XINNIX EXAM COMPLETE
QUESTIONS AND ANSWERS
UPDATED ACCURATE GUARANTEED
PASS
Loans with an LTV >80% will typically require mortgage insurance. (FNMA/FHLMC) -
ANSWERSTrue
What is the maximum seller contribution allowed for a primary residence at 95% LTV?
(FNMA/FHLMC) - ANSWERS3%
On an ARM, redisclosure of the Truth in Lending is required if the APR changes more
than ____%? - ANSWERS.25
FHA loans have both a BASE Loan Amount and Total Loan Amount - ANSWERSTrue
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.
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. - ANSWERSTrue
Desktop Underwriter (DU) would result in a decision of Approve/Ineligible on a loan with
excellent credit which qualifies as a jumbo loan program - ANSWERSTrue
If a borrower qualifies for an agency loan of $295,750, FHA is a viable loan option. -
ANSWERSTrue
Using the following information, answer the following conventional financed MI loan
question.
Sales Price = $185,000
Down Payment = 10%
Credit Score = 635
20-year Fixed Rate
Owner-occupied
What is the Total Loan Amount and MI Factor? - ANSWERS$169,.65%
, As a pillar of relationship selling, to Know You means to have what? - ANSWERSName
recognition
The following are types of renovation mortgages: - ANSWERSFNMA HomeStyle, FHA
203(k)
Your borrower is paid $1,950 bi-weekly and has been on his job for three years. His wife
works part-time and makes $10.25/hour. She works 20 hours per week and has been
on her job for two years. What is their combined monthly income? - ANSWERS$5,113
Bi-weekly: $ x = 4225
Hourly: $ x # hours x = 888
Combined: 4225 + 888 = 5113
What is the maximum seller contribution allowed for an investment property at 80%
LTV? (FNMA/FHLMC) - ANSWERS2%
Flipping is a scheme where several people each purchase a property within the
neighborhood and then sell the properties to one another, inflating the price of the home
with each sale. - ANSWERSFalse.
The perpetrator purchases a piece of property and resells it quickly (often the same
day) at a much higher price.
Redisclosure of the Truth in Lending is required if the APR changes more than ____%?
- ANSWERS.125
If a borrower qualifies for an agency loan of $325,000, FNMA is a viable loan option. -
ANSWERSTrue
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. -
ANSWERSTrue
A veteran has the ability to transfer a portion of their entitlement to another veteran. -
ANSWERSFalse
A HUD consultant would not be required for an FHA 203(k) standard program. -
ANSWERSFalse
The maximum LTV for an FHA cash-out refinance is 85%. - ANSWERSFalse (80%)
Using the information provided, answer the following question for conventional
financing:
Sales price = $248,500
Down payment = 10%
Seller Contribution = $4,500
Closing Costs = 2.5%
QUESTIONS AND ANSWERS
UPDATED ACCURATE GUARANTEED
PASS
Loans with an LTV >80% will typically require mortgage insurance. (FNMA/FHLMC) -
ANSWERSTrue
What is the maximum seller contribution allowed for a primary residence at 95% LTV?
(FNMA/FHLMC) - ANSWERS3%
On an ARM, redisclosure of the Truth in Lending is required if the APR changes more
than ____%? - ANSWERS.25
FHA loans have both a BASE Loan Amount and Total Loan Amount - ANSWERSTrue
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.
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. - ANSWERSTrue
Desktop Underwriter (DU) would result in a decision of Approve/Ineligible on a loan with
excellent credit which qualifies as a jumbo loan program - ANSWERSTrue
If a borrower qualifies for an agency loan of $295,750, FHA is a viable loan option. -
ANSWERSTrue
Using the following information, answer the following conventional financed MI loan
question.
Sales Price = $185,000
Down Payment = 10%
Credit Score = 635
20-year Fixed Rate
Owner-occupied
What is the Total Loan Amount and MI Factor? - ANSWERS$169,.65%
, As a pillar of relationship selling, to Know You means to have what? - ANSWERSName
recognition
The following are types of renovation mortgages: - ANSWERSFNMA HomeStyle, FHA
203(k)
Your borrower is paid $1,950 bi-weekly and has been on his job for three years. His wife
works part-time and makes $10.25/hour. She works 20 hours per week and has been
on her job for two years. What is their combined monthly income? - ANSWERS$5,113
Bi-weekly: $ x = 4225
Hourly: $ x # hours x = 888
Combined: 4225 + 888 = 5113
What is the maximum seller contribution allowed for an investment property at 80%
LTV? (FNMA/FHLMC) - ANSWERS2%
Flipping is a scheme where several people each purchase a property within the
neighborhood and then sell the properties to one another, inflating the price of the home
with each sale. - ANSWERSFalse.
The perpetrator purchases a piece of property and resells it quickly (often the same
day) at a much higher price.
Redisclosure of the Truth in Lending is required if the APR changes more than ____%?
- ANSWERS.125
If a borrower qualifies for an agency loan of $325,000, FNMA is a viable loan option. -
ANSWERSTrue
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. -
ANSWERSTrue
A veteran has the ability to transfer a portion of their entitlement to another veteran. -
ANSWERSFalse
A HUD consultant would not be required for an FHA 203(k) standard program. -
ANSWERSFalse
The maximum LTV for an FHA cash-out refinance is 85%. - ANSWERSFalse (80%)
Using the information provided, answer the following question for conventional
financing:
Sales price = $248,500
Down payment = 10%
Seller Contribution = $4,500
Closing Costs = 2.5%
