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You are the underwriter for a local bank. You are reviewing a borrower's loan application for a new $400,000 residential mortgage loan. The interest
You are the underwriter for a local bank. You are reviewing a borrower's loan application for a new $400,000 residential mortgage loan. The interest rate is 3% per year and the amortization period is 30 years. The borrower reports the following: monthly income - $10,000; cash in bank - $15,000; car payments - $300 per month; property taxes and insurance - $1,400 per month; credit card payments - $250 per month. What is the 1st underwriting ratio %?
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The 1st underwriting ratio often referred to as the frontend ratio or housing expense ratio is a mea...
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
