Writer-Spin
National and CA State SAFE Act NMLS Tests
Preparing for the National and California State NMLS Mortgage Loan
Originator SAFE Act Tests
Beginning 2010, in order to comply with the SAFE
Act, all mortgage loan originators must pass two
tests and pay substantial fees. Please read below for purchase
information for the study aids, both for California and National
NMLS Tests.
The law covers loan originations for
1-4 unit residential
dwellings, and a unique NMLS assigned number evidences compliance.
The question is, how do you gain enough knowledge to pass the tests?
As a Mortgage broker, with over 35 years experience in the real
estate industry, I felt confident. I was tempted, not to study, but
to simply take the test. NMLS guidelines provided that, if you took
the test and failed, you could take it again in 30 days.
What it didn’t say in an obviously way was, each time you
re-take the test; you pay another $92 for the pleasure. The costs
didn’t appeal to me, to say nothing of having this test hanging over
my head for another 30 days. There was no escape. I decided to pass
it the first time, I hoped.
My over-achiever friend pushed me into taking the national test
early. I took it in January 2010 and he took it even earlier. I
believe he was one of the first to take the national NMLS test. He had to
be. We couldn’t even sign up via the California SAFE Act entities, because
they weren’t available yet. We had to choose another state in order
to get our application numbers, but we did it, and obtained
permission to take the national test.
Not having anything to study, we found some on-line study aids,
mostly just practice questions, and we gathered information until we
knew as much as we
could know without having a textbook. I made an outline from the
questions and studied that.
The difficulty, with this type of national test, is that we all
have specialties, and the national test requires a broad knowledge
of quite a few subjects, not just our specialty loan programs.
Mainly, you have to know the agencies that regulate real estate law,
and the ins and outs of those laws.
Well, we both passed the national NMLS test. We both have law
degrees and we studied as if preparing for the difficult tests we
took at law school. Even so, my palms were perspiring by the time I
finished the national test. Where were these questions coming from?
Perhaps it was the way the questions were
structured, but they all looked unfamiliar to me. I pushed the
program exit button and estimated my chance of passing to be 50/50.
Miracles happen, and I passed with an 86%. By the time I arrived
back at the office, I viewed my score on the NMLS site.
Determined to be better prepared when I took the California
test, I wrote a study book.
I used every law and code reference given by the State in their
Study Outline. It took me three weeks to find all the SAFE Act law. It took another
four weeks to write the text and the on-line presentation. However,
it was worth it. When I sat for the California SAFE Test, I was
overly prepared. After the first five questions, I knew I had it.
Happy to say, I scored 90% on the test. I did miss five questions
out of fifty, but some answer choices were close.
The other hurtle is learning the NMLS procedures. The website
has a lot of information, and a 70-page help guide. Simply type
NMLS
into the search engine box, and you will find the NMLS Research
Center Website.
I recommend calling NMLS and asking them each question you
have. When you think you are done, you won’t be. All the staff is
helpful and nice and they treat you as if you are their only caller.
Unless you call and ask about procedures, you will miss a deadline
and have to pay more money.
The fingerprinting experience was superb. I don’t have much in
the way of fingerprints, but they got it the first time. The Go-To
fingerprinting stations are a necessity. Fingerprint cards can be
sent back, and again, more money out of your pocket.
Obviously, I recommend studying for both tests. There is
more preparation information available now than there was when I
took the national NMLS test. I know I would not have passed the
tests without studying. Good Luck. Judy Evicci
If you are interested in purchasing the California textbook
with 100 practice questions and the PowerPoint Presentation, please choose one of the payment
options below. The download price is $79.00. You will
receive an email to download the book and questions.
Click here to view the
California
Outline of the Study Course
If you have questions you think I can answer,
please write me here,
judy@writer-spin.com or
visit my lending site at
SellensLending
I am happy to discuss more of the licensing process and what I
learned in doing it.
