Illinois MLO Exam Info
Specific Illinois 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 Illinois MLO exam keeping up with the changes as they occur in Illinois.
MLO Practice Exams are organized into categories: When studying for your Illinois 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 Illinois MLO Exam.
Illinois MLO Exam Questions Questions Are constantly Updated: We constantly update all of our Illinois 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 Illinois MLO Exam.
SAFE Mortgage Loan Originator Test â€" State Component ILLINOIS Content Outline (50 scored test questions; 10 unscored test questions)
I. Illinois Department of Financial and Professional Regulation- Division of Banking (5%)
A. IDFPR â€" Division of Banking
B. Directorâ€™s Office
C. Responsibilities and limitations
II. Illinois Law and Regulation Definitions (15%)
A. Residential Mortgage License Act of 1987 (RMLA)
B. Other Illinois Law and Regulation Definitions
1. High Risk Home Loan Act (P.A. 93-561)
2. Residential Real Property Disclosure Act (SB 1167)
3. Good Funds Act of Illinois
C. Best practices or general knowledge
III. License Law and Regulation (20%)
A. Persons required to be licensed 1. In state
B. Licensee qualifications and application process
1. 2. 3. 4.
Financial responsibility (surety bond) 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
D. License maintenance
1. Continuing education
2. Personal information updates and required notifications
4. Record keeping and reporting
5. Suspension and reinstatement
IV. Compliance (50%)
A. Prohibited conduct and practices
B. Required conduct
C. Fees and charges
D. Disclosures and agreements
E. Advertising Last Updated: 6/22/2010
V. Disciplinary Action (10%)
A. Notifications, hearings, and appeals
B. Suspension, revocation, and rescission of licenses
D. Civil and criminal liability
This information an be found on the NMLS web site
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