FINAL UWM
• How much must a rate be lowered in order to renegotiate a rate?
.25
Q. A broker can choose between what range for their lender paid compensation?
0-2.75%
• After CTC the borrower decided she wanted to reduce the loan amount from $305
000 to $290,000. How can this be resolved?, The broker needs to submit a CofC
Q. The 5 steps of Uclose 2.0
1.Upload invoices 2. Schedule closing 3. Verify fees 4. Verify vesting 5. Sending out docs
Q. The SPL issue date needs to be within 3 days of the earliest signature date of the
1003
Q. This is what you will be calling the initial application for a loan (not the acronym)
1003
Q. What is the minimum loan amount on a conventional elite
125k
Q. What is the cost for a lock extension?
2.5 bps per day
• What is the cost for a lock extension?
2.5 bps per day on 1st extension; 5bps/day on 2nd
Q. Maximum percentage of a loans value that broker can get paid
2.75%
Q. My borrower's cousin owns a title company and they're charging them more. What tolerance would I be subject to?
Broker is not subject to tolerance
Q. What is step 2 in the UWM sales cycle
Build Rapport
Q. Which document must be given to the borrower twice in the loan process?
CD
• Which of these UWM exclusives is beneficial for correspondents?
Custom Lock and Value Certified
Q. Locking for 9 days is an example of this differentiator?
Custom rate lock
Q. What is the difference between Uclose 1.0 nd 2.0
The broker has control over the closing process
• What are the specifics of a rate renegotiation?
The file will not get a new lock expiration date. Rate must be lowered by at least 0.25%. Credit to the borrower cannot be greater than the original rate. Request must be initiated by the borrower. Cost is 50 bps
Q. This needs to be accepted before the broker charges anything to the borrower
The intent to proceed
Q. Your broker needs to increase their compensation. How can they resolve this?
They cannot increase compensation?
Q. Automated tax due date in section G will result in less cash to close or tolerance issues
True
Q. Blink allows clients to create co-branded customized links with referral partners
True
Q. Brokers should still review fees populated by Smartfees?
True
Q. Client request can be used for all communication and is quick way to get escalations resolved.
True
Q. In Client communication preferences clients can adjust subscriptions and loan level communication separately
True
Q. The initial LE must be disclosed within 3 days of the earliest signature date of the 1003
True
Q. When multiple title fees increase a COC should be submitted for each fee that increased instead of lumping them together
True
• The 1003 must be signed by the LO and borrower.
True
Q. This is full name of TILA-RESPA
Truth in lending act/ Real estate settlement procedure act
Q. The two package types available
UWM bare bones package, Origination state/fed
Q. This is the title of the person who issues the CTC
Underwriter II
Q. Processor Assist orders will be initiated during this stage of a loans program
Underwriting
Q. Worst case plus 10bps
What is a relock
Q. When I the UWII assigned?
When the broker uploads conditions
• Decreasing the lender credit between the initial LE and final CD would create which type of tolerance?
Zero tolerance
• After 6:30 PM EST
a broker can lock how many loans per ID?, 10
Q. What is Freddie Mac's underwriting system >
LPA
Q. Shows up as a percentage of the loan amount
Lender paid compensation
Q. 60 OR 90 days
Lock & Shop
Q. When is locking available?
Mon-Sun 9:30p-Midnight
• When is locking available?
Monday - Sunday 9:30am - midnight
• What does ALIENS stand for?
Name Social Security Number Estimated Value Loan Amount Address Income
Q. The upfront fee for Lock & Shop
No Upfront fee
Q. What is the upfront fee for Lock and shop?
No fee
Q. Smart feels will auto-populate all of following fields except
Origination
Q. The three delivery options for disclosures
PDF, Email, Esign
Q. What is another name for LPMI
Pay advantage
Q. The right of rescission is applicable to
Primary refis
Q. A team that gathers many third party documents
Processor Assist
Q. Flipping from lender paid to borrower paid is one of the easiest ways to avoid this issue.
QM (Qualified Mortgage)
Q. This costs the borrower 50bps and must lower the rate by .25%
Renegotiation
Q. Tolerance cures are typically determine by which document?
SPL
Your client has a loan in closing status! At the closing table, the title agent discovered a clerical error with closing costs. After making the corrections, the APR increased by 0.160. What happens next?
