XINNIX CORE EXAM TEST 2026 QUESTIONS AND
SOLUTIONS RATED A+
✔✔Interest and dividend income for a borrower can be located on Schedule B of their
tax returns. - ✔✔Response: True
Feedback: See Course 8, Lesson 5
✔✔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. - ✔✔Response: True
Feedback: See Course 6, Lesson 1
✔✔YTD paystubs will be required from a borrower that is self-employed (Schedule C). -
✔✔Response: False
Feedback: See Course 8, Lesson 5
✔✔If a borrower qualifies for an agency loan of $325,000, FNMA is a viable loan option.
- ✔✔Response: True
Feedback: See Course 4, Lesson 1
✔✔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: - ✔✔Response: Appraisal Certificate
Feedback: See Course 5, Lesson 2
✔✔Using the information provided, answer the following maximum cash-out question
using FNMA:
Value = $195,000
Current balance = $127,500
Current payment = $1,135
Closing Costs = 2.5%
Prepaids = 1%
What is the maximum cash the borrower would receive? - ✔✔Response: $21,515
Feedback: See Course 4, Lesson 6
✔✔Which is the correct coverage requirement, monthly MI factor and monthly MI
payment based on the following scenario:
$145,000 sales price
$20,000 down payment
5/1 ARM with 2/6 caps 30-year amortization
Agency loan
Primary residence - ✔✔Response: 25% / .62% / $64.58
Feedback: See Course 3, Lesson 3
, ✔✔How many discount points does a 2/1 buydown typically cost? - ✔✔Response: 2.5
Feedback: See Course 2, Lesson 1
✔✔A room addition is allowed under the FHA 203(k) Limited program. - ✔✔Response:
False
Feedback: See Course 7, Lesson 1
✔✔Closing dates and disbursement dates will be the same date on a refinance loan. -
✔✔Response: False
Feedback: See Course 9, Lesson 8
✔✔The builder must provide an appraisal certificate to the mortgage company on an
FHA new construction loan prior to closing. - ✔✔Response: False
Feedback: See Course 5, Lesson 2
✔✔Churning schemes usually involve falsified down payment amounts and falsified
appraisals. - ✔✔Response: False
Feedback: See Course 9, Lesson 1
✔✔A borrower requesting a jumbo loan will qualify for an agency loan. - ✔✔Response:
False
Feedback: See Course 4, Lesson 1
✔✔A Loan Officer would perform all of the following functions EXCEPT: - ✔✔Response:
Approve the loan
Feedback: See Course 8, Lesson 1
✔✔Borrowers must meet income limits per USDA guidelines. - ✔✔Response: True
Feedback: See Course 7, Lesson 3
✔✔If your borrower is being relocated and needs to close in 30-days, and their spouse
will not be moving for 3 months, the spouse's income can be used to qualify. -
✔✔Response: False
Feedback: See Course 4, Lesson 4
✔✔A simultaneous second mortgage is obtained at the same time as a first mortgage. -
✔✔Response: True
Feedback: See Course 3, Lesson 5
✔✔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. - ✔✔Response: True
Feedback: See Course 9, Lesson 1
SOLUTIONS RATED A+
✔✔Interest and dividend income for a borrower can be located on Schedule B of their
tax returns. - ✔✔Response: True
Feedback: See Course 8, Lesson 5
✔✔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. - ✔✔Response: True
Feedback: See Course 6, Lesson 1
✔✔YTD paystubs will be required from a borrower that is self-employed (Schedule C). -
✔✔Response: False
Feedback: See Course 8, Lesson 5
✔✔If a borrower qualifies for an agency loan of $325,000, FNMA is a viable loan option.
- ✔✔Response: True
Feedback: See Course 4, Lesson 1
✔✔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: - ✔✔Response: Appraisal Certificate
Feedback: See Course 5, Lesson 2
✔✔Using the information provided, answer the following maximum cash-out question
using FNMA:
Value = $195,000
Current balance = $127,500
Current payment = $1,135
Closing Costs = 2.5%
Prepaids = 1%
What is the maximum cash the borrower would receive? - ✔✔Response: $21,515
Feedback: See Course 4, Lesson 6
✔✔Which is the correct coverage requirement, monthly MI factor and monthly MI
payment based on the following scenario:
$145,000 sales price
$20,000 down payment
5/1 ARM with 2/6 caps 30-year amortization
Agency loan
Primary residence - ✔✔Response: 25% / .62% / $64.58
Feedback: See Course 3, Lesson 3
, ✔✔How many discount points does a 2/1 buydown typically cost? - ✔✔Response: 2.5
Feedback: See Course 2, Lesson 1
✔✔A room addition is allowed under the FHA 203(k) Limited program. - ✔✔Response:
False
Feedback: See Course 7, Lesson 1
✔✔Closing dates and disbursement dates will be the same date on a refinance loan. -
✔✔Response: False
Feedback: See Course 9, Lesson 8
✔✔The builder must provide an appraisal certificate to the mortgage company on an
FHA new construction loan prior to closing. - ✔✔Response: False
Feedback: See Course 5, Lesson 2
✔✔Churning schemes usually involve falsified down payment amounts and falsified
appraisals. - ✔✔Response: False
Feedback: See Course 9, Lesson 1
✔✔A borrower requesting a jumbo loan will qualify for an agency loan. - ✔✔Response:
False
Feedback: See Course 4, Lesson 1
✔✔A Loan Officer would perform all of the following functions EXCEPT: - ✔✔Response:
Approve the loan
Feedback: See Course 8, Lesson 1
✔✔Borrowers must meet income limits per USDA guidelines. - ✔✔Response: True
Feedback: See Course 7, Lesson 3
✔✔If your borrower is being relocated and needs to close in 30-days, and their spouse
will not be moving for 3 months, the spouse's income can be used to qualify. -
✔✔Response: False
Feedback: See Course 4, Lesson 4
✔✔A simultaneous second mortgage is obtained at the same time as a first mortgage. -
✔✔Response: True
Feedback: See Course 3, Lesson 5
✔✔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. - ✔✔Response: True
Feedback: See Course 9, Lesson 1
