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Andy Collins

Learn what you need to know for all five sections of the NMLS Safe Exam plus math and test strategies to improve your chance of passing.  This test has a pass rate of just over 50% and the reason most fail is lack of preparation.  Join us in this course to learn what you need to know.  The 20-hour pre-license courses do not provide enough information on their own to pass and many online test prep sites are written by people who have not taken the test so you end up going over things that you will not be tested on.  We discuss what you need to know to pass, nothing more, nothing less.  A few examples of what we will go over:

Read more

Learn what you need to know for all five sections of the NMLS Safe Exam plus math and test strategies to improve your chance of passing.  This test has a pass rate of just over 50% and the reason most fail is lack of preparation.  Join us in this course to learn what you need to know.  The 20-hour pre-license courses do not provide enough information on their own to pass and many online test prep sites are written by people who have not taken the test so you end up going over things that you will not be tested on.  We discuss what you need to know to pass, nothing more, nothing less.  A few examples of what we will go over:

Federal Mortgage Laws including

Uniform State Content - What can keep you from being eligible for licensure?  Who needs a license? Who doesn't?

General Mortgage Knowledge - What is an FHA loan? Who is eligible for a USDA loan?  What is a payment cap?

Mortgage Loan Origination Activities - What does a loan originator do?  What is a closing cost?  What does loan to value mean?

Ethics - What is occupancy fraud?  Do I need to fill out a SAR?

Math - How is an ARM rate calculated? What is per diem interest and how is it calculated?

The test - What is the test like?  What do I do if I don't know the answer to a question?

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What's inside

Learning objectives

  • Federal mortgage law
  • Mlo activities
  • General mortgage knowledge
  • Ethics
  • Uniform state content
  • Nmls test taking strategies

Syllabus

Introduction
Students will learn about the federal laws section of the NMLS exam, which is 24% of the exam.

We will go over the initial parts of RESPA and begin with RESPA sections.

Read more

We continue diving deeper into RESPA

Finishing up RESPA

Students will learn about TILA rules

We discuss Section 32, Section 35, and TRID

We discuss loan estimates

We discuss closing disclosures

Discussion of the five points of the Dodd - Frank Act

HMDA and the Red Flags Rule is explained

We discuss the Fair Credit Reporting Act as well as the Fair and Accurate Credit Transaction Act

Students will learn about the Do Not Call Act and the Bank Secrecy Act

We discuss the Gramm-Leach-Bliley Act, Mortgage Acts and Practices, and E-SIGN Act

We go over the Mortgage Assistance Relief Services Act, Patriot Act, Homeowner's Protection Act, as well as regulatory authorities

We discuss important aspects of the SAFE Act

We go over important definitions the test may ask in reference to state content

A description of licensing qualifications

We continue our discussion of licensing

We wrap up by discussing NMLS requirements and compliance issues

We go over different aspects of the secondary market

We discuss FHA, USDA, and VA loans

We discuss conforming, conventional, QM, fixed, and adjustable rate mortgages

Reverse, balloon, home equity, construction, and interest only loans are discussed

General, financial, and disclosure terms

We go over mortgage legal and contract terms

We discuss the application process

Disclosures and 3-7-3 rule

Includes assets, liabilities, and income qualifications

Unemployment, credit, self employed qualifications as well as ratios and income formulas

Per diem interest and MIP

LTV, CLTV, HCLTV, and DTI

ARMs, refinancing cost recapture

Ethics topics such as fraud types and financial responsibility are discussed

More ethics topics discussed such as mortgage schemes

Use the PowerPoints attached for further review.  It's useful for many to make notecards from them.

