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3 years ago

Make a list of some typical documentation you would request from a loan applicant and/or the verifications you would perform?

Business

1 answer:

Fudgin [204]3 years ago

3 0

Answer:

a. Items that are important to double check before submitting a loan application to underwriting:

Personal ID Documents
Proof of Income
Personal Credit Bureau Report

b. Things you would be sure to tell a borrower in preparation for closing:

Proof of Property Ownership or Guarantee Pledge
Contact details of 2-3 relatives or guarantors

c. Calculations that are typically used during the course of a mortgage loan transaction:

Loan to Value ratio
Debt to Income ratio
House expense ratio

Explanation:

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Tim wants to buy an apartment that costs $2,225,000 with an 85% LTV mortgage. Tim got a 30 year, 3/1 ARM with an initial teaser

Vika [28.1K]

Answer:

monthly payment = $10,009 (rounded to nearest dollar)

Explanation:

A 3/1 adjustable rate mortgage (ARM) means that the monthly payment will be fixed during the first 3 years only. Then they should vary, although the variance is generally upwards. The monthly interest can be calculated by using the present value of an annuity formula:

monthly payment = present value of the loan / annuity factor

present value of the loan = $2,225,000 x 85% = $1,891,250
PV annuity factor, 0.40625%, 360 periods = 188.9615

monthly payment = $1,891,250 / 188.9615 = $10,008.65256 ≈ $10,009

4 0

4 years ago

The Azuza Company owns no plant assets and had the following income statement for the year:

Nutka1998 [239]

Answer:Please see answer below

Explanation:

Solving

Net income= $16,000

Change in asset and liabilities

Accounts receivable Increased $67,000- $59,000 =- -8000

Inventory Decreased 62,000- 86,000=24,000

Prepaid rent --Increased 9,000- 7,000 = -2000

Accounts payable ---decreased 22,000 -30,000 = -8000

Wages payable ----Increased 9,000- 7,000=2000

Net cash provided by operating activity.=24,000+ 2000-(8000+2000+8000)

= $24,000

Net income= $16,000

Change in asset and liabilities

Accounts receivable--Increase -$8,000

Inventory--Decreased-- $24,000

Prepaid rent --Increased -$2,000

Accounts payable ---decreased-$8,000

Wages payable ----Increased $2,000

Net cash provided by operating activities,= $24,000

6 0

3 years ago

1. What is the relationship between forward rates and the market’s expectation of future short rates? Explain in the context of

Dvinal [7]

Through the expectations hypothesis and the liquidity preference theory of the term structure of interest rates, liquidity must be zero for the forward rate to be equal to the expectations of future short rates.

<h3 /><h3>What is expectation theory?</h3>

Corresponds to a forecast of short-term interest rates by analyzing them against current long-term interest rates.

Therefore, it is a theory used to assist in better understanding and forecasting short-term securities trading in the future.

Find out more about expectation theory here:

brainly.com/question/20630240

#SPJ1

6 0

2 years ago

A college professor wants to know if the university students in the Unites States will find the new textbook that he has authore

matrenka [14]

Answer:

b. judgment sampling.

Explanation:

In this scenario, where he believes that this group of students will be representative of the university student population in the United States, the professor is most likely using Judgment or Expert sampling which is normally used in circumstances where the pointed population involves very intelligent people like student of the University of United States here who cannot be determined by using any different type of probability or non-probability sampling method.

4 0

3 years ago

Ivan is an operations manager of a chain of amusement parks. Before she determines a new location for a park, she must forecast

Lelechka [254]

Answer:

because Ivan's decisions will impact the substantial cost of the business.

Explanation:

An operations manager is responsible for managing organizational resources and applying them effectively to meet organizational goals and objectives. It is therefore necessary that Ivan as the operations manager of a network of amusement parks, before determining a new location for a park, he must anticipate the customer demand and determine the adequate capacity of the site for the construction of the park. that their decisions will directly impact the substantial cost of the business, that is, the planning must meet the needs specified by the customer so that the cost is compatible with the budget provided for by an effective planning for that business.

Organizational resources must be allocated efficiently and effectively so that there is compliance with the objectives and goals of a business and for it to be well positioned and successful in the market.

4 0

3 years ago