Xinnix SOAR Mock Exam Questions and Answers Already Graded A
2 views 0 purchase
Course
Xinnix
Institution
Xinnix
Xinnix SOAR Mock Exam Questions and
Answers 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. -
Answer ️️ -True
A veteran may exchange ...
Xinnix SOAR Mock Exam Questions and Answers 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 ba lance is paid off the mortgage is closed. - Answer ✔️✔️-True A veteran may exchange a portion of their entitlement for cash. - Answer ✔️✔️-False Judgments and tax liens are required to be paid off at or prior to loan closing. (FNMA/FHLMC) - Answer ✔️✔️-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. - Answer ✔️✔️-False A simultaneous second mortgage is obtained at the same time as a first mortga ge. - Answer ✔️✔️-
True A 2/1 buydown typically costs 2.5 discount points. Give or take .25%. - Answer ✔️✔️-True Most loans do not have a prepayment penalty. - Answer ✔️✔️-True What are the four General Styles of Communication? - Answer ✔️✔️-Expresser, Rela ter, Driver, Analytic VA requires connection to a public or community water/sewer disposal system if required by local building, planning, or health authorities. - Answer ✔️✔️-True A 3/1 ARM will have an initial fixed rate for 3 years, then adjust annually . - Answer ✔️✔️-True HOA dues are included in the PITI calculation. - Answer ✔️✔️-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: - Answer ✔️✔️-
Appraisal Certificate DU does not consider non -occupant income as qualifying income. - Answer ✔️✔️-True To sympathize with a customer lets them know you identify with the way they feel. - Answer ✔️✔️-True FNMA and FHLMC are fully backed by the U.S. Government. - Answer ✔️✔️-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%. - Answer ✔️✔️-not 4.25% Verification of employment, income, source of funds and payment history must not be older than ______ days prior to the note date. - Answer ✔️✔️-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. - Answer ✔️✔️-True What is not part of the ABCD's of an effective LO/Processor meeting? - Answer ✔️✔️-Deliver How long does a consumer have to shop for a mortgage without the credit inquiries affecting their score? - Answer ✔️✔️-30 days What is the largest hou se 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) - Answer ✔️✔️-$1,740.00 One month of the borrower's current house payment must be included when calcu lating the new loan amount for a cash -out refinance. - Answer ✔️✔️-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 limi ted to, the employer, lender, broker or appraiser). - Answer ✔️✔️-True The builder must provide an appraisal certificate to the mortgage company on an FHA new construction loan prior to closing. - Answer ✔️✔️-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. - Answer ✔️✔️-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 ___________ - Answer ✔️✔️-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, the y must wait at least 7 years from a Chapter 7 bankruptcy or foreclosure to apply for conventional financing. - Answer ✔️✔️-False What is the maximum seller contribution allowed for a primary residence at 85% LTV? (FNMA/FHLMC) - Answer ✔️✔️-6% The maximum L TV for an FHA cash -out refinance is 85%. - Answer ✔️✔️-False What is the maximum seller contribution allowed for an investment property at 80% LTV? (FNMA/FHLMC) - Answer ✔️✔️-2%
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller KatelynWhitman. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.49. You're not tied to anything after your purchase.
