Special Note: Although both Section 32 (High Cost Loans) and Section 35 (High Price Loans) are both under TILA, only Section 32 (High Cost Loans) is under HOEPA (Home Ownership and Equity Protection Act).
Slapped it on the first try just a few hours ago. Clay you're truly an inspiration, thanks for the uplifting content and awesome study sessions brother!
I failed the exam by 3 points 🤦🏾♀️😭😡! I’m preparing to take it again in a few weeks. After watching your study videos I’m confident that I will pass it this time around.
Hi there, did you pass? Are the questions very similar to what this video and a few of his other videos discuss? Im studying and taking my exam in 2 weeks.
I just passed my exam, (on the first go)!!! I did it just hours ago at 3:am IN THE MORNING... what a crazy time for a test!!! I wanted to let you know that throughout the test I was visualizing your videos and there is no question that you helped me pass. I did the Affinity course with study prep... what a great tag team!!! Thanks for all you do, I will be forever grateful!😇😇😇🙌
You are very welcome and really, thank you for sharing those sentiments because that really warms my heart! I feel very fulfilled to know that I played a role in you success journey. Congratulations on passing the exam and let's keep in touch. On Facebook, you can find me by searching "Lance Claysmile Smith"
Hi I’m curious about doin my test at home, can you tell me your experience? Did you feel less or more stressed? And how late were you able to pick your test time?? Thank you and congratulations!
Congratulations on passing. My best piece of advice is to find a good mentor by asking the local realtors to refer you to a good loan officer. Mentorship is a super key aspect of your future success@@beeyondsr20det
@@Claysmile Thanks Lance, I appreciate you taking to to respond to me. I've been getting a lot of requests for information, I have been sure to route them to your videos
Your video is amazing! I’m still a fairly new real estate agent, and recently finished my MLO courses. Thank you so much for this! It’s going to help me so much as I’m getting ready for the exam. Love your energy!
I met you, you did a talk at my high school, Watkins mill, don't remember exactly what you talked about but I remember you has great energy, now your a youtuber that's great, wish you luck
I have completed my MLO course and am studying for the exam. Thank you SO MUCH for these videos!! This is going to help me so much with the exam! Very thankful for you!
You're welcome and here is a detailed game plan for passing the MLO test: #1: Complete all the modules of the Affinity Mastery Course but don’t do any of the practice exams (save those for later). Print out and read through the 800+ Facts (from the Affinity Mastery Course). The course also has an audio version of the 800+ Facts that you can listen to as well. In fact, some people like to listen to the 800+ Facts and read along with it instead of just reading the printed version. #2: Make sure you watch the 4-hour video (in the Affinity Mastery program) #3: Make sure you go through the Audio Flashcards (in the Affinity Mastery program). #4: Stay plugged into The Study Buddy Facebook group: facebook.com/groups/257646308865682/ #5: Consistently attend Rocky's group study sessions (found in the Study Buddy group. In the group, Rocky posts the ZOOM link to his classes). In Rocky’s classes, you will master the 800+ Facts. After you master the 800+ Facts, then go back and do all of the practice exams of the Affinity Mastery Course. #6: Print out Jen's Cheat Sheet (found in the “files” tab in the Study Buddy group). #7: Check out the several documents posted in the “files” tab in the Study Buddy group. You will see great resources from Jack Carpenter, Summera Shaikh, Charlee Jacobs, Adam Crandall, and Vicky Rowe #8: Check out the “events” tab in the Study Buddy group for upcoming special events. #9: If you want a study partner, post a request in the group. #10: Check out my TH-cam playlist of MLO study videos: th-cam.com/play/PLSeUah3czymM0VEk2dqbeiaEeQnzctfcp.html #11: Also, in case the Thinkific platform is easier for you, I organized many of my those videos into this free course: claysmile.thinkific.com #12: If you have any questions, feel free to post them to the group. Also, if for some reason you cannot find Rocky’s class, post a message in the group and someone will help you to get connected.
I’m familiar with tila so it was easy to get distracted by how handsome you are. Now I see what my followers on my other channel mean they tell me that
Your familiar with TILA? .. What are you when it comes to, "POST CLOSING?" .. Question? Can you sign a mortgage document first, and then the Promissory Note? Can you sign the MORTGAGE REFINANCE LEASE after you sign the Promissory Note? .. I don't think you can, so the answer to both questions is NO. Take a look at the mortgage document, and the amount. Is that written out in the amount? Yes! Is it also in numbers, Dollars (U.S. $100,000) like that? In banking terms, that is a negative number, a MINUS. Am I in error?
