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UWM > Day 4 > Flashcards

Day 4 Flashcards

1
Q

AMC

A

Appraisal Management Company

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2
Q

Appraisal Types

A

SFR
PUD
Certain Condos

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3
Q

Appraisal Waiver

A

Low LTV
New Construction
Low DTI

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4
Q

Appraisal Waiver what GSE

A

Freddie Mac

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5
Q

ACE what GSE

A

Fannie Mac

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6
Q

EASE

A

Easiest Application System Ever

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7
Q

LPMI

A

Lender Paid MI

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8
Q

3 Credit Reporting Agencies

A

Transition
Experian
Equifax

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9
Q

FICO vs

A

FAKO

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10
Q

Tri-Merge

A

Median Credit Score

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11
Q

Risky Credit score

A

350-599

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12
Q

Average Credit Score

A

600-640

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13
Q

Good Credit Score

A

641-700

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14
Q

Great Credit Score

A

701-740

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15
Q

Excellent Credit Score

A

741-850

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16
Q

2 types of debt

A

Installment Debt

Revolving Debt

17
Q

Computing FICO scores

A 
Payment History 35%
Credit History 30%
Age of Credit 15%
Types of Credit 10%
Credit Inquires 10%
18
Q

Payment History

A

30 days or more past due

19
Q

Credit Utilization pay down to Change FICO

A

50%
30%
$10-10%

20
Q

Trade Lines

A
  1. CC
  2. Mortgage
  3. Auto Loan
  4. Student Loan
  5. Auto Lease
21
Q

Credit Supplement

A

At the end to see credit update

22
Q

Income Categories

A

Active

Passive

23
Q

Seasonal Employment

A

Affected by weather

24
Q

Frequency of Pay

A

What time period we use

25
Q

Salary

A

/12

26
Q

Monthly

A

N/A

27
Q

Semi-Monthly

A

Add

28
Q

Bi-Weekly

A

24 times a year

29
Q

BI-Weekly

A

26 times

30
Q

Hourly

A

52 times

31
Q

FHA

A

1934

Get out of Great Depression

32
Q

Fannie Mae

A

1938

GSE

33
Q

VA

A

1944

34
Q

Freddie Mac

A

1970

GSE

Compete with Mom

35
Q

USDA

A

1994

UWM (7 decks)

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