Loan Processor & Mlo Mortgage Math: Problems & Solutions
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Loan Processor & Mlo Mortgage Math: Problems & Solutions
Last updated 1/2022
MP4 | Video: h264, 1280x720 | Audio: AAC, 44.1 KHz
Language: English | Size: 4.51 GB | Duration: 4h 1m
Mortgage skills training and SAFE Mortgage Loan Originator Licensing Exam math prep with 115 problems & solutions
What you'll learn
You will learn how to master common mortgage math calculations such as: LTV, CLTV, DTI, Income, etc.
You will learn how to solve common question types and how to solve them quickly and accurately
You will be able to confidently pass the math portion of the SAFE Mortgage Loan Originator Test
You will have a better understanding of mortgage math calculations
You'll discover new ways to figure out mortgage calculations that will save you time and unnecessary mistakes
You'll understand what abbreviated mortgage terms are so that you can communicate effectively with banks and lenders
You will have a better understanding of mortgage math calculations
Requirements
Basic English
Basic High School diploma level mathematics
Description
Do you have trouble with the math portion of mortgages or on the SAFE Mortgage Loan Origination licensing exam? How about learning through practical examples taught by an industry expert and past college math professor?If you want to work as a loan processor or mortgage loan originator, you need to know how to calculate the LTV, DTI, cash to close, discount points, origination points, and many other math specific factors. This course on Mortgage Math will take you through 115 real life mortgage math problems where I will sit with you and go over each problem in detail so that you can follow along and do the problems with me. This way, you can become an expert on mortgage math before starting your new job or in your current position.By the time you finish this course, you'll be ready to take the math portion of the SAFE pre-licensing mortgage loan originator exam, if you're thinking of becoming a mortgage loan originator. If you're planning to start working as a mortgage loan processor or mortgage loan originator, you need to know how to calculate a borrower's income, which is why I'll also teach you to quickly calculate a borrower's income no matter how they're paid. If they're paid on a bi-weekly, per hour, bi-monthly, weekly basis, or if they're self-employed, you'll discover what calculation you need to use. You will be able to download my "monthly income cheat sheet" to have on hand when you need it so that you can always calculate your borrowers income accurately.This course includes:115 mortgage math problems.A course guide pdf to print and save.Income calculation equations pdf to save on your computer.Mortgage specific equations pdf to use while you follow the course.12 practice quizzes to see how much you've learnedThe main benefits of this course:- Real life mortgage math problems and solutionsLoan processors and mortgage loan originators that are good at mortgage math close more than twice as many loans and are paid higher than other LP's and MLO's- Complete examples on calculating W2 employees and self-employed borrowers (weekly, bi-weekly, bi-monthly, hourly, annual basis income examples)- Pass the math portion of your SAFE Mortgage Loan Origination licensing exam- Close loans faster and minimize math errors- Calculate the loan-to-value and debt-to-income ratio with speed and accuracy- Understand and determine loan discount points and loan origination points- Learn to calculate the cash to close for a borrower so that they know how much they need to bring to the closingDon't waste your time learning only theory. Get started with these practical examples taught in a hands-on approach.Once you complete this course, a course diploma will be available to you when all sections have been completed at 100% which you can save or print. For instructions on downloading your course diploma you can go to: DOWNLOAD THE COURSE PDF'S Please go to lecture 6. You will be able to download them under resources.Your instructorJoseph Correa is the founder and CEO of Finibi Mortgage, a licensed mortgage brokerage business based out of Orlando, Florida. Having closed hundreds of mortgage loans and processed many of them, he has the necessary processing knowledge to help you become a success. In the past, he has also owned a correspondent lender business and invested in real estate.
Overview
Section 1: INTRODUCTION TO MORTGAGE MATH: PROBLEMS AND SOLUTIONS
Lecture 1 How this course is structured
Lecture 2 Basic to advanced content
Lecture 3 Making mortgage math easy
Lecture 4 People vs math
Lecture 5 Do you need to be good at math to be successful in the mortgage industry?
Lecture 6 Why it's important to learn mortgage math
Lecture 7 Download these PDF documents to use during the course
Lecture 8 Calculating the loan-to-value
Lecture 9 Calculating the LTV Problems and Solutions #1-10
Lecture 10 Calculating the Combined Loan-to-Value (CLTV)
Lecture 11 Calculating the CLTV Problems and Solutions #11-20
Lecture 12 What is the total loan-to-value (TLTV)?
Lecture 13 Calculating the Debt-to-Income ratio (DTI)
Lecture 14 Calculating the DTI Problems and Solutions #21-30
Lecture 15 Requesting a Rebuttal
Lecture 16 CASE STUDY: Finding solutions
Lecture 17 Calculating the down payment
Lecture 18 Calculating Down Payment Requirements Problems and Solutions #31-40
Section 2: CALCULATING A BORROWERS MONTHLY PAYMENT
Lecture 19 Using a mortgage calculator to calculate the PI payment
Lecture 20 How to calculate Interest-only mortgage payments
Lecture 21 Variations of the interest-only equation
Lecture 22 Calculating Interest-Only Mortgage Payments Problems and Solutions #41-50
Lecture 23 How to calculate the PITI
Lecture 24 Calculating the PITIA
Lecture 25 Calculating the PITI Problems and Solutions #51-60
Lecture 26 What are bi-weekly payments?
Lecture 27 What does it mean to buy down loan points?
Lecture 28 Variations of the loan discount points equation
Lecture 29 Calculating Loan Discount Points: Problems #61-70
Lecture 30 How to calculate loan origination points
Lecture 31 Variations of the loan origination points equation
Lecture 32 Calculating Loan Origination Points: Problem #71-80
Section 3: CALCULATING A W2 EMPLOYEES AND SELF-EMPLOYED BORROWERS INCOME
Lecture 33 Monthly paid borrowers
Lecture 34 Weekly paid borrowers
Lecture 35 Borrowers paid bi-monthly income
Lecture 36 Bi-weekly paid borrowers
Lecture 37 Hourly wage earners income calculation
Lecture 38 Self employed borrowers income calculation
Lecture 39 Bonus and overtime income calculation
Lecture 40 Calculating a borrower's income: Problems #81 - 100
Section 4: CALCULATING THE MATH BEHIND PRE-QUALIFYING A BORROWER
Lecture 41 The math behind pre-qualifying borrowers
Lecture 42 Calculating the Pre-qualification Process for a borrower: Problems #101 -105
Section 5: CALCULATING THE MATH FOR A PURCHASE TRANSACTION
Lecture 43 The math behind purchase transactions
Lecture 44 The Math behind purchase transactions: Problems #106 - 110
Section 6: CALCULATING THE MATH BEHIND REFINANCE TRANSACTIONS
Lecture 45 The math behind refinance transactions
Lecture 46 The Math Behind Refinance Transactions: Problems #111 - 115
Lecture 47 Always double check your numbers
Lecture 48 Thank you!
Anyone who wants to overcome math obstacles that are in your way,Anyone who wants to become an instant success in the mortgage industry,Anyone who wants to clearly communicate the numbers behind mortgages to borrowers,Anyone who is considering taking the SAFE Mortgage Loan Originator Test and want to pass on their first try,New mortgage loan originators that want to speed up the learning process and be able to start originating loans right away,Experienced loan officers who want to polish their mortgage skills by upgrading their math knowledge,Anyone who wants to learn how calculate mortgage ratios and figures faster
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