XINNIX FINAL EXAM QUESTIONS AND
VERIFIED ANSWERS 2026
On an FHA loan the upfront MIP should be included when calculating cash-to-close. -
ANSWERSFalse
The borrower must have 5% of their own funds when putting 15% down on a primary
residence. (FNMA) - ANSWERSFalse
A 3-Year ARM adjusts every 3 years - ANSWERSTrue
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. - ANSWERSFalse
A HELOC loan has an interest only payment - ANSWERSTrue
A borrower paid semi-monthly and a borrower paid bi-weekly have the same number of
pay periods per year - ANSWERSFalse
FHA Case Numbers are tied to the property, not the borrower. - ANSWERSTrue
Judgments and tax liens are required to be paid off at or prior to loan closing.
(FNMA/FHLMC) - ANSWERSTrue
Unreimbursed business expenses can be located on Form 2106 of a borrower's
personal tax return. - ANSWERSTrue
HOA dues are included in the PITI calculation - ANSWERSFalse
A borrower's brother would like to give her money to help towards the down payment of
her new house. This would be considered.... - ANSWERSA 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. - ANSWERSFalse
The monthly MI for an FHA loan is calculated by BASE Loan Amount x .85% /12 -
ANSWERSTrue
Redisclosure of the Truth in Lending is required if the PAR changes more than _____%
on a fixed rate loan? - ANSWERS.125
, 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 - ANSWERSTrue
A room addition is allowed under the FHA 203(k) Limited program. - ANSWERSFalse
The maximum allowable ratios for an owner-occupant when using a non-occupant co-
borrower per FHLMC guidelines is ______________. - ANSWERS35/43
A borrower is considering a 1-year ARM with a note rate of 4.25%, 2/6 caps and a
margin of 2.5%. What would the borrower's interest rate be for year 2 if the index is at
4.25%? - ANSWERS6.25%
The builder must provide an appraisal certificate to the mortgage company on an FHA
new construction loan prior to closing. - ANSWERSFalse
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: - ANSWERSAppraisal Certificate
MUST BE PROVIDED: Certificate of Occupancy, Builder's 1-Year Warranty, Insulation
Certificate
After the borrower submits a complete loan application, the LE must be delivered or
placed in the mail within how many days? - ANSWERS3 business days
Which document is not necessary for the builder provide to the mortgage company on
an FHA new construction loan prior to the loan being cleared to close? -
ANSWERSAppraisal Certificate
Ms. Armstrong is paid an hourly wage of $17.50. She receives time and a half for
overtime (more than 40 hours per week) and has been averaging 50 hours every week,
since starting with the company five years ago. Her current paystub from 7/15 of this
year shows a YTD gross income of $26,260. Her W2 from last year shows $48,048 and
the year before shows $46,116.
What is the monthly base income and monthly overtime income that would be entered
on the 1003? (Overtime not guaranteed) - ANSWERS$3033/$915
Choose the correct relationship between the Name of the Report and mortgage interest
rate tendencies. - ANSWERSWhen 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: - ANSWERSFNMA HomeStyle, FHA
203(k)
VERIFIED ANSWERS 2026
On an FHA loan the upfront MIP should be included when calculating cash-to-close. -
ANSWERSFalse
The borrower must have 5% of their own funds when putting 15% down on a primary
residence. (FNMA) - ANSWERSFalse
A 3-Year ARM adjusts every 3 years - ANSWERSTrue
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. - ANSWERSFalse
A HELOC loan has an interest only payment - ANSWERSTrue
A borrower paid semi-monthly and a borrower paid bi-weekly have the same number of
pay periods per year - ANSWERSFalse
FHA Case Numbers are tied to the property, not the borrower. - ANSWERSTrue
Judgments and tax liens are required to be paid off at or prior to loan closing.
(FNMA/FHLMC) - ANSWERSTrue
Unreimbursed business expenses can be located on Form 2106 of a borrower's
personal tax return. - ANSWERSTrue
HOA dues are included in the PITI calculation - ANSWERSFalse
A borrower's brother would like to give her money to help towards the down payment of
her new house. This would be considered.... - ANSWERSA 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. - ANSWERSFalse
The monthly MI for an FHA loan is calculated by BASE Loan Amount x .85% /12 -
ANSWERSTrue
Redisclosure of the Truth in Lending is required if the PAR changes more than _____%
on a fixed rate loan? - ANSWERS.125
, 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 - ANSWERSTrue
A room addition is allowed under the FHA 203(k) Limited program. - ANSWERSFalse
The maximum allowable ratios for an owner-occupant when using a non-occupant co-
borrower per FHLMC guidelines is ______________. - ANSWERS35/43
A borrower is considering a 1-year ARM with a note rate of 4.25%, 2/6 caps and a
margin of 2.5%. What would the borrower's interest rate be for year 2 if the index is at
4.25%? - ANSWERS6.25%
The builder must provide an appraisal certificate to the mortgage company on an FHA
new construction loan prior to closing. - ANSWERSFalse
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: - ANSWERSAppraisal Certificate
MUST BE PROVIDED: Certificate of Occupancy, Builder's 1-Year Warranty, Insulation
Certificate
After the borrower submits a complete loan application, the LE must be delivered or
placed in the mail within how many days? - ANSWERS3 business days
Which document is not necessary for the builder provide to the mortgage company on
an FHA new construction loan prior to the loan being cleared to close? -
ANSWERSAppraisal Certificate
Ms. Armstrong is paid an hourly wage of $17.50. She receives time and a half for
overtime (more than 40 hours per week) and has been averaging 50 hours every week,
since starting with the company five years ago. Her current paystub from 7/15 of this
year shows a YTD gross income of $26,260. Her W2 from last year shows $48,048 and
the year before shows $46,116.
What is the monthly base income and monthly overtime income that would be entered
on the 1003? (Overtime not guaranteed) - ANSWERS$3033/$915
Choose the correct relationship between the Name of the Report and mortgage interest
rate tendencies. - ANSWERSWhen 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: - ANSWERSFNMA HomeStyle, FHA
203(k)
