Xinnix Final Exam 2026 Questions and
Answers 100% Pass Guaranteed
On an FHA loan the upfront MIP should be included when calculating cash-to-
close. - Correct answer-False
The borrower must have 5% of their own funds when putting 15% down on a
primary residence. (FNMA) - Correct answer-False
A 3-Year ARM adjusts every 3 years - Correct answer-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. - Correct answer-False
A HELOC loan has an interest only payment - Correct answer-True
A borrower paid semi-monthly and a borrower paid bi-weekly have the same
number of pay periods per year - Correct answer-False
FHA Case Numbers are tied to the property, not the borrower. - Correct answer-
True
©COPYRIGHT 2025, ALL RIGHTS RESERVE 1
,Judgments and tax liens are required to be paid off at or prior to loan closing.
(FNMA/FHLMC) - Correct answer-True
Unreimbursed business expenses can be located on Form 2106 of a borrower's
personal tax return. - Correct answer-True
HOA dues are included in the PITI calculation - Correct answer-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.... - 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.
VA sets their own maximum loan limits. - Correct answer-False
The monthly MI for an FHA loan is calculated by BASE Loan Amount x .85% /12
- Correct answer-True
Redisclosure of the Truth in Lending is required if the PAR changes more than
_____% on a fixed rate loan? - Correct answer-.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 - Correct answer-True
©COPYRIGHT 2025, ALL RIGHTS RESERVE 2
, A room addition is allowed under the FHA 203(k) Limited program. - Correct
answer-False
The maximum allowable ratios for an owner-occupant when using a non-occupant
co-borrower per FHLMC guidelines is ______________. - Correct answer-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 borrower's interest rate be for year 2 if the index
is at 4.25%? - Correct answer-6.25%
The builder must provide an appraisal certificate to the mortgage company on an
FHA new construction loan prior to closing. - Correct answer-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: - Correct answer-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? - Correct answer-3 business days
©COPYRIGHT 2025, ALL RIGHTS RESERVE 3
Answers 100% Pass Guaranteed
On an FHA loan the upfront MIP should be included when calculating cash-to-
close. - Correct answer-False
The borrower must have 5% of their own funds when putting 15% down on a
primary residence. (FNMA) - Correct answer-False
A 3-Year ARM adjusts every 3 years - Correct answer-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. - Correct answer-False
A HELOC loan has an interest only payment - Correct answer-True
A borrower paid semi-monthly and a borrower paid bi-weekly have the same
number of pay periods per year - Correct answer-False
FHA Case Numbers are tied to the property, not the borrower. - Correct answer-
True
©COPYRIGHT 2025, ALL RIGHTS RESERVE 1
,Judgments and tax liens are required to be paid off at or prior to loan closing.
(FNMA/FHLMC) - Correct answer-True
Unreimbursed business expenses can be located on Form 2106 of a borrower's
personal tax return. - Correct answer-True
HOA dues are included in the PITI calculation - Correct answer-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.... - 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.
VA sets their own maximum loan limits. - Correct answer-False
The monthly MI for an FHA loan is calculated by BASE Loan Amount x .85% /12
- Correct answer-True
Redisclosure of the Truth in Lending is required if the PAR changes more than
_____% on a fixed rate loan? - Correct answer-.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 - Correct answer-True
©COPYRIGHT 2025, ALL RIGHTS RESERVE 2
, A room addition is allowed under the FHA 203(k) Limited program. - Correct
answer-False
The maximum allowable ratios for an owner-occupant when using a non-occupant
co-borrower per FHLMC guidelines is ______________. - Correct answer-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 borrower's interest rate be for year 2 if the index
is at 4.25%? - Correct answer-6.25%
The builder must provide an appraisal certificate to the mortgage company on an
FHA new construction loan prior to closing. - Correct answer-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: - Correct answer-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? - Correct answer-3 business days
©COPYRIGHT 2025, ALL RIGHTS RESERVE 3
