XINNIX EXAM COMPREHENSIVE
QUESTIONS & ACCURATE ANSWERS
RATED 100% CORRECT
Loans with an LTV >80% will typically require mortgage insurance. (FNMA/FHLMC) -
Correct Answer ✔✔ True
What is the maximum seller contribution allowed for a primary residence at 95% LTV?
(FNMA/FHLMC) - Correct Answer ✔✔ 3%
On an ARM, redisclosure of the Truth in Lending is required if the APR changes more
than ____%? - Correct Answer ✔✔ .25
FHA loans have both a BASE Loan Amount and Total Loan Amount - Correct Answer
✔✔ True
A borrower's brother would like to give her money to help towards the down payment of
her new house. This would be considered _________ - Correct Answer ✔✔ 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.
A straw buyer is an individual who is paid to purchase a property and apply for a
mortgage for someone who is unable to qualify for a loan. - Correct Answer ✔✔ True
Desktop Underwriter (DU) would result in a decision of Approve/Ineligible on a loan with
excellent credit which qualifies as a jumbo loan program - Correct Answer ✔✔ True
If a borrower qualifies for an agency loan of $295,750, FHA is a viable loan option. -
Correct Answer ✔✔ True
Using the following information, answer the following conventional financed MI loan
question.
Sales Price = $185,000
Down Payment = 10%
Credit Score = 635
20-year Fixed Rate
Owner-occupied
What is the Total Loan Amount and MI Factor? - Correct Answer ✔✔ $169,.65%
As a pillar of relationship selling, to Know You means to have what? - Correct Answer
✔✔ Name recognition
, The following are types of renovation mortgages: - Correct Answer ✔✔ FNMA
HomeStyle, FHA 203(k)
Your borrower is paid $1,950 bi-weekly and has been on his job for three years. His wife
works part-time and makes $10.25/hour. She works 20 hours per week and has been
on her job for two years. What is their combined monthly income? - Correct Answer ✔✔
$5,113
Bi-weekly: $ x = 4225
Hourly: $ x # hours x = 888
Combined: 4225 + 888 = 5113
What is the maximum seller contribution allowed for an investment property at 80%
LTV? (FNMA/FHLMC) - Correct Answer ✔✔ 2%
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. - Correct Answer ✔✔ False.
The perpetrator purchases a piece of property and resells it quickly (often the same
day) at a much higher price.
Redisclosure of the Truth in Lending is required if the APR changes more than ____%?
- Correct Answer ✔✔ .125
If a borrower qualifies for an agency loan of $325,000, FNMA is a viable loan option. -
Correct Answer ✔✔ True
If the VA maximum entitlement has been changed by law, a veteran's COE may show
an available amount which is less than the VA maximum allowable entitlement. -
Correct Answer ✔✔ True
A veteran has the ability to transfer a portion of their entitlement to another veteran. -
Correct Answer ✔✔ False
A HUD consultant would not be required for an FHA 203(k) standard program. - Correct
Answer ✔✔ False
The maximum LTV for an FHA cash-out refinance is 85%. - Correct Answer ✔✔ False
(80%)
Using the information provided, answer the following question for conventional
financing:
Sales price = $248,500
Down payment = 10%
Seller Contribution = $4,500
Closing Costs = 2.5%
QUESTIONS & ACCURATE ANSWERS
RATED 100% CORRECT
Loans with an LTV >80% will typically require mortgage insurance. (FNMA/FHLMC) -
Correct Answer ✔✔ True
What is the maximum seller contribution allowed for a primary residence at 95% LTV?
(FNMA/FHLMC) - Correct Answer ✔✔ 3%
On an ARM, redisclosure of the Truth in Lending is required if the APR changes more
than ____%? - Correct Answer ✔✔ .25
FHA loans have both a BASE Loan Amount and Total Loan Amount - Correct Answer
✔✔ True
A borrower's brother would like to give her money to help towards the down payment of
her new house. This would be considered _________ - Correct Answer ✔✔ 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.
A straw buyer is an individual who is paid to purchase a property and apply for a
mortgage for someone who is unable to qualify for a loan. - Correct Answer ✔✔ True
Desktop Underwriter (DU) would result in a decision of Approve/Ineligible on a loan with
excellent credit which qualifies as a jumbo loan program - Correct Answer ✔✔ True
If a borrower qualifies for an agency loan of $295,750, FHA is a viable loan option. -
Correct Answer ✔✔ True
Using the following information, answer the following conventional financed MI loan
question.
Sales Price = $185,000
Down Payment = 10%
Credit Score = 635
20-year Fixed Rate
Owner-occupied
What is the Total Loan Amount and MI Factor? - Correct Answer ✔✔ $169,.65%
As a pillar of relationship selling, to Know You means to have what? - Correct Answer
✔✔ Name recognition
, The following are types of renovation mortgages: - Correct Answer ✔✔ FNMA
HomeStyle, FHA 203(k)
Your borrower is paid $1,950 bi-weekly and has been on his job for three years. His wife
works part-time and makes $10.25/hour. She works 20 hours per week and has been
on her job for two years. What is their combined monthly income? - Correct Answer ✔✔
$5,113
Bi-weekly: $ x = 4225
Hourly: $ x # hours x = 888
Combined: 4225 + 888 = 5113
What is the maximum seller contribution allowed for an investment property at 80%
LTV? (FNMA/FHLMC) - Correct Answer ✔✔ 2%
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. - Correct Answer ✔✔ False.
The perpetrator purchases a piece of property and resells it quickly (often the same
day) at a much higher price.
Redisclosure of the Truth in Lending is required if the APR changes more than ____%?
- Correct Answer ✔✔ .125
If a borrower qualifies for an agency loan of $325,000, FNMA is a viable loan option. -
Correct Answer ✔✔ True
If the VA maximum entitlement has been changed by law, a veteran's COE may show
an available amount which is less than the VA maximum allowable entitlement. -
Correct Answer ✔✔ True
A veteran has the ability to transfer a portion of their entitlement to another veteran. -
Correct Answer ✔✔ False
A HUD consultant would not be required for an FHA 203(k) standard program. - Correct
Answer ✔✔ False
The maximum LTV for an FHA cash-out refinance is 85%. - Correct Answer ✔✔ False
(80%)
Using the information provided, answer the following question for conventional
financing:
Sales price = $248,500
Down payment = 10%
Seller Contribution = $4,500
Closing Costs = 2.5%
