How To Study For NMLS Exam And Pass It The First Time

This Article Is About How To Study For NMLS Exam And Pass It The First Time

Alright everyone, today I am a very happy man and if you have been following my journey, you should know why, and that is I passed my NMLS Exam with a 90%! After 2.5 hours of sitting in that desk chair, I hit the Exit Exam and Submit Answers button, I was shaking as I waited for that score to pop-up on the screen. Once it did, I jumped out of my seat and threw a fist-pump into the air as this was a huge accomplishment for me. There was A LOT of hard work that brought me to this point, and I am going to detail it in this blog.

How To Study For NMLS Exam And Pass It The First Time: Taking My Required 20 Hour Class

How To Study For NMLS Exam AND Pass It The First Time

In case you didn’t read my earlier blogs, I took the 2-week online course given through Mortgage Educators. This is a self-paced class where you are responsible for getting all the content viewed and completed in a 14 day period. This is set-up into 10 chapters of which there are anywhere from 14-20 5-minute videos that you watch and follow along on PowerPoint slides supplied to you in PDF form. After every 6-10 videos, there is a small quiz. Every chapter has a homework assignment that consists of going on a message board to answer a few essay questions that have to do with the topics you just covered. There wasn’t much stress to get this done as you only have to average 1-2 hours per day. The one downfall I can see with this class is that there is so much data to go over that they can’t possibly cover everything that you need to prepare for the test. All in all, it was an economical class if you are self-motivated. However, if you are better in a classroom setting, this might not be the best option for you. I found myself opening the laptop every night before bed to get this done.

How To Study For NMLS Exam And Pass It The First Time: Studying For The Exam

The other good thing about my Mortgage Educators course is it came with over 900 study questions with UST components in quiz form that you could do as many times as possible.

These tests were broken into multiple sections:

  • TRID (TILA-RESPA Integrated Disclosures)
  • Federal Law, Ethics
  • General Mortgage Knowledge
  • Loan Origination Activities
  • UST

I was probably a little slow getting started after I finished my 2-week class and this might have hindered my initial studying. I finished the class about 3 days before Christmas and with the holidays, I didn’t start studying until the first week of January. Before I started taking quizzes, I created a spreadsheet that listed every quiz I had access to. I was going to track my correct answers and the cumulative percentage of all the tests I was going to take. Knowing that I needed a 75% or better. There isn’t a point in taking these quizzes if you don’t have goals to meet and are able to track your progress. Yes, this might sound like overkill to some of you. But believe me, it is worth it as you can determine which subjects need more work than others.

How To Study For NMLS Exam And Pass It The First Time: Practice Exams Is Key To Passing Your NMLS EXAM

To be honest, I didn’t do that well on the first handful of tests I took as the data was a little removed from my mind and I was truly freaked out after my scores after 100 questions were 68%. I knew that I needed to buckle down and get a daily plan in place to cover more content than I was currently covered with 30-40 questions per day. After thinking about this from a strategic standpoint, I decided that it would be best if I did one quiz from each section in a rotating format so that I got a broad range of questions covered. This would ensure that no topic would be forgotten and all the areas of the test would stay fresh in my mind. I also knew that I needed to ramp up the quantity I was covering, and I made the dedication to get through 80-120 questions on a daily basis. The final strategy I implemented was reviewing every question I got wrong to burn into my brain what the proper answer was if I saw it in the future. After a couple of days of this strategy, my cumulative percentage had climbed to 77%, and all of a sudden I was in a “Passing” position. This might be satisfying for some, but not for me. I still had 400+ questions in my quizzes and I was motivated to get through as much as I could. About a week ago I finally got through all the quizzes and my cumulative percentage finished at 80.8%.

