Review Prep

When can I not extend my lock?

In File Import, if lock is expired

Which of the following does not give you worse case pricing?

•Rate Change

•Same delivery type (8-15 years) or (16-30 years)

•Conventional to Government (withdraw and resubmit)

On an Agency loan, how many days from the lock bank can I use on a first extension?

•7 days

Relock vs Extension Examples

•Locked Base Price: -0.869

•Worst Casse Pricing: -0.769

•4 day 1^st extension cost: 4 x .025= .100

•Relock cost: .100

•Is a 4 day (1st) extension or a 30 day relock a better option?- Relock

•30 days vs 4 days for same price

If I need to cancel or make modifications to my lock, does it need to be done within 3 business hours?

Yes

What are the lock policy hours?

M-F 10am- 6:59am the next business day

List 4 benefits of using an exact rate

•Customizable

•Competitive Advantage

•Can be used to use up seller concessions

•Unshoppable loan products

What is a principal reduction?

•Additional funds at closing that get applied directly to the principal amount of the loan after the 1^st loan payment

True or False: Excess seller concessions can be applied as a principal reduction

False

What is the max cash back a borrower can receive on government loans? (FHA/VA)?

•$500

What is the max cash back a borrower can receive on a Fannie/Freddie rate and term refinance?

•Greater of 1% of the loan amount and $2,000

If my loan is in closing and I’m trying to buy the rate down using an exact rate, what’s the first step I need to take before I get back to the products and pricing screen?

•Click Modify closing> Change rate> Run AUS

What type of company must be listed on the SPL?

•Title company

What fee section does the appraisal fee go in?

•Section B- Fees a borrower cannot shop for

What does IPC stand for?

•Interested Party Contributions

What is the IPC limit on all FHA loans?

•6%

What is the VA IPC limits?

•4%

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?

•No (because it is an appraisal)

The LO received a condition for a 1004d (re-inspection), can the LO do a COC within 3 days to avoid a tolerance cure?

Yes

How many days does LO have to update an increase in fee from date of discovery?

•3 business days

How would you fix the following problem upload? “ A locked LE was not received in the initial loan submission package that was sent out on 1/8 and locked on 1/9” (today is 1/19)

•Withdraw and resubmit

What are the IPC and LTV requirements for primary and secondary conventional loans?

•Conventional (Primary & Secondary homes)

•LTV greater than 90%= 3%

•LTV between 75.01% and 90%= 6%

•LTV  less than or equal to 75%= 9%

•Conventional (Investment home)

•2% for all LTV

What are 3 ways you can get a file moving back into production after you fix a problem upload?

•Submit missing document (preferred)

•Submit a CR

•Email from TL/DL, or senior AE

How would you fix the following problem upload? “There is a CoC on file that requires a new LE that has not been received.”

•Generate new LE and get signed

What is the name of the Remote Online Notary system that UWM uses for virtual closings?

Proof

Which underwriter reviews documentation for income and assets, and grants the initial approval?

•Senior Underwriter

Put these loan statuses in order: CTC, Import, Funded, AWC, Closing

•Import, AWC, CTC, Closing, Funded

Where in the file does the client enter in the Title Company information?

•CD Information tab

True or False: A loan must be locked before it can be CTC’d

True

True or False: UWM free credit reports are free for everyone

False

What type of loans is TRAC+ available on?

Refinance, Primary, Conventional, VA, FHA

True or False: You can submit a CR in closing status

•False, closing escalation

True or False: you can search the Source for conditions and condition IDs

•True

When should you enter in the invoices into the system and why?

•At Approved with Conditions

•They can be reviewed ahead of time, speed up closing, and avoid tolerance cures

When does the file flip from CTC to Closing?

•When the closing date is scheduled

Name the 5 Action IQ lead level tasks

•Mortgage Matchup

•Mia Callback

•Uconnect

•Payoff

•Blink+ applications submitted

Name the 3 loan level tasks of action IQ

•Expiring Locks

•Problem Uploads

•E-Sign not complete

What does an LO earn when they get PRO Elite 100?

