DFI has published a free study guide comprised of 658 sample test questions and their answers.  Loan originators will be tested on a random 100 questions out of the 658. Topic categories appear below. Weighted topics are explained here.

There are a couple of different ways to get ready:

1) You could read all the state and federal laws.  (Price: free!) 95% of the loan originators we talk to don’t want to do this. Of the 5% that plan on reading the entire book, only 1% actually finish. 
2) You could try to memorize all 658 DFI Q&As. Is this even humanly possible? We do not believe this is a very effective way to prepare for your exam.
3) A better way is to review the laws in an exam prep course so you can learn and understand the CONTENT of your exam. Bonus: In our Loan Originator Exam Prep course you also earn continuing ed credit for your attendance!
4) We also sell computerized practice exams so you can practice taking your exam over and over again to test your competency levels in different subjects. This will enable you to study in a more efficient way.
The questions for the LO exam will be derived from the following subjects.  Our all-day LO exam prep provides a core review of relevant state and federal laws.

The Loan Originator Exam contains test questions from the following laws:
The Mortgage Broker Practices Act
The Consumer Protection Act
The Escrow Agent Registration Act
The Usury Act
Unfair Practices with Respect to Real Estate Transactions
Mortgage, deed of trust, and real estate contract statutes
Real estate and appraisal law
Washington principal and agent law
Washington Consumer Loan Act
The Real Estate Settlement Procedures Act
Truth in Lending Act
Equal Credit Opportunity Act
Fair Credit Reporting Act
Fair Housing Act
Home Mortgage Disclosure Act
Community Reinvestment Act
Gramm-Leach-Bliley Act
US Patriot Act
Home Ownership Protection Act
Bank Secrecy Act
Consumer Protection Act
Private Mortgage Insurance Disclosure
Mortgage Lending Math: APR, Finance Charge, Amount Financed, Payment and Amortization, Debt-to-Income Ratio, Loan-to-Value Ratio
Property Types
Program Types and Disclosures
Occupancy Classes
Documentation Types: Full Documentation, Stated Income/Documented Assets, Stated Income/Stated Assets, No Ratio, No Documentation, Bank Statement Income
State and Federally Required Disclosures
Credit Evaluation
Proper Use of Federal Forms (GFE, TIL, 1003, HUD I, Consumer Booklets)
Settlement Services and Processes
Trust Account and Record Keeping Requirements Provided in the Mortgage Broker Practices Act and Rules
Ethics in the Mortgage Industry

Want click throughs of all state and federal laws? Visit this page.

This course is approved for Washington State Broker/LO continuing education.

Visit our Schedule page to find a live class near you.

End of Course Evaluations

“I took the LO Exam two days ago. There were only 4 of us scheduled. This was the 1st day it was available and, thanks to your course, I passed! Good stuff.”

“Jillayne’s concise coverage of pertinent disclosures and statutes has provided me with knowledge necessary to be better than I am now and more importantly, to pass the test!”

“I feel like I have a shot at passing the exam now. Thanks for taking the time to get to know me and what I needed from this class.”

“I’m the sort of person who wants to KNOW I’m going to pass a test instead of cramming at the last minute. With all these practice quizzes and my notes, I’ll be ready.”

“I learned a great deal and understand where I need to focus my efforts in preparation for my exam.”

“After nearly 4 years in the business, this class taught me more laws that I was not always aware of in daily originating.”

“I am happy to know that after the education I received in this class, and the upcoming exam, I will be more likely to be in compliance with state and federal laws. Thanks for making it fun!”

“I had a great time; THANKS for all the info. Because I’m new to the industry, I know for sure now, that I need to study more in order to be ready to pass the exam. Thanks for getting me pumped up to study.”

“This class was great! The teacher was helpful and I’m confident this will help me pass my exam.”

“This class was very educational.  Jillayne was a great teacher and all learning will benefit my career.”

“A good, comprehensive program that takes us through the various federal and state laws. I enjoyed the depth of detail and awareness of specific items that are not commonly practiced.”

“The class was excellent: upbeat presentation, prompt and fast moving. Organized into sections appropriate for testing.  Confident and well-educated instructor.”

“I found the class to be very helpful, especially with the mini-exams. The class is well worth the money.”

“I was really worried about taking the LO exam, hence enrolling in this course. Now that Jillayne has shared her wisdom of state and federal law I feel very confident that I am now able to pass the exam! Thank you!”

“Jillayne is awesome. This is my third class with her and I always learn so much from her.”

“The practice tests will give me an idea of what I need to focus on to pass the exam.”