This guide covers taking test for job to get started to a career as a mortgage loan officer. I am currently dealing with the issue of worrying too much about an upcoming test. If you read my previous article about passing the NMLS exam on the first try, I know I said you need to be calm and confident. But when your career depends on passing the exam, there is always that worry and sense of doubt that creeps in on you. Currently, I am studying for the MLO exam in Illinois and although this should be a cakewalk considering I scored 90% on the federal version, there is always that doubt. In the following paragraphs, we will cover taking tests for job to get started to a career as a mortgage loan officer.
Taking Tests For Job and Nervousness
I am not going to say that I don’t get nervous when it comes to testing time. I think it is human nature for everyone to worry a little bit when an important test is coming up. In almost any profession, you are going to get to a point where you need to pass a test or exam in order to advance your career, and quite frankly, it is really important. Let’s look at my example real quick, if for some reason I was to not pass the test, I would have to wait 30 days until I could take it again. Now this might not sound like a lot, but that is a lot of time to waste when time equals money. This means I can’t get to practice for another month, so even though I am ready to go, I am going to have to wait.
Taking Tests For Job and Your Destiny in Your Career
There is no worse feeling than knowing you are in control of your own destiny and if you can’t perform, you are letting yourself and superiors down. That is probably another factor into the worry, and that is not wanting to let anyone down. Even though I want to take these tests for myself, my mentor, Gustan Cho, the CEO of Gustan Cho Associates is who I worry about letting down. He has been there for me every step of the way. I couldn’t see letting the man down who has invested so much time and energy in me. I know if you are reading this article that you always want to do your best and show a superior, co-worker, family member that you succeeded. This is because at the end of the day getting accomplished what you set out to do and receiving that “good job” means everything.
Advice In Taking Tests For Job From Dale Elenteny
When it comes down to it, you need to be calm and confident going into that test that you need to pass. You have studied for countless and you know exactly what you are talking about. You need to remember this and not let doubt creep in on you where you start second-guessing yourself. This is the worst thing that can happen for an individual. You can self-destruct very easily from this. The fact of the matter is I am probably worrying myself for no good reason, and I am sure I will be back with a post about how I passed the test and all is well in the world. Just learn from my example and you will be more than fine, besides, it is only a test right?
FAQs on Taking Tests For Job to Start a Career as an NMLS Licensed Mortgage Loan Officer
What is the NMLS, and why is it important to become a mortgage loan officer?
The Nationwide Multistate Licensing System & Registry (NMLS) Regulates Mortgage Professionals in the U.S.
- It ensures loan officers meet national and state-specific requirements.
- To become a licensed mortgage loan officer (MLO), you must pass the NMLS test (commonly called the SAFE Mortgage Loan Originator Test).
What is the SAFE MLO Test?
The SAFE MLO Test assesses your knowledge of federal and state mortgage regulations, ethical practices, and loan origination processes. It includes two components:
- National Component: Covers general laws, regulations, and loan practices.
- State Component: Specific to the laws and regulations of the state where you want to be licensed.
What Are The Eligibility Requirements For Taking The NMLS SAFE MLO Test?
To take the test, you must:
- Be at least 18 years old.
- Complete 20 hours of pre-licensure education from an NMLS-approved provider, which includes:
- 3 hours of federal law.
- 3 hours of ethics.
- 2 hours of non-traditional mortgage products.
- 12 hours of elective or state-specific content.
Advice on Taking Tests For Job: How is The SAFE MLO Test Structured?
- Total Questions: 125 questions (115 scored, 10 unscored).
- Passing Score: 75% or higher.
- Time Limit: 190 minutes.
- Format: Multiple-choice, computer-based test.
Taking Tests For Job to Start a Career as an NMLS Licensed Loan Officer: Topics Covered
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- Federal mortgage laws.
- General mortgage knowledge.
- Loan origination activities.
- Ethics and fraud prevention.