How To Study For NMLS Exam And Pass It The First Time: Practice Exams And More Practice Exams

How To Study For NMLS Exam And Pass It The First Time: Practice Exams Is Key To Passing Your NMLS EXAM

I was beginning to feel more confident by the day. I still wanted another resource to study from. I reached out to my good friend Gustan Cho at Gustan Cho Associates Mortgage Group Asked if he had any materials that would be helpful for me. He came through in a major way. He was able to get me 2 separate 100 question practice quizzes as well as a 160+ slide PowerPoint PDF “Refresher Course.”   I immediately took Exam #1 and scored an 80/100 followed by Exam #2 and scored an 81/100. These scores fell right in line with where I was on my study quizzes. These might be “Passing” but it was still pretty close to that 75% needed to pass, and if I messed up on a handful of questions on test day I would be sunk. I took the time over the next couple of days to go over all the quizzes I took previously that I didn’t get an 80% or better on and I retook them to scores of 90%+. Now my confidence was building by the minute and I finished up with retaking the 100 question exams to scores of 91% and 88% respectively. Now I got it, I am going to pass this test!

How To Study For NMLS Exam And Pass It The First Time: Test Day

The night before the test I made sure I got plenty of rest, 9.5 hours to be exact. I woke up, got dressed, and headed downstairs to have my coffee. I skimmed over some incorrect answers from the practice exams and I was off to the Prometric testing facility. Upon arrival, I checked in, locked up everything into a supplied locker, and waited for my cubicle to be ready. After a 15 minute wait, I was called back where I was wanted. Had my picture taken, was signed in and brought to my computer. The cubicle had noise-canceling headphones to wear, 1 laminated scratchpad, 2 markers, a calculator After the instructions on the computer, my 190 minutes began. Now if I can offer 1 bit of advice for the questions that show up on the exam, read them carefully The verbiage is very ambiguous.

If you skim over it, you will not get what they are looking for:

  • “All of the following are exempt EXCEPT” or “Which of the following are NOT true regarding…” 
  • Over the course of the first 2 hours, I made it through all 125 questions

But I had marked 47 of those questions to revisit and make sure I made the best guess possible.

Making An Educated Guess On Questions

I will be honest, some questions I really did make educated guesses on as it was a topic not covered by the class or practice tests. If you are going to make a guess, you can easily determine 2 answers that don’t make much sense or are so outlandish, it’d be silly. This leaves you with 2 answers, from here, go with your gut and don’t second guess yourself. After I was through everything 1 last time, I had about 37 minutes left and I hit the Exit Exam to submit my answers. This is when I was truly surprised that I had scored 90%, my hard work had PAID OFF.

Advice On How To Study For NMLS Exam

Making An Educated Guess On Questions

In conclusion, it may seem like some of my study habits were overkill:

  • If you plan on passing this test the first time through you need to drill yourself on these topics over and over again

One bit of advice I would like to share is to make sure you know your federal regulations and all the details that support them, this includes:

  • TILA
  • RESPA
  • ECOA
  • HMDA
  • HOEPA
  • FACTA
  • FCRA
  • Disclosures
  • 35% of the test covers these topics

Honestly, a lot of the exam references this in one way or another. Finally, I wouldn’t take too much time going over calculations of monthly payments, escrows, and interest rates as there may have been 3 questions like this on the test. However, do go over your QM, NON-QM, and housing ratios. There was an abundance of questions using these subjects as well. Finally, when it comes down to it, don’t stress yourself out too much. If you put in the hard work, you will be rewarded, it’s as simple as that.

Good luck!

About The Author

Michael Gracz is the National Sales Manager of Gustan Cho Associates Mortgage Group. Mike is also a contributing writer and editor for Gustan Cho Associates. Michael Gracz is a veteran seasoned practicing loan officer. Gustan Cho Associates is extremely grateful to Mike Gracz for writing this article on how to study for NMLS Exam And Pass It For The First Time. Mike is one of those professionals who is a jack of all trades and master of them all. One of Mike’s most important passions in life is helping others. Michael saw that there are so many hard-working folks who have had financial issues at one time or another and had a rather difficult time qualifying for a mortgage loan. Many people Mike knows went to banks and other lenders to be told that they did not qualify for a home loan due to their mortgage lender overlaysMichael was intrigued by how I specialized in helping mortgage borrowers and how I did not have any lender overlays on FHA and Conventional mortgage loan programs that he decided to commit himself to get his NMLS mortgage license. We are blessed and extremely proud to have such a talented professional to be a senior writer for Gustan Cho Associates and a fellow licensed mortgage loan originator. We look forward to the blogs that Mike will be writing in the coming days and weeks. Stay Tuned!!!!

