Loan Processor & MLO Mortgage Math: Problems & Solutions
- Description
- Curriculum
- FAQ
- Reviews
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 learned
The main benefits of this course:
– Real life mortgage math problems and solutions
Loan 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 closing
Don’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: https://support.udemy.com/hc/en-us/articles/229603868-Certificate-of-Completion
TO DOWNLOAD THE COURSE PDF’S
Please go to lecture 6. You will be able to download them under resources.
Your instructor
Joseph 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.
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How this course is structured -
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Basic to advanced content
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3
Making mortgage math easy
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4
People vs math
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Do you need to be good at math to be successful in the mortgage industry? -
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Why it's important to learn mortgage math
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Download these PDF documents to use during the course
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Calculating the loan-to-value
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Calculating the LTV Problems and Solutions #1-10
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Practice Quiz: LTV Practice ProblemsAfter going over the last problems, try solving these questions to see how much you learned. Make sure not to rush and to answer only what you're being asked to solve. Get started!
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11
Calculating the Combined Loan-to-Value (CLTV)
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Calculating the CLTV Problems and Solutions #11-20
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CLTV Practice Problems
After going over the last problems, try solving these questions to see how much you learned. Make sure not to rush and to answer only what you're being asked to solve. Get started!
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14
What is the total loan-to-value (TLTV)?
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15
Calculating the Debt-to-Income ratio (DTI)
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Calculating the DTI Problems and Solutions #21-30
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DTI Practice Problems
After going over the last problems, try solving these questions to see how much you learned. Make sure not to rush and to answer only what you're being asked to solve. Get started!
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Requesting a Rebuttal
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CASE STUDY: Finding solutions
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Calculating the down payment
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Calculating Down Payment Requirements Problems and Solutions #31-40
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Down Payment Practice Problems
After going over the last problems, try solving these questions to see how much you learned. Make sure not to rush and to answer only what you're being asked to solve. Get started!
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23
Using a mortgage calculator to calculate the PI payment
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How to calculate Interest-only mortgage payments
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Variations of the interest-only equation
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Calculating Interest-Only Mortgage Payments Problems and Solutions #41-50
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Interest-Only Practice Problems
After going over the last examples, try solving these questions to see how much you've learned so far. Make sure not to rush and to answer only what you're being asked to solve. You can use a calculator to answer these questions.
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How to calculate the PITI
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Calculating the PITIA
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Calculating the PITI Problems and Solutions #51-60
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PITI Practice Problems
After going over the last examples, try solving these questions to see how much you've learned so far. Make sure not to rush and to answer only what you're being asked to solve. You can use a calculator to answer these questions.
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32
What are bi-weekly payments?
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33
What does it mean to buy down loan points?
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Variations of the loan discount points equation
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Calculating Loan Discount Points: Problems #61-70
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Loan Discount Points Practice Problems
After going over the last examples, try solving these questions to see how much you've learned so far. Make sure not to rush and to answer only what you're being asked to solve. You can use a calculator to answer these questions.
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How to calculate loan origination points
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Variations of the loan origination points equation
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Calculating Loan Origination Points: Problem #71-80
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Loan Origination Points Practice Problems
After going over the last examples, try solving these questions to see how much you've learned so far. Make sure not to rush and to answer only what you're being asked to solve. You can use a calculator to answer these questions.
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Monthly paid borrowers
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Weekly paid borrowers
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Borrowers paid bi-monthly income
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Bi-weekly paid borrowers
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Hourly wage earners income calculation
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Self employed borrowers income calculation
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Bonus and overtime income calculation
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Calculating a borrower's income: Problems #81 - 100
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Income Calculation Practice Problems
After going over the last examples, try solving these questions to see how much you've learned so far. Make sure not to rush and to answer only what you're being asked to solve. Good luck!
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The math behind pre-qualifying borrowers
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Calculating the Pre-qualification Process for a borrower: Problems #101 -105
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Pre-qualification Practice Problem
After going over the last examples, try solving these questions to see how much you've learned so far. Make sure not to rush and to answer only what you're being asked to solve. Good luck!
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The math behind purchase transactions
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The Math behind purchase transactions: Problems #106 - 110
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Purchase Transaction Practice Problem
After going over the last examples, try solving this question to see how much you've learned so far. Make sure not to rush and to answer only what you're being asked to solve. Good luck!
