XINNIX FINAL EXAM UPDATED THIS YEAR WITH 200 QUESTIONS AND CORRECT ANSWERS WITH JUST RELEASED

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XINNIX FINAL EXAM UPDATED THIS YEAR WITH 200
QUESTIONS AND CORRECT ANSWERS WITH JUST RELEASED

Question: If student loan payment is deferred, it does not have to be included in the borrower's
ratios. - CORRECT ANSWER✔✔False


Question: Unrecorded business expenses can be located on form 2106 of a borrower's personal
tax return - CORRECT ANSWER✔✔True


Question: Revolving and open-end accounts can be limited from the debt ratio if the minimum
monthly payment will pay off the account in less than 10 months - CORRECT ANSWER✔✔False


Question: For a project to qualify as a PUD, each individual unit owner must have membership
and is required to pay mandatory assessments - CORRECT ANSWER✔✔True


Question: Except for high-cost areas, the maximum loan amount on a 1-unit, single family
residence is $726,200 - CORRECT ANSWER✔✔True


Question: Based on the following scenario, what is the borrower's qualifying ratios under
FHLMC guidelines? PITI: 3,350 Monthly Income: 8,350 Monthly Debt: 595 - CORRECT
ANSWER✔✔40.12/47.25


Question: Choose the factor below that can be used to offset severely derogatory credit: -
CORRECT ANSWER✔✔none of the above



Question: If a borrower's weekly income is $672 - CORRECT ANSWER✔✔2912




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Question: When adjusting a 1 year arm with 2/6 caps, the rate at the beginning of year 2 will be
determined by the start rate + annual cap or the fully indexed rate whichever is less - CORRECT
ANSWER✔✔True


Question: Which of the following loan options would be best for a borrower looking to stay in
the home for 3 years - CORRECT ANSWER✔✔3/1 ARM at 5.0% with caps of 2/6


Question: Using the information provided, answer the following FHA question: Sales Price =
$245,600 Interest Rate = 4.25% 30 year fixed Taxes = 1.5% Homeowners insurance = .3% what is
the PITI - CORRECT ANSWER✔✔Not 1554 or 1632


Question: If your borrower is being relocated and needs to close in 30 days, and their spouse
will not be moving for 3 months, the spouses income can be used to qualify - CORRECT
ANSWER✔✔False


Question: 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


Question: 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


Question: A HUD Consultant would not be required for an FHA 203(k) standard program -
CORRECT ANSWER✔✔False


Question: 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


Question: On an FHA 203(k) Limited program purchase, a borrower is allowed up to ___ for
repairs/ renovations. - CORRECT ANSWER✔✔35,000




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Question: A HELOC second mortgage may or may not be fully disbursed at closing. Typically, it
has a variable interest rate with an interest only payment. There is a designated draw period
and repayment period. - CORRECT ANSWER✔✔True


Question: FNMA and FHLMC define a large deposit as any single deposit that exceeds 50% of
the borrower's total monthly qualifying - CORRECT ANSWER✔✔True




Question: Which of the following statements are False? - CORRECT ANSWER✔✔A & B (The
"end lender in a mortgage banker's transaction is the wholesale lender.) and (The lender that
buys loans from a mortgage broker is called a correspondent lender.)


Question: When considering a FHLMC loan, the maximum allowable ratios for the owner
occupant when using a non occupant of borrower are 35/43 - CORRECT ANSWER✔✔True



Question: A 3-Year ARM adjusts every 3 years - CORRECT ANSWER✔✔True


Question: Judgements and tax liens are required to be paid off at or prior to loan closing -
CORRECT ANSWER✔✔True


Question: What is the PITI payment on a home priced at 360,000 with a 20% down payment,
5.5% interest rate over 30 years with 1.5% for annual taxes and .3% for hoi - CORRECT
ANSWER✔✔2175.23


Question: What is the largest house payment Ms. Joyce can have with her current income of
$92,650 per year considering she has a $525 car payment and $0 in credit cards - CORRECT
ANSWER✔✔2161.83


Question: FNMA and FHLMC are fully backed by the U.S. Government - CORRECT
ANSWER✔✔True



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