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welcome to the fourth edition of our audible flash cards in this edition of the audible flash cards we will cover topics and terms that relate to the mortgage loan origination activities section of the nmls safe mortgage loan originator test the mortgage loan origination activity section makes up 27 percent of the exam asset an asset is an owned item that has value liabilities liabilities are financial obligations in a specified amount credit report a credit bureaus report on a persons financial status usually including the approximate amounts and locations of a persons bank account charge accounts loans other debts bill paying habits defaults bankruptcies foreclosures marital status occupation income and lawsuits it may indicate a high middle or low credit score debt to income ratio or debt ratio the percentage of verified gross monthly income divided into total payments for monthly housing expenses alimony child support car payments and other installment debts and payments on revo