CT MLO case studies
CT MLO · Put your knowledge to work in context.
The Connecticut Mortgage Loan Originator (MLO) license is a state credential required for individuals who take residential mortgage loan applications in Connecticut. It is issued by the Connecticut Department of Banking and is typically obtained through the Nationwide Multistate Licensing System (NMLS). Candidates usually need to complete pre-licensure education, pass a national and a Connecticut-specific exam component, and submit fingerprints for a background check. The exam tests five areas: federal mortgage laws (24%), general mortgage knowledge (20%), loan origination activities (18%), ethics (18%), and Connecticut-specific laws (20%). The CT MLO case studies are 5 cases and about 2,911 words.
1Changed Circumstance or Closing Delay? A Purchase Price Increase
On May 6, a Connecticut mortgage broker’s loan officer takes a purchase application for a 310,000 single-family home. The borrower will put 10% down and take a 279,000 loan.
664 words, about 3 min2Self-Employed Income, Declining Profits, and a Large Gift
Two weeks before closing, a loan officer reviews a sole proprietor’s file. The 2022 Schedule C shows net profit of 104,000, depreciation of 18,000, and business use of home of 4,800.
606 words, about 3 min3Occupancy Certification When the Borrower Plans to Rent to a Relative
On July 1, a loan officer preapproves a borrower for a $380,000 owner-occupied conventional loan with 5% down at 6.25%. The borrower is purchasing a two-unit property.
544 words, about 3 min4A Real Estate Agent’s “Marketing Partnership” and Referral Payments
A Connecticut loan officer’s cousin, a real estate agent, proposes a “marketing partnership.” The agent will send six buyer leads each month to the loan officer. In exchange, the loan officer will pay the agent 750 per month for a desk in the agent’s office.
572 words, about 3 min5Sponsorship Lapse and Cross-State Origination
A mortgage loan originator holds an active Connecticut MLO license sponsored by Broker A. On Friday, August 2, the MLO resigns and agrees to join Broker B.
525 words, about 3 min