(8) Financial Calculations/Mortgage Math/APR

8.1- What is "Periodic Interest"?

8.2-Explain "Interest rate calculation scenarios".

8.3-Explain the General facts

8.4-Explain "Interests per diem facts"

8.5-Explain different Calculation scenarios for mortgage insurance

8.6-Explain Calculation scenarios for interest rates

8.7-Explain Calculation scenarios for monthly payments

8.8-Explain Calculation scenarios for loan amounts

8.9-What is the Effect of escrow on mortgage?

8.10-Explain the Order of payments and importance of payments to the underwriting of loan

8.11-What is Closing Disclosure information?

8.12-Explain Down Payments

8.13-How is the down payment amounts/percentages calculated?

8.14-What is Loan-to-value ratios?

8.15-Explain Loan-to-value ratio calculation scenarios

8.16-What is Debt-to-income ratios?

8.17-Explain Debt ratio calculation scenarios

8.18-What Factors are taken into account in calculating debt ratios?

8.19-What are Discount Points?

8.20- What is "Fixed interest rate buy-downs"?

8.21- What is "Permanent note"?

8.22- What is the Definition of “discount point”? Explain Discount point calculation scenarios. Explain Purpose of discount points

8.23- What is  Closing costs and prepaid items? Explain Closing costs/pre-paid items calculation scenarios

8.24- How is Hazard insurance collected?

8.25- Explain ARMs (e.g., fully indexed rate)

8.26- Explain "Interest rate adjustment calculation scenarios"

8.27- Explain Payment adjustment calculation scenarios

8.28- Explain Qualified Mortgage monthly payment calculations

8.29- How is the debt to income ratio calculated on Traditional and Non-Traditional Mortgage Products?

8.30- What is Fannie Mae and what are its Responsibilities? What are the Limits on closing cost concessions?

8.31- What are the Fee charges on loans with certain risk characteristics?

8.32- Explain the Fannie Mae/Freddie Mac’s automated underwriting systems

8.33- What are the Requirements when purchasing a non-owner occupied rental property? What are the Acceptable down payment amounts?

8.34- What are Hazard insurance requirements?

8.35- What are the Pre-payment requirements?  (e.g., FHA, VA, USDA)?

8.36- What is the Definition of “FHA Mortgage”? Explain Facts about FHA loans 

8.37- What is a VA loan? Facts about VA loans

8.38- Explain Prohibition on mortgage insurance on certain loan types

8.39- Explain FHA interest rate calculation scenarios

8.40- What are the different Types of government guarantors?

8.41- What is Definition of “entitlement”?

8.42- What is the "Certificate eligibility requirement"?

8.43- What are Acceptable funds for a down payment/closing costs?

8.44- What Properties are eligible for FHA purchase transactions?

8.45- What are FHA loan limits?

8.46- Explain "VA funding fees".

8.47- What is Upfront mortgage insurance premiums?

8.48- How is the "Residual income qualification test" conducted?

8.49- What is the Required documentation?

8.50- Explain the Monthly mortgage insurance payment scenarios

8.51- What is the Minimum down payment for an FHA loan?

8.52- What is the Conventional/nonconforming (e.g., Jumbo, Alt-A) loan? Explain  Facts on “jumbo loans”

8.53- What is the Definition of “non-conforming” loan? Give  Examples of “non-traditional loans”.

8.54- What are the Requirements for an escrow account associated with a “high priced loan”?

8.54- What are the Requirements for an escrow account associated with a “high priced loan”?

8.56- Explain Statement on Subprime Lending

8.57- What is the Definition of “payment shock” ?

8.58- Definition of “subprime” mortgage or loan?

8.59- Explain Characteristics of ARM loans?

8.60- What is Definition of a debt-to-income ratio assessment?

8.61- What are Examples of credit risk characteristics ?

8.62- Give some Scenarios to determine when a balloon loan may be appropriate for a borrower

8.63- What are the Characteristics of subprime borrowers ?

8.64- What are the Characteristics of a subprime mortgage Stated income loans Non-income verifying loans?

8.65- How are borrowers Guided on Nontraditional Mortgage Product Risks?

8.66- What are Characteristics of a non-traditional mortgage loan?

8.67- What are Risks of non-traditional mortgage products?

8.68- What is "Re-payment capacity of a borrower"?

8.69- How is the the right non-traditional mortgage product for borrowers selected? 

8.70- What are important required Communications with consumers regarding non-traditional mortgage products?

8.71- What are Qualified and Non-Qualified Mortgage Programs?

8.72- What are Features of a “qualified mortgage”?

8.73- What are Allowable points and fees for qualified mortgages?

8.74- What Information is used to determine whether a loan is “qualified”?

8.75- What are Annual percentage rates that make a mortgage “qualified”?

8.76- What are Categories of qualified mortgages?

8.77- What is a Non-qualified mortgage (Non-QM)? Explain Features of a non-qualified mortgage? Explain Types of non-qualified mortgages


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