Editorial standards

1. Step 1

   Sourced

   Each formula and lending rule is traced to a primary source and linked.

2. Step 2

   Worked

   Each worked deal follows from stated assumptions, with every step shown.

3. Step 3

   Reviewed

   A licensed loan officer checks the figures and claims before publication.

Formulas traced to the source

Definitions, lending rules and market data come from the bodies that set or publish them, such as HUD, the Fannie Mae Selling Guide and the Census Bureau. Each source is linked in the sentence that uses it. Where lender practice differs from the textbook definition, as with DSCR on PITIA versus DSCR on NOI, the analysis names both and runs both on the same deal.

Every figure follows from its assumptions

Every figure in a worked deal follows from the assumptions the analysis states, and those assumptions are for illustration, not a quote or an offer. Ratios are rounded to two decimals and dollars to the cent. Each table lists its assumptions, and the lines under it show each step, so you can redo any figure yourself.

The calculators use the same formulas, so a ratio in an analysis and the same ratio in a calculator agree.

Checked by a licensed loan officer

Before publication, a licensed loan officer checks the figures, the formulas and every claim about how lenders work. The loan officer's name, title, NMLS number and check date appear under “Checked by” at the end of the analysis, and the license can be looked up at NMLS Consumer Access. The date the analysis was last updated sits under its title.

What is never published

• Rates offered to you, APRs or payment quotes. Where an example needs a rate, it uses a published benchmark and says so.
• Promises of approval, or a ranking of lenders.
• A figure that cannot be traced to a stated input or a linked source.

Updates

When a source changes or a figure is found to be wrong, the analysis is corrected and rechecked, and its updated date changes with it.