MD MLO case studies

MD MLO · Put your knowledge to work in context.

The NMLS Maryland Mortgage Loan Originator (MLO) Test is the state-specific component of the NMLS licensing exam sequence for individuals seeking a Maryland MLO license. It is intended for candidates who have already completed the federal (Uniform State Content) portion of the NMLS test requirement and now need to demonstrate knowledge of Maryland-specific mortgage rules, as well as the general origination, federal law, and ethics content tested across NMLS state exams. The MD MLO case studies are 5 cases and about 3,106 words.

Rate Lock, Fee Tolerances, and a Closing Disclosure That Arrives Too Late

On Monday, March 3, an originator takes a complete application for a 400,000 purchase loan and issues a Loan Estimate on Wednesday, March 5. The LE shows a 650 appraisal fee (the borrower may shop from a written list), a 45 credit report, 1,200 title services from the lender's affiliated title company, 150 recording, 2,400 transfer taxes, and a 3,200 origination fee.

652 words, about 3 min 2

Self-Employed Income, K-1 Distributions, and a Target DTI

Married borrowers apply for a 420,000 conventional purchase. Borrower A earns 8,400 per month as a W-2 employee.

657 words, about 3 min 3

Low Appraisal, an Ineligible Condo Project, and a Lock About to Expire

A first-time buyer is under contract for a 485,000 condominium with 10% down and a conventional loan. The appraisal comes back at 470,000.

648 words, about 3 min 4

Desk Fees, a Joint Venture, and a Down Payment 'Gift'

An originator at a mid-sized lender has a brokerage that sends roughly 40% of their volume. The owner proposes three arrangements: the lender pays 3,000 per month for a 100-square-foot desk and 'preferred lender' placement in every listing presentation; the originator and the brokerage form a 50/50 joint venture that will be the only lender recommended to the brokerage's buyers; and the originator personally covers a buyer's 2,500 down payment as a 'gift' so the deal closes before quarter end.

499 words, about 2 min 5

A Spouse on Title, a Thin DTI, and a Deadline for Adverse Action

A married applicant calls to apply for a 288,000 rate-and-term refinance on a home valued at 360,000. Only the applicant's income will be used; the spouse has $1,400 per month in student loan and credit card payments but will be on title.

650 words, about 3 min