It's in the Facebook group... Here is a detailed game plan for passing the MLO test: #1: Complete all the modules of the Affinity Mastery Course but don’t do any of the practice exams (save those for later). Print out and read through the 800+ Facts (from the Affinity Mastery Course). The course also has an audio version of the 800+ Facts that you can listen to as well. In fact, some people like to listen to the 800+ Facts and read along with it instead of just reading the printed version. #2: Make sure you watch the 4-hour video (in the Affinity Mastery program) #3: Make sure you go through the Audio Flashcards (in the Affinity Mastery program). #4: Stay plugged into The Study Buddy Facebook group: facebook.com/groups/257646308865682/ #5: Consistently attend Rocky's group study sessions (found in the Study Buddy group. In the group, Rocky posts the ZOOM link to his classes). In Rocky’s classes, you will master the 800+ Facts. After you master the 800+ Facts, then go back and do all of the practice exams of the Affinity Mastery Course. #6: Print out Jen's Cheat Sheet (found in the “files” tab in the Study Buddy group). #7: Check out the several documents posted in the “files” tab in the Study Buddy group. You will see great resources from Jack Carpenter, Summera Shaikh, Charlee Jacobs, Adam Crandall, and Vicky Rowe #8: Check out the “events” tab in the Study Buddy group for upcoming special events. #9: If you want a study partner, post a request in the group. #10: Check out my TH-cam playlist of MLO study videos: th-cam.com/play/PLSeUah3czymM0VEk2dqbeiaEeQnzctfcp.html #11: Also, in case the Thinkific platform is easier for you, I organized many of my those videos into this free course: claysmile.thinkific.com #12: If you have any questions, feel free to post them to the group. Also, if for some reason you cannot find Rocky’s class, post a message in the group and someone will help you to get connected
You are absolutely awesome Clay! The way you explain topics I’ve been able to grasp the information A LOT better. Also huge shout out because if it wasn’t for you I probably wouldn’t have found/joined the MLO study buddy group on fb. Before finding your page and joining the group I admit I was pretty darn lost and had very little confidence with taking the test. I now have two weeks till I take it and I’m feeling really good about it. Thank you for all the great resources!
Hello as I was watching I heard you state that the consumer credit transaction MUST be extended to a natural person(1:04-1:07). Is there a law stating they can’t deny you an extension of consumer credit.
I have a question is there a max a bank can give you a mortgage like 30 years 40 years or 50 years of mortgage? You said something is federal law only able to get a mortgage 30 year mortgage
That's a good question! I'm not sure about that but I encourage you post this question in the facebook group called "MLO Study Buddy" because I think someone in that group would have the right answer.
Why are you asking for a LOAN? Ask instead for CREDIT! Don't udder that word when talking finance. Use your exemption, ss# without dashes.. apply for a grant to finance the purchase of your home, period. Never say or use that word again LOAN.
I am a huge fan of your videos and love the way you teach a lot 😍❤️👍🙏 just to clarify only sec 32 high cost is under HOEPA while sec. 35 high price is under TILA 👍👍 also sec.32 high cost they must speak to HUD counselor cos it has the highest APR more than 6.5-8.5 % over the APOR
Thanks Eva and some of the rules might have changed. For the most updated info, feel free to post that question in this FB group: facebook.com/groups/257646308865682
TILA doesn't say 5000, 25000, million fine for violations. This is what tila says about penalties for violation. It's directly from the law. b) Penalties and liabilities. (1) Sections 702(g) and 706(a) and (b) of the Act provide that any creditor that fails to comply with a requirement imposed by the Act or this part is subject to civil liability for actual and punitive damages in individual or class actions. Pursuant to sections 702(g) and 704(b), (c), and (d) of the Act, violations of the Act or this part also constitute violations of other Federal laws. Liability for punitive damages can apply only to nongovernmental entities and is limited to $10,000 in individual actions and the lesser of $500,000 or 1 percent of the creditor's net worth in class actions. Section 706(c) provides for equitable and declaratory relief and section 706(d) authorizes theawarding of costs and reasonable attorney's fees to an aggrieved applicant in a successful action
![พบรัก - INK WARUNTORN [Official MV]](http://i.ytimg.com/vi/n2wjOYVC38Y/mqdefault.jpg)
Just passed my test with an 80% yesterday! I listened to a lot of your Videos and they truly helped me. Thanks
You're welcome! Congratulations Victoria! I'm grateful to be part of your journey!