Traffic lights

Read about what's good
what should give you pause
and possible dealbreakers
Covers federal mortgage laws, uniform state content, and general mortgage knowledge, which are essential for NMLS exam preparation
Includes a review of ethics and fraud types, which are critical for responsible mortgage loan origination
Discusses mortgage loan origination activities, including the application process, disclosures, and qualification requirements
Offers test-taking strategies, which can improve the chances of passing the NMLS exam
Requires learners to review attached PowerPoints, which may require additional time and effort

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Reviews summary

Effective nmls safe exam prep

According to learners, this course is a highly effective tool for preparing for the NMLS SAFE exam. Students found that it effectively breaks down complex topics and cuts through irrelevant information, focusing only on what you need to know to pass. Many credit the course with helping them pass the exam on the first try. Reviewers particularly praised the clear math explanations and the course's solid structure which follows the official exam outline. However, some learners noted that the presentation style can be dry or monotonous, making it difficult to stay engaged. While generally comprehensive, a few mentioned needing to supplement the material, particularly for state-specific nuances, and wished for more integrated practice questions.
Breaks down complex topics effectively.
"The way the complex topics are broken down is fantastic."
"The explanations are clear and concise."
"The syllabus follows the exam structure perfectly."
"I really appreciated the focus on 'what you need to know, nothing more, nothing less' as advertised."
"It cut through all the fluff and got straight to the essential information needed for the SAFE exam."
"The math section was clear and easy to follow."
Highly recommended for exam success.
"This course was exactly what I needed to pass the NMLS exam."
"Passed my NMLS exam on the first try thanks to this course!"
"Excellent resource! This course is a lifesaver."
"Found this course helpful for preparing for the exam."
"This course is a great primary study tool after completing the 20-hour requirement."
May require external practice or depth.
"Some parts felt a bit rushed, and I had to supplement with outside materials..."
"I wish there were more practice questions integrated throughout the modules, not just theoretical explanations."
"I ended up relying on other study materials."
"...needed more interactive methods to really absorb the material."
Can be difficult to stay engaged.
"The presentation style is a bit dry. It's essentially someone reading off slides."
"While the information is there, it's hard to stay engaged for long periods."
"Honestly, I struggled to get through this. The delivery is monotonous."
"It served as a decent outline but I needed more interactive methods to really absorb the material."

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in NMLS Safe Exam Essentials with these activities:
Review Mortgage Math Formulas
Reinforce your understanding of key mortgage math formulas, which are essential for passing the NMLS exam. This will help you tackle the math-related questions with confidence.
Show steps
  • Gather all relevant formulas from the course materials.
  • Create flashcards or a cheat sheet with the formulas.
  • Practice applying the formulas to sample problems.
Read 'Mortgages For Dummies'
Gain a broader understanding of mortgage concepts and terminology, which will enhance your comprehension of the course material and improve your performance on the exam.
Show steps
  • Read the book, focusing on chapters related to loan types and origination.
  • Take notes on key concepts and definitions.
  • Relate the book's content to the course syllabus.
Complete NMLS Practice Questions
Reinforce your understanding of the course material by completing practice questions that simulate the NMLS exam. This will help you identify areas where you need to improve and build your confidence.
Show steps
  • Find a reputable source of NMLS practice questions.
  • Set a timer and complete a set of questions under exam conditions.
  • Review your answers and identify areas where you struggled.
  • Study the relevant course material to address your weaknesses.
Four other activities
Expand to see all activities and additional details
Show all seven activities
Compile a Glossary of Mortgage Terms
Solidify your understanding of mortgage terminology by creating a comprehensive glossary. This will serve as a valuable reference tool during the course and while preparing for the NMLS exam.
Show steps
  • Review course materials and identify key mortgage terms.
  • Define each term in your own words.
  • Organize the terms alphabetically in a glossary.
  • Add examples or illustrations to clarify the definitions.
Create Flashcards for Federal Mortgage Laws
Memorize key aspects of federal mortgage laws by creating flashcards. This active learning technique will improve your retention of the information and help you answer questions on the exam.
Show steps
  • Review the sections on RESPA, ECOA, TILA, HMDA, and FCRA.
  • Create flashcards with the law on one side and a summary on the other.
  • Use the flashcards to quiz yourself regularly.
Read 'The Complete Idiot's Guide to Finance for Real Estate'
Expand your understanding of the financial aspects of real estate, which will provide a broader context for the course material and improve your ability to apply your knowledge.
Show steps
  • Read the book, focusing on sections related to mortgages and real estate finance.
  • Take notes on key concepts and definitions.
  • Relate the book's content to the course syllabus.
Answer Questions in Online Forums
Reinforce your understanding of the material by helping others. Explaining concepts to others solidifies your own knowledge and identifies areas where you may need further review.
Show steps
  • Find online forums or communities related to the NMLS exam.
  • Browse the forums and identify questions that you can answer.
  • Provide clear and concise answers, citing relevant course material.

