Day 2 Flashcards by Thomas Griffin

Mortgage

A loan for a home

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UWM 3 characteristics

Speed 12-15 days
Service-SLA
Technology

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Two Types of Mortgage Transaction Types

Purchase

2. Refinance

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Risk & Mortgage Low Risk

Rate & Term

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Risk & Mortgage Medium Risk

Purchase

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Risk & Mortgages High Risk

Cash Out

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Occupancy Types Low Risk

Primary

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Occupancy Types Medium Risk

2nd Home

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Occupancy Types High Risk

Investment

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3 Requirements for Broker

20 Hours SAFE
State License
Net Worth Requirements

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Depository Institution

Bank

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UWM Retention

Uconnect

2. Unite

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URLA

Uniform Residents Loan Application

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I.P.A.C.

Income
Property
Assets
Credit

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Income active

W2 gross

SE net

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Passive income

Money that is collected 
IRA
Alimony
Interest
Retirement

Assets are used for 2 major things in a mortgage transaction

Fees Closing Cost

Down payment

Minimum FICO Score

640

LTV

Loan to Value

Appraised Value or Purchase Price (whatever is less)

LTV high or low

UWM low

DTI

Debt to Income

UWM DTI

Low up to 49.9%

Conventional Loan

Vanilla

81% of UWM

GSE

Governmental Sponsored Enterprise