1 | Page
Xinnix Mock Exam Questions and
Answers Latest 2026
Interest and Dividend income for a borrower can be
located on Schedule B of their tax returns. Ans: 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
Ans: $1,493/$9,831
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, 2 | Page
After the borrower submits a complete loan
APPLICATION, the LE must be delivered or placed in the
mail within how many days? Ans: 3
How many days must a borrower wait to close once they
receive their INITIAL disclosures? Ans: 7
which of the following loan options would be best for a
borrower looking to stay in home for 3 years? Ans: 3/1
ARM at 5.0% with caps of 2/6
The maximum LTV for an FHA purchase is 97%. Ans:
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%
Ans: $259,620/ $1,964.69
© 2025 All rights reserved
, 3 | Page
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 Ans:
$293,150/ $1828.88/ 79.23%
Desk Top Underwriter (DU) is one of the most widely
used automated Underwriter systems in the mortgage
industry Ans: true
After the borrower submits a complete loan
APPLICATION, the LE must be delivered or placed in the
mail within how many days? Ans: 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? Ans: $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) Ans: $2,254.50
© 2025 All rights reserved
Xinnix Mock Exam Questions and
Answers Latest 2026
Interest and Dividend income for a borrower can be
located on Schedule B of their tax returns. Ans: 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
Ans: $1,493/$9,831
© 2025 All rights reserved
, 2 | Page
After the borrower submits a complete loan
APPLICATION, the LE must be delivered or placed in the
mail within how many days? Ans: 3
How many days must a borrower wait to close once they
receive their INITIAL disclosures? Ans: 7
which of the following loan options would be best for a
borrower looking to stay in home for 3 years? Ans: 3/1
ARM at 5.0% with caps of 2/6
The maximum LTV for an FHA purchase is 97%. Ans:
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%
Ans: $259,620/ $1,964.69
© 2025 All rights reserved
, 3 | Page
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 Ans:
$293,150/ $1828.88/ 79.23%
Desk Top Underwriter (DU) is one of the most widely
used automated Underwriter systems in the mortgage
industry Ans: true
After the borrower submits a complete loan
APPLICATION, the LE must be delivered or placed in the
mail within how many days? Ans: 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? Ans: $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) Ans: $2,254.50
© 2025 All rights reserved
