1.
Sue Johnson is a receptionist for a construction company. She receives bi-weekly pay in the amount of $1,153.85. What is her monthly qualifying income?
1 out of 30
2.
If a zero-point interest rate is 6.375% and paying two points would reduce the rate by 1.25%, what would the new rate be assuming the borrower paid the two points?
2 out of 30
3.
What is the bi-weekly, interest-only payment on a loan amount of $150,000 at 5% fixed?
3 out of 30
4.
Tom and Cindy are buying a house with a $300,000 sales price and their LTV will be 80%. They paid $3,600 in discount points. How many total points did they pay?
4 out of 30
5.
A couple has qualified for a $245,600 loan. They are told that the broker fee will cost two points. What is the dollar amount of the broker fee?
5 out of 30
6.
An applicant pays $1,100 in rent, a car loan payment of $450 with three months remaining, and has two credit cards both with a $110 minimum monthly payment. If his annual salary is $55,000 and the proposed PITI is $1,515, what is his total back-end DTI?
6 out of 30
7.
If 1.75 lender origination points are quoted on a $237,000 loan, what is the cost of those origination points to the borrower?
7 out of 30
8.
The gross monthly income calculation is critical for all debt-to-income ratio calculations. What is a borrower's gross monthly income if she earns $45 per hour for 36 hours per week on average?
8 out of 30
9.
A first mortgage balance is $135,776. There is a $50,000 HELOC in a subordinate lien position with $0.00 owed. The TLTV is 68%. What is the house's value?
9 out of 30
10.
A homebuyer is purchasing a new home for $375,750.00. He is putting 15% down. The home appraised for $385,000.00. What is the original loan amount?
10 out of 30
11.
If a borrower's PITI is $1,275.00, what is the minimum gross monthly income that the applicant should earn in order to qualify for an FHA loan assuming that the applicant has no other debt?
11 out of 30
12.
Eddie earns $35 per hour through a 40-hour work week. What is the semi-monthly equivalence of his current income?
12 out of 30
13.
Ms. Davis is a nurse at the local hospital. She has worked the night shift for three years and plans to continue this schedule. Her base pay is $29.50 per hour plus a 5% shift differential. She averages 35 hours per week. What is her qualifying income?
13 out of 30
14.
What is the per diem on a loan balance of $410,776 at 3.875% interest?
14 out of 30
15.
The Smiths are buying a house for $200,000. After their 10% down payment, they’ve also decided to pay two discount points. What is the dollar amount of the discount points?
15 out of 30
16.
If two loans constitute a 95% CLTV and the first loan is 80%, what is the balance of the second loan if the property value is $295,000?
16 out of 30
17.
A borrower has applied for a refinance on her property valued at $235,000 . She currently has a HELOC with a $47,000 limit on which she owes $25,850. The borrower has applied for a first mortgage of $164,500. Which of the following LTV, CLTV and TLTV scenarios is accurate based on this information?
17 out of 30
18.
A property is valued at $342,000. There is a first and second mortgage with an 85% CLTV. The second mortgage has an 8% LTV. What is the approximate amount of the first mortgage?
18 out of 30
19.
If a borrower's gross annual income is $52,000, what is the maximum housing expense recommended to qualify for an FHA loan?
19 out of 30
20.
What is the monthly interest-only payment on a loan amount of $200,000 at 6% fixed?
20 out of 30
21.
A property is valued at $295,000. There is a first and second mortgage with a 77% CLTV. The second mortgage has a 10% LTV. What is the amount of the first mortgage?
21 out of 30
22.
How much interest would a borrower pay over 15 years on his $350,000 4.125% 30-year fixed, interest-only 15 mortgage if all he remitted was the interest-only payment over the 15-year interest-only period?
22 out of 30
23.
If a construction worker earns $3,800 monthly, what is his weekly income?
23 out of 30
24.
If a home purchaser pays $12,450 in points on a $415,000 purchase price, how many points did she pay?
24 out of 30
25.
Don is refinancing his home in order to save money. If the loan goes through, his payment will drop from $2,000 per month (PITI), to $1,500 per month (PITI). Don’s gross income each month is $6,800, but he has a $300 car payment, a $150 credit card payment, and monthly alimony payments of $1,300. What is Don’s housing ratio on the proposed loan?
25 out of 30
26.
A borrower is applying for a refinance loan amount of $255,000. He currently has a second-position HEQ for $23,750 which he intends to retain and subordinate. His property was appraised at $625,000. What is the HEQ’s LTV?
26 out of 30
27.
If a borrower pays 2.5% in discount points on a $335,000 purchase price for which she puts 25% down, how much did she spend on points?
27 out of 30
28.
If an applicant earns a base salary of $23.00 per hour and works a 40-hour work week with a 1/2-hour unpaid lunch hour daily, what is his bi-weekly income?
28 out of 30
29.
An applicant earns an hourly base rate of $36.50 plus a 5% shift differential working a 40-hour work week. Along with this, he also earns $1,000 per month in untaxed social security. What is his monthly income?
29 out of 30
30.
A borrower is employed part-time and has been employed in the same position for over three years. She averages 22.5 hours per week. Last year she earned $36,750 and the year before $31,275.00 With what monthly income would you credit her?
30 out of 30
