7 Common Mortgage Exam Questions & Answers 📋

A step-by-step breakdown of 7 MLO exam questions that frequently appear on the test and in-depth explanations of the right answers. This will help you prepare to finally get your mortgage license! Topics covered include the purpose of the secondary mortgage market, how USDA and VA loans work, the SAFE Act, promissory notes, and important privacy laws like GLBA. Grab your NMLS practice exam at: https://shop.studywithdee.com/products/nmls-practice-exam/ 📗

Learn:
- About GLBA and Regulation P.
- What documents VA loans require.
- The 4 elements of a promissory note.
- USDA income and down payment rules you must know.
- The Safe Act acronym, exam requirements, and penalties.
- Why the secondary market exists and how it helps lenders.

Chapters:
00:00 - MLO Exam Prep
04:30 - Secondary Mortgage Market Purpose
09:56 - VA Loan Document
12:24 - Promissory Note Elements
15:25 - USDA Loans
18:09 - Conventional Loan DTI Limits
22:14 - SAFE Act Acronym
23:46 - GLBA

Keep practicing for your licensing exam by watching this one next: https://youtu.be/mEeBHHj-u8E/