XINNIX SOAR MOCK EXAM. ACTUAL 2025 QUESTIONS
AND ANSWERS UPDATE. 100% COMPLETE ACCURATE
TEST (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 ANS>> True
A veteran may exchange a portion of their entitlement for cash. >>CORRECT ANS>> False
Judgments and tax liens are required to be paid off at or prior to loan closing. (FNMA/FHLMC)
>>CORRECT ANS>> 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 ANS>> False
A simultaneous second mortgage is obtained at the same time as a first mortgage. >>CORRECT
ANS>> True
A 2/1 buydown typically costs 2.5 discount points. Give or take .25%. >>CORRECT ANS>> True
Most loans do not have a prepayment penalty. >>CORRECT ANS>> True
What are the four General Styles of Communication? >>CORRECT ANS>> 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 ANS>> True
A 3/1 ARM will have an initial fixed rate for 3 years, then adjust annually. >>CORRECT ANS>>
True
HOA dues are included in the PITI calculation. >>CORRECT ANS>> 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 ANS>>
Appraisal Certificate
DU does not consider non-occupant income as qualifying income. >>CORRECT ANS>> True
, To sympathize with a customer lets them know you identify with the way they feel. >>CORRECT
ANS>> True
FNMA and FHLMC are fully backed by the U.S. Government. >>CORRECT ANS>> 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 ANS>> 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 ANS>> 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 ANS>> True
What is not part of the ABCD's of an effective LO/Processor meeting? >>CORRECT ANS>> Deliver
How long does a consumer have to shop for a mortgage without the credit inquiries affecting their
score? >>CORRECT ANS>> 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 ANS>> $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 ANS>> 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 ANS>> True
The builder must provide an appraisal certificate to the mortgage company on an FHA new
construction loan prior to closing. >>CORRECT ANS>> 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 ANS>> True
A borrower's brother would like to give her money to help towards the down payment of her new
house. This would be considered >>CORRECT ANS>> A 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. >>CORRECT ANS>>
False
AND ANSWERS UPDATE. 100% COMPLETE ACCURATE
TEST (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 ANS>> True
A veteran may exchange a portion of their entitlement for cash. >>CORRECT ANS>> False
Judgments and tax liens are required to be paid off at or prior to loan closing. (FNMA/FHLMC)
>>CORRECT ANS>> 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 ANS>> False
A simultaneous second mortgage is obtained at the same time as a first mortgage. >>CORRECT
ANS>> True
A 2/1 buydown typically costs 2.5 discount points. Give or take .25%. >>CORRECT ANS>> True
Most loans do not have a prepayment penalty. >>CORRECT ANS>> True
What are the four General Styles of Communication? >>CORRECT ANS>> 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 ANS>> True
A 3/1 ARM will have an initial fixed rate for 3 years, then adjust annually. >>CORRECT ANS>>
True
HOA dues are included in the PITI calculation. >>CORRECT ANS>> 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 ANS>>
Appraisal Certificate
DU does not consider non-occupant income as qualifying income. >>CORRECT ANS>> True
, To sympathize with a customer lets them know you identify with the way they feel. >>CORRECT
ANS>> True
FNMA and FHLMC are fully backed by the U.S. Government. >>CORRECT ANS>> 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 ANS>> 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 ANS>> 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 ANS>> True
What is not part of the ABCD's of an effective LO/Processor meeting? >>CORRECT ANS>> Deliver
How long does a consumer have to shop for a mortgage without the credit inquiries affecting their
score? >>CORRECT ANS>> 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 ANS>> $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 ANS>> 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 ANS>> True
The builder must provide an appraisal certificate to the mortgage company on an FHA new
construction loan prior to closing. >>CORRECT ANS>> 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 ANS>> True
A borrower's brother would like to give her money to help towards the down payment of her new
house. This would be considered >>CORRECT ANS>> A 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. >>CORRECT ANS>>
False
