XINNIX soar mock exam 2023 questions and answers with complete solution(A+ Guaranteed)

1. 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.: True 2. A veteran may exchange a portion of their entitlement for cash.: False 3. Judgments and tax liens are required to be paid off at or prior to loan closing. (FNMA/FHLMC): True 4. 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.: False 5. A simultaneous second mortgage is obtained at the same time as a first mortgage.: True 6. A 2/1 buydown typically costs 2.5 discount points. Give or take .25%.: True 7. Most loans do not have a prepayment penalty.: True 8. What are the four General Styles of Communication?: Expresser, Relater, Driver, Analytic 9. VA requires connection to a public or community water/sewer disposal system if required by local building, planning, or health authorities.: True 10. A 3/1 ARM will have an initial fixed rate for 3 years, then adjust annually.- : True 11. HOA dues are included in the PITI calculation.: False 12. 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:: Appraisal Certificate 13. DU does not consider non-occupant income as qualifying income.: True 14. To sympathize with a customer lets them know you identify with the way they feel.: True 15. FNMA and FHLMC are fully backed by the U.S. Government.: True 16. 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%.: not 4.25% 17. Verification of employment, income, source of funds and payment history must not be older than days prior to the note date.: not 60