National Exam General Study Guide

NMLS Test Prep – General Study Guide Access for 90 Days Price $79
$99

$79

Course/Package Information
Number of Classes: 2
Number of Lessons: 10
Supplemental Documents: 0
Time Allowed to complete course: 90 days
Final Exam: Yes
This Package Includes the Following Courses:
TP000 – SAFE National Exam Introduction
TP100 – SAFE National Exam Study Guide

OVERVIEW
This self study course includes learning materials to prepare you to pass the national component of the NMLS exam for Mortgage Loan Originators (MLO) required under the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act).
The author will present all the issues and topics necessary for helping you achieve a passing score on the national test.
The materials for this course are presented at the most basic level for students who have not participated in mortgage lending activities. For experienced mortgage professionals, it will serve as a review and update of our rapidly changing industry. The student must invest on average another 24 hours of additional time to study these topics and review the sample exam questions to prepare properly to score well on the NMLS 100-question computerized exam for the national component. If you are seeking a license in a state that requires a separate state exam, you should study additional and separate course materials specific to that state test outline.
Quizzes and exercises within each chapter allow the student to measure his or her progress toward grasping the fundamental loan originator concepts. We strongly recommend also purchasing the 100-question practice exam. Once the student consistently answers over 90% of all the questions accurately, including the 100-question practice exam, he or she is ready to sit for the NMLS tests.
The course materials build on the central idea that all loan origination activities are conducted to help the customer find, select, qualify for, and successfully close the most suitable mortgage loan for their foreseeable financial needs. The key areas of knowledge include the federal laws that govern mortgage lending, the most common mortgage loan programs and products, and the complete loan origination process from initial contact with the customer through the post-closing steps. The most fundamental requirement for everyone involved in this process is to practice and promote ethical professional practices.

Success
It is essential to read all eight chapters and remain focused on the terminology and key topics. The best way to prepare for the NMLS exam is to answer all questions at the end of each chapter. Spend additional time on the material you are having trouble answering, then re-take the end of chapter quiz.
At the end of the course, you should complete the 100-question final exam in your book. If you can answer at least 95% of the questions correctly, you should score well enough to meet the pre-licensure requirements. The questions throughout the book allow you to track progress toward achieving a satisfactory level of understanding of the material.
You will need a simple 4-function calculator (add, subtract, multiply and divide) throughout the course. It is a good idea to practice solving math problems on one of these because this is the only type that will be provided to you during the NMLS computerized exam.

TABLE OF CONTENTS
Chapter 1 – INTRODUCTION TO MORTGAGE LENDING
Mortgage lending overview, Work of a loan originator,
Mortgage lender and mortgage broker, SAFE Act,
Basic terminology

Chapter 2 – GENERAL REAL ESTATE FINANCE KNOWLEDGE

General real estate and mortgage lending knowledge,
Overview of most common types of loans,
Primary and Secondary markets, terminology

Chapter 3 FEDERAL LENDING LAWS I
Real Estate Settlement Procedures Act, Truth in Lending Act, HOEPA

Chapter 4 FEDERAL LENDING LAWS II
Equal Credit Opportunity Act, Fair Credit Reporting Act,
FACTA, Red Flag Rules, Home Mortgage Disclosure Act,
Privacy Protection/Do Not Call, MDIA
Chapter 5 THE LOAN APPROVAL PROCESS
All loan origination activities, Borrower qualification,
Verification of creditworthiness, terminology
Chapter 6 APPRAISAL and PREPARING TO CLOSE
Appraisal, Title, Insurance and Closing process
Closing Costs
Chapter 7 ETHICAL BUSINESS PRACTICES
Ethics in loan origination, brokering and lending
Chapter 8 MATH and FINANCE CONCEPTS
NMLS Test Prep – General Study Guide Access for 90 Days Price $79
$99

$79

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