UWM Exam Questions
Jessica is getting a mortgage where the principal and interest will be $500 a month. Since she is not waiving her escrows, she also needs to pay $50 for her homeowner's insurance. Taxes break down to $100 per month, and she pays an additional $75 for her water bill and $120 for her electricity. What is her PITI?
$650
A client is renegotiating the rate to 4.500%. The price under the "Current Lock Final Credit" Column is -2.450. The price under the "Current Final Credit" column is -2.838. What will the final price be if the client proceeds with a renegotiation to current market?
-2.338
A Basis Point is
1/100th of a percentage point
After 6:30 PM EST, a broker can lock how many loans per ID?
10
Your broker has submitted a loan to us with recording fees of $500 initially disclosed on the Loan Estimate. Now that the file is getting closer to closing, your broker has discovered that recording fees are really going to be $800. The only catch is that they discovered this increase four days ago. What tolerance bucket would this fall into?
10% Tolerance
Joe Borrower earns $4,000/month in base pay. He leases his car for $350/month and pays $200/month for his credit cards. What is Joe's DTI?
13.75
Conquest can be used on Rate & Term refinances that have not closed with UWM in the last ____ months.
18
What is the cost for the first lock extension?
2.5 bps/day
Who decides broker compensation?
Broker
UClose 2.0 in order
Broker confirms invoices Broker schedules closing Broker verifies fees Broker verify title, vesting, and property information Broker generates title prep and invites title to portal
What is BLINK?
Broker-branded loan application portal
What is step 2 of the sales cycle?
Build rapport
What team is responsible for signing up new brokers?
Business Development Team
What is the tool that allows clients to customize their communication?
Client Communication Preferences
Which team will help a broker become a correspondent lender?
Correspondent lender
What are examples of zero tolerance fees?
Credit report fee Appraisal fee Compensation
What are the specifics of a rate renegotiation?
Credit to the borrower cannot be greater than the original rate Rate must be lowered by at least 25 bps Lock expiration date will stay the same Request must be initiated by the borrower Cost is 50 bps
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
What are overlays?
The lenders guidelines
What is the cooling off period?
The time period in which we give the borrower between when they receive the initial CD and when the loan can close
What documents does the processor assist team help with?
Title Documents, Payoffs, and Homeowners Insurance
In which of these scenarios would a broker submit a change of circumstance?
To change the loan program To increase the appraisal fee
Automated tax due dates in section G will result in less cash to close or tolerance issues.
True
Bundling our tools together, like Exact rate, flex term, and custom lock is a best practice to help brokers win deals and see our value as a lender.
True
Objections should be viewed as an opportunity
True
The LO has the option to enter an alternative contact to receive updates in the import screen.
True
UWM offers direct access to the decision maker at each point of the loan.
True
UWM's max LPC is 2.75%
True
What are product perks?
Unique offerings for a specific product
What is the ultimate benefit of exact rate?
Utilizing it sets UWM brokers apart by giving them the ability to offer unshoppable loans.
In which part of EASE can a broker find the Home Value Estimator?
Homepage
What is the correct order of the loan process?
Import Submission Underwriting Approved with conditions Clear to close Closing
How does SmartFees help our clients?
It helps reduce the risk of tolerance cures.
What are overlays?
Lender specific guidelines on top of investor guidelines
Select the correct definition for the caps on an ARM.
Limits on the amount the interest rate may adjust
What purpose does the SPL serve?
Lists different service providers the borrower can shop for
What purpose does the SPL serve?
Lists different service providers the borrower can shop for.
A change of circumstance should be submitted when...
Material changes need to be made to loan.
What is the lock availability for a conforming loan?
Monday-Sunday 9:30 AM - Midnight
What does the Client Connect part of Brand 360 do?
Monitor all of past clients
When can a broker submit a CofC to increase their compensation?
Never
At what point in the loan process can the broker order the appraisal (assuming the borrower is paying)?
Once the borrower signs the intent to proceed
In EQ, if there are 2 programs with equal P&I payments how is the best option defined?
