UWM Final Exam Questions Answered Correctly Latest Update 2025-2026
At what point in the loan process can the broker order the appraisal (assuming the borrower is
paying)? - Answers Once the borrower signs the Intent to Proceed.
What is the correct order of the loan process? - Answers Import, Submission, Underwriting,
Approved with Conditions, Clear to Close, Closing.
What is the order of the sales cycle? - Answers Prospect and Research, Build Rapport, Identify
Needs, Offer Solutions, Close the Business, Ask for Referrals
Your broker needs to increase their compensation. How can they resolve this? - Answers They
cannot increase compensation.
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? - Answers 10% Tolerance
Tolerance cures are typically determined by which document? - Answers Service Provider List
(SPL)
What is the primary difference between UClose 1.0 & 2.0? - Answers The broker has control over
the closing process.
What is the minimum FICO for elite pricing on a conventional loan. - Answers 700+
At which LTV and BPMI automatically fall off? - Answers 78%
What is the cost for a lock extension? - Answers 2.5bps per day
In which of these scenarios would a broker submit a change of circumstance? - Answers To
change the loan program, To increase the appraisal fee
What do we call the middle cap on an ARM loan? - Answers Periodic Cap
What are the specifics of a rate renegotiation? - Answers 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 are overlays? - Answers Lender specific guidelines to determine loan eligibility.
What is the correct order of the import process? - Answers 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.
Which three items make up the UWM Notice of Intent to Proceed? - Answers Electronic Delivery
, Consent, Appraisal Delivery Waiver, Intent to Proceed.
What is a correspondent? - Answers A lender that uses UWM for underwriting and investing
purposes.
What is the correct order of steps when using UClose 2.0? - Answers Check invoices, Schedule
Closing, Confirm Fees, Verify the information, Generate docs
Who is the point of contact for problem upload issues? - Answers AE
How long is the cooling off period? - Answers 3 Days
The Underwriting fee, Originationn, Credit For the Rate, & Processing fee are all examples of
fees that would fall in which tolerance bucket? - Answers Zero Tolerance
What are the 3 reasons for re-disclosure of an initial CD and reset of the cooling off period?
(Select all that apply) - Answers APR increase by more than 0.125%, Loan Program Change,
Prepayment Penalty Added.
How many days is the mailbox rule? - Answers 7 Days
Business days at UWM are considered... - Answers Monday-Friday, except national holidays.
Which type of compensation will appear on the CD as a dollar amount? - Answers Borrower paid
Per TRID, what are the components of a loan application? - Answers Address, Loan amount,
Income, Estimated value, Borrower name, SSN
How often can a broker change their compenstation plan with UWM? - Answers Every 90 days
When is locking available for brokers? - Answers Mon-Sun 9:30-midnight EST
After 6:30 PM EST, a broker can lock how many loans per ID? - Answers 10
Select all of the benefits of exact rate. - Answers 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 minimum amount of days we allow a broker to prelock a loan? - Answers 8 Days
What is the upfront fee for Lock and Shop? - Answers No Fee
What is the max LTV on a Jumbo Bank Buster? - Answers 80%
It is possible to get an appraisal waiver on a Conventional Nationwide High Balance loan. -
Answers False
What is the minimum loan amount on a conventional elite? - Answers $200,000
What are product perks? - Answers Unique offerings for a specific product
At what point in the loan process can the broker order the appraisal (assuming the borrower is
paying)? - Answers Once the borrower signs the Intent to Proceed.
What is the correct order of the loan process? - Answers Import, Submission, Underwriting,
Approved with Conditions, Clear to Close, Closing.
What is the order of the sales cycle? - Answers Prospect and Research, Build Rapport, Identify
Needs, Offer Solutions, Close the Business, Ask for Referrals
Your broker needs to increase their compensation. How can they resolve this? - Answers They
cannot increase compensation.
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? - Answers 10% Tolerance
Tolerance cures are typically determined by which document? - Answers Service Provider List
(SPL)
What is the primary difference between UClose 1.0 & 2.0? - Answers The broker has control over
the closing process.
What is the minimum FICO for elite pricing on a conventional loan. - Answers 700+
At which LTV and BPMI automatically fall off? - Answers 78%
What is the cost for a lock extension? - Answers 2.5bps per day
In which of these scenarios would a broker submit a change of circumstance? - Answers To
change the loan program, To increase the appraisal fee
What do we call the middle cap on an ARM loan? - Answers Periodic Cap
What are the specifics of a rate renegotiation? - Answers 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 are overlays? - Answers Lender specific guidelines to determine loan eligibility.
What is the correct order of the import process? - Answers 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.
Which three items make up the UWM Notice of Intent to Proceed? - Answers Electronic Delivery
, Consent, Appraisal Delivery Waiver, Intent to Proceed.
What is a correspondent? - Answers A lender that uses UWM for underwriting and investing
purposes.
What is the correct order of steps when using UClose 2.0? - Answers Check invoices, Schedule
Closing, Confirm Fees, Verify the information, Generate docs
Who is the point of contact for problem upload issues? - Answers AE
How long is the cooling off period? - Answers 3 Days
The Underwriting fee, Originationn, Credit For the Rate, & Processing fee are all examples of
fees that would fall in which tolerance bucket? - Answers Zero Tolerance
What are the 3 reasons for re-disclosure of an initial CD and reset of the cooling off period?
(Select all that apply) - Answers APR increase by more than 0.125%, Loan Program Change,
Prepayment Penalty Added.
How many days is the mailbox rule? - Answers 7 Days
Business days at UWM are considered... - Answers Monday-Friday, except national holidays.
Which type of compensation will appear on the CD as a dollar amount? - Answers Borrower paid
Per TRID, what are the components of a loan application? - Answers Address, Loan amount,
Income, Estimated value, Borrower name, SSN
How often can a broker change their compenstation plan with UWM? - Answers Every 90 days
When is locking available for brokers? - Answers Mon-Sun 9:30-midnight EST
After 6:30 PM EST, a broker can lock how many loans per ID? - Answers 10
Select all of the benefits of exact rate. - Answers 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 minimum amount of days we allow a broker to prelock a loan? - Answers 8 Days
What is the upfront fee for Lock and Shop? - Answers No Fee
What is the max LTV on a Jumbo Bank Buster? - Answers 80%
It is possible to get an appraisal waiver on a Conventional Nationwide High Balance loan. -
Answers False
What is the minimum loan amount on a conventional elite? - Answers $200,000
What are product perks? - Answers Unique offerings for a specific product
