Xinnix SOAR Mock Exam 2025
Questions and 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. - --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
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 1
, 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
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 2
Questions and 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. - --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
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 1
, 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
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 2
