How I Passed The NMLS Exam The First Time Taking The Test

In this article, we will discuss and cover how I passed the NMLS exam the first time taking the test. We will explain how to study for the 125 questions NMLS exam and pass it the first time around. We will explain how NOT to go about studying for the NMLS exam and passing the TEST.  Question: According to the NMLS studying procedures and practices all of the following methods are recommended and advised on how to study for the national exam and pass EXCEPT:

  • Try to take the national exam as soon as you can after your 20/hr online required pre-license course
  • Study every night for at least 1-2 hrs undisturbed and uninterrupted
  • Practice multiple test exam questions over and over until you get familiar with the style and type of questions and answers
  • Study in spurts, over an 8 month period with long gaps in between just enough time to forget the last material you studied and continue this practice until you feel ready

“Those of you who have recently taken the exam will find a little humor in that”. That was how I studied. It’s all explained below. In this article, we will discuss and cover How I Passed The NMLS Exam And Steps In Getting Licensed.

How I Passed The NMLS Exam And How I Started

How I Passed The NMLS Exam And How I Started

Back in late October of 2015 I took the online NMLS 20/hr Pre-license requirement course and was preparing for the national exam. Now let me back up a little bit, I met Gustan Cho, the National Managing Director at Gustan Cho Associates back in 2014 and was a former client of his. You see, he helped me get a mortgage loan for a condo that we own in Panama City Beach Florida. It’s been one of the best investments/decisions I’ve made. We go as often as we can and enjoy every minute of it. So one day as I was sitting on my balcony overlooking the beautiful turquoise waters of the Gulf of Mexico, I had an epitaph. I decided right there and then this is where I wanted to come and spend a lot more time. So my quest began, not exactly sure at the time what I was going to do for income but was determined to find a way to change my career and life. Now mind you, not an easy thing to do after being in the automotive industry for over 30 yrs.’ and being in my early 50’s, it looked to quite challenging ahead. Nevertheless, I was determined. Now Gustan Cho described me as being “laid back” and not the “Test-taking type” his words not mine. Well, if you know anything about me, I’m far from laid back and more the methodical type if anything, but “laid back” I’m not.

How I Passed The NMLS Exam And How I Decided To Start A Career As A Mortgage Loan Officer

So over the course of several months, Gustan Cho and I kept in touch. One day in mid-2015 he calls me to supposedly just say “Hi” and asks me if I knew anyone that wanted a career as a mortgage loan officer and that he was hiring. I told him that I personally didn’t know of anyone but that I was looking for a career change and was willing to think about it, look into it and get back to him (I think he was really calling to recruit me) but I allowed myself to fall into his little game and went along with it. We spoke on and off many times. I did some research about the position and found the line of work to be challenging and rewarding. By October of 2015, I decided this was going to be the career that allows me the flexibility to move around and work from anywhere and still be productive. So I called Gustan Cho and told him I’m in and game on.

How I Passed The NMLS Exam And The Studying Process

So, here’s where got a bit unbalanced for me. After completing the required pre-license 20/hr course in late October of 2015 I began studying the material. I started planning on taking the exam soon thereafter (within a few weeks or so). In November of 2015, we were informed that a gas leak had developed and was emitting tons and tons of toxic / benzene chemicals in the atmosphere. We could smell it in the air and see residue on our homes and vehicles. So thousands and thousands of people from the “Porter Ranch” California area were evacuated and relocated to apartments/ hotels/ rental homes etc….What was supposed to be a temporary re-location process and quick fix for the gas company ended up lasting 8 months? As you can imagine, this was completely unexpected and disrupted our daily lives for months. It moved me farther away from work having limited clothing and not being in the comfort of your own home took a toll on us. We also had to go to town hall meetings almost 3-4 times a week simply to receive updates and get the latest info on the status of the leak. At one point we thought we’d never be allowed to return to our homes as the area had become so toxic and contaminated and the leak appeared to have no end Insight. This later turned out to be what is now known and classified as the worst natural methane gas leak in U.S. history. It became a “state of emergency” for southern California residents of the Porter Ranch area.

How My Studying Process Got Interrupted

Not to mention the holidays were approaching Thanksgiving /Christmas/ New Year’s all of which were disrupted. Needless to say, it was a difficult period my momentum, pace, and mindset had been completely interrupted and turned upside down. Have you ever had a moment or time in your life where nothing made sense? That’s how I felt. Nothing made sense what so ever. Anyways, I mentioned all this to Gustan Cho from time to time and kept him in the loop but I got the impression he thought I was giving him the “run around”. I had lost interest because so much time had gone by since my pre-license course. I kept assuring Gustan Cho that I was not giving up and was still excited and determined to take the exam just not sure when.