Taking Tests For Job as a Mortgage Loan Officer: How Much Does The Test Cost?
- The National Test Component with UST (Uniform State Test) costs $110.
- State-specific test components vary but typically cost around $69-$110 per state.
Taking Tests For Job: How Do I Register For The SAFE MLO Test?
- Create an account on the NMLS website.
- Submit a test enrollment request.
- Pay the required fees.
- Schedule your test at an authorized testing center (e.g., Pearson VUE).
Taking Tests For Job: What Happens if I Fail The Test?
- You can retake the test after a 30-day waiting period.
- After three failed attempts, you must wait 180 days before attempting again.
- Test fees apply each time you retake the exam.
How Should I Prepare For The SAFE MLO Exam: Taking Tests For Job?
- Study Guides: Use NMLS-approved textbooks and guides.
- Practice Tests: Take sample tests to familiarize yourself with the format.
- Online Courses: Enroll in preparatory classes offered by NMLS-approved providers.
- Focus on Weak Areas: Pay extra attention to complex topics like compliance and mortgage calculations.
What Additional Requirements Are Needed After Passing The Test?
- Background Check: Submit fingerprints for a federal and state criminal history check.
- Credit Check: Demonstrate financial responsibility through a credit report.
- Apply for a License: Complete the license application on the NMLS website.
- Surety Bond/Net Worth Requirements: Depending on the state, you may need to meet financial security criteria.
Taking Tests For Job: Do I Need To Renew My NMLS License?
Yes, licenses must be renewed annually by completing:
- Continuing Education: 8 hours of annual training, including updates on federal laws, ethics, and non-traditional mortgage products.
- License Renewal Fees: Vary by state.
Taking Tests For Job: Can I Work in Multiple States With One License?
- You must meet state-specific requirements for each state where you wish to operate.
- The Uniform State Test (UST) component simplifies licensing across participating states.
What Skills Are Important For an NMLS-Licensed Loan Officer?
- Financial Knowledge: Understanding of loan products and market trends.
- Regulatory Compliance: Knowledge of federal and state laws.
- Communication: Ability to explain complex terms to clients.
- Sales Skills: Building relationships and guiding borrowers through the process.
What Are The Common Challenges in Becoming a Licensed MLO?
- Passing the test on the first try can be difficult without preparation.
- Balancing the pre-licensure education with other responsibilities.
- Understanding the legal and ethical implications of the role.
Are There Alternative Career Paths in The Mortgage Industry if I Don’t Pass?
Yes, you can consider roles such as:
- Loan Processor.
- Underwriter.
- Mortgage Assistant.
What is the Average Salary of an NMLS-Licensed Loan Officer?
- The median annual income for mortgage loan officers is approximately $163,960 (source: BLS).
- Commission-based income can significantly increase earnings, especially for top performers.
Starting an NMLS-licensed Mortgage Loan Officer career requires dedication, education, and preparation. By understanding the requirements and taking the right steps, you can build a rewarding career in the mortgage industry.
About The Author of Taking Tests For Job
Dale Elenteny is a senior loan officer at Gustan Cho Associates and author of taking tests for jobs to start a career as a mortgage loan officer. Dale is also an associate contributing editor and senior writer for Gustan Cho Associates Mortgage And Real Estate Information Center. Dale is a producing licensed mortgage loan originator who specializes in mortgage loans with no lender overlays. Dale’s background in accounting, armed with an accounting degree, and expertise in investments, real estate, and mortgage lending has earned him the nickname of Magic Bob. Dale is an associate moderator with Great Content Authority Forums, an online mortgage and real estate forum. Dale is in charge of recruitment for new loan officers and he is looking for hard-working career-oriented individuals who want a career as a mortgage loan officer We look forward to the many more blogs that will be published in the coming days and weeks. Stay Tuned!!!
This guide on taking tests for job to start a career as a mortgage loan officer was updated on December 24th, 2024.
