FL MLO case studies
FL MLO · Put your knowledge to work in context.
The SAFE Mortgage Loan Originator Test with Uniform State Content (Florida) is the licensing exam that individuals must pass to become a state-licensed mortgage loan originator in Florida. It is built on the SAFE Act framework: a federal-law component covering the statutes and regulations that govern residential mortgage origination nationwide, plus a uniform state component covering the state-law concepts that most jurisdictions share. The FL MLO case studies are 5 cases and about 3,525 words.
1The Wednesday Closing Disclosure and the Late Seller Credit
Pat, a licensed MLO at a nonbank lender, has a purchase loan scheduled to close Friday at 10:00 a.m. The title company emails the Closing Disclosure Wednesday at 4:00 p.m., and the borrowers open and e-sign it at 4:12 p.m.
692 words, about 3 min2Commission, Rental Income, and a Debt That Will Not Go Away
Kenji applies for a conventional purchase loan with 10% down. He is salaried at 5,400 per month and has received commission income continuously for four years, earning 30,000 two years ago and 24,000 last year.
712 words, about 4 min3The Low Appraisal and the Listing Agent's Offer
Tasha's buyers are under contract at 340,000 with 5% down, a 323,000 loan, and mortgage insurance. The appraisal comes in at $318,000.
706 words, about 4 min4The Marketing Agreement and the Undisclosed Car Payment
Marcus, an MLO, gets most of his business from Alicia, a real estate agent. Alicia proposes a written 'marketing services agreement': Marcus's company would pay her 400 per closed loan for 'lead generation and social media promotion,' and in exchange she would steer her buyers to Marcus.
767 words, about 4 min5The Cash-Out Refinance That Trips the Florida High-Cost Test
Rosa is refinancing her Tampa home, which she owns with her husband; only Rosa is on the deed, and she will be the only borrower on the note. The new first mortgage is 312,500 at 8.9% with total points and fees of 18,750.
648 words, about 3 min