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:
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?
We will go over the initial parts of RESPA and begin with RESPA sections.
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.
OpenCourser helps millions of learners each year. People visit us to learn workspace skills, ace their exams, and nurture their curiosity.
Our extensive catalog contains over 50,000 courses and twice as many books. Browse by search, by topic, or even by career interests. We'll match you to the right resources quickly.
Find this site helpful? Tell a friend about us.
We're supported by our community of learners. When you purchase or subscribe to courses and programs or purchase books, we may earn a commission from our partners.
Your purchases help us maintain our catalog and keep our servers humming without ads.
Thank you for supporting OpenCourser.