The CD must be redisclosed and the cooling off period will be reset.
• A Class D correspondent will order their appraisals through a panel.
False, it's through software
Q. This would be a way for a borrower to not increase the time of their refinance loan
Flex term ( or time if you're Brandon DERP)
Q. Which tool can broker NOT use to customize a borrower's loan and create an unshoppable deal?
Blink
Q. What compensation plan is a set dollar amount?
Borrower
Q. The file type needed to drag and drop for a new loan
FNMA 3.2 file
Q. A change of circumstance is required to process a rate change?
False
Q. A funding authorization number is required with instant funding
False
Q. Credit for the rate can cover BPC
False
Q. Escrow waivers are not permitted on VA loans
False
Q. Processor assist does not save time for the client
False
Q. The initial CD only has to be acknowledge by the primary borrower to start the cooling off period for primary refi
False
Q. UWM allows brokers to waive escrows up to 95% LTV at a cost
False
Q. VOI is available on all loans.
False
Q. A which LTV will BPMI automatically fall off?
78%
• What is the minimum amount of days we allow a broker to prelock a loan?
8 days
Q. Custom lock allows lock commitment periods between __ and ___ days
8,90
• What is the current cutoff time for conditions?
8pm EST
Q. How often can a broker change their compensation plan with UWM?
90 days
Q. I changed my LPC comp at the beginning of the quarter. But the market just took a drastic switch. You're telling me I have to wait how long?
90 days
Q. What is the max LTV for an FHA purchase
96.5% LTV
Q. What is blink
A broker branded loan application portal
• Locks are tied to the subject property _______
Borrower's ______________, and Broker ID, Address, SSN
• EQ will now default locks to how many days?
21
Q. This is the maximum commitment period for conquest loans
22 days
Q. 5bps/day
2nd extension
Q. Which power block training will you attend daily as a new AE?
2pm
Q. How many times can a lock be extended on a conforming loan?
2x
Q. The loan cannot close for ____ days after the CD is signed.
3 days
Q. After a refinance loan is closed, there are ____ before we give them the money
3 days right of recission
Q. What is the SLA for client requests (CRs)
4 hours
Q. Once the initial LE has been issued how many days must pass before the loan can close?
7
Q. Who is the point of contact for problem upload issues?
AE
Q. This is where you would input your processors information to be notified about changes or updates in the loan
Alternate contact/Client communication preferences
• What are examples of zero tolerance fees?
Appraisal Fee, Credits Credit Report Fees, Compensation
• Which of the following are UWM partnered AMC's? (Select all that apply.)
Appraisal Nation First Look Nationwide Class Valuation NAN
Q. The best way to overcome any objection I to
Ask open ended question
• What is Docless?
Automated Income, Automated Assets, ESign, submit straight to UW
Q. Shows as a dollar amount
BPC (borrower paid comp)
• What are the components of the UW pod?
DL UWII Sr. UW Sr. UW TL
Q. On a correspondent loan how long must the lock be valid?
Date of purchase
Q. Three things required to send a loan directly to underwriting on a conventional loan.
E-Sign, Asset verification, Income Verification
Q. This is the section in fees where a broker is able to adjust the ECD
Section G
Q. Which team at UWM would assist the borrower with where to send their payment after they close on their new home?
Servicing
Q. This team makes sure all necessary paperwork is in a file prior to going to underwriting
Set up team
• You are working with a correspondent account that solely uses UWM for investing purposes and does not rely on us for disclosures. They also handle their own closings. Which correspondent category do they fall into?
Super Correspondent
Q. Are home ready and home possible loans eligible for instant MI?
Yes
Q. LPMI and BPMI differ because LPMI is paid for up front as pricing adjustment
and BPMI is paid, Monthly
• Class E correspondent will order appraisal through
panel
