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Xinnix Final Exam Questions and Correct Answers the Latest Update and Recommended Version
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Xinnix Final Exam Questions and Correct Answers the Latest Update and Recommended Version
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TestTrackers: Unlock Your Exam Potential! | Quality Practice Materials | Boost Your Confidence Today!Xinnix Final Exam Questions and Correct
Answers the Latest Update and
Recommended Version
On an FHA loan the upfront MIP should be included when calculating cash-to-close.
✓ False
The borrower must have 5% of their own funds when putting 15% down on a primary
residence. (FNMA)
✓ False
A 3-Year ARM adjusts every 3 years
✓ 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.
✓ False
A HELOC loan has an interest only payment
✓ True
A borrower paid semi-monthly and a borrower paid bi-weekly have the same number of pay
periods per year
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✓ False
FHA Case Numbers are tied to the property, not the borrower.
✓ True
Judgments and tax liens are required to be paid off at or prior to loan closing.
(FNMA/FHLMC)
✓ True
Unreimbursed business expenses can be located on Form 2106 of a borrower's personal tax
return.
✓ True
HOA dues are included in the PITI calculation
✓ 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....
✓ 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.
✓ False
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The monthly MI for an FHA loan is calculated by BASE Loan Amount x .85% /12
✓ True
Redisclosure of the Truth in Lending is required if the PAR changes more than _____% on a
fixed rate loan?
✓ .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
✓ True
A room addition is allowed under the FHA 203(k) Limited program.
✓ False
The maximum allowable ratios for an owner-occupant when using a non-occupant co-borrower
per FHLMC guidelines is ______________.
✓ 35/43
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%?
✓ 6.25%
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