Partners
What makes a Correspondent Lender a “Partner” Correspondent?
They provide their own docs, the only use UWM for underwriting the loan
What makes a loan a small loan?
Loan is underwritten by UWM but they do not use our closing team
True or False Section M must be run on all PCCDs
True
For a VA IRRRL Small loan what is the wet signed loan application labeled in the DMS?
Loan application final
Is ST to Street an acceptable address variation?
Yes
On a super correspondent loan what will the elite type and closer say?
Elite Type - Super Correspondent
Closer - blank
True or False you must complete a full TRID review on small loans?
False only the current amount column needs to be updated in the TRID screen
What page of the CD is the section M loan calculations on?
Page 5
What tile in EDGE can we find the borrowers marital status be found?
Borrower tile
What are three requirements for an invoice to be valid?
What the service is for
Payee
Fee amount
What document is used to fill the current amount column in TRID?
Final CD
True or False we do not run calculations on small loans
False we run calcs on all loans
Total of Payments and Finance Charge cannot be understated by how much?
$100
What tile in EDGE has Declarations?
Borrower Tile
What is the one fee we can edit in section G in the fees screen
Aggregate Adjustment
What documents are used to complete the disclosed amount column?
Previous CDs and all loan estimates
What is the elite type and closer for small loans?
Elite Type - Not Super Correspondent
Closer - Blank
APR cannot be more than ______% of a difference
.125%
What process can you do while answering the loan application questions?
GMI Process
What must specialists update when the COFC is acceptable?
The Fees baseline in the TRID screen
What are the 4 possible options for the service provider list?
Affiliate to broker
Provider not on list
Provider on list
No list provided
Which team can update the disclosed column for Small loans?
COFC
What are the five loan calculations we run section m on?
Total of Payments
Finance Charge
Amount Financed
Annual Percentage Rate
Total Interest Percentage
Liabilities can be more or less than what is listed in the system?
Less it can never be more
What does the borrower and correspondent have to pay if the tolerance level is 10%. (Total)
Appraisal Fee disclosed $1000
Fee Increased to $1500
Borrower $1,000 + $100
Correspondent - $400