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slava [35]
3 years ago
11

Make a list of at least three items that are important to double check before submitting a loan application to underwriting. Lis

t at least two things you would be sure to tell a borrower in preparation for closing. List at least three calculations that are typically used during the course of a mortgage loan transaction.
Business
1 answer:
xxMikexx [17]3 years ago
3 0

Answer:

Please see answers below.

Explanation:

A. Three important Items to double check before submitting a loan application to underwriting.

• Completeness of data : One has to be sure that all important details are captured hence none is left out. It means that there are no missing information on the application.

• Calculations performed accurately: This means that calculations such as borrower's income, qualifying ratios are calculated accurately and also double checked for the purpose of the loan underwriting.

• Documentations required by the loan programme. All Documentations required by the loan programme must be double checked before submitting a loan application to underwriting.

B. List at least two things you would be sure to tell a borrower in preparation for closing

• I will seek clarity in terms of the money borrower would be bringing to the closing table.

• The date,time,venue of closing are essential for the closing hence will be communicated to the borrower. Also, there are no right or wrong answers that may be asked or given by the borrower during the closing.

C. List at least three calculations that are typically used during the course of mortgage loan transaction.

• Income calculation

• Front end and back end ratio (DTI ratio)

• Monthly payment.

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3 years ago
"Paco is considering the purchase of a used car. Paco currently has excess monthly cash flow of $490 available for vehicle payme
kobusy [5.1K]

Answer:

Paco will have 335 dollars available for the car-loan

Explanation:

fromthe $490 cash flow

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<u>    - 10 repairs    </u>

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A company purchased a machine for $8,000, the estimated value of the equipment at the end of its 6-year useful life is $600. Com
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6 0
2 years ago
Read 2 more answers
The is the interest rate that a firm pays on any new debt financing. Andalusian Limited (AL) can borrow funds at an interest rat
valina [46]

Answer:

5.34%

The correct option is C,5.60%

Explanation:

The are two requirements here,the first is after cost of debt for the first part of the case study and after tax cost of debt for the second part of the scenario:

1.after tax cost of debt=pretax cost of debt*(1-t)

pretax cost of debt is 9.7%

t is the tax rate at 45% or 0.45

after tax cost of debt=9.7%*(1-0.45)=5.34%

2.

The pretax cost of debt here is computed using the rate formula in excel:

=rate(nper,pmt,-pv,fv)

nper is the number of times the bond pays coupon interest which is 15

pmt is the annual coupon interest receivable by investors i.e $1000*12%=$120

pv is the current market price of the bond which is $1,136.50

fv is the face value of the bond at $1000

=rate(15,120,-1136.50,1000)

rate =10.19%

after tax cost of debt=10.19% *(1-0.45)=5.60%

7 0
2 years ago
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