Virtual & Hybrid
What are the 2 characteristics of a Wet-Sign Closing?
Borrower Signs with a Pen
Signing is in person
What transactions are Borrower CDs required on?
All Transactions
What are the four types of VA Loans
Purchase
IRRRL
Cash-Out I
Cash-Out II
What are the three FHA loan types?
Purchase
Streamline Refi
Non-Streamline
Cash-Out Type I
Cash-Out Type II
What are the two characteristics of an E-Sign Closing?
Borrower signs with a typed or digital name
A date and time stamp is present
What are the three requirements for the borrower cd to be closed on UWM Docs
DocMagic
Version Number
Barcode
What two documents are required on all VA loans?
VA Cert of Loan Disbursement
FHA/VA Addendum
What is the equation for the seller contribution?
Sales price x Seller Contributions (decimal)
Which Cash-Out type can the borrower not receive cash back on?
Type I
What are the three types of closings?
Physical
Virtual
Hybrid
True or False the Borrowers signature date does not need to match the Notary Date on the Security Instrument
False it needs to match
What type of loan is the Loan Comparison required on?
IRRRL
What three parties sign the settlement certification?
Borrower
Seller
Settlement Agent
Which cash-out typer can the new loan amount be greater than the old loan amount?
Type II
What are four possible closing types in the loan information column?
In Person
Full Virtual
Hybrid eNote
Hybrid Paper Note
True or False the signature date must be on or after the issue date
True
What section of the Loan Application must be signed by the Loan Officer?
Section 9
What are the 2 additional items on the loan application that require review on FHA loans?
Loan Officer Signature
First time homebuyer in section 5 of the decalrations
What fields can be manually corrected by Team Leads?
Loan Balance
Home Equity Remaining
Payoffs Disbursed
True or False we need E-Sign Tracking for all Borrower and Seller signatures
False we do not require tracking for seller signatures
True or False we must run UCD on Final Borrower CD. What version number do we run it on?
True. The version number of the wet-signed CD
What document determines if we need a pest inspection or not?
Lenders Notice of Value
True or False Hud is required to sign the Hotel and Transient Rider
False HUD is not required to sign.
What three areas on the cash-out disclosure be off by up to $10?
Total of Remaining Scheduled Payments (New Loan)
Total of Remaining Scheduled Payments (Impact of Refi)
Amount of Increase in Total Paid Over Life Of Loan