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Xinnix Final Questions and Answers
Latest 2026
A veteran has the ability to transfer a portion of their
entitlement to another veteran.— Ans: False
1. Gross rent may be considered effective income when
an applicant is planning to rent their current residence
after closing on the purchase of their new home.— Ans:
False
Based on the following scenario, does the borrower
qualify within FNMA guidelines?
PITI: $1,725 monthly
Income: $7,000
Debt: $700 car payment, $375 student loan ($2,250
balance), $170 credit card payments ($1,530 balance—
Ans: No
YTD paystubs will be required from a borrower that is
self-employed (Schedule C).— Ans: False
The maximum LTV for an FHA purchase is 97%.— Ans:
False
If your borrower is being relocated and needs to close in
30-days, and their spouse will not be moving for 3
© 2025 All rights reserved
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months, the spouse's income can still be used to
qualify.— Ans: False
Based on the following scenario, does the borrower
qualify within the FHLMC guidelines?
PITI: $1,375 monthly
Income: $4,950 monthly
Debt: $350 car payment, $420 student loan ($4,500
balance), $75 credit card payments ($850 balance).— Ans:
No
One month of the borrower's current house payment
must be included when calculating the new loan amount
for a cash-out refinance— Ans: True
The qualifying rate for a 7/1 ARM is 2% above the start
rate.— Ans: False
Churning schemes usually involve falsified down
payment amounts and falsified appraisals.— Ans: False
A borrower can use a credit card to pay for their required
down payment— Ans: False
A borrower's income is a factor considered when
determining the principal limit (maximum loan amount)
for a reverse mortgage.— Ans: False
A 30-year conventional loan with an 87% LTV would
require 25% mortgage insurance coverage.— Ans: True
© 2025 All rights reserved
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A borrower that is self-employed (Schedule C) will
typically not be required to provide a YTD paystub.—
Ans: True
Loans with an LTV >80% will typically require mortgage
insurance. (FNMA/FHLMC)— Ans: True
A fixed-rate second mortgage has the loan amount fully
disbursed at closing. Monthly payments are amortized
over the term of the loan. Once the balance is paid off the
mortgage is closed.— Ans: True
A borrower must qualify at the note rate on a temporary
buydown, not the start rate.— Ans: True
A lender must notify an applicant of action taken within
30 days after receiving a completed application
concerning the lender's approval of, counteroffer to, or
adverse action on the application.— Ans: True
FNMA and FHLMC are fully backed by the U.S.
Government— Ans: True
The Correspondent Lender is the "end" lender in a
mortgage banker's transaction— Ans: True
A stand alone second mortgage is obtained separately
from a first mortgage.— Ans: True
Except for high-cost areas, the maximum loan amount on
a 1-unit, single family residence is $510,400.— Ans: True
© 2025 All rights reserved
Xinnix Final Questions and Answers
Latest 2026
A veteran has the ability to transfer a portion of their
entitlement to another veteran.— Ans: False
1. Gross rent may be considered effective income when
an applicant is planning to rent their current residence
after closing on the purchase of their new home.— Ans:
False
Based on the following scenario, does the borrower
qualify within FNMA guidelines?
PITI: $1,725 monthly
Income: $7,000
Debt: $700 car payment, $375 student loan ($2,250
balance), $170 credit card payments ($1,530 balance—
Ans: No
YTD paystubs will be required from a borrower that is
self-employed (Schedule C).— Ans: False
The maximum LTV for an FHA purchase is 97%.— Ans:
False
If your borrower is being relocated and needs to close in
30-days, and their spouse will not be moving for 3
© 2025 All rights reserved
, 2 | Page
months, the spouse's income can still be used to
qualify.— Ans: False
Based on the following scenario, does the borrower
qualify within the FHLMC guidelines?
PITI: $1,375 monthly
Income: $4,950 monthly
Debt: $350 car payment, $420 student loan ($4,500
balance), $75 credit card payments ($850 balance).— Ans:
No
One month of the borrower's current house payment
must be included when calculating the new loan amount
for a cash-out refinance— Ans: True
The qualifying rate for a 7/1 ARM is 2% above the start
rate.— Ans: False
Churning schemes usually involve falsified down
payment amounts and falsified appraisals.— Ans: False
A borrower can use a credit card to pay for their required
down payment— Ans: False
A borrower's income is a factor considered when
determining the principal limit (maximum loan amount)
for a reverse mortgage.— Ans: False
A 30-year conventional loan with an 87% LTV would
require 25% mortgage insurance coverage.— Ans: True
© 2025 All rights reserved
, 3 | Page
A borrower that is self-employed (Schedule C) will
typically not be required to provide a YTD paystub.—
Ans: True
Loans with an LTV >80% will typically require mortgage
insurance. (FNMA/FHLMC)— Ans: True
A fixed-rate second mortgage has the loan amount fully
disbursed at closing. Monthly payments are amortized
over the term of the loan. Once the balance is paid off the
mortgage is closed.— Ans: True
A borrower must qualify at the note rate on a temporary
buydown, not the start rate.— Ans: True
A lender must notify an applicant of action taken within
30 days after receiving a completed application
concerning the lender's approval of, counteroffer to, or
adverse action on the application.— Ans: True
FNMA and FHLMC are fully backed by the U.S.
Government— Ans: True
The Correspondent Lender is the "end" lender in a
mortgage banker's transaction— Ans: True
A stand alone second mortgage is obtained separately
from a first mortgage.— Ans: True
Except for high-cost areas, the maximum loan amount on
a 1-unit, single family residence is $510,400.— Ans: True
© 2025 All rights reserved
