UWM FINAL EXAM QUESTIONS WITH
VERIFIED ANSWERS. A+ GRADE
2025/2026.
At what point in the loan process can the broker order the appraisal (assuming the borrower is
paying)? - ANS Once the borrower signs the Intent to Proceed.
What is the correct order of the loan process? - ANS Import, Submission, Underwriting,
Approved with Conditions, Clear to Close, Closing.
What is the order of the sales cycle? - ANS 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? - ANS 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? - ANS 10% Tolerance
Tolerance cures are typically determined by which document? - ANS Service Provider List
(SPL)
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
, What is the primary difference between UClose 1.0 & 2.0? - ANS The broker has control over
the closing process.
What is the minimum FICO for elite pricing on a conventional loan. - ANS 700+
At which LTV and BPMI automatically fall off? - ANS 78%
What is the cost for a lock extension? - ANS 2.5bps per day
In which of these scenarios would a broker submit a change of circumstance? - ANS To
change the loan program, To increase the appraisal fee
What do we call the middle cap on an ARM loan? - ANS Periodic Cap
What are the specifics of a rate renegotiation? - ANS 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? - ANS Lender specific guidelines to determine loan eligibility.
What is the correct order of the import process? - ANS 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? - ANS Electronic Delivery
Consent, Appraisal Delivery Waiver, Intent to Proceed.
What is a correspondent? - ANS A lender that uses UWM for underwriting and investing
purposes.
2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
VERIFIED ANSWERS. A+ GRADE
2025/2026.
At what point in the loan process can the broker order the appraisal (assuming the borrower is
paying)? - ANS Once the borrower signs the Intent to Proceed.
What is the correct order of the loan process? - ANS Import, Submission, Underwriting,
Approved with Conditions, Clear to Close, Closing.
What is the order of the sales cycle? - ANS 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? - ANS 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? - ANS 10% Tolerance
Tolerance cures are typically determined by which document? - ANS Service Provider List
(SPL)
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
, What is the primary difference between UClose 1.0 & 2.0? - ANS The broker has control over
the closing process.
What is the minimum FICO for elite pricing on a conventional loan. - ANS 700+
At which LTV and BPMI automatically fall off? - ANS 78%
What is the cost for a lock extension? - ANS 2.5bps per day
In which of these scenarios would a broker submit a change of circumstance? - ANS To
change the loan program, To increase the appraisal fee
What do we call the middle cap on an ARM loan? - ANS Periodic Cap
What are the specifics of a rate renegotiation? - ANS 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? - ANS Lender specific guidelines to determine loan eligibility.
What is the correct order of the import process? - ANS 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? - ANS Electronic Delivery
Consent, Appraisal Delivery Waiver, Intent to Proceed.
What is a correspondent? - ANS A lender that uses UWM for underwriting and investing
purposes.
2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
