MI MLO study plan

Map the federal disclosure timeline (Loan Estimate delivery, revised LE triggers, Closing Disclosure timing, rescission) into a single one-page table you can redraw from memory

Explain the difference between RESPA, TILA/Regulation Z, and ECOA/Regulation B in terms of who they protect and what they require of the originator

Identify which loans are covered versus exempt under RESPA and under TILA, including business-purpose and high-cost thresholds

Define key Regulation Z terms (finance charge, APR, points and fees, high-cost mortgage triggers) in your own words without notes

Walk through HMDA data collection fields and determine reportable versus non-reportable transactions for five sample scenarios

Distinguish Fair Housing Act prohibited bases from ECOA prohibited bases and state where Michigan adds protected classes

Trace the anti-steering and loan originator compensation rules under Regulation Z, listing what compensation arrangements are prohibited

Summarize SAFE Act licensing basics: who must be licensed, registration versus licensing, and the role of NMLS

Compare conventional, FHA, VA, and USDA loans on down payment, mortgage insurance, occupancy, and property standards

Calculate monthly PITI, LTV, CLTV, and total housing expense ratio for three practice scenarios by hand

Explain how the secondary market works: conforming loan limits, GSE roles, and what happens to a loan after closing

Describe the appraisal process, the difference between appraised value and market price, and how an appraisal gap affects the transaction

Sequence the origination workflow from initial inquiry through pre-approval, application, processing, underwriting, closing, and funding

Complete a mock 1003 using a provided borrower fact pattern, including assets, liabilities, income, and declarations

Compute qualifying income for a salaried borrower, a self-employed borrower, and a commission-heavy borrower using the appropriate averaging rules

Identify red flags in a borrower file that require documentation follow-up before submission to underwriting

Explain how AUS findings drive conditions, and distinguish automated approvals from manual underwriting requirements

Build a closing cost worksheet including origination charges, title, escrow, prepaids, and seller credits, and reconcile it to the Loan Estimate tolerance categories

Describe the roles of the processor, underwriter, closer, and title company and what each hands to the next

Practice explaining a rate lock, float-down, and lock extension to a hypothetical borrower in plain language

Apply the duty of care and duty of loyalty to five gray-area scenarios and state what you would do and why

Identify prohibited conduct: steering, undisclosed compensation, forging documents, and pressuring a borrower to sign incomplete disclosures

Explain how to handle a borrower who asks you to overstate income, and document the correct response and escalation path

Describe confidentiality obligations around borrower NPI and how the Safeguards Rule applies to a loan originator's records

Outline Michigan licensing requirements for mortgage loan originators, including sponsorship, renewal, and continuing education obligations

Summarize Michigan-specific consumer protection provisions that apply to mortgage lending and identify where they exceed federal requirements

List the Michigan regulatory bodies and the enforcement actions they can take against a licensed originator

Explain Michigan rules on advertising, recordkeeping, and handling of escrow or trust funds by licensees

Take two full-length timed practice exams and log every missed question by domain and root cause

Re-drill your weakest 30 missed items until you can answer each without hesitation

Recite the federal disclosure timeline and the Michigan licensing summary from memory on separate days

Simulate exam-day pacing: 25 questions in 30 minutes with no notes, then review only the flagged items