Xinnix SOAR Mock Exam UPDATED
ACTUAL Exam Questions and CORRECT
Answers
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
ACTUAL Exam Questions and CORRECT
Answers
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
