Day 2

Question 1

Mortgage

Answer 1

A loan for a home

Question 2

UWM 3 characteristics

Answer 2

1. Speed 12-15 days
2. Service-SLA
3. Technology

Question 3

Two Types of Mortgage Transaction Types

Answer 3

1. Purchase

2. Refinance

Question 4

Risk & Mortgage Low Risk

Answer 4

Rate & Term

Question 5

Risk & Mortgage Medium Risk

Answer 5

Purchase

Question 6

Risk & Mortgages High Risk

Answer 6

Cash Out

Question 7

Occupancy Types Low Risk

Answer 7

Primary

Question 8

Occupancy Types Medium Risk

Answer 8

2nd Home

Question 9

Occupancy Types High Risk

Answer 9

Investment

Question 10

3 Requirements for Broker

Answer 10

1. 20 Hours SAFE
2. State License
3. Net Worth Requirements

Question 11

Depository Institution

Answer 11

Bank

Question 12

UWM Retention

Answer 12

1. Uconnect

2. Unite

Question 13

URLA

Answer 13

Uniform Residents Loan Application

Question 14

I.P.A.C.

Answer 14

Income
Property
Assets
Credit

Question 15

Income active

Answer 15

W2 gross

SE net

Question 16

Passive income

Answer 16

Money that is collected 
IRA
Alimony
Interest
Retirement

Question 17

Assets are used for 2 major things in a mortgage transaction

Answer 17

Fees Closing Cost

Down payment

Question 18

Minimum FICO Score

Answer 18

640

Question 19

LTV

Answer 19

Loan to Value

Appraised Value or Purchase Price (whatever is less)

Question 20

LTV high or low

Answer 20

UWM low

Question 21

DTI

Answer 21

Debt to Income

Question 22

UWM DTI

Answer 22

Low up to 49.9%

Question 23

Conventional Loan

Answer 23

Vanilla

81% of UWM

Question 24

GSE

Answer 24

Governmental Sponsored Enterprise