66 Comments
  1. Jessica Belmontes says

    Good Day are you able to share any additional material for the test like your friend was able to give you? Thank you for your article it has been helpful. I will be taking my test next month.

    1. Gustan Cho, NMLS 873293 says

      Jessica

      Unfortunately I don’t have any study materials. However, you can contact Loan Officer School and ask for David Reinholtz. Loan Officer School has the best study materials that will help you in passing the NMLS EXAM

      Gustan Cho NMLS 873293
      The Gustan Cho Team at USA MORTGAGE

  2. Dr. Eric T. Martin says

    Dear Gustan:
    Please contact me regarding an Affiliate Program for the successful passage of the NMLS Mortage Originator Examination. We are located in the State of Georgia. Thank you.

    Sincerely,
    Dr Eric T. Martin
    877-712-7778 or 678-527-2272
    9-5-19 / 6:30 PM EST

    1. Gustan Cho, NMLS 873293 says

      Please email Peter Bieda at peter@loancabin.com

  3. Carey Green says

    This is a great article. You shared many practical tips about how to approach the actual questions. I also love the step-by-step manner in which you shared your own study methods. When I was studying for the NMLS test I noticed that because there is SO MUCH information that has to be memorized, I was getting confused by all of it – having a difficult time keeping it all straight in my head.

    That’s when I started digging into fresh study methods that would help me categorize all of it and keep it clear in my own mind. After passing with an 83% on my first try, I decided to put all of that into a course – and I included ALL of the study resource I created as well as an explanation of the methods I used, in detail.

    I like to thank Alex Carlucci of Gustan Cho Associates for the great Youtube videos and Michael Gracz the associate contributing editor of Gustan Cho Associates Mortgage News for the informative blogs he publishes weekly.

  4. Sujata Torres says

    Hi Gustan,

    I will be taking my test in a month and would like to know how do I get in touch with you regarding the study materials and what book do you suggest to get in order for me to read the chapters. Can you please email me or your associate the contact details and how do I go about getting the study materials soon, my test is in Feb 2020.

    Thank you!

    1. Gustan Cho, NMLS 873293 says

      You can call David Reinholtz and take the 20 hour CE NMLS Course through him. He also has the best study materials for the NMLS exam. Let me know once you take and pass the test so I can have someone from my office talk to you about potential employment as a remote loan officer. The very best to you.

  5. Sujata Torres says

    Sorry I forgot to mention, it’s the NMLS test I will be taking I Feb 2020.

  6. Swathi says

    Hi Gustan,
    It was nice article. I have tried SAFE MLO exam twice and was not successful. I was practicing simulated tests from compucram.com but did not help much. I see that you have mentioned Loan officer School and Mortgage Educators. Can you please suggest which one is the best training material to follow in order to pass the exam.
    Any help and tips would be appreciated.

    1. Gustan Cho, NMLS 873293 says

      Contact David Reinholtz at http://www.loanofficerschool.com. He has thousands of practice exams. You need to go over 1,000 plus study practice exams to pass the test. Just keep on taking the practice exams over and over again. 50% of the actual test is from the practice exams.

  7. Kerri Elizabeth says

    Thank you so much for this information, I passed the course and will be taking the exam on March 5th. I stopped everything else In my life to study daily as if its my job. I put in numerous hours and practice tests and its been weeks and Im just now getting a base of 65%. I was stuck in the 50%s for awhile and surpassed that finally at least once. Today my practice exams aren’t working so I have been studying and noting specific laws and regulations again. Thank you again.

