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drek231 [11]
3 years ago
13

Traditional home mortgage underwriting is said to rest on three elements, the "three C's." The housing expense ratio is one tool

that lenders will use to address concerns associated with which of the "three C's"?
a) collateral
b) creditworthiness
c) capacity
d) capability
Business
1 answer:
Tresset [83]3 years ago
3 0

Answer:

The three C's are Collateral, Creditworthiness, Capacity

Explanation:

The underwriters take a risk to loan you for the mortgage for this purpose they need to verify your paperwork so as to determine your eligibility to get a mortgage, which is based on;

  1. Creditworthiness: It is your credit score and your account and payment history. It also includes your previous loans and purchases.
  2. Capacity: It is a check on your ability to repay the loan. It is basically a debt-to-income ratio. The lender goes through your salary, income, expenditure and debts to confirm that you can actually repay the loan.
  3. Collateral: Literally it means an asset of the borrower kept by the lender as a security of safe return of the loan. in case of house mortgage collateral is mostly 20% down payment of the mortgage being received. If the borrower fails to repay the loan the lender seizes collateral to recover the loss.
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g Sparky Corporation uses the FIFO method of process costing. The following information is available for February in its Molding
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Answer:

Total equivalent unit of material =   140,000 units

Explanation:

<em>Equivalent units are used to apportion cost between completed units and work in progress. They represent notional whole units which represent incomplete work. </em>

<em>Under the first in first method , to account for completed units during a production period the opening inventory units are assumed to completed first before newly the newly introduced units.</em>

<em>So we can work out the equivalents units as follows:</em>

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Equivalent units (EU)

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Opening inventory     25,000     0% × 25,000     =   0

Fully worked            110,000    100% × 110,000 =   110,000

Closing inventory    30,000      100%× 30,000 =   <u>30,000</u>

Total equivalent unit of material                           <u>140,000</u>

<u />

<em>Note that for the opening inventory already 100% material work has been done the preceding period , so there wont be any work left to be done in respect of materials.</em>

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