Pays most credit from the rate
Having an accurate Estimated Closing Date, effects all of the following EXCEPT ___________.
Position in the UW queue
What is the order of the sales cycle?
Prospect and Research the Account, Build Rapport, Identify Needs, Offer Solutions, Close the Business, Ask for Referrals.
EZ findings will help brokers with all of the following EXCEPT __________.
Provides an easier way to get approved/eligible
The term your brokers might use in lieu of "import" is
Register
What does the One Click AUS allow our brokers to do?
Run DU Run LPA
UWM allows escrow waivers at no cost up to a 90% LTV.
False
VOI is available on all loans.
False
The CofC request section can be found under what section in EASE
Fees
Where can a broker update their ECD?
Fees, Section F
How long must AEs participate in power blocks?
Forever
Which underwriting method is required for a USDA file?
GUS
Which type of compensation will appear on the CD as a dollar amount?
Borrower Paid
A broker can vary their lender paid comp plan on each loan.
False
A survey company is not required to be listed on the SPL in Texas, to avoid a tolerance cure.
False
Conquest can be used on investment properties.
False
FHA and VA files can take advantage of instant MI.
False
For Conforming Conventional Loans, rate changes greater than 0.250 are subject to worse case pricing.
False
Instant MI does not apply to Home Ready or Home Possible.
False
On a Borrower Paid Compensation loan, credit for the rate can be applied to all costs of the loan.
False
What are the requirements for a Conventional Elite loan? Check all that apply
700+ FICO $125,000 loan amount 80% LTV or below
What is the minimum amount of days we allow a broker to prelock a loan?
8 days
Custom Lock allows lock commitment periods between __ and __ days.
8, 90
Per the borrower's request, at which LTV can mortgage insurance be removed on a BPMI loan?
80%
What is the max LTV for an FHA purchase?
96.5%
What is the max LTV on a conventional loan?
97%
Per TRID what are the components of a loan application.
A - Address L - Loan Amount I - Income E - Estimated Value N - Name S - SSN
Using UClose 2.0, when is the UWM closer assigned?
A UWM closer will not get assigned
What is a pricing adjustment?
A charge to the borrower for loan specifics
What is the pipeline clipboard?
A quick way to see the important information about a loan
What is Processor Assist?
A team within UWM that helps brokers and processors gather needed documents
The CD cannot be generated for at least 3 days after the last LE was received by the borrower.
False
The Marketing Calendar in Brand 360 monitors all your past clients.
False
How many times can a lock be extended on a conforming loan?
2x
Once the initial 1003 has been signed, how long does the broker have to issue the initial loan estimate?
3 Days
The mailbox rule adds how many days to the Cooling Off period?
3 Days
What is our SLA for UClose 2.0 escalations?
30 Minutes
What is the cutoff time for new submissions?
5PM EST
What are the lock terms available for Lock and Shop?
60 OR 90 days
Once a lock has expired, how long is that loan tied to original pricing?
60 days
What is the minimum FICO on FHA and VA elite loans?
640
What are the 3 reasons for re-disclosure of an initial CD and reset of the cooling off period? Select all that apply
APR increase by more than 0.125% Prepayment Penalty Added Loan Program Change
Which of the following does Docless offer?
All of the above
Select all of the benefits of exact rate.
Allows the broker more flexibility to win a deal Broker can choose a rate to the thousandth decimal Broker can select a customized credit
Client Request gives us the ability to provide which of the following?
Better tracking Faster response times Greater transparency
Which three items make up the UWM Notice of Intent to Proceed?
Electronic Delivery Consent Appraisal Delivery Waiver Intent to Proceed
What is the benefit of giving the brokers the ability to pre-lock their loans?
Secure their borrowers interest rate and credit
Which team pushes loan to underwriting status?
Setup
All of the following are benefits of the EASE Docs 2.0 process EXCEPT ___________.
Slower signing process
What is the benefit of Elite loans?
Some of the best pricing in the country without compromising service.
The lock is tied to which of these things? Select all that apply.
Subject Property SSN
What is our re-lock policy for non-Conquest loans?
Worse case pricing plus fee of .10
