NMLS case studies
NMLS · Put your knowledge to work in context.
The NMLS SAFE Act Exam - also called the SAFE MLO Exam, the NMLS National Test Component, or the NMLS MLO Licensing Exam - is the national test component that individuals must pass as part of the mortgage loan originator (MLO) licensing process administered through the Nationwide Multistate Licensing System (NMLS). NMLS is the system state and federal regulators use for licensing and registration, and it publishes the individual licensing, education, and testing guides that govern MLO candidates. The NMLS case studies are 5 cases and about 2,745 words.
1Late Closing Disclosure After Recording-Fee Increase
A non-depository lender is originating a 360,000 conventional purchase loan scheduled to close Friday. The Loan Estimate was issued 18 days ago.
584 words, about 3 min2Self-Employed and Rental Income DTI Squeeze
A loan originator is prequalifying a borrower for a 400,000 conventional loan with 10% down. The borrower is a sole proprietor.
558 words, about 3 min3Duplex Occupancy Claim With a Leaseback to Seller's Relatives
A borrower wants to buy a $520,000 duplex with 5% down using a conventional primary-residence loan. She tells the loan originator she will live in one unit, but she also gives the real estate agent a signed lease showing both units rented to the seller's relatives for 18 months after closing.
544 words, about 3 min4Realtor Referral Fee and Credit-Report Request
A loan originator at a mortgage brokerage has a productive relationship with a real estate agent. The agent proposes a written 'marketing services agreement' under which the agent will refer buyers to the loan originator and the loan originator's company will pay the agent's marketing LLC $750 per closed loan.
499 words, about 2 min5Multi-State Licensing, Branch Office, and CE Hours
A loan originator is licensed only in State A and works for a non-depository lender licensed in States A and B. A borrower who resides in State B applies for a loan secured by a property in State C.
560 words, about 3 min