the VA maximum
allowable entitlement— Ans: True
A room addition is allowed under the FHA 203(k) Limited
program.— Ans: False
The maximum allowable ratios for an owner-occupant
when using a non-occupant co-borrower per FHLMC
guidelines is ______________.— Ans: 35/43
A borrower is considering a 1-year ARM with a note rate
of 4.25%, 2/6 caps and a margin of 2.5%. What would the
© 2025 All rights reserved
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borrower's interest rate be for year 2 if the index is at
4.25%?— Ans: 6.25%
The builder must provide an appraisal certificate to the
mortgage company on an FHA new construction loan
prior to closing.— Ans: False
All of the following documents must be provided by the
builder to the mortgage company on an FHA new
construction loan prior to the loan being cleared to close
EXCEPT:— Ans: Appraisal Certificate
MUST BE PROVIDED: Certificate of Occupancy, Builder's
1-Year Warranty, Insulation Certificate
After the borrower submits a complete loan application,
the LE must be delivered or placed in the mail within how
many days?— Ans: 3 business days
Which document is not necessary for the builder provide
to the mortgage company on an FHA new construction
loan prior to the loan being cleared to close?— Ans:
Appraisal Certificate
Ms. Armstrong is paid an hourly wage of $17.50. She
receives time and a half for overtime (more than 40 hours
per week) and has been averaging 50 hours every week,
since starting with the company five years ago. Her
current paystub from 7/15 of this year shows a YTD
gross income of $26,260. Her W2 from last year shows
$48,048 and the year before shows $46,116.
© 2025 All rights reserved
Xinnix Final Exam Questions and
Answers Latest 2026
On an FHA loan the upfront MIP should be included when
calculating cash-to-close.— Ans: False
The borrower must have 5% of their own funds when
putting 15% down on a primary residence. (FNMA)— Ans:
False
A 3-Year ARM adjusts every 3 years— Ans: 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.— Ans: False
A HELOC loan has an interest only payment— Ans: True
A borrower paid semi-monthly and a borrower paid bi-
weekly have the same number of pay periods per year—
Ans: False
FHA Case Numbers are tied to the property, not the
borrower.— Ans: True
Judgments and tax liens are required to be paid off at or
prior to loan closing. (FNMA/FHLMC)— Ans: True
Unreimbursed business expenses can be located on Form
2106 of a borrower's personal tax return.— Ans: True
© 2025 All rights reserved
, 2 | Page
HOA dues are included in the PITI calculation— Ans:
False
A borrower's brother would like to give her money to
help towards the down payment of her new house. This
would be considered....— Ans: A gift from a relative and
would require a gift letter, as well as proof that the funds
have been transferred to the borrower's account.
VA sets their own maximum loan limits.— Ans: False
The monthly MI for an FHA loan is calculated by BASE
Loan Amount x .85% /12— Ans: True
Redisclosure of the Truth in Lending is required if the
PAR changes more than _____% on a fixed rate loan?—
Ans: .125
If a veteran has previously used their VA entitlement and
it has not yet been restored, their COE may show an
available amount which is less that the VA maximum
allowable entitlement— Ans: True
A room addition is allowed under the FHA 203(k) Limited
program.— Ans: False
The maximum allowable ratios for an owner-occupant
when using a non-occupant co-borrower per FHLMC
guidelines is ______________.— Ans: 35/43
A borrower is considering a 1-year ARM with a note rate
of 4.25%, 2/6 caps and a margin of 2.5%. What would the
© 2025 All rights reserved
, 3 | Page
borrower's interest rate be for year 2 if the index is at
4.25%?— Ans: 6.25%
The builder must provide an appraisal certificate to the
mortgage company on an FHA new construction loan
prior to closing.— Ans: False
All of the following documents must be provided by the
builder to the mortgage company on an FHA new
construction loan prior to the loan being cleared to close
EXCEPT:— Ans: Appraisal Certificate
MUST BE PROVIDED: Certificate of Occupancy, Builder's
1-Year Warranty, Insulation Certificate
After the borrower submits a complete loan application,
the LE must be delivered or placed in the mail within how
many days?— Ans: 3 business days
Which document is not necessary for the builder provide
to the mortgage company on an FHA new construction
loan prior to the loan being cleared to close?— Ans:
Appraisal Certificate
Ms. Armstrong is paid an hourly wage of $17.50. She
receives time and a half for overtime (more than 40 hours
per week) and has been averaging 50 hours every week,
since starting with the company five years ago. Her
current paystub from 7/15 of this year shows a YTD
gross income of $26,260. Her W2 from last year shows
$48,048 and the year before shows $46,116.
© 2025 All rights reserved
