UWM Final Exam
What is the minimum loan amount for a Conventional Nationwide High Balance?
$1 over county loan limit
What is the minimum loan amount on a conventional elite?
$200,000
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
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 arre 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
UWM's exclusive MI benefits include...
100% gift funds, Escrow waivers.
How long are the Property Observation Reports on Value Ceritified files good for?
120 Days
How many credit scores must a borrower have?
2
What is the cost for a lock extension?
2.5bps per day
Select all of the benefits of exact rate.
Broker can select a customized credit, Broker can choose a rate to the thousandth decimal, Allows the broker more flexibility to win a deal
What is the correct order of the import process?
Broker imports 3.2, Select comp type, product, rate, Fill out fee screen, Reissue credit & run AUS, Generate docs, Order income & assets, Send docs out.
What is the correct order of steps when UClose 1.0?
Broker reviews summary tab, Broker schedules closing, Broker reviews fees, title info, and vesting, Broker sends closing prep package to title through the SAP, Title reviews prep package, Title will upload changes to SAP or attest that no futher changes are needed, UWM closer will be assigned and make corrections/send finals.
What is BLINK?
Broker-branded loan application portal.
What is the correct order of steps when using UClose 2.0?
Check invoices, Schedule Closing, Confirm Fees, Verify the information, Generate docs
Which AMC handles our Value Certified loans?
Class Valuation
Custom lock is available on which loan types?
Conventional, HomeReady, Conventional Elite
What are the specifics of a rate renegotiation?
Cost is 50 bps, Credit to the vorrower cannot be greater than the original rate, Request must be initiated by the borrower, Rate must be lowered by at least 25 bps, Lock expiration date will stay the same.
What is the benefit of having direct access?
Creates transparency and allows easy communication between the client and all decision makers on the loan.
How is the credit for the rate applied on a lender paid loan?
Credit is applied to the origination first, then closing costs.
What is the primary difference between UClose 1.0 & 2.0?
The broker has control over the closing process.
Which options does the broker have to disclose the LE with UWM?
They can use the LE that is generated with the UWM disclosure package, They can provide their broker LE, as long as there is no lender information listed.
Your broker needs to increase their compensation. How can they resolve this?
They cannot increase compensation.
In which of these scenarios would a broker submit a change of circumstance?
To change the loan program, To increase the appraisal fee
A broker can import their client list into CLM, so they can track all past closed clients, regardless of which lender closed the loan.
True
Brokers will receive a daily email to notify them of any new leads available CLM pipeline.
True
For FHA loans, an FHA case # is required to place an order in Appraisal Manager.
True
For value Certified loans, brokers should disclose both the full appraisal fee and the $150 property observation report fee.
True
Lock and Shop loans will only have 60 and 90 days locks available.
True
When multiple title fees increase, a COC should be submitted for each fee that increased instead of lumping them together as one.
True
What are product perks?
Unique offerings for a specific product
What should the broker check if there is a cash to close issue?
Verify closing date, Verify first payment date, Check POC items, Make sure interest credits are correct.
Reorder the following to correspond with the new Appraisal Checkdown.
Waiver Pre-Check, Run One-Click AUS, Value Certified, Easy Valuation
What are the responsibilities of the Correspondent Team?
Walking a client through the broker to corr transition, Helping the correspondent get set up with a warehouse bank, Discussing AMC options.
When is the UW2 assigned?
When the broker uploads conditions.
What is the correct order of the loan process?
Import, Submission, Underwriting, Approved with Conditions, Clear to Close, Closing.
What is mortgage insurance (MI)?
Insurance to protect the lender if the borrower defaults on their loan.
For the Easy Valuation property condition report a field representative will perform a ____ inspection to obtain property date to send to DU
Interior and Exterior
What is Freddie Mac's underwriting system?
LPA
What are overlays?
Lender specific guidelines to determine loan eligibility.
When is locking available for brokers?
Mon-Sun 9:30-midnight EST
Business days at UWM are considered...
Monday-Friday, except national holidays.
What is the upfront fee for Lock and Shop?
No Fee
What are the advantages of instant funding?
No awkward waiting time at the closing time, No funding authorization number, Money is waiting at the closing table.
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.
With UClose 1.0, when is the closer assigned to work the file?
Once title takes action through the SAP
Where can you find if a loan is eligible for Easy Valuation?
