UWM FINAL EXAM
QUESTIONS AND ANSWERS
, 1. At what point in the loan process can Once the borrower signs the Intent to Proceed.
the broker order the appraisal (as-
suming the borrower is paying)?
2. What is the correct order of the loan Import, Submission, Underwriting, Approved with
process? Conditions, Clear to Close, Closing.
3. What is the order of the sales cycle? Prospect and Research, Build Rapport, Identify
Needs, Otter Solutions, Close the Business, Ask for
Referrals
4. Your broker needs to increase their They cannot increase compensation.
compensation. How can they resolve
this?
5. Your broker has submitted a loan to 10% Tolerance
us with recording fees of $500 ini-
tially 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?
6. Tolerance cures are typically deter- Service Provider List (SPL)
mined by which document?
7. What is the primary difference be- The broker has control over the closing process.
tween UClose 1.0 & 2.0?
8. 700+
QUESTIONS AND ANSWERS
, 1. At what point in the loan process can Once the borrower signs the Intent to Proceed.
the broker order the appraisal (as-
suming the borrower is paying)?
2. What is the correct order of the loan Import, Submission, Underwriting, Approved with
process? Conditions, Clear to Close, Closing.
3. What is the order of the sales cycle? Prospect and Research, Build Rapport, Identify
Needs, Otter Solutions, Close the Business, Ask for
Referrals
4. Your broker needs to increase their They cannot increase compensation.
compensation. How can they resolve
this?
5. Your broker has submitted a loan to 10% Tolerance
us with recording fees of $500 ini-
tially 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?
6. Tolerance cures are typically deter- Service Provider List (SPL)
mined by which document?
7. What is the primary difference be- The broker has control over the closing process.
tween UClose 1.0 & 2.0?
8. 700+
