XINNIX SOAR MOCK EXAM
QUESTIONS WITH COMPLETE
SOLUTIONS 2026/2027
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. - ANSWERSTrue
A veteran may exchange a portion of their entitlement for cash. - ANSWERSFalse
Judgments and tax liens are required to be paid off at or prior to loan closing.
(FNMA/FHLMC) - ANSWERSTrue
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. -
ANSWERSFalse
A simultaneous second mortgage is obtained at the same time as a first mortgage. -
ANSWERSTrue
A 2/1 buydown typically costs 2.5 discount points. Give or take .25%. - ANSWERSTrue
Most loans do not have a prepayment penalty. - ANSWERSTrue
What are the four General Styles of Communication? - ANSWERSExpresser, Relater,
Driver, Analytic
VA requires connection to a public or community water/sewer disposal system if
required by local building, planning, or health authorities. - ANSWERSTrue
A 3/1 ARM will have an initial fixed rate for 3 years, then adjust annually. -
ANSWERSTrue
HOA dues are included in the PITI calculation. - ANSWERSFalse
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: - ANSWERSAppraisal Certificate
DU does not consider non-occupant income as qualifying income. - ANSWERSTrue
, To sympathize with a customer lets them know you identify with the way they feel. -
ANSWERSTrue
FNMA and FHLMC are fully backed by the U.S. Government. - ANSWERSTrue
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%. - ANSWERSnot 4.25%
Verification of employment, income, source of funds and payment history must not be
older than ______ days prior to the note date. - ANSWERSnot 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. - ANSWERSTrue
What is not part of the ABCD's of an effective LO/Processor meeting? -
ANSWERSDeliver
How long does a consumer have to shop for a mortgage without the credit inquiries
affecting their score? - ANSWERS30 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) - ANSWERS$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. - ANSWERSTrue
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). - ANSWERSTrue
The builder must provide an appraisal certificate to the mortgage company on an FHA
new construction loan prior to closing. - ANSWERSFalse
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. - ANSWERSTrue
A borrower's brother would like to give her money to help towards the down payment of
her new house. This would be considered ___________ - ANSWERSA gift from a
relative and would require a gift letter, as well as proof that the funds have been
transferred to the borrower's account.
Unless a borrower can document extenuating circumstances, they must wait at least 7
years from a Chapter 7 bankruptcy or foreclosure to apply for conventional financing. -
ANSWERSFalse
QUESTIONS WITH COMPLETE
SOLUTIONS 2026/2027
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. - ANSWERSTrue
A veteran may exchange a portion of their entitlement for cash. - ANSWERSFalse
Judgments and tax liens are required to be paid off at or prior to loan closing.
(FNMA/FHLMC) - ANSWERSTrue
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. -
ANSWERSFalse
A simultaneous second mortgage is obtained at the same time as a first mortgage. -
ANSWERSTrue
A 2/1 buydown typically costs 2.5 discount points. Give or take .25%. - ANSWERSTrue
Most loans do not have a prepayment penalty. - ANSWERSTrue
What are the four General Styles of Communication? - ANSWERSExpresser, Relater,
Driver, Analytic
VA requires connection to a public or community water/sewer disposal system if
required by local building, planning, or health authorities. - ANSWERSTrue
A 3/1 ARM will have an initial fixed rate for 3 years, then adjust annually. -
ANSWERSTrue
HOA dues are included in the PITI calculation. - ANSWERSFalse
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: - ANSWERSAppraisal Certificate
DU does not consider non-occupant income as qualifying income. - ANSWERSTrue
, To sympathize with a customer lets them know you identify with the way they feel. -
ANSWERSTrue
FNMA and FHLMC are fully backed by the U.S. Government. - ANSWERSTrue
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%. - ANSWERSnot 4.25%
Verification of employment, income, source of funds and payment history must not be
older than ______ days prior to the note date. - ANSWERSnot 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. - ANSWERSTrue
What is not part of the ABCD's of an effective LO/Processor meeting? -
ANSWERSDeliver
How long does a consumer have to shop for a mortgage without the credit inquiries
affecting their score? - ANSWERS30 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) - ANSWERS$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. - ANSWERSTrue
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). - ANSWERSTrue
The builder must provide an appraisal certificate to the mortgage company on an FHA
new construction loan prior to closing. - ANSWERSFalse
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. - ANSWERSTrue
A borrower's brother would like to give her money to help towards the down payment of
her new house. This would be considered ___________ - ANSWERSA gift from a
relative and would require a gift letter, as well as proof that the funds have been
transferred to the borrower's account.
Unless a borrower can document extenuating circumstances, they must wait at least 7
years from a Chapter 7 bankruptcy or foreclosure to apply for conventional financing. -
ANSWERSFalse