    1. Gustan Cho, NMLS 873293 says

      You still have plenty of time. It is normal to get stuck around the 60% mark. This means you are not quite ready yet. I would contact David Reinholtz of Loan Officer School at http://www.loanofficerschool.com and order a bunch of practice exams. He has thousands. The more tests you take, the better you are prepared. Don’t worry about the texts. Just go over the multiple choice exams over and over again.

  8. Willene James says

    Do you think the compucram course is helpful or the practicing tests from David Reinholtz? I am in Georgia waiting to take the test soon. I passed the capstone 20 hours test already with 97%.
    I don’t want to waste time I want the most effective program so I can pass the first time

    Thanks

    1. Gustan Cho, NMLS 873293 says

      David Reinholtz has the best study materials. The questions on the 20-hour NMLS course will not help in you passing the NMLS exam.

  9. Hope says

    If I take the NMLS test prep course on http://www.loanofficerschool.com and nothing else, will I pass?

    1. Gustan Cho, NMLS 873293 says

      David Reinholtz of Loan Officer School has the best multiple choice practice exams. If you study hard and go over at least 1,000 multiple choice questions, you should pass it the first time. You need study it every single day without no gap in studying or you will not be successful. If you start studying and take a week or two off and restart, it defeats the purpose. Talk to David Reinholtz and he will explain the best way to study. Half of the questions on the actual NMLS exam is straight from the study practice exams. The best of luck to you.

  10. Jackie Kusnierz says

    Hello! I wanted to start off by saying THANK YOU for this! It was very helpful. I’ve been a originator for 6 years with a bank, and now transferring over to the broker world, so now I need to have this license. I’m wondering if you have any advice on keeping all the Regs in line? With so many similar regs and moving parts, that seems to be my struggle. Any advice would be appreciated! I’m using the Prep XL by oncourse learning.

    1. Gustan Cho, NMLS 873293 says

      All of the blogs we have on http://www.gustancho.com should be up to date. Many loan officers use our blogs as a cheat sheet. It is user friendly in searching for topics using the search bar. If you are interested in a remote loan officer position where exclusive leads are provided, we are in desperate need of experienced loan officers. Please reach out to gcho@gustancho.com or text me at 262-716-8151. Feel free to contact me anytime if you have any questions. The very best to you in passing your NMLS exam.

  11. Jeff Goertzen says

    Great post Gustan! I just now found it after I took the test yesterday. Got a 67. I took the same 20 hour MEC Educators and Compliance course. Awesome course. I did a lot of the same tactics you did but not as intense. A lot to memorize. I plan to go back at it again using your methods. You really inspired me. Thanks for the post.

    1. Gustan Cho, NMLS 873293 says

      Jeff, many people fail the first time around. It is a weird exam. You have the question and four potential answers. Two of the answers is automatically a no go. However, the other two answers both sound good and can be potentially the correct answer. The key to passing the NMLS exam is take 7 days off and study and go over the practice exams over and over. Do not take any days off when you are cramming on the practice exams. Then take the test. You just need a 75% to pass. Good luck to you.

  12. Parth Patel says

    does the nmls require me to memorize the items listed in each section of lets say the loan estimate like parts A b c e f g? like are there questions on whats in each part?

    1. Gustan Cho, NMLS 873293 says

      I highly recommend you contact David Reinholtz at http://www.loanofficerschool.com. David has thousands of practice exams and study materials.

  13. Kim Preston says

    Gustan, I’ve completed all the required classes and I’m now studying for my exam. I’ve completed 8 of the practice exams and my average score is 76. Should I continue to go over the exams again until I pull them up to 90% or better? I need to have this test tackled in two weeks but don’t want to just memorize answers to the practice tests and then fall flat on my face in the exam. Any advice would be appreciated.

    1. Gustan Cho, NMLS 873293 says

      I recommend for you to keep on taking practice exams until you keep on getting a 90% consistently. Contact David Reinholtz at http://www.loanofficerschool.com. He has the best practice exams for you to pass the federal NMLS exam the first time around. You should take more than 1,000 practice exam questions.

