MLO

Learning Objectives for Chapter 1 • Describe the roles of an MLO • Understand the mortgage cycle and the roles of each major player in the industry • List the requirements of obtaining and maintaining an MLO license • Restate what is considered prohibited conduct and how prohibited conduct is punished • Describe compensation, and what is required under the LO Comp Rule • Redefine key terms and acronyms

Learning Objectives for Chapter 2 • Redefine all the different mortgage products like fixed, ARM, construction and bridge • Explain the basic qualifications for conventional, VA, FHA and USDA loans • Describe mortgage insurance, loan to value, bankruptcy, debt-to-income, down payment, loan limits, seller concessions and reserves • Outline the QM and ATR Rules • Understand non-traditional and non-QM loans • Restate the requirements under HOEPA and Section 35 of TILA

Learning Objectives for Chapter 3 • Describe the difference between pre-approval and pre-qualification • Explain the TILA umbrella and what TILA considered an advertisement • Restate the advertising requirements under TILA and the MAP Rule • Outline all the initial disclosures required at the time of application • Understand what constitutes an application under • Describe how to determine what types of loans to show a borrower • Restate the requirements under ECOA and HMDA

Learning Objectives for Chapter 4 • Describe the different types of income and how to calculate them • Explain how to analyze a borrower's liabilities, qualifying ratios and credit reports • Restate the requirements under FCRA and FACTA related to credit reports • Outline the requirements under RESPA and the US Patriot Act • Understand what constitutes net tangible benefit • Describe how title, appraisals and insurance play a part in the origination process