These Section 32 and Section 35 loans are similar and very confusing. Thank you Lance for breaking this all down. We needed this badly.😳🙏🏾❤
Slapped it on the first try just a few hours ago. Clay you're truly an inspiration, thanks for the uplifting content and awesome study sessions brother!
Congratulations Tom! I'm grateful to be part of your journey!
Thing to note: under High Priced loan, you are missing a 2.5% or more for the Jumbo loans.
I failed the exam by 3 points 🤦🏾♀️😭😡! I’m preparing to take it again in a few weeks. After watching your study videos I’m confident that I will pass it this time around.
Hi there, did you pass? Are the questions very similar to what this video and a few of his other videos discuss? Im studying and taking my exam in 2 weeks.
Same here. I failed it by 1%! Don't feel bad.
I just passed my exam, (on the first go)!!! I did it just hours ago at 3:am IN THE MORNING... what a crazy time for a test!!! I wanted to let you know that throughout the test I was visualizing your videos and there is no question that you helped me pass. I did the Affinity course with study prep... what a great tag team!!! Thanks for all you do, I will be forever grateful!😇😇😇🙌
You are very welcome and really, thank you for sharing those sentiments because that really warms my heart! I feel very fulfilled to know that I played a role in you success journey. Congratulations on passing the exam and let's keep in touch. On Facebook, you can find me by searching "Lance Claysmile Smith"
Hi I’m curious about doin my test at home, can you tell me your experience? Did you feel less or more stressed? And how late were you able to pick your test time?? Thank you and congratulations!
Been studying for weeks. I start my 20 hour course today! Yours and Artricia's vidoes have been a great help getting me ahead of the curve.
I'm grateful to be part of your success process! Also check out my friend Rocky's study group www.mlostudybuddy.com
@@Claysmile I passed yesterday, have any friends hiring? lol.
Congratulations on passing. My best piece of advice is to find a good mentor by asking the local realtors to refer you to a good loan officer. Mentorship is a super key aspect of your future success@@beeyondsr20det
@@Claysmile Thanks Lance, I appreciate you taking to to respond to me. I've been getting a lot of requests for information, I have been sure to route them to your videos
My pleasure and thank you for referring people to my youtube channel!@@beeyondsr20det
Passed 80%
Enjoyed vids on my phone since that was the only online access.
Hurts my ego I didn't get a higher score but considering
Your video is amazing! I’m still a fairly new real estate agent, and recently finished my MLO courses. Thank you so much for this! It’s going to help me so much as I’m getting ready for the exam. Love your energy!
Thanks! I appreciate that and I'm grateful to be part of your success journey. For more study material, check out www.MLOStudyBuddy.com
Just passed this morning! Your videos were crucial
Congratulations Dez! I'm grateful to be part of your journey!
This is a fantastic study tool instead of just listening to someone speak.This is what i have been looking for...Thank you!!!
You're very welcome! Let's keep in touch! Here is my Facebook page: facebook.com/TestPrepEducatorClaysmile
I will recommend this to everybody I know that is trying to get into this game. Thank you for making these!
Great stuff. Thanks for putting together.
Great video, I’m feeling more confident taking my MLO exam today
How did you do?
Thank you! very easy to understand and remember. :) Do you have time for FACTA and ethics videos? Liked!
Thank you for your content again sir. Passed first time.
You're very welcome. I'm grateful to be part of your success!
Thank you, I thought I understood but I really didn't until you went in depth.
Very good! Keep them coming
thank you for the videos, they are so fun and helpful.
Great job!!
Good stuff. I start class tomorrow!! Will be studying your videos
A plus!
Thanks Stephen!
Excellent content on this video. Thanks so much for sharing. Taking my exam next Wednesday.
thank you very much, you are amazing, energetic,and a great ability to synthesize!!,
My pleasure! I'm grateful to be part of your journey! Thank you for the compliment! And also check out www.mlostudybuddy.com
This guy gets it done. Real talk. 💪
Thanks! I appreciate that! And for additional study material, check out my friends at mlostudybuddy.com/
You ROCK, sir! I so greatly appreciate these videos in preparing for my MLO SAFE test!
You're very welcome Hardy! I'm grateful to be part of your success journey!
YOU HAVE SAVED MY SANITY 🙌🏽
I met you, you did a talk at my high school, Watkins mill, don't remember exactly what you talked about but I remember you has great energy, now your a youtuber that's great, wish you luck
Thanks Mauricio! And wow, small world!! I love doing those motivational presentations! That is awesome that you still remember me.