Career center

Learners who complete NMLS Safe Exam Essentials will develop knowledge and skills that may be useful to these careers:
Mortgage Loan Originator
A Mortgage Loan Originator guides individuals through the mortgage application process. This role involves understanding various loan products, assessing applicants' financial situations, and ensuring compliance with federal and state regulations. This course helps to prepare for the NMLS SAFE exam, which is a fundamental requirement for becoming a licensed Mortgage Loan Originator. The course specifically covers federal mortgage laws, uniform state content, general mortgage knowledge, mortgage loan origination activities, and ethics, all of which are essential for success in the role. A Mortgage Loan Originator should take this course to improve their chances of passing the exam by going over what is needed to know, nothing more, nothing less.
Mortgage Broker
A Mortgage Broker acts as an intermediary between borrowers and lenders, helping clients find suitable mortgage options. This position requires extensive knowledge of mortgage products, regulations, and the lending process. This course helps those looking to become a mortgage broker by thoroughly covering the material tested in the NMLS SAFE exam. The course's focus on federal mortgage laws, state content, mortgage knowledge, loan origination activities, and ethics provides a strong foundation for understanding the complexities of the mortgage industry. Prospective mortgage brokers should take this course because it focuses on what one needs to know to pass, nothing more, nothing less.
Loan Officer
A Loan Officer evaluates and approves loan applications, working directly with clients to provide financing solutions. This role demands a solid understanding of lending regulations and risk assessment. This course is beneficial for current and aspiring Loan Officers as it provides a review of the key concepts covered in the NMLS SAFE exam. The curriculum's emphasis on federal laws and the Dodd Frank Act, which are integral to loan compliance, the uniform state content, general mortgage knowledge, mortgage loan origination activities, and ethics is particularly relevant. It focuses on assisting prospective loan officers in understanding key rules that impact their daily tasks.
Underwriter
An Underwriter evaluates loan applications to determine the risk involved and whether to approve the loan. This role requires a detailed understanding of lending criteria and regulations. This course helps those seeking to become an underwriter by covering federal mortgage laws, uniform state content, general mortgage knowledge, mortgage loan origination activities, and ethics. It will help the user to better understand the mortgage lending landscape. An Underwriter should take this course to understand what one needs to know to pass, nothing more, nothing less.
Mortgage Processor
A Mortgage Processor gathers and verifies documentation to prepare loan files for underwriting. A detailed understanding of loan requirements and compliance is beneficial. The course's detailed coverage of mortgage loan origination activities, federal mortgage laws, and compliance regulations helps ensure the loan files are complete and accurate, adhering to legal and regulatory standards. This course can help a Mortgage Processor understand exactly what they need to know, nothing more, nothing less.
Loss Mitigation Specialist
A Loss Mitigation Specialist works with borrowers who are at risk of defaulting on their mortgage loans, exploring options such as loan modifications, forbearance, or short sales. A thorough understanding of mortgage regulations is crucial for this role. This course can help Loss Mitigation Specialists by covering federal mortgage laws, uniform state content, general mortgage knowledge, mortgage loan origination activities, and ethics. It covers what the candidate needs to know to pass, nothing more, nothing less.
Consumer Finance Analyst
A Consumer Finance Analyst studies consumer credit trends, develops financial products, and ensures compliance with consumer finance laws. Understanding mortgage lending regulations and practices is essential for this role. This course helps those who seek a role as a Consumer Finance Analyst. It covers federal mortgage laws, state content, general mortgage knowledge, mortgage loan origination activities, and ethics. This course focuses on what a Consumer Finance Analyst needs to know to pass, nothing more, nothing less.
Mortgage Servicer
A Mortgage Servicer manages the day-to-day administration of mortgage loans, including collecting payments, managing escrow accounts, and handling loan modifications or foreclosures. This role requires a strong understanding of mortgage regulations and compliance. This course may be useful for Mortgage Servicers by providing additional insight to the federal laws, state content, general mortgage knowledge, mortgage loan origination activities, and ethics. A Mortgage Servicer should take this course to understand the material.
Compliance Officer
