New York MLO Exam Info
Specific New York 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 New York MLO exam keeping up with the changes as they occur in New York.
MLO Practice Exams are organized into categories: When studying for your New York 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 New York MLO Exam.
New York MLO Exam Questions Questions Are constantly Updated: We constantly update all of our New York 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 New York MLO Exam.
SAFE Mortgage Loan Originator Test â€" State Component New York Content Outline (55 scored test questions; 5-10 unscored test questions)
New York State Banking Department (5% = 2-3 scored questions)
A. Regulatory authority B.
C. Responsibilities and limitations
New York State Law and Regulation Definitions (15% = 8-9 scored questions)
A. Articles 12-D and 12-E of the New York Banking Law
B. Part 420 of the Superintendentâ€™s Regulations
C. Part 38 and 41 of the Banking Board
D. Other State Law and Regulation Definitions
New York License Law and Regulation (20% = 11 scored questions)
A. Persons required to be licensed
1. Persons required to be licensed
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
4. Character and fitness
D. License maintenance
1. Continuing education
2. Personal information updates and required notifications
4. Record keeping and reporting
5. Suspension and reinstatement
Compliance (45% = 24-25 scored questions)
A. Prohibited conduct and practices
B. Required conduct
C. Fees and charges
1. General fees and charges
2. NY mortgage recording tax
D. Disclosures and agreements
VI. Disciplinary Action (10% = 5-6 scored questions)
A. Notifications, hearings, and appeals
B. Suspension, revocation, and rescission of licenses
D. Civil and criminal liability
Unique New York State Test Areas (5% = 2-3 scored questions)
A. New York Real Property Law, Sections 265 and 265-b
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