IL MLO study plan

Map the federal disclosure timeline (Loan Estimate delivery, revised LE triggers, Closing Disclosure waiting periods) into a dated flowchart you can redraw from memory

Define RESPA Section 8 prohibitions and distinguish permitted payments from kickbacks using four self-written scenarios

List the ECOA/Regulation B prohibited bases and state the adverse action notice deadline

Explain TILA/Regulation Z finance charge and APR components well enough to identify which closing costs are included

Summarize HMDA reporting triggers and the data fields a loan originator must collect

Describe SAFE Act licensing requirements and how they interact with state licensing

Outline the Homeowners Protection Act cancellation and automatic termination rules with dates

Identify fair lending red flags in pricing and steering under the Fair Housing Act and ECOA

Complete a second pass of federal law notes, converting each rule into a one-line trigger-and-deadline statement

Define loan origination compensation rules under Regulation Z loan originator provisions

Explain the difference between a broker and a correspondent lender in a transaction flow

Describe how warehouse lines and secondary market sales fund loans

Compare conventional, FHA, VA, and USDA programs on down payment, mortgage insurance, and eligibility

Calculate LTV, CLTV, and combined housing and total debt ratios from sample borrower data

Define key terms including escrow, impounds, PITI, and amortization with worked numeric examples

Explain title insurance, appraisal, and closing cost categories and who typically pays each

Sequence the origination workflow from prequalification through funding, naming the document produced at each step

Draft a complete loan application interview script that captures all required Reg B information

Explain how to read a credit report and identify items requiring explanation letters

Describe documentation requirements for income, assets, and employment across loan types

Practice explaining loan terms, APRs, and payment scenarios in plain language to a hypothetical borrower

Apply ethical standards to conflicts of interest, referral arrangements, and compensation questions

Identify fraud indicators in application, appraisal, and income documents

Resolve four ethics scenarios using a written decision framework

Outline Illinois licensing, registration, and renewal requirements for mortgage loan originators

Describe Illinois-specific disclosure, advertising, and recordkeeping obligations

Explain Illinois enforcement, examination, and disciplinary processes

Compare Illinois requirements against the federal rules already studied and note where Illinois is stricter

Take two full-length timed practice exams and log every error by domain

Re-drill weak domains until each error category is below 20% of its question count

Recite key deadlines, ratios, and disclosure triggers from memory in a rapid review

Build a one-page final review sheet limited to facts you can state without notes