A Compliance Officer ensures that a financial institution adheres to all relevant laws and regulations. This position requires a strong understanding of legal frameworks and risk management. This course may be useful for Compliance Officers, particularly its comprehensive review of federal mortgage laws. It covers topics like the Dodd-Frank Act, RESPA, TILA, ECOA, HMDA, and other crucial regulations, helping Compliance Officers stay informed about the latest compliance requirements. This course can help Compliance Officers by covering what they need to know, nothing more, nothing less.
Real Estate Agent
A Real Estate Agent assists clients in buying, selling, or renting properties. While not directly involved in mortgage origination, they benefit from a strong understanding of the mortgage process. This course may be useful for Real Estate Agents by providing foundational knowledge of mortgage-related topics. Specifically, understanding mortgage products, loan origination activities, and relevant regulations can enhance their ability to guide clients through real estate transactions. This course can help by going over what one needs to know to pass, nothing more, nothing less.
Real Estate Appraiser
A Real Estate Appraiser estimates the value of properties. This professional may benefit from understanding the factors that influence mortgage lending decisions. This course may be useful for Real Estate Appraisers by covering topics like loan to value ratios, appraisals, and various mortgage products. It provides context for how their appraisals are used in the mortgage process. This course will help Real Estate Appraisers by covering what they need to know, nothing more, nothing less.
Escrow Officer
An Escrow Officer manages the funds and documents involved in real estate transactions, ensuring that all conditions are met before closing. A strong understanding of the mortgage process is beneficial. This course may be useful for Escrow Officers by providing insights into loan origination activities, disclosure requirements, and the roles of various parties involved in the mortgage process. This can help them better manage the escrow process. This course will help Escrow Officers by covering what they need to know, nothing more, nothing less.
Credit Analyst
A Credit Analyst assesses the creditworthiness of individuals or businesses applying for loans. This position applies analytical skills to evaluate risk and make informed lending decisions. This course may be useful for Credit Analysts by providing a deeper understanding of the mortgage lending process and the factors that influence credit decisions. The course provides insights into the specific regulations and guidelines used in mortgage lending, which are essential for comprehensive credit risk assessment. This course covers what Credit Analysts need to know, nothing more, nothing less.
Title Examiner
A Title Examiner researches property records to verify ownership and identify any liens or encumbrances on a property. This professional may benefit from understanding the mortgage lending process. This course may be useful for Title Examiners by providing context for how their work fits into the overall real estate transaction. The course touches on title-related aspects such as title insurance and the importance of clear title in the mortgage process. This course will help Title Examiners by covering what they need to know, nothing more, nothing less.
Financial Advisor
A Financial Advisor provides advice to clients on investment strategies, retirement planning, and other financial matters. An understanding of mortgage products and the lending process can be valuable. This course may be useful for Financial Advisors by providing foundational knowledge of mortgage-related topics, such as different types of loans, loan origination activities, and regulations. It would serve as a good introduction. This course can help by covering what one needs to know to pass, nothing more, nothing less.

Reading list

We've selected two books that we think will supplement your learning. Use these to develop background knowledge, enrich your coursework, and gain a deeper understanding of the topics covered in NMLS Safe Exam Essentials.
Provides a user-friendly introduction to mortgages, covering various loan types, the application process, and key mortgage terms. It is an excellent resource for those new to the mortgage industry or seeking a general overview. The book's accessible language and clear explanations make it easy to understand complex concepts. It helpful supplement to the course material, providing a broad overview of the mortgage landscape.
Provides a broad overview of financial concepts relevant to real estate, including mortgages. It can be helpful for students who need a refresher on basic finance principles. It is not specifically tailored to the NMLS exam, but it can provide useful context and background information. This book is more valuable as additional reading than as a current reference.

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