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Mortgage Loan Officer > Numbers > Flashcards

Numbers Flashcards

1
Q

Total interest + fees percentage= what?

A

APR

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2
Q

What is the APR made of?

A

Total interest + fees percentage

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3
Q

How do you find the annual interest amount?

A

Loan amount x note rate

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4
Q

The loan amount times the note rate equals what?

A

Annual interest amount

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5
Q

How do you find the monthly interest amount?

A

Loan amount x the note rate divided by 12

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6
Q

How do you find the annual private mortgage insurance?

A

Loan amount times PMI factor

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7
Q

How do you find the monthly private mortgage insurance?

A

Loan amount x PMI Factor divided by 12

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8
Q

How do you find the LTV?

A

Loan amount divided by the lesser of the sale price or the appraised value.

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9
Q

How do you find the combined loan to value?

A

First loan plus the second loan divided by the lesser of the sale price or appraised value

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10
Q

How do you find the housing expense ratio?

A

Total housing expense (PITI) divided by gross monthly income

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11
Q

How do you find the total obligations ratio?

A

(Total housing expense + debt) divided by gross monthly income

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12
Q

What is the housing expense ratio on a conventional loan?

A

28%

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13
Q

What is the total debt to income ratio on a conventional loan?

A

36%

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14
Q

What is the housing expense ratio on an FHA loan?

A

31%

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15
Q

What is the total debt to income ratio on an FHA loan?

A

43%

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16
Q

What is the housing expense ratio on a VA loan?

A

Not used

17
Q

What is the total debt to income ratio on a VA loan?

A

41%

18
Q

When determining maximum mortgage amount, what three steps are taken?

A
  1. Monthly gross income x front end = maximum PITI
  2. (Monthly gross income x back ratio) - monthly debt = maximum PITI
  3. Lower of the two
19
Q

And adjustable rate mortgage, how do you find the fully indexed rate?

A

Index plus margin

Mortgage Loan Officer (10 decks)

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