•60 CYP

•12 lock extension days

•0 LOPP

What does an LO earn when they get PRO Elite?

•30 CYP

•8 lock bank extension days

•0 LOPP

What are the benefits of Action IQ?

•Keeps LO notified on the next action to take on your loans

•Streamlines important action items

•90% completion for Pro Rankings

What are the 4 borrower happiness survey topics?

•Underwriting touches

•Days sub to CTC

•Borrower happiness survey

•Closing process

List the 7 Pro Ranking categories

•Ultimate submissions

•Talk time with AE

•Campus visit

•Watching videos

•AI tools

•Action IQ

•Borrower happiness score

What is the minimum FICO score on a IRRRL and Streamline?

580

What are the net tangible benefits for an FHA Streamline?

•Reduced rate by 0.5%

•5% reduction of mortgage payment

•Reduced term

•Financial benefit

FHA Streamlines must meet the following season requirements, ___ payments made on time, ___ months since first payment, ___ days from the closing date

FHA Streamlines must meet the following season requirements, 6 payments made on time, 6 months since first payment, 210 days from the closing date

True or False: I cannot roll in all of my closing costs on an FHA Streamline

•True, UFMIP only

What are the 3 different types of VA refinances?

•IRRRL

•Cash out type 1

•Cash out type 2

What documents are not needed on IRRRLs and Streamlines?

•No appraisal

•No credit pull

•No income docs

•No AUS run

VA IRRRLs must meet the following season requirements, ___ days must have passed from the first payment due date (note) and ___ scheduled payments have been made on time.

VA IRRRLs must meet the following season requirements, 210 days must have passed from the first payment due date (note) and 6 scheduled payments have been made on time.

How many months does the VA allow the borrower to recoup the costs of their refinance?

•36 months

True or False: On a VA loan there are certain fees that cannot be charged to the borrower if they are over 1% of the loan amount including borrower paid compensation

True

UWM’s 2026 service goal is 93% of CRs solved and happy within ___ minutes, less than ___ of CRs are greater than ___ minutes.

UWM’s 2026 service goal is 93% of CRs solved and happy within 60 minutes, less than 1% of CRs are greater than 120 minutes.

What are some best practices when it comes to CRs?

•Professional

•Proper grammar

•Standard email etiquette

•Complete, detailed responses

•Call out to client

•Answer quickly

•Verify whether the client can view the response

What are the 3 CR survey responses and what do they mean?

•Yes- CR is complete and closed

•No- Reopened and escalated to next level/ team lead

•Almost- resent to team member. Timer restarts where it was previously

What is the minimum expectations for CR SLA?

•60 minutes

What are the automated outbound call types that MIA makes to borrowers?

•Rate Watch- Notifies borrowers when rates drop and may benefit from a refinance. Amount rate drop is set by broker

•Post Closing- Called 20 days after the closing to notify the borrower of the date of their 1^st payment

•General Touchpoint- Initial call 180 days after closing and a follow up every 90 days afterwards to check in the borrower

A MIA call is automatically placed to the borrower ___ days after their UWM loan closes.

20 to remind borrower of their 1^st payment

True of False: You cannot customize any of the MIA alerts.

•False, you can customize rate watch

How does the LO get alerted that a call was made by MIA?

•They receive a summary email

•Outreach HUB

What are the steps a client must take if they would like to opt out of MIA?

•Submit a CR> CR goes to AE> AE sends CR to tech pros

What types of loans allow virtual closings?

•Conventional, FHA, VA

Where can the client update their closing type?

•Top of the Uclose dashboard next to the percent wheel

•OR closing escalation

List the closing checklist in the proper order: Fees, Invoices, Verify, Schedule

•Verify> Schedule> Fees> Invoices

True or False: If you “Modify the Closing” in the schedule screen, it will notify the title company that the closing has been cancelled.

False

What is the threshold in which UWM will cover the tolerance automatically with no action from the broker needed?