  14. Allison says

    Hey! I am scheduled to take my exam soon and would love to do the test prep. I tried going to loanofficerschool.com but it is not a working site it seems. Do you know where I go to obtain those 1000+ practice questions?

    Thanks!!

    1. Gustan Cho, NMLS 873293 says

      Contact David Reinholtz at http://www.loanofficerschool.com. I think you mispelled the website.

  15. Brittany says

    Do you have the excel sheet that you created? I would like to compare it to the one I have created for my studies.

    Thanks,
    Brittany

    1. Gustan Cho, NMLS 873293 says

      Excel spreadsheet on what? Can you please be more specific?

  16. Je Ae says

    I just wanted to thank you for your article, it was really helpful for me! I started taking the 20 hour course and studying at the beginning of November, and have passed the NMLS Exam last week. Your advise was spot on with regards to studying the practice questions and the topics to focus on.

    Now that I’ve passed, would you have any suggestions/advice on how to apply for jobs? I see a lot of job postings but everyone seems to require at least one year of experience, which is rather discouraging.

    1. Gustan Cho, NMLS 873293 says

      Congratulations. Start applying for states and once you get approved, you can start looking for employers. You can contact me as well and tell you what we have to offer. Getting trained will take time. What state are you in?

  17. Je Ae says

    I’m in Georgia, thanks for responding. How would you like me to reach out to you? If you can see my email address with this post you can email me directly if you would like.

    1. Gustan Cho, NMLS 873293 says

      Email me your contact at gcho@gustancho.com. Let’s set up a time to talk over the phone.

    2. Gustan Cho, NMLS 873293 says

      By the way, I would not get licensed in Georgia until you have a company sponsoring you. Georgia is one of those states that will require sponsorship before granting you a license. What other states are you planning on getting licensed?

  18. Concerned Fellow says

    Hello,

    I quite read through your story on how you became a Loan Officer with a bad credit score.It is quite intriguing! This is a kind of motivation for a lot of people that might have read the story.

    I am in the process of becoming a Loan Officer as a starter, in which I would love to be associated with the career .I, in my own case have a good credit score but a little bit scare about the exam.

    I am currently having the 20 hours pre licensing course and at 50% of the course.I do read about the pass rate online to be like 54%.I want to pass this exam at my first attempt, as I happened to be discouraged when I meet roadblocks sometimes.

    Please educate me more on how to prepare for this course/exam and pass it on my first attempt.Your kind input on this will help me a lot.

    Thanks so much,
    Concerned fellow.

  19. Katrina Watson-Wilson says

    Greetings and Salutation,

    I came across your name and story when I was researching becoming a loan officer. I would be interested in speaking with you as I too have had many changes in my life over the past couple of years, and I am hoping to make mortgage lending my second career. I am in need of a mentor or advisor and when I read your story as well as your willingness to share your knowledge with others, I am hoping that perhaps you can point me in the right direction and if a good fit, perhaps I could become part of your team.

    You can find me on Linkedin.com/in/trena.watson-82681546 for reference. A little of my previous licensing, I have previously held my series 6/63 licenses as well as my series 7, and feel confident that I will be able to successfully pass my NMLS. I am not sure if there is a best way to study for this, or what my first steps would be.

    Any advice that you would be willing to provide would be greatly appreciated.

    1. Gustan Cho, NMLS 873293 says

      The first step is you need to get licensed. I highly recommend David Reinholtz at http://www.loanofficerschool.com. Mention my name and he will discount you. The http://www.loanofficerschool.com has the best online training program and best study materials for you to pass your Federal MLO NMLS exam the first time around. Once you pass the NMLS exam, you can apply for your licenses. You will be eligible for licensing in all 50 states. David will guide you on the licensing process. What do you do now?

