NMLS MATH QUESTIONS AND ANSWERS A+
GRADED.Buy Quality Materials!
LTV
loan amount
----------------
lower of appraised value or purchase price
DTI -Front End Ratio
PITI
---------
Gross monthly income
DTI - Back End Ratio
PITI+ALL other monthly debt
---------------------
gross monthly income
Interest only payments
loan amount x interest rate (as a %) / 12
Daily Interest
Loan Amount x interest rate (as a %) / 365
Mortgage insurance payment
loan amount x MI factor (as a %) / 12
Tax payment
Loan Amount x tax rate (as a %) / 12
insurance payment
annual premium / 12
monthly income, paid weekly
weekly income x
monthly income, paid paid every other week
income x
monthly income, paid hourly
hourly rate x hours worked per week x
GRADED.Buy Quality Materials!
LTV
loan amount
----------------
lower of appraised value or purchase price
DTI -Front End Ratio
PITI
---------
Gross monthly income
DTI - Back End Ratio
PITI+ALL other monthly debt
---------------------
gross monthly income
Interest only payments
loan amount x interest rate (as a %) / 12
Daily Interest
Loan Amount x interest rate (as a %) / 365
Mortgage insurance payment
loan amount x MI factor (as a %) / 12
Tax payment
Loan Amount x tax rate (as a %) / 12
insurance payment
annual premium / 12
monthly income, paid weekly
weekly income x
monthly income, paid paid every other week
income x
monthly income, paid hourly
hourly rate x hours worked per week x
