NM MLO study plan

Map the federal mortgage-related laws tested on the NM MLO exam (RESPA, TILA/Regulation Z, ECOA/Regulation B, HMDA/Regulation C, SAFE Act, Fair Housing Act, FCRA, GLBA, TRID) into a one-page outline with each law's purpose and the agency that enforces it

Explain in writing how Regulation Z disclosure timing rules differ for a purchase loan versus a refinance, citing the specific waiting periods

Define key terms including finance charge, APR, loan estimate, closing disclosure, and tolerance categories, and self-quiz until you can define each from memory

Build a personal flashcard deck of at least 40 federal-law terms and tag each card to its governing statute or regulation

Work through at least 30 practice questions on federal disclosure and fair lending rules, and write a corrected explanation for every missed item

Analyze the major prohibited practices under ECOA and the Fair Housing Act, including disparate treatment and disparate impact, using two original hypothetical scenarios you write yourself

List the anti-steering and loan-originator compensation restrictions under Regulation Z and explain in your own words why they exist

Describe the SAFE Act licensing and registration requirements that apply to you as an MLO, including continuing education obligations

Diagram the mortgage loan lifecycle from application through funding, labeling each stage and the documents produced

Compare and contrast conventional, FHA, VA, and USDA loan programs on down payment, mortgage insurance, eligibility, and property standards in a comparison table you build

Explain how amortization works and calculate principal and interest splits for at least five payment periods by hand

Define escrow, impound accounts, PITI, and hazard insurance requirements, and explain how each affects the borrower's monthly payment

Explain the difference between prequalification and preapproval and list the documentation typically required at each stage

Identify the components of a credit report and explain how credit scores are used in underwriting, including the role of the three bureaus

Describe the appraisal process, the difference between appraised value and market value, and what happens when the appraisal comes in low

Walk through title insurance, title search, and closing/settlement procedures as they apply to an originator's file

Practice completing a mock 1003 Uniform Residential Loan Application from a written borrower scenario, capturing all required fields accurately

Calculate debt-to-income ratios, loan-to-value ratios, and housing expense ratios for at least six original scenarios and check your math

Explain how to evaluate income types (W-2, self-employment, rental, commission) and which documents support each

Draft the questions you would ask a borrower during an intake call to identify their goals, timeline, and affordability constraints

Work through at least 30 practice questions on loan origination activities and document a corrected explanation for every miss

Identify the disclosure and timing requirements that fall on the originator during the application and closing stages, and map each to a calendar timeline

Explain the originator's role in identifying red flags for fraud, including occupancy fraud, income falsification, and straw buyers, and describe the required escalation steps

Describe how to handle a borrower who asks you to omit or misstate information, and write out the compliant response you would give

Summarize the core ethical duties owed to borrowers, including honesty, confidentiality, fair dealing, and avoiding conflicts of interest

Analyze at least four original ethical dilemma scenarios and write a defensible course of action for each, citing the relevant rule or principle

Explain the consequences of unethical conduct for an MLO, including licensing discipline, civil liability, and criminal exposure under fraud statutes

Review your own marketing and communication practices against fair lending and advertising rules, and list any changes you would make

Take at least two full-length timed practice exams under test-like conditions and record your score by domain

Review every missed question from both practice exams and write a corrected explanation for each

Re-drill your weakest domain until your practice-exam score in that domain exceeds your target threshold

Compile a final one-page formula and key-term sheet covering APR, DTI, LTV, and disclosure timing, and recite it from memory