•$25

What is the turn time for a closing escalation?

30 minutes

What is the turn time for a closing underwriter request? (CLUW)

15 minutes

What is the turn time for a closing escalation escalating to a team lead?

30 minutes

What is the turn time to clear an invoice on a loan that is in Approved with Conditions status?

3 hours

What is the turn time to clear an invoice on a loan that is in CTC status?

30 minutes

A ___ funding state is one where funds are sent when the closing specialists receive a funding request from the title/escrow company.

dry

True or False: UWM assigns closers to each loan closing to ensure our clients have the best possible experience

False

What does TRAC+ stand for and what is its purpose?

•Title, Review and Closing

•UWM handles title review, closing and disbursement of loan

What type of loans are TRAC+ available on?

•Refinance

•Conventional

•FHA

•VA

•Primary Residence

How can the borrower receive their TRAC+ incentive?

•Applied as LLPA

•Send borrower a check

•Credit on the CD

What are the benefits of TRAC+?

Replace Title company, Faster, Cheaper, credit for AS, partner points

Funds must be sent to UWM ______ if there is cash to close required on a TRAC+ loan

•Before the wire disbursement date

Where does the broker provide banking and wire information for direct wires on TRAC+ loans for their compensation?

•Account Settings> TRAC+ Banking Information

True or False: To opt in or out of TRAC+ it must be done before CTC status

True

How does a broker opt in or out of TRAC+ once the loan is disclosed?

•Change of circumstance

What is the max loan amount for TRAC+

•$1,100,000

Closing funds due of $____ or less can be paid via Stripe Debit

•$1,000

TRAC+ costs between ____ and ____depending on the State and Loan Amount.

TRAC+ costs between $1,295 and $3,195 depending on the State and Loan Amount.

List 9 of the Ultimate Submission tools along with your 30 second elevator pitch

•EASE Docs 2.0

Generate fully compliant state and federal origination package

•Hybrid/ Virtual close

Ability so sign some, if not all docs on your own time, at a time convenient for you

•CD at Initial Underwrite

Ability to send out a closing disclosure at the initial underwrite by accepting alternative docs for insurance, taxes and appraisal

•Custom Rate Lock

Ability to lock your rate for a custom period of 8-90 days to save money on rate locks for your clients

•Exact Rate

Customize your interest rate down to the thousandth percent. Gives you a custom, unshoppable loan product for borrowers

•VOI

Ability to verify income online, saving time and need to collect additional documentation

List 9 of the Ultimate Submission tools along with your 30 second elevator pitch

•Appraisal manager

Ability to order appraisal in the loan file and not have to go to 3rd party site. Saves time and effort

•One click AUS

Run DU and LPA side by side to decide the path of least resistance and what loan product to follow

•BOLT

Income verified initial approval that will give your borrower a stronger position when putting in offers on houses

•PA+

A service that will give you a loan coordinator that will process your file from setup to closing. You can do a full service or pick and choose which services through the process that you would like

What 3 options does Doc-less include?

•VOI

•VOA

•Tax Transcripts

What two options of Doc-less VOI do we have?

•FormFree- no cost

•Equifax- $35.09

When taking advantage of CD at initial you can upload alternative documents for 3 categories, what are they?

•Taxes

•Insurance

•Appraisal

A broker’s paid comp plan cannot exceed ___

•2.75%

On a lender paid loan, what fees can the credit from the rate cover?

All of them (Closing costs, Broker compensation, Title fees,3^rd party fees, Appraisal fee, Settlement fees, Escrow/Impound)

If the broker wants to switch from LPC to BPC, when do they have to submit a CoC

When the loan is locked, disclosed, or both

How does the broker switch from LPC to BPC when the lock is floating and the loan hasn’t been disclosed yet- File Import?

•Products and Pricing

Is Fannie Mae DU or LP

DU

Is Freddie Mac DU or LP

LPA

What are the 3 credit report options a broker can use?

•UWM Free Credit

•Safe check

•Their own credit report