Studying While Having Full Time Job And How I Passed

Here was my problem, with my full-time job which demanded every bit of me on a daily basis. Our daily lives disrupted living in unfamiliar places, homes, hotels, and others ( not to sound exclusive). But my study habits were interrupted multiple times over the course of months. When I did hit the books from time to time I felt that I was covering the same material over and over and really not learning the material as I should. I became so frustrated I reached a point in my studies where I lost it. I didn’t know where I was in the process anymore. I didn’t know if I had studied enough or not enough as I had no way to gauge myself and where I was in the process. I studied and covered several types of NMLS material over time but not in a timely manner where I felt I was retaining anything.

Making A Firm Determination And How I Passed By Setting A Deadline To Take The Test

Making A Firm Determination And How I Passed By Setting A Deadline To Take The Test

Finally, in May of 2016, we were allowed to return to our homes and tried to restore some type of normality in our lives. Once settled in I was determined to hit the material hot and heavy and give it a go. I dedicated myself to long undisturbed uninterrupted hours of studying in the evening after work until I felt somewhat ready. Again, not really a hundred percent sure, I came to the conclusion that I had to schedule an exam date and go for it, only then would I know where I stood and how far along I was.

The Day Of The Exam And How I Passed

The day How I Passed The NMLS Exam finally arrived. I went to the test center my heart beating out of my chest as I sat in my seat going thru the tutorial and waiting for the timed exam to begin. As the test commenced I began to relax a little and settled down as I felt confident with the first several questions. I always read the questions twice. Sometimes even a third time to make sure I understood the question well. As those of you who took the exam to know it’s very deceiving and designed to confuse easily. When I read a question that I was not familiar with or sure about I quickly answered it to the best of my ability and “marked it for review” and moved on. I wanted to keep the focus positive on what I felt confident with and not let the uncertain ones bring my momentum down.

Completing The Questions on the NMLS Exam

Once I completed all the questions and felt good about them I then went back and reviewed the “marked for review” questions (about 23 of them). I diagnosed/broke down each question to its simplest form thus ruling out what I knew not to be correct which led me most of the time too two possible answers. Then I broke those down individually and tried to find the best possible answer. After completing all the reviewed questions I still had a little time left on the clock and contemplated on going back and maybe changing some answers again “Nah” I quickly hit the “finish” button. I could feel my heart pounding out of my chest yet once again, what seemed like an eternity for the computer to spit out the results when it finally did I “froze” I saw the word “Pass” and I froze. I wasn’t sure if I read it right so I read it, again and again, making sure it was not a trick test question.

Advice On Taking The NMLS Exam To Test Takers

The moral of this blog is. As difficult of an exam that it is, if someone like myself with such an unorthodox and highly NOT recommended method of studies and with long gaps in between can find a way to crunch down and do the work, then I believe anyone who applies themselves in a recommended style of studies and time frame always has a shot at it. Never give up. I hope this helps inspire anyone that perhaps given up hopes to consider this. If there is a will there is a way and failing to prepare is preparing to fail, as long as you put in the work (sometimes harder work than others) regardless, you will get the reward. I say this with confidence and from experience. This is because what once felt unachievable or unattainable to me during my hardship, now feels rewarded after putting the hard work and passing the exam as a result. I feel that if I can do it anyone can do it.

How I Passed The NMLS Exam and Started My New Career As A Loan Officer

This article on ” How I Passed The NMLS Exam ” was written by Michael Gracz. Mike is the national sales manager at Gustan Cho Associates and senior loan officer. Mike is a contributing associate editor and writer for Gustan Cho Associates Mortgage and Real Estate Information CenterMike who is based in Denver, Colorado, is a producing senior licensed mortgage loan originator with Gustan Cho Associates a five-star mortgage company licensed in multiple states based in Oakbrook Terrace, Illinois. Gustan Cho Associates Mortgage Group is known for its no lender overlays on their government loans and conventional loan programs and licensed in multiple states.

How I Passed The NMLS Exam Without Any Mortgage Experience

How I Passed The NMLS Exam Without Any Mortgage Experience

Mike Gracz is also a real estate investor who is always aggressively searching for investment properties in Florida as well as California and is a veteran real estate investor. Mike understands the complexities of getting a home loan because he has gone through countless of mortgage loans himself. Mike’s home state of California has been hit like an earthquake financially when the Great Recession Of 2008 hit the recession has affected many of Mike’s friends, family, and business associates. Many of Michael’s friends went through foreclosures and bankruptcies and gave up becoming homeowners again in California. This motivated Mike is pursuing his mortgage loan originator license and getting associated with a national mortgage lender who has very little to no lender overlays.

How I Passed The NMLS Exam and Got Hired at Gustan Cho Associates

He decided Gustan Cho Associates was a perfect fit where he can help those who dreamed of owning a home again make that dream of homeownership a reality. Mike Gracz is now able to help borrowers who need a home loan and unlike other lenders who tell borrowers that they do not qualify for a home loan. This is because they do not meet the minimum debt to income ratio requirements or credit score requirements, Mike Gracz will work with them from the minute they contact him and he will guide them and help them in getting them qualified.

