XINNIX GROUND SCHOOL EXAM
QUESTIONS & ANSWERS PASSED
100% LATEST VERSION
first-time homebuyer - Correct Answer ✔✔ Someone who has never owned a home
Move-up homebuyer - Correct Answer ✔✔ Currently owns, or has previously owned a
home and is looking to move up in price, location, size, etc.
Relocation Homebuyer - Correct Answer ✔✔ Purchasing a new home in a different city
or state due to job transfer or personal desire
Affluent homebuyer - Correct Answer ✔✔ Well seasoned in home buying process.
Knowledgeable, financially savvy, busy.
Empty-nester homebuyer - Correct Answer ✔✔ Experienced homebuyers looking to
downsize due to age and no dependent children.
Investor homebuyer - Correct Answer ✔✔ Well seasoned and knowledgeable about
mortgage process. Rate sensitive, smarter, potentially impatient and time sensitive.
Looking to close as quickly as possible.
End lender in mortgage banking - Correct Answer ✔✔ correspondent lender
End lender in mortgage brokering - Correct Answer ✔✔ wholesale lender
Correspondent lenders - Correct Answer ✔✔ purchase closed loans from banks and
mortgage bankers. Warehouse line of credit.
Wholesale lenders - Correct Answer ✔✔ Table fund at closing. All closing docs in name
of wholesale lender.
Fannie Mae (FNMA) - Correct Answer ✔✔ Federal National Mortgage Association
Freddie Mac (FHLMC) - Correct Answer ✔✔ Federal Home Loan Mortgage Corporation
FHA - Correct Answer ✔✔ Federal Housing Administration
VA - Correct Answer ✔✔ Veteran's Administration
, Non-agency loans - Correct Answer ✔✔ Comprise any loans not made by the 4 lending
agencies
Conforming loans - Correct Answer ✔✔ Any agency loan
Jumbo loan - Correct Answer ✔✔ Any conventional loan that is in excess of the loan
limits set by Fannie Mae and Freddie Mac. All jumbo loans are, by definition,
nonconforming; the reverse, however, is not true.
Conventional - Correct Answer ✔✔ A loan NOT insured by FHA or VA
Non-conforming - Correct Answer ✔✔ Any loan that does NOT conform to Freddie Mac
or Fannie Mae guidelines
URLA - Correct Answer ✔✔ Uniform residential loan application. 1003.
Construction loan - Correct Answer ✔✔ A short-term, interim loan for financing the cost
of construction. The lender makes payments to the builder at periodic intervals as the
work progresses.
Construction-permanent loan - Correct Answer ✔✔ Same as Construction loan except
that long-term financing replaces the interim financing upon home completion.
Primary residence (owner-occupied, principal residence) - Correct Answer ✔✔
Residence that the owner physically occupies
Secondary residence (second home) - Correct Answer ✔✔ Property purchased for
occupancy but not considered primary residence. Such as a vacation home.
Investment property (rental property) - Correct Answer ✔✔ Property purchased by
borrower with no intention to occupy and is instead used to establish rental income cash
flow.
Primary residence > Second home > Investment property - Correct Answer ✔✔ Risk of
default to lender rated lowest to highest based on property purpose.
Single Family Detached - Correct Answer ✔✔ A dwelling with no shared walls,
designed to be used by one household
Single Family attached - Correct Answer ✔✔ Two or more dwellings sharing a
common wall. Townhouses and condos
Condominium - Correct Answer ✔✔ A separate living unit joined together by like units
sharing common walls.
QUESTIONS & ANSWERS PASSED
100% LATEST VERSION
first-time homebuyer - Correct Answer ✔✔ Someone who has never owned a home
Move-up homebuyer - Correct Answer ✔✔ Currently owns, or has previously owned a
home and is looking to move up in price, location, size, etc.
Relocation Homebuyer - Correct Answer ✔✔ Purchasing a new home in a different city
or state due to job transfer or personal desire
Affluent homebuyer - Correct Answer ✔✔ Well seasoned in home buying process.
Knowledgeable, financially savvy, busy.
Empty-nester homebuyer - Correct Answer ✔✔ Experienced homebuyers looking to
downsize due to age and no dependent children.
Investor homebuyer - Correct Answer ✔✔ Well seasoned and knowledgeable about
mortgage process. Rate sensitive, smarter, potentially impatient and time sensitive.
Looking to close as quickly as possible.
End lender in mortgage banking - Correct Answer ✔✔ correspondent lender
End lender in mortgage brokering - Correct Answer ✔✔ wholesale lender
Correspondent lenders - Correct Answer ✔✔ purchase closed loans from banks and
mortgage bankers. Warehouse line of credit.
Wholesale lenders - Correct Answer ✔✔ Table fund at closing. All closing docs in name
of wholesale lender.
Fannie Mae (FNMA) - Correct Answer ✔✔ Federal National Mortgage Association
Freddie Mac (FHLMC) - Correct Answer ✔✔ Federal Home Loan Mortgage Corporation
FHA - Correct Answer ✔✔ Federal Housing Administration
VA - Correct Answer ✔✔ Veteran's Administration
, Non-agency loans - Correct Answer ✔✔ Comprise any loans not made by the 4 lending
agencies
Conforming loans - Correct Answer ✔✔ Any agency loan
Jumbo loan - Correct Answer ✔✔ Any conventional loan that is in excess of the loan
limits set by Fannie Mae and Freddie Mac. All jumbo loans are, by definition,
nonconforming; the reverse, however, is not true.
Conventional - Correct Answer ✔✔ A loan NOT insured by FHA or VA
Non-conforming - Correct Answer ✔✔ Any loan that does NOT conform to Freddie Mac
or Fannie Mae guidelines
URLA - Correct Answer ✔✔ Uniform residential loan application. 1003.
Construction loan - Correct Answer ✔✔ A short-term, interim loan for financing the cost
of construction. The lender makes payments to the builder at periodic intervals as the
work progresses.
Construction-permanent loan - Correct Answer ✔✔ Same as Construction loan except
that long-term financing replaces the interim financing upon home completion.
Primary residence (owner-occupied, principal residence) - Correct Answer ✔✔
Residence that the owner physically occupies
Secondary residence (second home) - Correct Answer ✔✔ Property purchased for
occupancy but not considered primary residence. Such as a vacation home.
Investment property (rental property) - Correct Answer ✔✔ Property purchased by
borrower with no intention to occupy and is instead used to establish rental income cash
flow.
Primary residence > Second home > Investment property - Correct Answer ✔✔ Risk of
default to lender rated lowest to highest based on property purpose.
Single Family Detached - Correct Answer ✔✔ A dwelling with no shared walls,
designed to be used by one household
Single Family attached - Correct Answer ✔✔ Two or more dwellings sharing a
common wall. Townhouses and condos
Condominium - Correct Answer ✔✔ A separate living unit joined together by like units
sharing common walls.
