FHA / VA
What is the minimum down payment requirement for a FHA loan?
3.5% (96.5%LTV)
What does QM stand for?
Qualified Mortgage
What credit agency are the credit reports pulled through?
Equifax
What does AE Support REFUSE to talk about?
PRICING
Who performed the Lions half time show on Thanksgiving?
Shaboozy
What is the max LTV for a VA loan?
100%
What does it mean for a loan to be considered a QM loan?
All fees are within the threshold for the corresponding loan amount.
What is the process to opt out and use your own credit report?
No, must in at least Underwriting status.
What is the best city that has a Thanksgiving parade AND televised football game?
DETROIT
When does mortgage insurance fall off of a FHA Loan?
TRICK QUESTION - MI is on for the life of the loan.
What two tests are included in QM?
Fee Threshold Test
APR vs APOR Test
What is the check down to transfer the credit report to a new loan number?
Previous loan is withdrawn, product selected on the new loan, no AUS runs
What is cheaper - Extension or Relock?
Im not sure, lets price these out in Products and Pricing so you can determine which is better.
What is the name of our running back duo?
Montgomery and Gibbs (SONIC AND KNUCKLES BABYYY)
What is the process for obtaining a Certificate of Eligibility (COE)?
Sr. UW will pull the COE from the VA portal or client uploads with conditions.
What are bona fide discount points?
When do you send the CR to Vendor Assist?
When there are borrower info or liability changes and a new report is needed.
What is worse case pricing?
When pricing is worse today than the day the loan was originally locked.
What is our current winning record this season?
11-1
What is a Single Unit Approval (SUA)? HINT: Condo
When a condominium isnt approved with FHA, UWM will work with HUD to approve the condo.
What are the 4 ways to resolve QM fails?
Lower APR Fees
Waive Fees (UW, TRAC+, PA+)
Increase the rate
Flip to borrower paid compensation
When do you send the CR to AUS?
When they are receiving errors on the initial AUS order or if the new report needs to be attached.
When can a loan receive current market pricing if already locked?
31 days or 61 days if non agency
When and who are the lions playing their next game?
Dec 5, Greenbay Packers