I have completed my MLO course and am studying for the exam. Thank you SO MUCH for these videos!! This is going to help me so much with the exam! Very thankful for you!
You're welcome and here is a detailed game plan for passing the MLO test:
#1: Complete all the modules of the Affinity Mastery Course but don’t do any of the practice exams (save those for later). Print out and read through the 800+ Facts (from the Affinity Mastery Course). The course also has an audio version of the 800+ Facts that you can listen to as well. In fact, some people like to listen to the 800+ Facts and read along with it instead of just reading the printed version.
#2: Make sure you watch the 4-hour video (in the Affinity Mastery program)
#3: Make sure you go through the Audio Flashcards (in the Affinity Mastery program).
#4: Stay plugged into The Study Buddy Facebook group: facebook.com/groups/257646308865682/
#5: Consistently attend Rocky's group study sessions (found in the Study Buddy group. In the group, Rocky posts the ZOOM link to his classes). In Rocky’s classes, you will master the 800+ Facts. After you master the 800+ Facts, then go back and do all of the practice exams of the Affinity Mastery Course.
#6: Print out Jen's Cheat Sheet (found in the “files” tab in the Study Buddy group).
#7: Check out the several documents posted in the “files” tab in the Study Buddy group. You will see great resources from Jack Carpenter, Summera Shaikh, Charlee Jacobs, Adam Crandall, and Vicky Rowe
#8: Check out the “events” tab in the Study Buddy group for upcoming special events.
#9: If you want a study partner, post a request in the group.
#10: Check out my TH-cam playlist of MLO study videos: th-cam.com/play/PLSeUah3czymM0VEk2dqbeiaEeQnzctfcp.html
#11: Also, in case the Thinkific platform is easier for you, I organized many of my those videos into this free course: claysmile.thinkific.com
#12: If you have any questions, feel free to post them to the group. Also, if for some reason you cannot find Rocky’s class, post a message in the group and someone will help you to get connected.
Awesome!
lOVE HOW YOU EXPLAIN IT, I FIANALLY UNDERSTOOD TILA
Good stuff!
Immaculate Enthusiasm
Thanks! I appreciate that. Also, check out this MLO exam prep website: www.MLOStudyBuddy.com
Great video very accurate!
Thanks, I appreciate that!
Thank you
👸phenomenal wisdom. thank u so very much!!!🥂🥂🥂👏👏👏
You're very welcome! And if you are studying for exam, check out these additional free resources: www.mlostudybuddy.com
👸extremely grateful😇for the way u break it all the way down; for the slow people in the back🙋. 🙏🙏🙏🥳🥳🥳
You’re so enthusiastic 😍😍😍❤❤❤
Thanks Jamie! And also check out my friend Rocky's group: www.mlostudybuddy.com
I’m familiar with tila so it was easy to get distracted by how handsome you are. Now I see what my followers on my other channel mean they tell me that
Thanks Des! I appreciate that!
Your familiar with TILA? .. What are you when it comes to, "POST CLOSING?" .. Question? Can you sign a mortgage document first, and then the Promissory Note? Can you sign the MORTGAGE REFINANCE LEASE after you sign the Promissory Note? .. I don't think you can, so the answer to both questions is NO.
Take a look at the mortgage document, and the amount. Is that written out in the amount? Yes!
Is it also in numbers, Dollars (U.S. $100,000) like that?
In banking terms, that is a negative number, a MINUS. Am I in error?
This is very helpful
We are happy to help and grateful to be part of your journey!
thanks!
Bro TILA is for the private man we are the ORIGINAL CREDITORS!
Hi and thank you for your super helplful videos. Do you have HD picutres of these boards somewhere?
Most of the notes are from a note sheet called Jen's Cheat Sheet which can be found in the facebook group called MLO Study Buddy Group
❤❤❤
Thank you for your videos. I appreciate your time. Hoepa is sec 32. Sec 35 is hpml and is not hoepa.
Extremely helpful videos on mlo exam. I would like to know how to get copies of your fabulous cheat sheets? Barry Dorman
It's in the Facebook group... Here is a detailed game plan for passing the MLO test:
#1: Complete all the modules of the Affinity Mastery Course but don’t do any of the practice exams (save those for later). Print out and read through the 800+ Facts (from the Affinity Mastery Course). The course also has an audio version of the 800+ Facts that you can listen to as well. In fact, some people like to listen to the 800+ Facts and read along with it instead of just reading the printed version.
