Suppose you are a loan officer at Carbondale Local Bank. Joan Doe listed the following information on

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Suppose you are a loan officer at Carbondale Local Bank. Joan Doe listed the following information on her mortgage application: (LG 20-

2, LG 20-3)

Characteristic Value Annual gross income $45,000 TDS 10%

Relations with FI Checking account Major credit cards 5 Age 27 Residence Own/Mortgage Length of residence 2½ years Job stability 5½ years Credit history Missed 2 payments 1 year ago Use the information below to determine whether or not Joan Doe should be approved for a mortgage from your bank.

The loan is automatically rejected if the applicant’s total score is less than or equal to 120. The loan is automatically approved if the total score is greater than or equal to 190. A score between 120 and 190

(noninclusive) is reviewed by a loan committee for a final decision.

LO.1

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Akshay Agarwal

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