Loan Officer Examination Test Preparation Study Guide
Loan officers are certified professionals who are employed by commercial banks or credit unions to assist loan applicants through the loan process. Due to privacy concerns and amount of finances involved the process of loan application is not an easy one. For this reason the Federal Government lays emphasis on the state licensing of all loan officers. Loan officer certification is thus administered by the State Licensing Boards.
To become a loan officer the minimal educational requirements, which includes a high school diploma, are required. The most important prerequisites are, however, the knowledge and skills needed to be an efficient loan officer.
In order to get certified as a loan officer a candidate needs to have earned at least 20 hours of coursework experience related to the loan officer training. Before issuing a license a complete background check is also done. In the ever-changing financial landscape, new laws and regulations should be understood through educational credits.
Comprehensive sections of study guide
- Mortgage Broker
- Real Estate Settlement Procedures (RESPA)
- Bona Fide Discount Point
- Foreclosure Process
- Lender
- Regulation B
- Creditworthiness
- Marital Status
- Equal Credit Opportunity Act (ECOA)
- Cosigners
- Loan Application
- Notice of Right to Rescind
- Finance Charges
- Truth in Lending Act (TILA)
- Annual Percentage Rate (APR)
- Balloon Payments
- High-Cost Mortgage
- Loan Estimate
- Origination Charges
- TILA-RESPA Integrated Disclosure Rule
- Loan Officer
- Loan Consummation
- Acceleration
- Closing Disclosure
- Home Mortgage Disclosure Act (HMDA)
- Appraisal Report
- Fraud Alert
- Bankruptcy
- Credit Scoring System
- Red Flags Rule
- Bank Secrecy Act
- Launder Money
- Suspicious Activity Report (SAR)
- Nonpublic Information
- Gramm-Leach-Bliley Act
- Telemarketing Precautions
- Do-Not-Call Lists
- Advertising Rules
- Electronic Formats
- USA Patriot Act
- Private Mortgage Insurance (PMI)
- Fair Housing Act
- Fannie Mae’s Responsibilities
- Conventional Mortgages
- Federal Housing Administration (FHA)
- Veterans Administration (VA) Loans
- Reverse Mortgages
- Jumbo Loans
- Nontraditional Loans
- Payment Shock
Study Guide And Preparation Tips For Loan Officer Examination
A Complete Loan Officer Examination study guide that includes sample questions, test tips and a complete study plan prepared by a team of expert and dedicated researchers. Cost-effective and qualified exam help from a committed exam preparation company.
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