      Gustan Cho NMLS 873293
      National Managing Director
      Gustan Cho Associates | Loan Cabin Inc.
      Corporate NMLS 165732
      Direct (800) 900-8569
      Cell (262) 716-8151 Text For Faster Response
      Website http://www.gustancho.com
      Corporate Offices 1910 S. Highland Avenue, Suite 300 | Lombard, Illinois 60148
      Equal Housing Lender

  20. Katrina Watson-Wilson says

    Thank you for your quick response. I appreciate it and will reach out to David as suggested. I have been in Supply Chain management for many years within the manufacturing industry related to procurement and movement of materials needed in production. My last role was downsized and moved overseas in late 2019. Manufacturing doesn’t typically hire new workforce members in the 4th quarter, so I did not immediately look for work. However, as I was expecting to return to work in the first quarter 2020, Covid reared its ugly head. My daughter is a nurse, and many medical staff members were losing their daycare due to their possible exposure the virus, so I decided to provide childcare to them, never thinking that it would last as long as it has.

    With these changes, my financial house collapsed and being out of work for a year has placed me in a difficult position as I do not wish to restart a career at the entry level. I am currently not working, but looking. I am staying with family members while I get back on my feet.

  21. Katrina Watson-Wilson says

    Thank you for the advice. I have just ordered my study material, and have sent an email to David regarding the 20hr Online course. I really appreciate having a resource such as yourself. I look forward to speaking with you soon. Step one: Pass the test. 🙂

    1. Gustan Cho, NMLS 873293 says

      Let’s take this step by step and once you pass the test, let’s start with the next step in getting you licensed. We can talk over the phone on the best way for getting you employed and hired. My team is a very fast paced environment where you will need experience to handle tough situations. Maybe getting hired by a local brick and mortar will be best or a lender who has a structured training program like Quick and Loans. I will guide you the right way. Its a very rewarding career where you get to help countless families with a chance to make phenomenal income.

  22. Candice Croft says

    Thank you for reading my email

    I previously was a mortgage originator yrs ago

    But when the market took a dump in 2008

    I went in a different direction for a steady income

    Now after 12 yrs

    Id like to get bsck into the industry

    I can forward my resume. I had previously been in tge real estate. Mortgage. Titke banking industry since i was 28. After my 10 yrs in tge navy

    Any chance you coukd folliw up with me on getting back in under you until after 6 mths. Then ill get my license if required

    Thnks

    C. Croft

    1. Gustan Cho, NMLS 873293 says

      You need to get licensed. I recommend you to contact David Reinholtz at http://www.loanofficerschool.com.

  23. Sammy Haley says

    Hi good morning. I’m wondering if you know whether or not a loan originator’s license can be obtained in the state of North Carolina with bad credit?

  24. Patel says

    Hi Gustan,

    I am in the process of getting my license. I am expecting it by next week,I don’t have direct loan origination experience but I believe I have good knowledge and exposure to the mortgage process.
    I really thank you if you help me with sponsorship and getting me into the complete LO process.

    Thanks,
    Venkat Patel

  25. Mike Richardson says

    Patel, this is Mike Richardson. I am one of the partners at Gustan Cho Associates. Let me know once you passed the exam and get licensed. Without experience it is very difficult to get started as a remote loan officer. I strongly recommend you to work at a local brick and mortar mortgage company where you can report to work. I will guide you the right way.

  26. Venkat Patel says

    Hi ,

    I am looking for sponsorship to activate my licence ,please let me know what is the good time and contact to talk to you.

    Thanks
    Venkat Patel

  27. Jamie Soriyasak says

    Hello the executive management staff at Gustan Cho Associates and the Human Resources team:

    My name is Jamie, I took the NMLS exam this month and did not pass. It was my first attempt, and I am planning to schedule my next test within the next few weeks. However,
    I am a little hesitant because I do not have good credit, and I am afraid that when I do pass my test the state will deny my license. It makes me very discouraged and makes me wonder if what I am doing is even worth it.

