XINNIX ACTUAL 2026 TEST PAPER QUESTIONS AND
SOLUTIONS RATED A+
✔✔Using the information provided answer the following rate/term refinance question
(FNMA).
Value = $370,000
Balance = $280,000
Current payment = $2,450
Interest Rate = 6.375%
Closing Costs = 2.5%
Prepaids = 1%
What is the new loan amount/P&I payment/LTV - ✔✔Not 294,050
✔✔Your borrower is being relocated and needs to close on the purchase of their new
home in thirty days. Their spouse will not be moving for another six months. How much
income can be used for qualifying if the relocating borrower is earning $92,000 annually
and the trailing spouse is earning $36,000 annually? (FNMA) - ✔✔Not 7466
✔✔Using the information provided, answer the following 80/15/5 question.
Sales Price = $350,000
Interest Rate on a 30-year fixed rate 1st mortgage = 6%
Interest Rate on HELOC 2nd mortgage = 8.5%
Down Payment = 5%
Taxes = 1%
Homeowners Insurance = .3%
What is the PITI using both mortgages? - ✔✔$2,429.79
✔✔What is the largest house payment Ms. Joyce can have with her current income of
$92,650 per year considering she has a $525 car payment and $0 in credit cards?
(FHLMC) - ✔✔Not 2779.50
✔✔Using the following information, answer the following conventional loan question.
Sales Price = $143,000
Down Payment = $21,450
2/1 Buydown
20-year fixed rate
Owner-occupied
What is the LTV/MI Factor/Monthly MI payment? - ✔✔Not 85%/.34%/34.44
✔✔What is the qualifying rate for a 3/1 ARM with a note rate of 4.25% and 2/6 caps?
The fully-indexed rate is 6.38% - ✔✔Not 5.25%
✔✔Using the information provided, answer the following FHA question:
Sales Price = $137,300
, Interest Rate = 6.875%
30-year fixed
Taxes = 1.5%
Homeowners Insurance = .3%
What is the PITI? - ✔✔NOt 1091.59
✔✔The borrower does not want their P&I payment to go above $1,250 per month on a
30-year term. With an interest rate of 6.5%, what is the maximum loan amount for this
borrower? - ✔✔197750
✔✔Using the information provided, answer the following cash-out question using
FNMA: (do NOT round the loan down)
Value = $350,000
Current balance = $228,000
Current payment = $1,920
Cash requested = $20,000
Taxes = $270 monthly
Homeowners insurance = $75 monthly
Closing Costs = 2.5%
Prepaids = 1%
What is their new loan amount and proposed monthly payment (PITI) based on a 30- -
✔✔Not 259,120
✔✔Which of the following loan options would be best for a borrower looking to stay in
the home for 3 years? - ✔✔NOt 5/1 ARM
✔✔What is the maximum house payment Ms. Campese can afford with her current
income of $104,400 per year, $300 car payment, $350 student loan and $50 credit card
payment? (FHLMC) - ✔✔Not 2386
✔✔Chris earns $36,000 per year from his primary job. He also has a 2nd job in the
same line of work earning $11.25 per hour. He is only able to work 12 hours a week on
the 2nd job but has been doing so for 8 months. What is his monthly qualifying income?
- ✔✔Not 3585
✔✔A veteran may be exempt from the VA Funding Fee if - ✔✔Receives benefits for a
service related disability
✔✔Desktop Underwriter would result in a decision of Approve/Ineligible on a loan with
excellent credit which qualifies as a jumbo loan program - ✔✔True
✔✔On an FHA 203(k) Limited program purchase - ✔✔35,000
SOLUTIONS RATED A+
✔✔Using the information provided answer the following rate/term refinance question
(FNMA).
Value = $370,000
Balance = $280,000
Current payment = $2,450
Interest Rate = 6.375%
Closing Costs = 2.5%
Prepaids = 1%
What is the new loan amount/P&I payment/LTV - ✔✔Not 294,050
✔✔Your borrower is being relocated and needs to close on the purchase of their new
home in thirty days. Their spouse will not be moving for another six months. How much
income can be used for qualifying if the relocating borrower is earning $92,000 annually
and the trailing spouse is earning $36,000 annually? (FNMA) - ✔✔Not 7466
✔✔Using the information provided, answer the following 80/15/5 question.
Sales Price = $350,000
Interest Rate on a 30-year fixed rate 1st mortgage = 6%
Interest Rate on HELOC 2nd mortgage = 8.5%
Down Payment = 5%
Taxes = 1%
Homeowners Insurance = .3%
What is the PITI using both mortgages? - ✔✔$2,429.79
✔✔What is the largest house payment Ms. Joyce can have with her current income of
$92,650 per year considering she has a $525 car payment and $0 in credit cards?
(FHLMC) - ✔✔Not 2779.50
✔✔Using the following information, answer the following conventional loan question.
Sales Price = $143,000
Down Payment = $21,450
2/1 Buydown
20-year fixed rate
Owner-occupied
What is the LTV/MI Factor/Monthly MI payment? - ✔✔Not 85%/.34%/34.44
✔✔What is the qualifying rate for a 3/1 ARM with a note rate of 4.25% and 2/6 caps?
The fully-indexed rate is 6.38% - ✔✔Not 5.25%
✔✔Using the information provided, answer the following FHA question:
Sales Price = $137,300
, Interest Rate = 6.875%
30-year fixed
Taxes = 1.5%
Homeowners Insurance = .3%
What is the PITI? - ✔✔NOt 1091.59
✔✔The borrower does not want their P&I payment to go above $1,250 per month on a
30-year term. With an interest rate of 6.5%, what is the maximum loan amount for this
borrower? - ✔✔197750
✔✔Using the information provided, answer the following cash-out question using
FNMA: (do NOT round the loan down)
Value = $350,000
Current balance = $228,000
Current payment = $1,920
Cash requested = $20,000
Taxes = $270 monthly
Homeowners insurance = $75 monthly
Closing Costs = 2.5%
Prepaids = 1%
What is their new loan amount and proposed monthly payment (PITI) based on a 30- -
✔✔Not 259,120
✔✔Which of the following loan options would be best for a borrower looking to stay in
the home for 3 years? - ✔✔NOt 5/1 ARM
✔✔What is the maximum house payment Ms. Campese can afford with her current
income of $104,400 per year, $300 car payment, $350 student loan and $50 credit card
payment? (FHLMC) - ✔✔Not 2386
✔✔Chris earns $36,000 per year from his primary job. He also has a 2nd job in the
same line of work earning $11.25 per hour. He is only able to work 12 hours a week on
the 2nd job but has been doing so for 8 months. What is his monthly qualifying income?
- ✔✔Not 3585
✔✔A veteran may be exempt from the VA Funding Fee if - ✔✔Receives benefits for a
service related disability
✔✔Desktop Underwriter would result in a decision of Approve/Ineligible on a loan with
excellent credit which qualifies as a jumbo loan program - ✔✔True
✔✔On an FHA 203(k) Limited program purchase - ✔✔35,000
