COST For the RATE
What is the max cash back a borrower can receive on a Fannie Mae Rate and Term refinance?
2% or $2,000, whichever is LESSER
After saving changes what must the LO do to complete the COC?
submit changes from the "preview changes"screen
True or false, a cash out refinance must pay off a 1st mortgage?
FALSE
How many free Lock extension days can you use on a Non-agency loan?
3 days
What 4 types of loans do not run AUS with UWM?
Non-QM & USDA
VA IRRRLS & FHA STREAMLINES
What are the IPC limits and LTV requirements for investment conventional loans?
ALL LTV = 2%
True or False, You can use the lock extension bank on your 2nd extension.
FALSE!
What is the most common QM threshold
3%
How much does UWM Free Credit cost?
$134
True or false, if APR increases .251% CD would not require another cool off?
FALSE!
What is the max cash back a borrower can receive on a Freddie Mac Rate and Term refinance?
1% or $2,000, whichever is GREATER!
How many days does an LO have to submit a COC to increase a fee from the date of discovery?
3 business days - Monday-Friday excluding National Holidays
True or false, a rate and term refinance can be used to pay off all second liens.
How much AE talk time to max it out for PRO rankings?
20 Minutes
what do AUS results need to reflect to submit ALL AUS type loans? (except JUMBO)
Approve/Eligible or Accept/Eligible
True or False, Realtor credits count in the IPC limits?.
How much does a first extension cost?
2.5 bps per day
I want to put my borrower in a 1% down program and they are currently salary plus commission. They qualify for the loan without using their commission income, however, if we add their commission income, it puts them above the 80% AMI. Can the borrower still qualify for the 1% down loan?
Yes, on conventional loans, we only need to use the qualifying income.
What is a 1004D?
a Final Inspection - used to verify needed repairs
what is not a common way to pass QM
going LENDER paid
True or false, credit for the rate can cover a brokers compensation if it is borrower paid.
FALSE
True or false, borrower paid compensation can be reduced at any time?
FALSE - only when there is a valid reason on file.
If the Total Line Amount for a HELOC is $100,000.
What is the most the initial Draw amount can be?
$75,000
What is the overall SLA for a client request?
4 HOURS
What two versions of Docless VOI do we offer?
FormFree & Equifax (The Work Number)
What is the IPC limit on all FHA loans?
6%
How much does a relock cost?
Worse Case Pricing + 10bps fee
If the broker provides an SPL and the borrower selects the title company that’s NOT listed on the SPL, what is the tolerance threshold for the title fees?
NOT subject to Tolerance
What loan does a CYP price match?
JUMBO!
What fees are counted in QM?
Broker Fees, Lender Fees, Affiliate fees, Lender Credits & Seller concessions
What is the max comp the broker can charge on a lender paid loan?
2.75% - Max:40,000
If the LO disclosed zero on the appraisal upfront, would they be able to do a COC within 3 days of the disclosures to not have a tolerance cure? Why?
NO! the broker would not be able to avoid a tolerance due to appraisals being required on all loans.
On a HELOC what is the difference between the initial draw amount and the total line amount?
Initial Draw - the loan amount, the amount being financed/whithdrawn at the time of closing
Total Line Amount - Total amount qualifying for, essentially a "credit limit" for your HELOC
What is the cost of an appraisal credit using LOPP? How much is credited back to the borrower?
9,000 LOPP & $600
What are the Conventional Elite requirements?
700+ FICO
$125k+ Loan Amount
<80% LTV
What are the IPC limits and LTV requirements for primary and secondary conventional loans?
>90% = 3%
75% - 90% = 6%
<75% = 9%
With Safe check complete when will UWM complete the hard pull on a FHA file?
When the loans is submitted
**DOUBLE POINTS**
If the broker provides an SPL and the borrower selects the title company that’s listed on the SPL, what is the tolerance threshold for the title fees?
10% Tolerance
How much does Safecheck Complete cost?
$77.50
True or False, High cost will automatically pass once QM is fixed?
***DAILY DOUBLE***
What Document shows the broker's LPC?
How does it reflect that it is paid?
The Closing Disclosure.
Paid by others - Lender
For the 1% down program, UWM pays the lesser of _______% or $_____________
2% or $7,000
If the Total Line Amount for a HELOC is $400,000.
What is the most the initial Draw amount can be?
$300,000
what fees can ECD have an impact on.
Prepaid Interest (Per-diem Interest) & Taxes and Insurance Being Collected
How do you order PA+?
Select PA+ type in Products and pricing > input fees > disclose origination package > order PA+ In the processor assist screen.
What is the VA IPC limit?
*EXTRA POINTS FOR FURTHER INFO*
4%*
*EXTRA POINTS = 200*
Can go over 4%, if overage is used to pay off debt
With Safe check complete, when will UWM complete the hard pull on a conventional file?
When Conditions are Uploaded to the loan
Does a HELOC require you to payoff a 1st lien?
No
List 3 ways the TRAC+ incentive can be passed along to the borrower
Pricing Incentive
Lender Credit in Section L
Check back at closing
What is the max total points and fees that can be charged on section 32 HOEPA tests?
5%