XINNIX LATEST 2026 TEST PAPER QUESTIONS AND
SOLUTIONS RATED A+
✔✔Choose the correct relationship between the Name of the Report and mortgage
interest rate tendencies. - ✔✔When the CPI goes UP, Rates tend to go UP
When the GDP goes DOWN, rates tend to go DOWN
When the Unemployment Rate goes UP, rates tend to go DOWN
✔✔The following are types of renovation mortgages: - ✔✔FNMA HomeStyle, FHA
203(k)
✔✔Unemployment income can not be used as qualifying income - ✔✔False
✔✔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?
(FHLMC) - ✔✔$2,161.83
✔✔What is the maximum seller contribution allowed for an investment property at 80%
LTV? (FNMA/FHLMC) - ✔✔2%
✔✔Depreciation should be added to a borrower's income who owns several investment
properties. - ✔✔True
✔✔Based on a loan amount of $225,000, how many years will it take your customer to
break-even if they choose to pay 1.5% in discount points to secure an interest rate of
6.00% as opposed to zero points for a 6.25% rate? - ✔✔7.73 years
✔✔On an ARM, redisclosure of the Truth in Lending is required if the APR changes
more than _____%? - ✔✔.25
✔✔The maximum LTV for an FHA purchase is 97%. - ✔✔False
✔✔A program description contains the summary of eligibility requirements for a loan to
be sold to a specific lender/investor. - ✔✔True
✔✔Three different categories of non-US Citizens that may apply for a mortgage loan or
may not qualify are: - ✔✔Resident Aliens, Non-Resident Aliens, Foreign Nationals
✔✔What is the qualifying rate for a 5/1 ARM with a note rate of 3.75% and 2/6 caps?
The fully-indexed rate is 6.00% - ✔✔6.00%
, ✔✔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. - ✔✔True
✔✔The maximum LTV for an FHA cash-out refinance is 80% - ✔✔True
✔✔Income or losses derived from partnerships can be located on Schedule K-1 of a
borrower;s personal tax return. - ✔✔False
✔✔A borrower purchased a home on January 15th and is moving in on March 2nd. How
many days from purchase to move in? (For non-leap years only) - ✔✔46 days
✔✔What is the funding fee for a veteran who has not used his/her eligibility and plans
on purchasing a home with 5% down payment? - ✔✔1.65%
✔✔Desktop Underwriting (DU) would result in a decision of Approve/Ineligible on a loan
with excellent credit which qualifies as a jumbo loan program. - ✔✔True
✔✔HOA dues should be added to the PITI for the purpose of calculating ratios when
qualifying a borrower. - ✔✔True
✔✔A veteran has the ability to transfer a portion of their entitlement to another veteran.
- ✔✔False
✔✔A non-arm's length transaction occurs when the borrowers or any other party to the
transaction have a direct relationship with another party to the transaction (including, but
not limited to, the employer, lender, broker, or appraiser). - ✔✔True
✔✔The Correspondent Lender is the "end" lender in a mortgage banker's transaction -
✔✔True
✔✔Borrowers must meet income limits per USDA guidelines - ✔✔True
✔✔A borrower requesting a jumbo loan will qualify for an agency loan - ✔✔False
✔✔A borrower that is self-employed (Schedule C) will typically not be required to
provide a YTD paystub. - ✔✔True
✔✔Which agency allows a borrower to qualify at the start rate for qualifying on a fixed
rate with Buydown? - ✔✔NOT FNMA, FHA, or FHLMC so its VA
SOLUTIONS RATED A+
✔✔Choose the correct relationship between the Name of the Report and mortgage
interest rate tendencies. - ✔✔When the CPI goes UP, Rates tend to go UP
When the GDP goes DOWN, rates tend to go DOWN
When the Unemployment Rate goes UP, rates tend to go DOWN
✔✔The following are types of renovation mortgages: - ✔✔FNMA HomeStyle, FHA
203(k)
✔✔Unemployment income can not be used as qualifying income - ✔✔False
✔✔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?
(FHLMC) - ✔✔$2,161.83
✔✔What is the maximum seller contribution allowed for an investment property at 80%
LTV? (FNMA/FHLMC) - ✔✔2%
✔✔Depreciation should be added to a borrower's income who owns several investment
properties. - ✔✔True
✔✔Based on a loan amount of $225,000, how many years will it take your customer to
break-even if they choose to pay 1.5% in discount points to secure an interest rate of
6.00% as opposed to zero points for a 6.25% rate? - ✔✔7.73 years
✔✔On an ARM, redisclosure of the Truth in Lending is required if the APR changes
more than _____%? - ✔✔.25
✔✔The maximum LTV for an FHA purchase is 97%. - ✔✔False
✔✔A program description contains the summary of eligibility requirements for a loan to
be sold to a specific lender/investor. - ✔✔True
✔✔Three different categories of non-US Citizens that may apply for a mortgage loan or
may not qualify are: - ✔✔Resident Aliens, Non-Resident Aliens, Foreign Nationals
✔✔What is the qualifying rate for a 5/1 ARM with a note rate of 3.75% and 2/6 caps?
The fully-indexed rate is 6.00% - ✔✔6.00%
, ✔✔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. - ✔✔True
✔✔The maximum LTV for an FHA cash-out refinance is 80% - ✔✔True
✔✔Income or losses derived from partnerships can be located on Schedule K-1 of a
borrower;s personal tax return. - ✔✔False
✔✔A borrower purchased a home on January 15th and is moving in on March 2nd. How
many days from purchase to move in? (For non-leap years only) - ✔✔46 days
✔✔What is the funding fee for a veteran who has not used his/her eligibility and plans
on purchasing a home with 5% down payment? - ✔✔1.65%
✔✔Desktop Underwriting (DU) would result in a decision of Approve/Ineligible on a loan
with excellent credit which qualifies as a jumbo loan program. - ✔✔True
✔✔HOA dues should be added to the PITI for the purpose of calculating ratios when
qualifying a borrower. - ✔✔True
✔✔A veteran has the ability to transfer a portion of their entitlement to another veteran.
- ✔✔False
✔✔A non-arm's length transaction occurs when the borrowers or any other party to the
transaction have a direct relationship with another party to the transaction (including, but
not limited to, the employer, lender, broker, or appraiser). - ✔✔True
✔✔The Correspondent Lender is the "end" lender in a mortgage banker's transaction -
✔✔True
✔✔Borrowers must meet income limits per USDA guidelines - ✔✔True
✔✔A borrower requesting a jumbo loan will qualify for an agency loan - ✔✔False
✔✔A borrower that is self-employed (Schedule C) will typically not be required to
provide a YTD paystub. - ✔✔True
✔✔Which agency allows a borrower to qualify at the start rate for qualifying on a fixed
rate with Buydown? - ✔✔NOT FNMA, FHA, or FHLMC so its VA
