UWM Final Exam
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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, Offer 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+
, UWM Final Exam
Study online at https://quizlet.com/_ato18v
What is the minimum FICO for elite
pricing on a conventional loan.
9. At which LTV and BPMI automatically 78%
fall off?
10. What is the cost for a lock extension? 2.5bps per day
11. In which of these scenarios would a To change the loan program, To increase the ap-
broker submit a change of circum- praisal fee
stance?
12. What do we call the middle cap on an Periodic Cap
ARM loan?
13. What are the specifics of a rate rene- Cost is 50 bps, Credit to the vorrower cannot be
gotiation? greater than the original rate, Request must be ini-
tiated by the borrower, Rate must be lowered by at
least 25 bps, Lock expiration date will stay the same.
14. What are overlays? Lender specific guidelines to determine loan eligibil-
ity.
15. What is the correct order of the im- Broker imports 3.2, Select comp type, product, rate,
port process? Fill out fee screen, Reissue credit & run AUS, Generate
docs, Order income & assets, Send docs out.
16. Which three items make up the UWM Electronic Delivery Consent, Appraisal Delivery Waiver,
Notice of Intent to Proceed? Intent to Proceed.
17. What is a correspondent? A lender that uses UWM for underwriting and invest-
ing purposes.
18.
Study online at https://quizlet.com/_ato18v
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, Offer 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+
, UWM Final Exam
Study online at https://quizlet.com/_ato18v
What is the minimum FICO for elite
pricing on a conventional loan.
9. At which LTV and BPMI automatically 78%
fall off?
10. What is the cost for a lock extension? 2.5bps per day
11. In which of these scenarios would a To change the loan program, To increase the ap-
broker submit a change of circum- praisal fee
stance?
12. What do we call the middle cap on an Periodic Cap
ARM loan?
13. What are the specifics of a rate rene- Cost is 50 bps, Credit to the vorrower cannot be
gotiation? greater than the original rate, Request must be ini-
tiated by the borrower, Rate must be lowered by at
least 25 bps, Lock expiration date will stay the same.
14. What are overlays? Lender specific guidelines to determine loan eligibil-
ity.
15. What is the correct order of the im- Broker imports 3.2, Select comp type, product, rate,
port process? Fill out fee screen, Reissue credit & run AUS, Generate
docs, Order income & assets, Send docs out.
16. Which three items make up the UWM Electronic Delivery Consent, Appraisal Delivery Waiver,
Notice of Intent to Proceed? Intent to Proceed.
17. What is a correspondent? A lender that uses UWM for underwriting and invest-
ing purposes.
18.
