XINNIX LATEST 2026 EXAM QUESTIONS AND SOLUTIONS
RATED A+
✔✔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. - ✔✔True
✔✔What is the maximum seller contribution allowed for an investment property at 80%
LTV (FNMA/FHLMC) - ✔✔2%
✔✔After the borrower submits a complete loan application, the LE must be delivered or
placed in the mail within how may days? - ✔✔3 Business days
✔✔How many discount points does a 2/1 buydown typically cost? - ✔✔2.5
✔✔FNMA and FHLMC define a large deposit as any single deposit that exceeds 50% of
the borrower's total monthly qualifying income - ✔✔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 - ✔✔True
✔✔Which agency allows a borrower to qualify at the start rate for qualifying on a fixed
rate with Buydown? - ✔✔None of the above
✔✔Unreimbursed business expenses can be located on Form 2106 of a borrower's
personal tax return - ✔✔True
✔✔If the term of an ARM is 5 years or less, the qualifying rate is the Start Rate + 2% or
the fully-indexed rate, which ever is greater. - ✔✔True
✔✔Income from real estate or royalties can be located on Schedule E part 1 of a
borrower's personal tax return. - ✔✔True
✔✔Interest and dividend income for a borrower can be located on Schedule B of their
tax returns. - ✔✔True
✔✔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
, ✔✔If the VA maximum entitlement has been changed by law, a veteran's COE may
show an available amount which is less than the VA maximum allowable entitlement. -
✔✔True
✔✔a stand alone second mortgage is obtained separately from a first mortgage -
✔✔true
✔✔A sole proprietor's net profit or loss can be located on Schedule C of their personal
tax return - ✔✔true
✔✔Rate Adjustments listed on a Mortgage Insurance company's rate card are added to
or subtracted from the monthly MI factor. - ✔✔True
✔✔FHLMC qualifying ratios are 28/36 - ✔✔true
✔✔A veteran may exchange a portion of their entitlement for cash - ✔✔False
✔✔A 3/1 ARM will have an initial fixed rate for 3 years, then adjust annually - ✔✔True
✔✔The funding fee for an active duty veteran who has previously used their eligibility
and is purchasing a home with zero down is 3.60 - ✔✔True
✔✔A 3-Year ARM adjust every 3 years. - ✔✔true
✔✔A veteran may be exempt from the funding fee is he/she - ✔✔receives benefits for a
service related disability
✔✔A program description contains the summary of eligibility requirements for a loan to
be sold to a specific lender/investor - ✔✔True
✔✔Choose the correct relationship between the Name of the Report and mortgage
interest rate tendencies. (Choose all that apply) - ✔✔CPI: If UP = UP If DOWN =
DOWN
GDP: If UP = UP If DOWN = DOWN
Housing Starts: If UP = UP If DOWN = DOWN
✔✔Which type of letter would be best for a borrower who has officially applied for the
mortgage, provided the paystubs, bank statements and w-2s, but not yet made an offer
on property? - ✔✔Pre-Qualification Letter
✔✔Most agents add the stipulation that the borrower is to provide a commitment letter
within 10 days of the accepted sales contract. This is more a formality to make sure the
RATED A+
✔✔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. - ✔✔True
✔✔What is the maximum seller contribution allowed for an investment property at 80%
LTV (FNMA/FHLMC) - ✔✔2%
✔✔After the borrower submits a complete loan application, the LE must be delivered or
placed in the mail within how may days? - ✔✔3 Business days
✔✔How many discount points does a 2/1 buydown typically cost? - ✔✔2.5
✔✔FNMA and FHLMC define a large deposit as any single deposit that exceeds 50% of
the borrower's total monthly qualifying income - ✔✔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 - ✔✔True
✔✔Which agency allows a borrower to qualify at the start rate for qualifying on a fixed
rate with Buydown? - ✔✔None of the above
✔✔Unreimbursed business expenses can be located on Form 2106 of a borrower's
personal tax return - ✔✔True
✔✔If the term of an ARM is 5 years or less, the qualifying rate is the Start Rate + 2% or
the fully-indexed rate, which ever is greater. - ✔✔True
✔✔Income from real estate or royalties can be located on Schedule E part 1 of a
borrower's personal tax return. - ✔✔True
✔✔Interest and dividend income for a borrower can be located on Schedule B of their
tax returns. - ✔✔True
✔✔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
, ✔✔If the VA maximum entitlement has been changed by law, a veteran's COE may
show an available amount which is less than the VA maximum allowable entitlement. -
✔✔True
✔✔a stand alone second mortgage is obtained separately from a first mortgage -
✔✔true
✔✔A sole proprietor's net profit or loss can be located on Schedule C of their personal
tax return - ✔✔true
✔✔Rate Adjustments listed on a Mortgage Insurance company's rate card are added to
or subtracted from the monthly MI factor. - ✔✔True
✔✔FHLMC qualifying ratios are 28/36 - ✔✔true
✔✔A veteran may exchange a portion of their entitlement for cash - ✔✔False
✔✔A 3/1 ARM will have an initial fixed rate for 3 years, then adjust annually - ✔✔True
✔✔The funding fee for an active duty veteran who has previously used their eligibility
and is purchasing a home with zero down is 3.60 - ✔✔True
✔✔A 3-Year ARM adjust every 3 years. - ✔✔true
✔✔A veteran may be exempt from the funding fee is he/she - ✔✔receives benefits for a
service related disability
✔✔A program description contains the summary of eligibility requirements for a loan to
be sold to a specific lender/investor - ✔✔True
✔✔Choose the correct relationship between the Name of the Report and mortgage
interest rate tendencies. (Choose all that apply) - ✔✔CPI: If UP = UP If DOWN =
DOWN
GDP: If UP = UP If DOWN = DOWN
Housing Starts: If UP = UP If DOWN = DOWN
✔✔Which type of letter would be best for a borrower who has officially applied for the
mortgage, provided the paystubs, bank statements and w-2s, but not yet made an offer
on property? - ✔✔Pre-Qualification Letter
✔✔Most agents add the stipulation that the borrower is to provide a commitment letter
within 10 days of the accepted sales contract. This is more a formality to make sure the
