XINNIX SOAR MOCK NEW EXAM QUESTIONS AND
CORRECT ANSWERS FOR TOP PERFORMANCE
At closing, the entire loan amount for a second mortgage with a fixed rate is
disbursed. Throughout the loan's duration, monthly payments are amortized.
The mortgage is closed after the remaining amount is settled. ANSWER: True
A veteran may get cash in return for a portion of their claim. The response is
incorrect.
Tax liens and judgments must be settled at or before the loan closing.
(FNMA/FHLMC) - True Response
When an applicant intends to rent their present home after closing on the
purchase of their new property, gross rent can be regarded as effective income.
The response is incorrect.
A first mortgage and a second mortgage are arranged simultaneously.
ANSWER: True
Usually, a 2/1 buydown costs 2.5 discount points. Give or take.25%. ANSWER:
True
Prepayment penalties are absent from the majority of loans. ANSWER: True
Which four general communication styles are there? ANSWER Analytical,
Relater, Driver, and Expresser
If local building, planning, or health authorities mandate it, VA must link to a
public or community water/sewer disposal system. ANSWER: True
An initial fixed rate for three years will be followed by annual adjustments for a
3/1 ARM. ANSWER: True
The PITI computation takes HOA dues into account. The response is incorrect.
, Before an FHA new construction loan is cleared to close, the builder must give
the mortgage company all of the following paperwork, with the exception of:
Certificate of Appraisal for Answers
Non-occupant income is not regarded by DU as qualified income. ANSWER:
True
Having empathy for a customer shows them that you understand their feelings.
ANSWER: True
The U.S. Government strongly supports FNMA and FHLMC. ANSWER: True
What is the qualifying rate for a 3/1 ARM with 2/6 caps and a note rate of
4.25%? 6.38% is the fully-indexed rate. The answer is not 4.25%.
Employment, income, funding source, and payment history verifications cannot
be more than ______ days old before the note date. The answer is not 60.
A Commitment Letter is sent to a borrower who has submitted their pay stubs,
bank statements, and W2s along with their offer on a home. ANSWER: True
What does a successful LO/processor meeting not include in the ABCDs?
ANSWER Provide
How long may a buyer look for a mortgage before their credit score is impacted
by credit inquiries? 30-DAY ANSWER
Given that Mr. Coulter recently purchased a car with a $525 monthly payment,
what is the highest house payment he can make with his present income of
$75,500 annually? Answer: $1,740.00 (FNMA)
For a cash-out refinance, the new loan amount must contain one month's worth
of the borrower's current home payment. ANSWER: True
Any situation in which the borrowers or any other party to the transaction have
a direct relationship with another party—such as the employer, lender, broker,
or appraiser—is considered non-arm's length. ANSWER: True
Before closing on an FHA new construction loan, the builder must give the
mortgage company an appraisal certificate. The response is incorrect.
CORRECT ANSWERS FOR TOP PERFORMANCE
At closing, the entire loan amount for a second mortgage with a fixed rate is
disbursed. Throughout the loan's duration, monthly payments are amortized.
The mortgage is closed after the remaining amount is settled. ANSWER: True
A veteran may get cash in return for a portion of their claim. The response is
incorrect.
Tax liens and judgments must be settled at or before the loan closing.
(FNMA/FHLMC) - True Response
When an applicant intends to rent their present home after closing on the
purchase of their new property, gross rent can be regarded as effective income.
The response is incorrect.
A first mortgage and a second mortgage are arranged simultaneously.
ANSWER: True
Usually, a 2/1 buydown costs 2.5 discount points. Give or take.25%. ANSWER:
True
Prepayment penalties are absent from the majority of loans. ANSWER: True
Which four general communication styles are there? ANSWER Analytical,
Relater, Driver, and Expresser
If local building, planning, or health authorities mandate it, VA must link to a
public or community water/sewer disposal system. ANSWER: True
An initial fixed rate for three years will be followed by annual adjustments for a
3/1 ARM. ANSWER: True
The PITI computation takes HOA dues into account. The response is incorrect.
, Before an FHA new construction loan is cleared to close, the builder must give
the mortgage company all of the following paperwork, with the exception of:
Certificate of Appraisal for Answers
Non-occupant income is not regarded by DU as qualified income. ANSWER:
True
Having empathy for a customer shows them that you understand their feelings.
ANSWER: True
The U.S. Government strongly supports FNMA and FHLMC. ANSWER: True
What is the qualifying rate for a 3/1 ARM with 2/6 caps and a note rate of
4.25%? 6.38% is the fully-indexed rate. The answer is not 4.25%.
Employment, income, funding source, and payment history verifications cannot
be more than ______ days old before the note date. The answer is not 60.
A Commitment Letter is sent to a borrower who has submitted their pay stubs,
bank statements, and W2s along with their offer on a home. ANSWER: True
What does a successful LO/processor meeting not include in the ABCDs?
ANSWER Provide
How long may a buyer look for a mortgage before their credit score is impacted
by credit inquiries? 30-DAY ANSWER
Given that Mr. Coulter recently purchased a car with a $525 monthly payment,
what is the highest house payment he can make with his present income of
$75,500 annually? Answer: $1,740.00 (FNMA)
For a cash-out refinance, the new loan amount must contain one month's worth
of the borrower's current home payment. ANSWER: True
Any situation in which the borrowers or any other party to the transaction have
a direct relationship with another party—such as the employer, lender, broker,
or appraiser—is considered non-arm's length. ANSWER: True
Before closing on an FHA new construction loan, the builder must give the
mortgage company an appraisal certificate. The response is incorrect.