How I Passed The NMLS Exam With Studying in 30 Days

In the following paragraphs, we will cover and discuss passing the NMLS examination and getting licensed as a MLO. The NMLS Exam is one of the more difficult exams anyone can take. The first set of key to taking and passing the NMLS Examination prior to ordering the study materials and taking the pre-licensing course is the following. Do you have 30 days that you can commit yourself? You cannot work a full-time job, have over time, and need time for your family and expect to be passing the NMLS Examination in 30 days. I mention 30 days because the key in passing the NMLS Examination the first time around, it needs to be accomplished in 30 days or less due to the overwhelming amount of information a loan officer candidate needs to absorb. You need to want to become a loan officer and take this task of passing the NMLS Examination the first time around extremely seriously or you will not pass. The key to passing the NMLS Examination is to go over hundreds if not thousands of multiple-choice test questions.

How I Passed The NMLS Exam The First Time Taking The Test: Statistics On Passing The NMLS Exam

Here are the general statistics according to the NMLS on the national pass numbers of loan officer candidates on the federal NMLS Exam. According to the NMLS, as of March 31, 2022, the national pass rate of the federal NMLS Examination is 65.5% for first-time test takers, 46.7 % for subsequent test-takers, and 61.31% overall. What does this mean for you? Well, for starters, if you want to take the NMLS exam and pass the first time you really need to develop a study plan and you need to commit to that study plan.

Passing The NMLS Examination And Importance Of Study Guides

Assuming you have completed the required 20-hour pre-licensing course, the first step is to find a study guide. There are hundreds of different study materials out there so this can be a very daunting task. Deciding what study material is a personal decision. Maybe someone recommended a study guide for you. In my case, a colleague recommended The Safe Mortgage Loan Origination National Exam Study Guide, by Patricia O’Connor. This study guide is an easy read and there are practice questions at the end of each chapter, along with two final exams. I would recommend taking the final exam number 1 before you even start reading the book. This will show you what areas you are weak in and you can focus on studying those areas more thoroughly than any other areas that you were stronger in.

How I Passed The NMLS Exam by Studying The Text And Book

How I Passed The NMLS Exam by Studying The Text And Book

Now is the time to start reading the book. I made notes as I read, paying special attention to areas I was weaker in. At the end of each chapter is a special point to remember the section. I rewrote each of these points to help instill the topics into my mind. I then took the chapter test at the end of each chapter. I continued with this method for every chapter. Now that you are done reading the book, go back through and review each question that you got incorrect on the chapter tests.

How To Tackle Practice Questions and Answers

Make sure you don’t memorize the correct answers.  Instead of memorizing the answer, make sure that you understand why you got the question wrong. Now you are ready for the second final exam at the end of the book. Hopefully, the previous study methods were enough to get you to pass the second final exam from the book. Make sure you go through the final exam and review each of your incorrect answers. In addition to reading the book, I would take as many practice tests as possible. Your 20-hour pre-licensing course more than likely includes practice test questions. I would recommend taking those tests. The more tests that you take, the more practice you will have in answering the real NMLS test questions.

Key Pointers Before Taking NMLS Exam

Most importantly, before the exam, make sure you get a good night of sleep. Don’t cram on test day because you want to be fresh and rested. Here are important pointers for passing the NMLS exam: Read each answer option. For example, don’t just automatically choose to answer. I always start by reading the last answer choice and working my way to the first answer. I would go with my first instinct on what the answer should be. I have found in taking many exams, that erasing my answers and changing them resulted in me selecting the incorrect answer.

What If The Answer Options Is Too Close To Choose

Make an educated choice if you are unsure of what the answer should be. Never just pick any answer. Most of the time, at least two of the answers are blatantly wrong. If you can eliminate those, you have a 50/50 chance of selecting the correct answer. If all else fails and you are unsure of what answer to choose, select the longest and most descriptive answer. Skip over questions that you absolutely don’t know. Save for review and come back later to review it.

Advice on Taking Practice Exams

Read each question carefully. Look for keywords such as except, always, or never. Double-check your math. Use the calculator that the testing center provides you. You don’t want to lose points from mistakes that can be avoided from simple calculation errors. Make sure you don’t forget to answer each question. Don’t skip questions and forget to go back to answer them. If you are nervous take deep breaths and try to remain calm. Most important is to relax the night before the exam.

Advice on How I Passed The NMLS Exam The First Time Taking The Test

Advice on How I Passed The NMLS Exam The First Time Taking The Test

Michael Gracz of Gustan Cho Associates, the author of Passing The NMLS Examination, is a senior loan officer and contributing associate editor and writer.  Here are other aspects of Michelle’s professional work history and experience prior to joining The team at Gustan Cho Associates. Mike McCue has over 20 years of experience with federal and state income tax returns and over ten years of experience in business taxation. Including leading and conducting audits of global and national corporations. Mike Gracz is a licensed mortgage loan originator and team leader with The team at Gustan Cho Associates. Helping families realize the dream of homeownership become a reality is Michelle’s main mission and goals for choosing to become a loan officer at Gustan Cho Associates.

Leave a comment