XINNIX MOCK EXAM WRONG
ANSWERS RATED 100% COMPLETE
Interest and Dividend income for a borrower can be located on Schedule B of their tax
returns. - Correct Answer ✔✔ True
Using the information provided, answer the following question:
Sales price= $185,500
Interest Rate= 6 3/8
30 year fixed rate
Taxes= $175
Homeowners insurance= $55
Closing Costs= $4,483
Prepaids= 1%
Seller Contribution= $3,000
What is the PITI and Cash to Close - Correct Answer ✔✔ $1,493/$9,831
After the borrower submits a complete loan APPLICATION, the LE must be delivered or
placed in the mail within how many days? - Correct Answer ✔✔ 3
How many days must a borrower wait to close once they receive their INITIAL
disclosures? - Correct Answer ✔✔ 7
which of the following loan options would be best for a borrower looking to stay in home
for 3 years? - Correct Answer ✔✔ 3/1 ARM at 5.0% with caps of 2/6
The maximum LTV for an FHA purchase is 97%. - Correct Answer ✔✔ false
Value= $350,000
Current balance=$228,000
Current payment=$1,920
Cash requested=$20,000
Taxes=$270 monthly
Homeowners insurance=$75 monthly
Closing Cost=2.5%
Prepaids=1%
What is their new Loan amount and proposed monthly payment (PITI) based on a 30
year fixed rate of 6.375% - Correct Answer ✔✔ $259,620/ $1,964.69
, 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% Prepaids= 1%
What is the new Loan amount/P&I payment/LTV - Correct Answer ✔✔ $293,150/
$1828.88/ 79.23%
Desk Top Underwriter (DU) is one of the most widely used automated Underwriter
systems in the mortgage industry - Correct Answer ✔✔ true
After the borrower submits a complete loan APPLICATION, the LE must be delivered or
placed in the mail within how many days? - Correct Answer ✔✔ 3 business days
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
second job but has been doing so for 8 months. What is his monthly qualifying income?
- Correct Answer ✔✔ $3,000 (Don't add second job because he has only been doing it
for 8 months)
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 and $0 in credit cards?
(FHLMC) - Correct Answer ✔✔ $2,254.50
What is the maximum seller Contribution allowed for an INVESTMENT property at 80%
LTV (FNMA/ FHLMC) - Correct Answer ✔✔ 2%
Using the information provided answer the following Cash-Out Refinance question
(FNMA).
Value=$276,000 balance=$180,000 Current payment=$2,133
Cash-Out= $30,000 Closing Cost=2.5% Prepaids=1%
What is the new Loan amount/LTV? - Correct Answer ✔✔ $220,143/79.76
Which of the following is the correct list of charges included when calculating the
borrower's Cash to Close? - Correct Answer ✔✔ down payment, closing costs,
prepaids, discount points, mi paid in cash (UFMIP/FF)
Revolving and open-end accounts can be omitted from the debt ratio if the minimum
monthly required payment will pay off the account in less than 10 months. - Correct
Answer ✔✔ false
VA purchase & Construction Loans Zero to 4.99% down payment First time use: -
Correct Answer ✔✔ 2.30%
VA Purchase & Construction Loans Subsequent use: - Correct Answer ✔✔ 3.60%
ANSWERS RATED 100% COMPLETE
Interest and Dividend income for a borrower can be located on Schedule B of their tax
returns. - Correct Answer ✔✔ True
Using the information provided, answer the following question:
Sales price= $185,500
Interest Rate= 6 3/8
30 year fixed rate
Taxes= $175
Homeowners insurance= $55
Closing Costs= $4,483
Prepaids= 1%
Seller Contribution= $3,000
What is the PITI and Cash to Close - Correct Answer ✔✔ $1,493/$9,831
After the borrower submits a complete loan APPLICATION, the LE must be delivered or
placed in the mail within how many days? - Correct Answer ✔✔ 3
How many days must a borrower wait to close once they receive their INITIAL
disclosures? - Correct Answer ✔✔ 7
which of the following loan options would be best for a borrower looking to stay in home
for 3 years? - Correct Answer ✔✔ 3/1 ARM at 5.0% with caps of 2/6
The maximum LTV for an FHA purchase is 97%. - Correct Answer ✔✔ false
Value= $350,000
Current balance=$228,000
Current payment=$1,920
Cash requested=$20,000
Taxes=$270 monthly
Homeowners insurance=$75 monthly
Closing Cost=2.5%
Prepaids=1%
What is their new Loan amount and proposed monthly payment (PITI) based on a 30
year fixed rate of 6.375% - Correct Answer ✔✔ $259,620/ $1,964.69
, 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% Prepaids= 1%
What is the new Loan amount/P&I payment/LTV - Correct Answer ✔✔ $293,150/
$1828.88/ 79.23%
Desk Top Underwriter (DU) is one of the most widely used automated Underwriter
systems in the mortgage industry - Correct Answer ✔✔ true
After the borrower submits a complete loan APPLICATION, the LE must be delivered or
placed in the mail within how many days? - Correct Answer ✔✔ 3 business days
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
second job but has been doing so for 8 months. What is his monthly qualifying income?
- Correct Answer ✔✔ $3,000 (Don't add second job because he has only been doing it
for 8 months)
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 and $0 in credit cards?
(FHLMC) - Correct Answer ✔✔ $2,254.50
What is the maximum seller Contribution allowed for an INVESTMENT property at 80%
LTV (FNMA/ FHLMC) - Correct Answer ✔✔ 2%
Using the information provided answer the following Cash-Out Refinance question
(FNMA).
Value=$276,000 balance=$180,000 Current payment=$2,133
Cash-Out= $30,000 Closing Cost=2.5% Prepaids=1%
What is the new Loan amount/LTV? - Correct Answer ✔✔ $220,143/79.76
Which of the following is the correct list of charges included when calculating the
borrower's Cash to Close? - Correct Answer ✔✔ down payment, closing costs,
prepaids, discount points, mi paid in cash (UFMIP/FF)
Revolving and open-end accounts can be omitted from the debt ratio if the minimum
monthly required payment will pay off the account in less than 10 months. - Correct
Answer ✔✔ false
VA purchase & Construction Loans Zero to 4.99% down payment First time use: -
Correct Answer ✔✔ 2.30%
VA Purchase & Construction Loans Subsequent use: - Correct Answer ✔✔ 3.60%
