XINNIX SOAR MOCK EXAM
QUESTIONS & ACCURATE CORRECT
ANSWERS PASSED ALREADY
GRADED A+
A fixed-rate second mortgage has the loan amount fully disbursed at closing. Monthly
payments are amortized over the term of the loan. Once the balance is paid off the
mortgage is closed. - Correct Answer ✔✔ True
A veteran may exchange a portion of their entitlement for cash. - Correct Answer ✔✔
False
Judgments and tax liens are required to be paid off at or prior to loan closing.
(FNMA/FHLMC) - Correct Answer ✔✔ True
Gross rent may be considered effective income when an applicant is planning to rent
their current residence after closing on the purchase of their new home. - Correct
Answer ✔✔ False
A simultaneous second mortgage is obtained at the same time as a first mortgage. -
Correct Answer ✔✔ True
A 2/1 buydown typically costs 2.5 discount points. Give or take .25%. - Correct Answer
✔✔ True
Most loans do not have a prepayment penalty. - Correct Answer ✔✔ True
What are the four General Styles of Communication? - Correct Answer ✔✔ Expresser,
Relater, Driver, Analytic
VA requires connection to a public or community water/sewer disposal system if
required by local building, planning, or health authorities. - Correct Answer ✔✔ True
A 3/1 ARM will have an initial fixed rate for 3 years, then adjust annually. - Correct
Answer ✔✔ True
HOA dues are included in the PITI calculation. - Correct Answer ✔✔ False
, All of the following documents must be provided by the builder to the mortgage
company on an FHA new construction loan prior to the loan being cleared to close
EXCEPT: - Correct Answer ✔✔ Appraisal Certificate
DU does not consider non-occupant income as qualifying income. - Correct Answer ✔✔
True
To sympathize with a customer lets them know you identify with the way they feel. -
Correct Answer ✔✔ True
FNMA and FHLMC are fully backed by the U.S. Government. - Correct Answer ✔✔
True
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%. - Correct Answer ✔✔ not 4.25%
Verification of employment, income, source of funds and payment history must not be
older than ______ days prior to the note date. - Correct Answer ✔✔ not 60
A borrower who has made an offer on a property and has provided their pay stubs, bank
statements and W2s would be issued a Commitment Letter. - Correct Answer ✔✔ True
What is not part of the ABCD's of an effective LO/Processor meeting? - Correct Answer
✔✔ Deliver
How long does a consumer have to shop for a mortgage without the credit inquiries
affecting their score? - Correct Answer ✔✔ 30 days
What is the largest house payment that Mr. Coulter can have with his current income of
$75,500 per year considering he just bought a car with a payment of $525 per month?
(FNMA) - Correct Answer ✔✔ $1,740.00
One month of the borrower's current house payment must be included when calculating
the new loan amount for a cash-out refinance. - Correct Answer ✔✔ True
A non-arm's length transaction occurs when the borrowers or any other party to the
transaction have a direct relationship with another party to the transaction (including, but
not limited to, the employer, lender, broker or appraiser). - Correct Answer ✔✔ True
The builder must provide an appraisal certificate to the mortgage company on an FHA
new construction loan prior to closing. - Correct Answer ✔✔ False
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. - Correct Answer ✔✔ True
QUESTIONS & ACCURATE CORRECT
ANSWERS PASSED ALREADY
GRADED A+
A fixed-rate second mortgage has the loan amount fully disbursed at closing. Monthly
payments are amortized over the term of the loan. Once the balance is paid off the
mortgage is closed. - Correct Answer ✔✔ True
A veteran may exchange a portion of their entitlement for cash. - Correct Answer ✔✔
False
Judgments and tax liens are required to be paid off at or prior to loan closing.
(FNMA/FHLMC) - Correct Answer ✔✔ True
Gross rent may be considered effective income when an applicant is planning to rent
their current residence after closing on the purchase of their new home. - Correct
Answer ✔✔ False
A simultaneous second mortgage is obtained at the same time as a first mortgage. -
Correct Answer ✔✔ True
A 2/1 buydown typically costs 2.5 discount points. Give or take .25%. - Correct Answer
✔✔ True
Most loans do not have a prepayment penalty. - Correct Answer ✔✔ True
What are the four General Styles of Communication? - Correct Answer ✔✔ Expresser,
Relater, Driver, Analytic
VA requires connection to a public or community water/sewer disposal system if
required by local building, planning, or health authorities. - Correct Answer ✔✔ True
A 3/1 ARM will have an initial fixed rate for 3 years, then adjust annually. - Correct
Answer ✔✔ True
HOA dues are included in the PITI calculation. - Correct Answer ✔✔ False
, All of the following documents must be provided by the builder to the mortgage
company on an FHA new construction loan prior to the loan being cleared to close
EXCEPT: - Correct Answer ✔✔ Appraisal Certificate
DU does not consider non-occupant income as qualifying income. - Correct Answer ✔✔
True
To sympathize with a customer lets them know you identify with the way they feel. -
Correct Answer ✔✔ True
FNMA and FHLMC are fully backed by the U.S. Government. - Correct Answer ✔✔
True
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%. - Correct Answer ✔✔ not 4.25%
Verification of employment, income, source of funds and payment history must not be
older than ______ days prior to the note date. - Correct Answer ✔✔ not 60
A borrower who has made an offer on a property and has provided their pay stubs, bank
statements and W2s would be issued a Commitment Letter. - Correct Answer ✔✔ True
What is not part of the ABCD's of an effective LO/Processor meeting? - Correct Answer
✔✔ Deliver
How long does a consumer have to shop for a mortgage without the credit inquiries
affecting their score? - Correct Answer ✔✔ 30 days
What is the largest house payment that Mr. Coulter can have with his current income of
$75,500 per year considering he just bought a car with a payment of $525 per month?
(FNMA) - Correct Answer ✔✔ $1,740.00
One month of the borrower's current house payment must be included when calculating
the new loan amount for a cash-out refinance. - Correct Answer ✔✔ True
A non-arm's length transaction occurs when the borrowers or any other party to the
transaction have a direct relationship with another party to the transaction (including, but
not limited to, the employer, lender, broker or appraiser). - Correct Answer ✔✔ True
The builder must provide an appraisal certificate to the mortgage company on an FHA
new construction loan prior to closing. - Correct Answer ✔✔ False
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. - Correct Answer ✔✔ True
