Mortgage 101
A legal contract that obligates a buyer to buy and a seller to sell.
What is a Purchase Agreement aka PA?
Our path is paved with fun & friendship.
What is P6?
A rotational development program that gives team members from different professional backgrounds the opportunity to experience nearly every part of UWM. From Sales to Finance to Operations, they spend anywhere between 1 and 6 weeks with each team.
Who are the BIGs?
People - Create an engaging and exciting workplace, including 5k Team Member Referrals and 1200 promotions.
What is Company Goal #1?
The ratio of all secured loans on a property to the value of a property. Lenders use this ratio to determine a prospective home buyer's risk of default when more than one loan is used.
What is the CLTV?
A legal document that establishes one debt as ranking behind another in priority for collecting repayment from a debtor.
What is a Subordination Agreement?
We are relationship driven, not transaction driven.
What is P3?
This team grows team member relationships within the company and shares their ideas so we can all improve along the way. They do this via the Brilliant Ideas program, UZone, P6, Community Outreach, and all the amazing events we put on throughout the year. In addition, they are responsible for coordinating all special program initiatives, including our Business Innovation Group (BIG) and Summer Team Member (STM) programs.
Who is the Engagement Team?
Production - Make Dreams Come True with 250Billion in Production and 750,000 loans closed.
What is Company Goal #5
The funds a home buyer needs to finalize a real estate purchase. These can include the down payment in addition to fees related to appraisal, insurance, legal counsel and escrow. The total amount is paid at closing.
What is cash to close?
An acronym for principal, interest, taxes, and insurance—the sum components of a mortgage payment.
What is PITI?
What is P4?
This team is focused on building relationships with our brokers and coaching them up to succeed. They are involved in every stage of the Life of the Loan, and work as a support system from the time they import a loan until it moves into closing.
Who is the Sales Team?
Service - Wow Our Clients with Speed & Service by getting 83% of CRs Solved & Happy Within 90 minutes and +87 Client NPS Score.
What is Company Goal #2?
Compares how much you owe with how much you earn in a given month. It typically includes monthly debt payments such as rent, any mortgages, credit cards, car payments, and other debt.
What is DTI (Debt to Income)?
A private insurance policy that's required when the borrower cannot afford to make a 20 percent down payment. It protects the lender should the buyer default on the loan.
What is PMI?
We have a work-life balance.
What is How We Do It #9
This team makes sure the closing packages are imaged, indexed, post-closed and purchased on Correspondent loans. They confirm all conditions of the closing are met, the loan is prepped to be sold and the final docs are received.
Who is Post Closing?
Brokers - Help Independent Mortgage Companies Grow by getting 1.7 million families served through the broker channel and a 50% increase in UWM technology usage.
What is Company Goal #7?
Closing costs that the seller has agreed to pay. Sometimes, you can ask the seller to contribute to specific closing costs. Other times, sellers may simply pay a percentage of the total closing costs.
What are Seller Concessions/Credits?
An account in which money for property taxes and insurance is held until paid; money is added to the account every time a mortgage payment is made.
What is an Escrow Account?
We are family.
What is How We Do It #11
A common misconception about this team is they just accept payments, but this is hardly the case. They provide our clients with a personal experience and do more than what is regulatory required. They maintain our loans on MERS to assure ownership, onboard loans to our sub-servicer, and perform oversight of our sub-servicer to ensure they are providing our clients with the best service — while also maintaining all regulations and rules.
Who is the Servicing Team?
Quality - Focus on Loan Quality by aiming for a 0.85% Pre-fund & Post-Close Defect Rate and 50% Reduction of Level 2 Errors.
What is Company Goal #4
Conventional, FHA & VA
What are the 3 main mortgage loan types?