    I am 25 years old. I live in California, and I had no clue how important credit was, now that I am older, and understand how important it is to have good credit, I have learned from my mistakes, and have been trying to better myself. I now understand the consequences that come with not having good credit.

    I am not sure you can help me, or maybe you can give me a little peace of mind someway somehow would be helpful.

    Thank you for your time and have a great night!

    – Jamie Souriyasak.

    1. Gustan Cho, NMLS 873293 says

      What type of bad credit do you have?

      Gustan Cho NMLS 873293
      National Managing Director
      Gustan Cho Associates | Loan Cabin Inc.
      Corporate NMLS 165732
      Direct (800) 900-8569
      Cell (262) 716-8151 Text For Faster Response
      Website http://www.gustancho.com
      Corporate Offices 1910 S. Highland Avenue, Suite 300 | Lombard, Illinois 60148
      Equal Housing Lender

  28. Jamie Soriyasak says

    Good Morning, thank you for getting back to me. I have collections, and a vehicle loan charge off. Do you think it will be best if I were to file for BK?

  29. Mike Richardson says

    Jamie, this is Mike Richardson. I am one of the managing partners at Gustan Cho Associates and work closely with Gustan Cho.
    Jamie, if you file bankruptcy you will have no problem and be eligible to get licensed in any state. Bankruptcy is good. A federal law that allows you to start from scratch. I helped hundreds of folks get credit scores over 700 fico in less than one year after bankruptcy. Go to http://www.gustancho.com and scroll down to the bottom footer. Click Resources and look at the two articles on REBUILDING CREDIT and BOOST YOUR CREDIT SCORES

  30. Jamie Soriyasak says

    Thank you for answering my questions. I will file for Bankruptcy, because I do want a fresh and clean slate. The only reason why I was hesitant to file at first was because I thought the state would look at me as unfit and not issue me a license. As of right now, I am a Finance Assistant at a dealership, and I see why credit is so important. I really appreciate you for getting back to me.

    1. Gustan Cho, NMLS 873293 says

      By the way Jamie, you are not going to have any issues getting licensed in California with your type of bad credit. California is the most lenient state in the nation when it comes to getting Licensed with bad credit.

  31. Mike Richardson says

    Regardless, whether you file bankruptcy or not, you are not going to have any issues getting you CA NMLS license approved. Don’t give up. Its a great business where you can help countless families become homeowners and you can make a lot of money. I have loan officers making over $50,000 per month consistently. Google my name Gustan Cho and read the Zillow Reviews. I will guide you the right way so keep in touch with me. I apologize for the delayed response. I have been so busy the past 30 days.

  32. Jamie Soriyasak says

    I have done some research on you before reaching out, and I truly admire you. I want to be on the right path so I will definitely keep in touch. Thank you for your words of encouragement as I was getting a little discouraged and wanting to give up. Now that I have all my questions answered and some peace of mind I will definitely be moving forward with everything I have in plan. I appreciate you very much and thank you for your time.

    1. Gustan Cho, NMLS 873293 says

      The very best to you. Don’t hesitate to contact me if you have any questions. If I don’t have the answer to your questions, I will direct you to the right person who can help you. Keep in touch and talk to you soon 😃

      Gustan Cho NMLS 873293
      National Managing Director
      Gustan Cho Associates | Loan Cabin Inc.
      Corporate NMLS 165732
      Direct (800) 900-8569
      Cell (262) 716-8151 Text For Faster Response
      Website http://www.gustancho.com
      Corporate Offices 1910 S. Highland Avenue, Suite 300 | Lombard, Illinois 60148
      Equal Housing Lender

  33. Tammi McConnell says

    I am seeking employment as a Mortgage Loan Officer…..I am currently self employed and was thinking of making a career change. I came across your name as a possible resource.

    Please feel free to contact me…..

    Thank you!
    Tammi McConnell

  34. Carlos Pena says

    My name is Ismael Aguayo and I am a Realtor with the Moreno Real Estate Group, which is the highest rated brokerage in West Texas and in its El Paso, TX county.

