Xinnix Quiz Questions 2025 with
Correct Answers
Ginnie Mae was wholly created to purchase government mortgages on the
secondary market - --Answer --false
which of the following was not a reason The Federal Housing Administration
(FHA) was created - --Answer --to simplify mortgage forms
match in order of creation - --Answer --1st-FNMA
2nd-GNMA
3rd-FHLMC
match the following - --Answer --FNMA-fannie mae
FHLMC-Freddie Mac
what allowed more conventional mortgages to be originated in the early 1970s with
less risk to the investor - --Answer --private mortgage insurance
fannie mae purchased FHA loans from mortgage bankers - --Answer --true
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 1
,which of the following statements about VA home loan programs is true - --
Answer --it allowed servicemen to purchase homes with as little as no down
payment
which of the following statements about FNMA is false - --Answer --it
insured mortgage companies against default
The consumer financial protection bureau was created to protect consumers - --
Answer --true
FNMA and FHLMC are backed by the US government - --Answer --true
why did adjustable rate mortgages become popular in 1980s - --Answer --
interest rates were high
a non agency loan must conform to FNMA guidelines - --Answer --false
agency loans do not include fha and va loans - --Answer --false
which of the following are agency products - --Answer --FNMA
FHLMC
FHA loans
VA loans
FNMA and FHLMC are - --Answer --conforming loans
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 2
,fannie mae has the implied backing of the federal government - --Answer --
true
which statement about conventional loans is true - --Answer --conventional
loans are not insured by the federal government
how many types of refinances are therw - --Answer --2
the proceeds from a cash out refinance loan may be used by the borrower to build
a new garage - --Answer --true
your borrowers are requesting a loan for the purpose of buying a home near the
local university to rent to students - --Answer --investment
what is the loan called that is obtained for the purpose of replacing the existing
mortgage - --Answer --refinance
contruction perm loans are offered by all lenders - --Answer --false
a beach house would more likely be described as - --Answer --a single family
detached property
in order for a property to qualify as a PUD, the fee charged must be mandatory - --
Answer --true
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 3
, with townhouses, you own the structure, the ground underneath, and the land in
front and in back of the structure - --Answer --true
if the roof of a townhouse needs new shingles, who is responsible - --
Answer --the owener
if you own a condo and a tree falls down in the yard outside your unit, who is
responsible for making arrangements to remove it - --Answer --the
homeowners association (HOA)
condominium fees are included in the monthly ratio(s0 when qualifying a borrower
- --Answer --true
who elects the officers of a homeowners association - --Answer --the
homeowners
townhouses are joined together by common walls - --Answer --true
what type of residence has three separate units located in one building, under one
roof - --Answer --2-4 family
with condos, you own the title to the land - --Answer --false
with 5/1 arms, you typically qualify based on START rate - --Answer --false
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 4
Correct Answers
Ginnie Mae was wholly created to purchase government mortgages on the
secondary market - --Answer --false
which of the following was not a reason The Federal Housing Administration
(FHA) was created - --Answer --to simplify mortgage forms
match in order of creation - --Answer --1st-FNMA
2nd-GNMA
3rd-FHLMC
match the following - --Answer --FNMA-fannie mae
FHLMC-Freddie Mac
what allowed more conventional mortgages to be originated in the early 1970s with
less risk to the investor - --Answer --private mortgage insurance
fannie mae purchased FHA loans from mortgage bankers - --Answer --true
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 1
,which of the following statements about VA home loan programs is true - --
Answer --it allowed servicemen to purchase homes with as little as no down
payment
which of the following statements about FNMA is false - --Answer --it
insured mortgage companies against default
The consumer financial protection bureau was created to protect consumers - --
Answer --true
FNMA and FHLMC are backed by the US government - --Answer --true
why did adjustable rate mortgages become popular in 1980s - --Answer --
interest rates were high
a non agency loan must conform to FNMA guidelines - --Answer --false
agency loans do not include fha and va loans - --Answer --false
which of the following are agency products - --Answer --FNMA
FHLMC
FHA loans
VA loans
FNMA and FHLMC are - --Answer --conforming loans
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 2
,fannie mae has the implied backing of the federal government - --Answer --
true
which statement about conventional loans is true - --Answer --conventional
loans are not insured by the federal government
how many types of refinances are therw - --Answer --2
the proceeds from a cash out refinance loan may be used by the borrower to build
a new garage - --Answer --true
your borrowers are requesting a loan for the purpose of buying a home near the
local university to rent to students - --Answer --investment
what is the loan called that is obtained for the purpose of replacing the existing
mortgage - --Answer --refinance
contruction perm loans are offered by all lenders - --Answer --false
a beach house would more likely be described as - --Answer --a single family
detached property
in order for a property to qualify as a PUD, the fee charged must be mandatory - --
Answer --true
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 3
, with townhouses, you own the structure, the ground underneath, and the land in
front and in back of the structure - --Answer --true
if the roof of a townhouse needs new shingles, who is responsible - --
Answer --the owener
if you own a condo and a tree falls down in the yard outside your unit, who is
responsible for making arrangements to remove it - --Answer --the
homeowners association (HOA)
condominium fees are included in the monthly ratio(s0 when qualifying a borrower
- --Answer --true
who elects the officers of a homeowners association - --Answer --the
homeowners
townhouses are joined together by common walls - --Answer --true
what type of residence has three separate units located in one building, under one
roof - --Answer --2-4 family
with condos, you own the title to the land - --Answer --false
with 5/1 arms, you typically qualify based on START rate - --Answer --false
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 4
