There are
lots of questions out there about the TEST – and lots of mis-information. See
below to get clarity and information directly from different pages of the
NMLS website.
What topics will be covered on the test?
The Secure and
Fair Enforcement for Mortgage Licensing Act (SAFE Act) requires that
state-licensed loan originators pass a qualified written test developed by the Nationwide
Mortgage Licensing System and Registry (NMLS) and administered by an approved
test provider. As required by the SAFE Act, the test is designed to adequately
measure an individual's knowledge and comprehension in appropriate areas, to
include:
(a) Ethics;
(b) Federal law and regulation pertaining to mortgage origination;
(c) State law and regulation pertaining to mortgage origination;
(d) Federal and State law and regulation, including instruction on fraud,
consumer protection, the nontraditional mortgage marketplace, and fair lending
issues.
The SAFE Test
includes two components: a National Component and a Unique State Component.
How many questions are on the test
and how long do I have to complete it?
The National Component of the
S.A.F.E. Mortgage Loan Originator Test consists of a total of 100 test
questions: 90 are scored and 10 are not scored. The test time will be 150
minutes with an additional 30 minutes for completing a tutorial and an optional
candidate survey.
Each State-Specific Component of
the S.A.F.E. Mortgage Loan Originator Test consists of 45 to 55 scored test
questions and an additional 10 test questions are not scored. The exact number
of scored test questions for each state test is listed in the state's test
content outline. The test time will be 90 minutes with an additional 30 minutes
for completing a tutorial and an optional candidate survey.
What is considered a “passing
grade”?
A
Mortgage Loan Originator (MLO) wishing to satisfy the SAFE test requirements
for licensure in any given state or jurisdiction, must pass each component with
a test score of not less than 75 percent correct answers to questions.
As
prescribed by the S.A.F.E. Mortgage Licensing Act, a waiting period is required
prior to the candidate being allowed to retake a failed test component (either
National or State). A candidate must request and pay for a separate test
enrollment for each attempt to pass a national or state test.
The
candidate is subject to a waiting period of thirty (30) calendar days from the
previous test date prior to retaking the test. After every fourth failed test,
the candidate is subject to a waiting period of one hundred eighty (180)
calendar days before they are able to retake the test.
What if I originate loans in more
than one state?
MLOs
wishing to seek licensure in more than one state or jurisdiction, must pass the
Unique State Component test in each of those states.
Is there a fee associated with
taking the test?
National
Component - $92
Each
Unique State Component - $69
When will the National and Arizona
The
first group of SAFE Mortgage Loan Originator Test Components (National and
State) are now available. Candidates may now enroll and take any of the
following components: National, Arizona, Idaho, Iowa, Louisiana, Massachusetts, New Hampshire, North Carolina, Pennsylvania, Rhode Island, Vermont and Washington.
I’m ready to take the test, how do I
get started?
To learn more
about taking a SAFE test, download the MLO Testing Handbook. It is a guide to the entire testing
process and aids candidates through the following steps:
1. Selecting and paying for a test enrollment
window
2. Finding a test center and scheduling a testing
appointment
3. Preparing for a test and taking a test
4. Viewing official test scores in NMLS
Where are test centers located in Arizona?
As of
9-21-09, the NMLS website lists test centers in the following cities:
Flagstaff, Goodyear,
Do I need to take the 20-hours of
pre-licensing education before taking the test?
No, you are not required to take
a pre-licensure or continuing education course prior to taking either the
National Component or the Unique State Component of the test. However, a course
is strongly encouraged as it will help prepare you take and pass the
test. Regardless of whether you choose to complete a preparation course
prior to taking a specific test, you are still required to complete the 20
hours of pre-licensure education and/or required to complete 8 hours of annual
continuing education. (5/1/09)
What should I bring to the test? What can’t I bring?
You must bring one form of a
current (non-expired) government-issued identification that includes your
photograph and signature. (6/26/09)
No personal items are permitted
to be brought into the test center. This includes but is not limited to: cell
phones, pagers, purses, wallets, coats, hats, etc. All of these items must be locked in a secure
locker upon arrival. Also, no food or
drink is permitted in the test center. (6/26/09)
Can I bring a calculator to the
test?
The testing center will provide
scratch paper and a basic calculator. (9/1/09)
Sign-up for AAMB's 20-hour Mandatory Education Course - Choose from several dates & locations - CLICK HERE
For more
information about NMLS Testing, go to: NMLS Mortgage Loan Originator (MLO) Testing
Handbook
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