    I am also a licensed MLO in the states of Texas and Colorado with an interest to simultaneously utilize both licenses (i.e., Realtor & MLO). Please contact me if you are interested in further discussing the possibility and options to join your reputable lending team.

    Previous experience that directly or indirectly benefits the roles of Realtor and MLO include my engagement in the Architecture, Engineering and Construction industry through my Licensed Professional Engineering private practice and Master Electrician licensure. I also completed two Master’s degrees from the Colorado School of Mines in Electrical Engineering and Engineering Management (similar to an MBA inclusive of graduate coursework in Finance and Accounting), and a Bachelor’s degree from the University of Colorado in Electrical Engineering.

    Excited to speak with you about this very promising collaboration opportunity.

    1. Gustan Cho, NMLS 873293 says

      Pleasure to meet you. I would love to set some time and talk with you. I like to introduce you to my partner Mike Richardson. Mike is also a realtor and loan officer. If you and Mike can talk first, I like to talk to you after you two gentlemen talk. Mike Richardson is included on this email chain.

      Gustan Cho NMLS 873293
      National Managing Director
      Gustan Cho Associates | Loan Cabin Inc.
      Corporate NMLS 165732
      Direct (800) 900-8569
      Cell (262) 716-8151 Text For Faster Response
      Website http://www.gustancho.com
      Corporate Offices 1910 S. Highland Avenue, Suite 300 | Lombard, Illinois 60148
      Equal Housing Lender

  35. Anne Rodeonelli says

    Good Afternoon Gustan,

    I have read your article about becoming state licensing with bad credit. Very interesting and I thank you for publishing the information.

    I have a score of around 540 because I recently had a Chapter 7 and the discharge date was in October of 2020. Unfortunately, I had to go through with the bankruptcy. There is a fault and there is responsibility. Much was not my fault, but my responsibility.

    Anyway, I wish to speak with you. Can you give me your number? I’d appreciate it.

  36. Andrea Baske says

    Hello,

    I hope you are doing well! I am reaching out in regards to your wonderful article on the MLO process for individuals with bad credit. I am hoping to start the process soon. I wanted to know if you had any experience with the MLO process in NC or CA. My credit is poor due to student loans. Any information is helpful. Any suggestions on pre-licensing courses is greatly appreciated as well. Looking forward to hearing from you!

    Best Regards,
    Andrea Baske

    1. Gustan Cho, NMLS 873293 says

      Medical don’t count so you will be fine. You will not have any issues with California. California is the most lenient state in the nation when it comes to derogatory credit. I am not sure about North Carolina. You may want to start working on getting a workout with your student loans.

  37. Masiel Ortega says

    Hello,

    My name is Masiel and I am already in the process of finishing a 20 hours course, however I would love to have access to the practice exams that you discuss in your earlier post. Are these exams still available? I wasn’t sure who to email so I emailed: operations@loanofficerschool.com
    Does this go directly to David who you are referencing?
    Thank you!

    1. Gustan Cho, NMLS 873293 says

      Yes. The email goes straight to David Reinholtz.

  38. Veronica McKenzie says

    Hello Mrs. Gustan Cho,

    My name is veronica Mckenzie and I’m very new to the Mortgage Loan Officer field and would like to get some tips on study guides and anything that would help me. I been following your post and I really like the feed back. I just registered for my class.It starts in April and I want to be a little ahead of what to look forward to. What do you recommend, any books, practice material, anything. Thanks

    1. Gustan Cho, NMLS 873293 says

      Everything you need to know with guidelines are written on blog format at http://www.gustancho.com. YouTube is a great source. Join our forum and ask questions and I will answer them. Once you pass the national 125 question federal NMLS exam, let me know. What state are you in?

  39. Moses Hernandez says

    Good morning. I have finished the 20 hour PE course. Are there any one on one? And or group classes you can recommend?

    1. Gustan Cho, NMLS 873293 says

      I recommend you contact David Reinholtz at http://www.loanofficerschool.com

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