Alabama MLO Exam Info

Specific Alabama MLO Exam Content: There is no such thing as a "standard" mortgage loan originator Exam. All states have varied content from each other. This is why we spend so much time preparing the individual content for the Alabama MLO exam keeping up with the changes as they occur in Alabama.

MLO Practice Exams are organized into categories: When studying for your Alabama MLO exam it is important to know your areas of weakness. We have taken the time to divide up the content into categories such as Federal Law, Loan Origination, General Loan knowledge and ethics. Each Category is graded separately to make it easier to identify and focus on your areas of weakness. Also included are master MLO Exams which incorporate all of the different categories into one test to help prepare you for your Alabama MLO Exam.

Alabama MLO Exam Questions Questions Are constantly Updated: We constantly update all of our Alabama practice questions, including our national practice questions, our explanations and answers, and other content. These all unite to give you the most comprehensive and up to date information for your Alabama MLO Exam.

SAFE Mortgage Loan Originator Test " State Component ALABAMA Content Outline (45 scored test questions; 10 unscored test questions)

I.    Alabama Banking Department (5%)
A. Regulatory authority
B. Department/agency structure
C. Responsibilities and limitations

II.    Alabama Law and Regulation Definitions (15%)
A. Alabama SAFE Mortgage Licensing Act of 2009
B. Mortgage Broker Licensing Act
C. Consumer Credit Act

III.    Alabama License Law and Regulation (20%)
A. Persons required to be licensed 1.In-state or out-of-state 2. Exemptions
B. Licensee qualifications and application process 1. 2. 3. 4.
Financial responsibility (surety bond, net worth,) Background check and fingerprints (criminal check; credit report) Pre-licensing education and experience Testing and retesting
C. Grounds for denying a license
1. Criminal convictions
2. Previous revocation 3.Prohibition
D. License maintenance
1. Continuing education
2. Personal information updates and required notifications
3. Renewal
4. Record keeping and reporting
5. Suspension and reinstatement

IV.    Compliance (45%)
A. Prohibited conduct and practices
B. Required conduct
C. Feesandcharges
D. Disclosures and agreements
E. Advertising

V.    Disciplinary Action (10%)
A. Notifications, hearings, and appeals
B. Suspension, revocation, and rescission of licenses
C. Penalties/fines
D. Civil and criminal liability

VI.    Unique Alabama Test Areas (5%)
A. Alabama Residential Mortgage Fraud Act

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