One-Click AUS
The FHA case number is required to do which of the following?
Order the appraisal, Submit the loan to UW.
What do we call the middle cap on an ARM loan?
Periodic Cap
What is the order of the sales cycle?
Prospect and Research, Build Rapport, Identify Needs, Offer Solutions, Close the Business, Ask for Referrals
When your broker gets a UConnect Lead, the AE should do the following.
Reach out to the broker and have a converstaion on how to approach the client.
What are the loan success checkpoints for EQ?
Review scenario, ensure loan fits UWM's bucket, Reach out to the broker to see what they're working on, discuss importing, Ask for business.
What does the One Click AUST allow our brokers to do?
Run LP (Freddie Mac), Run DU (Fannie Mae)
UWM will require a funding authorization number in a dry state.
False
VOI is available on all loans
False
When a property is eligible for Value Certified, UWM will automatically order the Property Observation Report.
False
On a correspondent transaction, the lock must be good through the funding date.
False - The lock must be good through the purchase date.
Client Request gives us the ability to provide which of the following?
Greater transparency, better tracking, faster response times.
Per TRID, what are the components of a loan application?
Address, Loan amount, Income, Estimated value, Borrower name, SSN
Which type of compensation will appear on the CD as a dollar amount?
Borrower paid
A survey company is not required to be listed on the SPL in Texas, to avoid a tolerance cure.
False
Escrow waivers are not permitted on VA loans.
False
It is possible to get an appraisal waiver on a Conventional Nationwide High Balance loan.
False
What is the minimum FICO for elite pricing on a conventional loan.
700+
At which LTV and BPMI automatically fall off?
78%
Custon Lock allows lock commitment periods between __ and __ days.
8 & 90 Days
What is the minimum amount of days we allow a broker to prelock a loan?
8 Days
What are the cut off times for conditions?
8 PM EST
Per the borrower's request, at which LTV can mortgage insurance be removed on a BPMI loan?
80%
What is the max LTV on a Jumbo Bank Buster?
80%
What is a correspondent?
A lender that uses UWM for underwriting and investing purposes.
What is the pipeline clipboard?
A quick way to see the important information about a loan.
What are the componets of the UW pod?
AUL, Sr.UW, UW2, Sr.UW TL
How many times can a lock be extended on a conforming loan?
2x
How long is the cooling off period?
3 Days
Once the initial 1003 has been signed, how long does the broker have to issue the initial loan estimate?
3 Days
How many different disclosure packages do we offer our clients?
4
What is the maximum amount of time it could take to complete an appraisal using Easy Valuation?
4 Days
When a client generates a Client Request, what is the combined SLA team members have to resolve the issue?
4 Hrs
What are the parameters for elite FHA and VA loans?
640+ FICO, $125,000+ loan amount, No LTV requirement.
How many days is the mailbox rule?
7 Days
Once the initial LE has been issued, how many days must pass before the loan can close?
7 Days
Who is the point of contact for problem upload issues?
AE
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%, Loan Program Change, Prepayment Penalty Added.
What is the benefit of the underwriting to AUS findings?
Allows the broker to see what type of documentation will be required upfront.
What is the primary role of the AE at UWM?
Be a partner to your broker, Be available for your broker, Be knowledgable, Provide value to your broker.
To ensure a smooth closing process, a best practice is to have all invoices submitted for review...
Before the file is CTC'd
Elite LPMI offers
Better LPMI adjustments for borrowers with 700 or greater credit scores.
UWM allows brokers to waive escrows up to 95% LTV, at a cost.
False
How often can a broker change their compenstation plan with UWM?
Every 90 days
Which of these property types is eligible for Easy Valutation?
Detached condos
Your broker is importing a fixed FHA loan. This is a purchase, and the borrower's credit score is 680. What is the max DTI?
Determined by AUS
What is Docless?
ESign, Automated Assets, Automative Income, Submit straight to UW
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.
Tolerance cures are typically determined by which document?
Service Provider List (SPL)
Which team at UWM would assist the borrower with where to send their payments after they close on their new home?
Servicing
What is the turn time to complete a Client Request?
Within 4hrs of the request being opened.
What color code is it when a broker has only submitted one loan in the last 16-45 days?
Yellow
The Underwriting fee, Originationn, Credit For the Rate, & Processing fee are all examples of fees that would fall in which tolerance bucket?
Zero Tolerance
