GA MLO case studies
GA MLO · Put your knowledge to work in context.
The Georgia Mortgage Loan Originator (MLO) license is a state credential issued through the Nationwide Multistate Licensing System (NMLS) and supervised by the Non-depository division of the Georgia Department of Banking and Finance, which the Department describes as supervising "mortgage lenders, mortgage brokers, and mortgage loan originators, as well as installment lenders, check cashers, and money transmitters." It is for individuals who originate residential mortgage loans for Georgia consumers and who must therefore hold a state MLO license and meet federal SAFE Act testing and education standards. The required test is the SAFE MLO National Test with Uniform State Test Content, built from the SAFE MLO National Test with Uniform State Test Content Outline. The GA MLO case studies are 5 cases and about 4,421 words.
1The Price Match That Isn't: Cutting Compensation and Making It Back with a Borrower Fee
Marcus originates for a Georgia-licensed mortgage broker. On Thursday, June 5, he takes a full application from Lena for a 330,000 FHA purchase loan on an Atlanta condo (sales price 337,000, 3.5% down).
853 words, about 4 min2A Declining Schedule C, a Rental Condo and a Deferred Student Loan
Dana applies for a conventional 30-year loan to buy a 450,000 townhome, putting 20% down ( 360,000 loan). She has been self-employed as a graphic designer for four years.
807 words, about 4 min3Low Appraisal, Restructured LTV, and Disclosures Wanted "At the Closing Table"
Priya is pre-approved for a 412,000 purchase with 10% down. The loan is 370,800 at 6.5% on a 30-year fixed with 1 point ( 3,708) origination plus third-party fees, and the initial Loan Estimate was issued March 3.
898 words, about 4 min4Three Favors for a Realtor Who Sends 60% of the Business
Trent originates in Georgia. A top-producing realtor, Ms.
915 words, about 5 min5One MLO, Two Out-of-State Properties, an Unlicensed Assistant and an Unreported Name Change
Alana holds a Georgia mortgage loan originator license, NMLS ID 1234567, sponsored by a Georgia-licensed mortgage lender with one approved branch in Savannah. In June she does the following: (a) takes a telephone application from a couple who live in Atlanta to finance a beach house on Hilton Head Island, South Carolina; (b) takes an online application from a college friend who lives in Chattanooga, Tennessee, for a house in Chattanooga; (c) lets her unlicensed marketing assistant quote rates and take applications whenever she is on other calls; (d) runs an Instagram advertisement showing her name and her company logo but no NMLS ID; and (e) since her May marriage, uses her new legal name on business cards without updating NMLS.
948 words, about 5 min