NMLS MATH QUESTIONS AND ANSWERS A+
GRADED.Buy Quality Materials!
If an applicant works 30
hours every week and is paid $25.00 per hour, what is the applicant's monthly
income?
$3,250
($25.00 x 30hrs a week x 52weeks in year / 12)
A property sold for $200,000 and was appraised at $180,000. The borrower
received a loan for $150,000. What is the loan-to-value?
83.3% ($150,000/$180,000)
The purchase price of a home is $200,000 and the loan amount is $180,000. The
borrower pays 6% interest with 1 discount point and 1 origination point. What is
the cost of the points?
$3,600 ($180,000 x 2%)
A borrower is paid $3,500 bi-weekly - what would be considered the gross
monthly income?
$7,583.33
($3,500 x 26 ÷ 12 =
$7,583.33 per month)
Tom Brown is a nurse at the local hospital. He has worked the night shift for three
years and plans to continue this schedule. His base pay is $29.50 per hour with a
5% shift differential. He averages 35 hours per week. What is his qualifying
income?
$4,697.87
Calculate the shift differential first: $29.50 * 5% = 1.475.
So, he gets an additional $1.475 per hour.
So, $1.475 + $29.50 = $30.975. $30.975 * 35hrs x 52weeks / 12 = $4,697.87
If the purchase price is $300,000 and the loan amount is $250,000 and the
appraisal value is $275,000...what is the LTV?
90% ($250,000 ÷ $275,000)
Suppose the payment is late on a conventional loan and the monthly
principal is $1,000, the monthly interest is $500, the monthly taxes are $125, and
the monthly insurance is $25.00...what is the amount of the late payment?
$75 ($1,500 x 5%)
* Remember - late charges are not calculated on the taxes and insurance!
Suppose the payment is late on an FHA loan and the monthly principal is $1,500,
the monthly interest is $150, the monthly taxes are $105, the MIP is $210, and the
monthly insurance is $33.00...what is the amount of the late payment?
$66($1,500 + $150 x 4%)
Monthly PITI payments are $1,400 and the borrower's gross monthly income is
$5,000. His other debts are $200 a month. What is the Housing Expense Ratio?
28% ($1,400 ÷ $5,000)
GRADED.Buy Quality Materials!
If an applicant works 30
hours every week and is paid $25.00 per hour, what is the applicant's monthly
income?
$3,250
($25.00 x 30hrs a week x 52weeks in year / 12)
A property sold for $200,000 and was appraised at $180,000. The borrower
received a loan for $150,000. What is the loan-to-value?
83.3% ($150,000/$180,000)
The purchase price of a home is $200,000 and the loan amount is $180,000. The
borrower pays 6% interest with 1 discount point and 1 origination point. What is
the cost of the points?
$3,600 ($180,000 x 2%)
A borrower is paid $3,500 bi-weekly - what would be considered the gross
monthly income?
$7,583.33
($3,500 x 26 ÷ 12 =
$7,583.33 per month)
Tom Brown is a nurse at the local hospital. He has worked the night shift for three
years and plans to continue this schedule. His base pay is $29.50 per hour with a
5% shift differential. He averages 35 hours per week. What is his qualifying
income?
$4,697.87
Calculate the shift differential first: $29.50 * 5% = 1.475.
So, he gets an additional $1.475 per hour.
So, $1.475 + $29.50 = $30.975. $30.975 * 35hrs x 52weeks / 12 = $4,697.87
If the purchase price is $300,000 and the loan amount is $250,000 and the
appraisal value is $275,000...what is the LTV?
90% ($250,000 ÷ $275,000)
Suppose the payment is late on a conventional loan and the monthly
principal is $1,000, the monthly interest is $500, the monthly taxes are $125, and
the monthly insurance is $25.00...what is the amount of the late payment?
$75 ($1,500 x 5%)
* Remember - late charges are not calculated on the taxes and insurance!
Suppose the payment is late on an FHA loan and the monthly principal is $1,500,
the monthly interest is $150, the monthly taxes are $105, the MIP is $210, and the
monthly insurance is $33.00...what is the amount of the late payment?
$66($1,500 + $150 x 4%)
Monthly PITI payments are $1,400 and the borrower's gross monthly income is
$5,000. His other debts are $200 a month. What is the Housing Expense Ratio?
28% ($1,400 ÷ $5,000)
