XINNIX SOAR FINAL EXAM UPDATED THIS YEAR WITH 350 QUESTIONS AND CORRECT ANSWERS WITH JUST RELEASED

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XINNIX SOAR FINAL EXAM UPDATED THIS YEAR WITH 350
QUESTIONS AND CORRECT ANSWERS WITH JUST RELEASED




Question: the main purpose of the Consumer financial protection bureau (CFPB) is to help
consumers understand the terms of their agreements with financial companies - CORRECT
ANSWER✔✔true




Question: conventional loans are not insured by the federal government - CORRECT
ANSWER✔✔true




Question: Agency loans include FHA and VA loans - CORRECT ANSWER✔✔true




Question: the proceeds of a loan for cash out refinance may be used by the borrower to insure
a new pool - CORRECT ANSWER✔✔true




Question: a non-agency loan does not have to conform to FNMA guidelines - CORRECT
ANSWER✔✔true




Question: FNMA insured mortgage companies against default - CORRECT ANSWER✔✔false


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Question: Fannie Mae purchased FHA loans from mortgage bankers - CORRECT
ANSWER✔✔true




Question: FHA mortgages are self insured while conventional mortgages require PMI - CORRECT
ANSWER✔✔true




Question: Ginnie Mae was created to purchase government mortgages on the secondary
market - CORRECT ANSWER✔✔false




Question: prepaid interest to reduce the interest rate over the life of the loan - CORRECT
ANSWER✔✔discount points




Question: Freddie Mac offers balloon mortgages but fannie mae doesn't - CORRECT
ANSWER✔✔true




Question: unacceptable borrowers include.. - CORRECT ANSWER✔✔life estates, partnerships,
non-profit organizations




Question: when is a co-signer typically permitted on a conventional loan? - CORRECT
ANSWER✔✔when the borrower is putting down at least 10%



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Question: borrower must contribute how much if the LTV is greater than 80%? (FNMA) -
CORRECT ANSWER✔✔5%




Question: maximum ratios for occupant borrower alone cannot exceed... - CORRECT
ANSWER✔✔35/43%




Question: DU is the automated system for.. - CORRECT ANSWER✔✔fannie mae




Question: LPA is the system for - CORRECT ANSWER✔✔freddie mac




Question: the higher the credit score, the lower potential for delinquency - CORRECT
ANSWER✔✔true




Question: the most accurate credit report - CORRECT ANSWER✔✔RMCR- residential mortgage
credit report




Question: an in file credit report contains only current information about the borrowers credit -
CORRECT ANSWER✔✔false




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Question: chapter 13 bankruptcy allows for a 3-5 year repayment plan - CORRECT
ANSWER✔✔true




Question: credit report is ordered at the end of the process just before it goes to the
underwriter - CORRECT ANSWER✔✔false




Question: Permanent and non permanent resident aliens are eligible for mortgage financing
typically under the same terms as US citizens - CORRECT ANSWER✔✔true




Question: On a purchase transaction, the co-borrower does not have to be listed as a purchaser
on the sales contract - CORRECT ANSWER✔✔false




Question: A 3/1 arm will usually have a higher interest rate than a 10/1 arm - CORRECT
ANSWER✔✔false




Question: Typically, what is the qualifying rate on a 1-year ARM with a 2/6 caps and a start rate
of 4.5? The fully indexed rate is 6.375% - CORRECT ANSWER✔✔6.5%




Question: The fully indexed rate on an adjustable rate mortgage is calculated based on? -
CORRECT ANSWER✔✔index+margin




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