FINAL UWM QUESTIONS AND
ANSWERS
,1. Q. This is the section in fees where a
Section G
broker is able to adjust the ECD
2. Q. The upfront fee for Lock & Shop No Upfront fee
3. Q. Three things required to send a loan E-Sign, Asset verification, Income Verification
directly to underwriting on a conven-
tional loan.
4. Q. 60 OR 90 days Lock & Shop
5. Q. This costs the borrower 50bps and Renegotiation
must lower the rate by .25%
6. Q. 5bps/day 2nd extension
7. Q. Worst case plus 10bps What is a relock
8. Q. This is full name of TILA-RESPA Truth in lending act/ Real estate settlement pro-
cedure act
9. Q. The loan cannot close for days 3 days
after the CD is signed.
10. Q. Maximum percentage of a loans val- 2.75%
ue that broker can get paid
11. Q. I changed my LPC comp at the be- 90 days
ginning of the quarter. But the market
just took a drastic switch. You're telling
me I have to wait how long?
12. Q. This is the maximum commitment 22 days
period for conquest loans
, 13. Q. Flipping from lender paid to borrow- QM (Qualified Mortgage)
er paid is one of the easiest ways to
avoid this issue.
14. Q. Shows as a dollar amount BPC (borrower paid comp)
15. Q. This needs to be accepted before The intent to proceed
the broker charges anything to the
borrower
16. Q. This would be a way for a borrower Flex term ( or time if you're Brandon DERP)
to not increase the time of their refi-
nance loan
17. Q. The 5 steps of Uclose 2.0 1.Upload invoices 2. Schedule closing 3. Verify
fees 4. Verify vesting 5. Sending out docs
18. Q. My borrower's cousin owns a title Broker is not subject to tolerance
company and they're charging them
more. What tolerance would I be sub-
ject to?
19. Q. This is the title of the person who Underwriter II
issues the CTC
20. Q. After a refinance loan is closed, 3 days right of recission
there are before we give them the
money
21. Q. This is where you would input your Alternate contact/Client communication prefer-
processors information to be notified ences
about changes or updates in the loan
22. PDF, Email, Esign
ANSWERS
,1. Q. This is the section in fees where a
Section G
broker is able to adjust the ECD
2. Q. The upfront fee for Lock & Shop No Upfront fee
3. Q. Three things required to send a loan E-Sign, Asset verification, Income Verification
directly to underwriting on a conven-
tional loan.
4. Q. 60 OR 90 days Lock & Shop
5. Q. This costs the borrower 50bps and Renegotiation
must lower the rate by .25%
6. Q. 5bps/day 2nd extension
7. Q. Worst case plus 10bps What is a relock
8. Q. This is full name of TILA-RESPA Truth in lending act/ Real estate settlement pro-
cedure act
9. Q. The loan cannot close for days 3 days
after the CD is signed.
10. Q. Maximum percentage of a loans val- 2.75%
ue that broker can get paid
11. Q. I changed my LPC comp at the be- 90 days
ginning of the quarter. But the market
just took a drastic switch. You're telling
me I have to wait how long?
12. Q. This is the maximum commitment 22 days
period for conquest loans
, 13. Q. Flipping from lender paid to borrow- QM (Qualified Mortgage)
er paid is one of the easiest ways to
avoid this issue.
14. Q. Shows as a dollar amount BPC (borrower paid comp)
15. Q. This needs to be accepted before The intent to proceed
the broker charges anything to the
borrower
16. Q. This would be a way for a borrower Flex term ( or time if you're Brandon DERP)
to not increase the time of their refi-
nance loan
17. Q. The 5 steps of Uclose 2.0 1.Upload invoices 2. Schedule closing 3. Verify
fees 4. Verify vesting 5. Sending out docs
18. Q. My borrower's cousin owns a title Broker is not subject to tolerance
company and they're charging them
more. What tolerance would I be sub-
ject to?
19. Q. This is the title of the person who Underwriter II
issues the CTC
20. Q. After a refinance loan is closed, 3 days right of recission
there are before we give them the
money
21. Q. This is where you would input your Alternate contact/Client communication prefer-
processors information to be notified ences
about changes or updates in the loan
22. PDF, Email, Esign
