Xinnix Mock Exam 2023
Residual income is the amount of income available for family support after taxes and
social security expense have been subtracted from the gross income and after PITI
and other long-term debt has been paid. - Answer Response: True
Feedback: See Course 6, Lesson 1
FHA Case Numbers are tied to the property, not the borrower. - Answer Response:
True
Feedback: See Course 5, Lesson 1
What is the minimum coverage required on the hazard insurance policy? (select all
that apply) - Answer Response: Loan amount
Response: Replacement amount
Feedback: See Course 9, Lesson 7
HOA dues should be added to the PITI for the purpose of calculating ratios when
qualifying a borrower. - Answer Response: True
Feedback: See Course 3, Lesson 2
An origination fee may be paid by the borrower on an FHA loan. - Answer Response:
True
Feedback: See Course 5, Lesson 1
When considering a FHLMC loan, the maximum allowable ratios for the owner
occupant when using a non-occupant co-borrower are 35/43. - Answer Response:
True
Feedback: See Course 4, Lesson 1
Which of the following is the correct list of charges included when calculating the
borrower's cash-to-close? - Answer Response: Down Payment, Closing Costs,
Prepaids, Discount Points, MI paid in cash (UFMIP/FF)
Feedback: See Course 3, Lesson 4
A borrower that is self-employed (Schedule C) will typically not be required to
provide a YTD paystub. - Answer Response: True
Feedback: See Course 8, Lesson 5
A partner's percentage of ownership and earnings can be located on Schedule E
part II of their personal tax returns. - Answer Response: False
Feedback: See Course 8, Lesson 5
It is ultimately the ____________ responsibility to take a thorough loan application,
to make sure all required documents are requested, and to effectively relay the
decision to the borrowers. - Answer Response:
Feedback: See Course 8, Lesson 1
Unemployment income cannot be used as qualifying income. - Answer Response:
False
Feedback: See Course 4, Lesson 4
, Xinnix Mock Exam 2023
HomeOneSM will allow up to 97% LTV if at least one of the borrowers has not
owned a home in the last 3 years. A borrower who has not owned a home in the last
three years is considered a first-time home buyer under HomeOneSM - Answer
Response: True
Feedback: See Course 7, Lesson 3
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? - Answer Response:
Feedback: See Course 3, Lesson 3
If the guidelines state that the maximum seller contribution is 3%, how much can the
seller contribute towards the borrower's cash-to-close with a sales price of
$179,450? - Answer Response: $5,383
Feedback: See Course 4, Lesson 1
A borrower who has made an offer on a property, but has not yet provided their
paystubs, bank statements and W2s would be issued which letter? - Answer
Response: Pre-Qualification Letter
Feedback: See Course 9, Lesson 4
Single Tenancy is an acceptable manner in which title may be held. - Answer
Response: True
Feedback: See Course 8, Lesson 8
What is the maximum seller contribution allowed for a primary residence at 85%
LTV? (FNMA/FHLMC) - Answer Response: 6%
Feedback: See Course 4, Lesson 1
What is the maximum seller contribution allowed for an investment property at 80%
LTV? (FNMA/FHLMC) - Answer Response: 2%
Feedback: See Course 4, Lesson 1
After the borrower submits a complete loan application, the LE must be delivered or
placed in the mail within how many days? - Answer Response: 3 Business Days
Feedback: See Course 9, Lesson 2
A stand alone second mortgage is obtained separately from a first mortgage. -
Answer Response: True
Feedback: See Course 3, Lesson 5
Your borrowers are purchasing a home for $515,000. They are requesting a
$412,000 first mortgage and a $51,500 fixed-rate second. What will their LTV,
second mortgage LTV and down payment be if structured this way? - Answer
Response: 80/10/10
Residual income is the amount of income available for family support after taxes and
social security expense have been subtracted from the gross income and after PITI
and other long-term debt has been paid. - Answer Response: True
Feedback: See Course 6, Lesson 1
FHA Case Numbers are tied to the property, not the borrower. - Answer Response:
True
Feedback: See Course 5, Lesson 1
What is the minimum coverage required on the hazard insurance policy? (select all
that apply) - Answer Response: Loan amount
Response: Replacement amount
Feedback: See Course 9, Lesson 7
HOA dues should be added to the PITI for the purpose of calculating ratios when
qualifying a borrower. - Answer Response: True
Feedback: See Course 3, Lesson 2
An origination fee may be paid by the borrower on an FHA loan. - Answer Response:
True
Feedback: See Course 5, Lesson 1
When considering a FHLMC loan, the maximum allowable ratios for the owner
occupant when using a non-occupant co-borrower are 35/43. - Answer Response:
True
Feedback: See Course 4, Lesson 1
Which of the following is the correct list of charges included when calculating the
borrower's cash-to-close? - Answer Response: Down Payment, Closing Costs,
Prepaids, Discount Points, MI paid in cash (UFMIP/FF)
Feedback: See Course 3, Lesson 4
A borrower that is self-employed (Schedule C) will typically not be required to
provide a YTD paystub. - Answer Response: True
Feedback: See Course 8, Lesson 5
A partner's percentage of ownership and earnings can be located on Schedule E
part II of their personal tax returns. - Answer Response: False
Feedback: See Course 8, Lesson 5
It is ultimately the ____________ responsibility to take a thorough loan application,
to make sure all required documents are requested, and to effectively relay the
decision to the borrowers. - Answer Response:
Feedback: See Course 8, Lesson 1
Unemployment income cannot be used as qualifying income. - Answer Response:
False
Feedback: See Course 4, Lesson 4
, Xinnix Mock Exam 2023
HomeOneSM will allow up to 97% LTV if at least one of the borrowers has not
owned a home in the last 3 years. A borrower who has not owned a home in the last
three years is considered a first-time home buyer under HomeOneSM - Answer
Response: True
Feedback: See Course 7, Lesson 3
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? - Answer Response:
Feedback: See Course 3, Lesson 3
If the guidelines state that the maximum seller contribution is 3%, how much can the
seller contribute towards the borrower's cash-to-close with a sales price of
$179,450? - Answer Response: $5,383
Feedback: See Course 4, Lesson 1
A borrower who has made an offer on a property, but has not yet provided their
paystubs, bank statements and W2s would be issued which letter? - Answer
Response: Pre-Qualification Letter
Feedback: See Course 9, Lesson 4
Single Tenancy is an acceptable manner in which title may be held. - Answer
Response: True
Feedback: See Course 8, Lesson 8
What is the maximum seller contribution allowed for a primary residence at 85%
LTV? (FNMA/FHLMC) - Answer Response: 6%
Feedback: See Course 4, Lesson 1
What is the maximum seller contribution allowed for an investment property at 80%
LTV? (FNMA/FHLMC) - Answer Response: 2%
Feedback: See Course 4, Lesson 1
After the borrower submits a complete loan application, the LE must be delivered or
placed in the mail within how many days? - Answer Response: 3 Business Days
Feedback: See Course 9, Lesson 2
A stand alone second mortgage is obtained separately from a first mortgage. -
Answer Response: True
Feedback: See Course 3, Lesson 5
Your borrowers are purchasing a home for $515,000. They are requesting a
$412,000 first mortgage and a $51,500 fixed-rate second. What will their LTV,
second mortgage LTV and down payment be if structured this way? - Answer
Response: 80/10/10
