MLO Exam: Top Missed Mortgage Questions 🏡

Studying for the SAFE MLO exam? Learn how to match borrowers to the right mortgage: fixed vs adjustable, FHA vs VA, jumbo vs conforming, plus scenarios and pitfalls.

Get extra practice with Birdsy — your AI study partner for MLO prep. Try it free → https://birdsy.ai/real-estate

✅ WHAT’S COVERED IN THIS VIDEO
• General mortgage products and loan types (U.S.): fixed-rate, ARMs, FHA, VA, USDA, jumbo/non-conforming
• When each product fits: credit, income, DTI, LTV, down payment, occupancy
• Mortgage insurance: PMI vs MIP; funding fee vs UFMIP; when it applies and how it’s removed
• Rate, APR, points, closing costs; teaser rates and rate caps for ARMs
• Exam scenarios: quick comparisons, disclosures at a glance, and common traps

🔥 TOPICS BREAKDOWN (CHAPTERS)
00:00 - Mortgage Loan Basics & Key Concepts
05:54 - Insured Loans
12:11 - Conventional, Jumbo & Nonconforming Loans
17:31 - Hybrid & Specialty Loan Types
21:28 - Matching Mortgage to Borrower: Decision Logic & Scenarios

🧩 SUBTOPICS & DETAILS
✓ Conforming vs jumbo; agency vs non-agency
✓ DTI, LTV, CLTV, HCLTV and how they steer product choice
✓ Points vs credits; temporary vs permanent buydowns
✓ ARM specifics: index, margin, fully indexed rate, initial/periodic/lifetime caps
✓ FHA (credit, DTI, UFMIP/MIP, property standards)
✓ VA (eligibility, entitlement, funding fee, residual income)
✓ USDA (rural eligibility, income limits, guarantee fee)
✓ Occupancy: primary, second home, investment
✓ Assumability basics and where prepayment penalties may appear

🎯 WHO THIS VIDEO IS FOR
• SAFE MLO exam candidates (nationwide U.S.)
• New loan officers learning product fit
• Agents and finance learners who want a fast, practical comparison

💡 EXAM SUCCESS TIPS
• Memorize FHA vs VA vs USDA differences: insurance/guarantee type, fees, eligibility
• For ARMs, know index + margin = fully indexed rate, and how caps apply at each adjustment
• Tie borrower goals (payment stability, entry cost, credit profile) to the correct product
• Watch PMI vs MIP questions: when it’s required, how it’s paid, and removal rules
• Expect scenario questions where DTI/LTV drive eligibility and best-fit product

🧠 KEY CONCEPTS
Conforming vs jumbo • Fixed vs ARM • Index, margin, caps • FHA (UFMIP/MIP) • VA funding fee & entitlement • USDA guarantee fee & rural eligibility • PMI vs MIP • Points, APR, closing costs • DTI, LTV, CLTV, HCLTV • Occupancy types • Buydowns • Assumability

🔗 HELPFUL LINKS
🌐 Birdsy SAFE MLO Prep → https://birdsy.ai
🌐 CFPB: Choosing a Mortgage → https://www.consumerfinance.gov/owning-a-home/loan-options/
🌐 HUD FHA Mortgages → https://www.hud.gov/program_offices/housing/sfh/fharesourcectr
🌐 VA Home Loans → https://www.va.gov/housing-assistance/home-loans/
🌐 USDA Guaranteed Loans → https://www.rd.usda.gov/programs-services/single-family-housing-programs/single-family-housing-guaranteed-loan-program

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ℹ️ ABOUT BIRDSY
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⚠️ DISCLAIMER
For educational use only. Requirements and guidelines can change; always verify with official sources. Birdsy cannot guarantee outcomes.

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