Xinnix SOAR Mock Exam Questions and Answers Already Graded A

Xinnix SOAR Mock Exam Questions and Answers 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. - Answer ️️ -True A veteran may exchange a portion of their entitlement for cash. - Answer ️️ -False Judgments and tax liens are required to be paid off at or prior to loan closing. (FNMA/FHLMC) - 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. - Answer ️️ -False A simultaneous second mortgage is obtained at the same time as a first mortgage. - Answer ️️ - True A 2/1 buydown typically costs 2.5 discount points. Give or take .25%. - Answer ️️ -True Most loans do not have a prepayment penalty. - Answer ️️ -True What are the four General Styles of Communication? - 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. - Answer ️️ -True A 3/1 ARM will have an initial fixed rate for 3 years, then adjust annually. - Answer ️️ -True HOA dues are included in the PITI calculation. - 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: - Answer ️️ - Appraisal Certificate DU does not consider non-occupant income as qualifying income. - Answer ️️ -True To sympathize with a customer lets them know you identify with the way they feel. - Answer ️️ -True FNMA and FHLMC are fully backed by the U.S. Government. - 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%. - 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. - 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. - Answer ️️ -True What is not part of the ABCD's of an effective LO/Processor meeting? - Answer ️️ -Deliver How long does a consumer have to shop for a mortgage without the credit inquiries affecting their score? - 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) - 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. - 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). - Answer ️️ -True