#2: Make sure you watch the 4-hour video (in the Affinity Mastery program)
#3: Make sure you go through the Audio Flashcards (in the Affinity Mastery program).
#4: Stay plugged into The Study Buddy Facebook group: facebook.com/groups/257646308865682/
#5: Consistently attend Rocky's group study sessions (found in the Study Buddy group. In the group, Rocky posts the ZOOM link to his classes). In Rocky’s classes, you will master the 800+ Facts. After you master the 800+ Facts, then go back and do all of the practice exams of the Affinity Mastery Course.
#6: Print out Jen's Cheat Sheet (found in the “files” tab in the Study Buddy group).
#7: Check out the several documents posted in the “files” tab in the Study Buddy group. You will see great resources from Jack Carpenter, Summera Shaikh, Charlee Jacobs, Adam Crandall, and Vicky Rowe
#8: Check out the “events” tab in the Study Buddy group for upcoming special events.
#9: If you want a study partner, post a request in the group.
#10: Check out my TH-cam playlist of MLO study videos: th-cam.com/play/PLSeUah3czymM0VEk2dqbeiaEeQnzctfcp.html
#11: Also, in case the Thinkific platform is easier for you, I organized many of my those videos into this free course: claysmile.thinkific.com
#12: If you have any questions, feel free to post them to the group. Also, if for some reason you cannot find Rocky’s class, post a message in the group and someone will help you to get connected
You are absolutely awesome Clay! The way you explain topics I’ve been able to grasp the information A LOT better. Also huge shout out because if it wasn’t for you I probably wouldn’t have found/joined the MLO study buddy group on fb. Before finding your page and joining the group I admit I was pretty darn lost and had very little confidence with taking the test. I now have two weeks till I take it and I’m feeling really good about it. Thank you for all the great resources!
You're very welcome Eliza! I'm grateful to be part of your success journey! Please continue to keep me posted on how things go. I'm cheering for you!
Clay. You missed the 2.5% on APO for Jumbo for HTML
Can you tell me more about TILA on construction loans
😊
👍🏻👍🏻👍🏻👍🏻👏🏻👏🏻👏🏻
facebook.com/TestPrepEducatorClaysmile
Hello as I was watching I heard you state that the consumer credit transaction MUST be extended to a natural person(1:04-1:07). Is there a law stating they can’t deny you an extension of consumer credit.
This lady explains. Begin here th-cam.com/video/k-0YutmKs6g/w-d-xo.html
I have a question is there a max a bank can give you a mortgage like 30 years 40 years or 50 years of mortgage? You said something is federal law only able to get a mortgage 30 year mortgage
That's a good question! I'm not sure about that but I encourage you post this question in the facebook group called "MLO Study Buddy" because I think someone in that group would have the right answer.
Why are you asking for a LOAN? Ask instead for CREDIT! Don't udder that word when talking finance. Use your exemption, ss# without dashes.. apply for a grant to finance the purchase of your home, period. Never say or use that word again LOAN.
The 43% ratio for QM is no longer applicable after July 1 2021.
What's the current ratio?
Hopa or ho e pa
HOEPA = Home Ownership and Equity Protection Act
I am a huge fan of your videos and love the way you teach a lot 😍❤️👍🙏 just to clarify only sec 32 high cost is under HOEPA while sec. 35 high price is under TILA 👍👍 also sec.32 high cost they must speak to HUD counselor cos it has the highest APR more than 6.5-8.5 % over the APOR
Thanks Eva and some of the rules might have changed. For the most updated info, feel free to post that question in this FB group: facebook.com/groups/257646308865682
That’s a lot of writing
true!
TILA doesn't say 5000, 25000, million fine for violations. This is what tila says about penalties for violation. It's directly from the law.
b) Penalties and liabilities. (1) Sections 702(g) and 706(a) and (b) of the Act provide that any creditor that fails to comply with a requirement imposed by the Act or this part is subject to civil liability for actual and punitive damages in individual or class actions. Pursuant to sections 702(g) and 704(b), (c), and (d) of the Act, violations of the Act or this part also constitute violations of other Federal laws. Liability for punitive damages can apply only to nongovernmental entities and is limited to $10,000 in individual actions and the lesser of $500,000 or 1 percent of the creditor's net worth in class actions. Section 706(c) provides for equitable and declaratory relief and section 706(d) authorizes theawarding of costs and reasonable attorney's fees to an aggrieved applicant in a successful action