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NMLS Testby Paul Donohue For complete and successful NMLS test prep, you have several options. Abacus Mortgage Training and Education is an excellent source for the complete 20-hour national requirement for your Pre-licensing Education. Their NMLS test prep is broken into seven sections and the instruction covers a two-day span, either in a live classroom setting or via virtual classroom over the web. In the first part of Section I, the class will be introduced to the mortgage lending industry beginning with a brief history and then learning about the process and the cycle of a mortgage loan from origination to its servicing. Part A explores basics of a mortgage lien, lien theories, the fundamentals of property rights, the various forms of warranties, and tenets of real property ownership. The objective of Part B of first section of the NMLS test prep offered by Abacus Mortgage Training is for the students to learn the different types of purchase money and refinance loan options and to explore the different loan categories available to consumers. Part B also explores the basics of credit scoring to expand the student’s understanding of how it functions and the student’s responsibilities in protecting the accuracy and privacy of a consumer’s credit. The second section of Abacus Mortgage Training’s NMLS Test Prep discusses the ethical necessity of consumer protection, certain aspects of mortgage fraud and identity theft. It too is divided into two parts. The objective of Part A of Section II is for the student to understand the destruction caused by mortgage fraud, how it’s carried out and what is being done to fight it. The second part of section two is a workshop on loan application and mortgage math. The objective of this part is to increase the effectiveness of the loan originator (or officer) by giving them a clear picture of the application process, interaction with the borrower, the four facets to the foundation of a mortgage loan and developing mastery of mortgage math. Section three is an introduction to Federal Laws and covers RESPA of 1974, HPA, TILA, Fair Lending Laws, including ECOA, FHA, and HMDA, GLBA, TSR, USAPA, and NFIA. It is a broad overview and the objectives are for the student to understand the purpose of these laws, to be able to distinguish the various groupings of the federal laws and the duties of compliance. Section four of the NMLS Test Prep expands on this and covers the new duties for Federal Laws including the SAFE Act, FCRA & Red Flags Rule. Section five covers the nontraditional mortgage market and its evolution and provides updates on certain government-sponsored loans. Section six further examines the failures of the mortgage industry, new responsibilities the industry must adopt and ethical decision-making including fraud and its indicators. Underwriting, appraisal, and verification are covered in the seventh and final section. Abacus Mortgage Training wraps up the two day Pre-Licensing NMLS Test Prep course with the path from processing to actual funding of the loan.
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