Exam topics

All five areas, and the federal regulations each of them turns on.

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The NMLS exam content outlineFive content areas: Federal Mortgage Related Laws at 24%, Uniform State Content at 11%, General Mortgage Knowledge at 20%, Mortgage Loan Origination A…
Federal Mortgage Related LawsThe second largest area at 24%, covering RESPA, TILA and TRID, ECOA, loan originator compensation, HMDA, FCRA, privacy and anti-money laundering. Almo…
Mortgage Loan Origination ActivitiesThe largest content area at 27%, covering the loan from inquiry to post-closing: application, disclosures, income and asset analysis, appraisal and ti…
General Mortgage KnowledgeTwenty percent of the exam, covering loan programs and products: conventional and conforming, government programs, fixed and adjustable rates, reverse…
EthicsEighteen percent of the exam, covering prohibited acts, fair lending, mortgage fraud, advertising compliance and consumer confidentiality. It is a rul…
Uniform State ContentEleven percent of the exam, covering the SAFE Act framework adopted across participating states: purpose and definitions, licensing and qualification,…
The TRID Timeline: A Cheat SheetLoan Estimate within 3 business days of application and at least 7 business days before consummation. Closing Disclosure at least 3 business days befo…
The three-day rules, told apartThree separate rules run on three business days: the Loan Estimate after application, the Closing Disclosure before consummation, and the right of res…
The six items that make an applicationName, income, social security number, property address, an estimate of value and the loan amount sought. Under 12 CFR 1026.2(a)(3) those six items con…
Tolerance levels and curesZero tolerance for the creditor's own charges, services the consumer cannot shop for and transfer taxes. Ten percent cumulative tolerance for recordin…