NMLS & MLO Exam Practice: 160 Questions & Review

*PASS YOUR NMLS EXAM!* This 145-minute study review covers *160 practice questions* on all core topics: *Federal Law* (TILA, RESPA, TRID), *Fair Lending* (ECOA, HMDA, Steering), *Underwriting* (DTI, LTV, appraisals), *Loan Products* (FHA, VA, USDA, Conventional, Non-QM), *Ethics,* and *Math.* Use the timestamps below for instant navigation!

Birdsy is your personal, AI-assisted study partner—ready with real-world examples, memory tools, and explanations. Start preparing smarter: https://birdsy.ai/mortgage

*Who Is This For?* Future MLOs preparing for the 2026 SAFE NMLS exam and test-takers wanting focused Q&A review.

⏱️ MLO Study Review (160 Questions)
*Federal Mortgage Laws (TILA, RESPA, TRID)*
00:00:00 - Federal Mortgage Laws
00:00:08 - TILA & RESPA Primary Purposes
00:01:28 - Loan Estimate (LE) Deadlines & Requirements
00:02:42 - Closing Disclosure (CD) Timing & Consequences
00:05:39 - TRID Rules, Acronyms & Accuracy Expectations
00:07:45 - Good Faith Estimate (GFE) & Legacy RESPA

*Fair Lending & Data Collection (ECOA, HMDA, Fair Housing)*
00:12:42 - Fair Lending & HMDA Requirements
00:12:47 - HMDA Purpose & Data Collection
00:13:28 - ECOA Prohibited Basis & Public Assistance Income
00:15:25 - Steering, Redlining & Fair Housing Violations
00:17:50 - Appraisal Copy Law & Nondiscrimination
00:19:46 - ECOA and Child Support/Alimony Income

*Disclosure & Credit Rules (FCRA/FACTA)*
00:20:35 - Disclosure Rules (FCRA/FACTA)
00:20:39 - FCRA Purpose & Consumer Rights
00:22:09 - Adverse Action & Credit Report Follow-Up
00:22:57 - FACTA Identity Theft & Disposal Rule
00:25:00 - Credit Bureau Obligations & Dispute Process

*General Mortgage Knowledge & Loan Products*
00:28:03 - General Mortgage Knowledge
00:28:06 - Conventional Loan Down Payment & PMI
00:29:08 - VA & USDA Loans
00:30:09 - Best Products for First-Time Buyers
00:32:21 - FHA Key Features & MIP
00:33:25 - PMI Purpose & Loan Product Comparison

*Non-QM Features*
00:36:16 - Non-QM Features
00:36:21 - Key Characteristics of Non-QM Loans
00:37:40 - Non-QM for High DTI & Irregular Income
00:41:04 - Features Breaking QM Standards
00:43:53 - Bank Statement Loans & Self-Employed Scenarios

*Mortgage Math: DTI, LTV, CLTV*
00:45:16 - Mortgage Math
00:45:23 - LTV & CLTV Definitions
00:45:56 - DTI Calculations

*Origination Activities & Underwriting*
00:51:16 - Origination & Underwriting
00:51:20 - Loan Application & Income Verification Docs
00:53:09 - Role of Underwriter & LO Considerations
00:55:01 - VOE & Income Stability

*Appraisals, Valuation & Collateral Review*
01:00:04 - Appraisals & Valuation
01:00:09 - Purpose of Appraisal & Value Factors
01:02:06 - Comparable Sales (Comps)
01:04:09 - Appraisal Reliability & Unpermitted Renovations

*Closing, Funding, Rescission & Post-Closing*
01:06:59 - Closing & Rescission
01:07:03 - Right of Rescission Purpose & Actions
01:08:54 - Status of Funds During Rescission
01:10:06 - Purpose of Closing Disclosure (CD)

*Ethics & Professional Conduct*
01:12:04 - Ethics & Fraud
01:12:07 - Common Fraud Red Flags
01:14:00 - Detection Methods & Discrepancy Handling
01:15:53 - Misrepresentation & Ethical Response

*Consumer Protection, Steering & Fair Lending*
01:18:39 - Consumer Protection & Fair Lending
01:18:43 - ECOA & Fair Housing Act Goals
01:19:22 - Steering & Redlining
01:21:16 - Unintentional Violations

*Ethical Advertising & Borrower Communication*
01:23:58 - Ethical Advertising
01:24:02 - Ethical Concerns in Advertising
01:25:59 - Unethical Communication & Downplaying Risks

*State Regulatory & MLO License Law*
01:27:56 - State Regulatory Authority
01:28:00 - Regulator Roles & License Revocation
01:29:19 - MLO Licensing When Moving States
01:30:40 - Complaints & Audit Discrepancies

*Compliance Standards & Supervisory Oversight (UST)*
01:33:36 - Compliance & UST
01:33:40 - UST Purpose & Compliance Focus
01:35:44 - Supervisory Oversight & Fixing Issues

*State Disciplinary Actions & Prohibited Conduct*
01:39:10 - State Disciplinary Actions
01:39:15 - Consequences for Prohibited Conduct
01:41:09 - Kickbacks & Misrepresentation

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🔗 *Helpful Links*
* NMLS SAFE Act & Test Info: https://nationwidelicensingsystem.org
* CFPB ATR/QM Rules: https://consumerfinance.gov/policy-compliance/guidance/mortgage-resources/ability-to-repay-and-qualified-mortgage-rule/

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⚠️ *Disclaimer:* For educational use only. Verify requirements with your licensing agency.

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