XINNIX GROUND SCHOOL
COMPREHENSIVE EXAMS SET 2026 TEST
PAPER QUESTIONS AND SOLUTIONS
VERIFIED GRADED A+
⩥ The borrower must have 5% of their own funds when putting 15%
down on a primary residence. (FNMA).
Answer: False
⩥ A 3-Year ARM adjusts every 3 years.
Answer: True
⩥ 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..
Answer: False
⩥ A HELOC loan has an interest only payment.
Answer: True
⩥ A borrower paid semi-monthly and a borrower paid bi-weekly have
the same number of pay periods per year.
Answer: False
, ⩥ FHA Case Numbers are tied to the property, not the borrower..
Answer: True
⩥ Judgments and tax liens are required to be paid off at or prior to loan
closing. (FNMA/FHLMC).
Answer: True
⩥ Unreimbursed business expenses can be located on Form 2106 of a
borrower's personal tax return..
Answer: True
⩥ HOA dues are included in the PITI calculation.
Answer: False
⩥ A borrower's brother would like to give her money to help towards the
down payment of her new house. This would be considered.....
Answer: A gift from a relative and would require a gift letter, as well as
proof that the funds have been transferred to the borrower's account.
⩥ VA sets their own maximum loan limits..
Answer: False
COMPREHENSIVE EXAMS SET 2026 TEST
PAPER QUESTIONS AND SOLUTIONS
VERIFIED GRADED A+
⩥ The borrower must have 5% of their own funds when putting 15%
down on a primary residence. (FNMA).
Answer: False
⩥ A 3-Year ARM adjusts every 3 years.
Answer: True
⩥ 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..
Answer: False
⩥ A HELOC loan has an interest only payment.
Answer: True
⩥ A borrower paid semi-monthly and a borrower paid bi-weekly have
the same number of pay periods per year.
Answer: False
, ⩥ FHA Case Numbers are tied to the property, not the borrower..
Answer: True
⩥ Judgments and tax liens are required to be paid off at or prior to loan
closing. (FNMA/FHLMC).
Answer: True
⩥ Unreimbursed business expenses can be located on Form 2106 of a
borrower's personal tax return..
Answer: True
⩥ HOA dues are included in the PITI calculation.
Answer: False
⩥ A borrower's brother would like to give her money to help towards the
down payment of her new house. This would be considered.....
Answer: A gift from a relative and would require a gift letter, as well as
proof that the funds have been transferred to the borrower's account.
⩥ VA sets their own maximum loan limits..
Answer: False
