how do you pass the mlo test

Here are our top 10 tips for passing the MLO exam:

1. Do as many practice MLO exam questions as you can. ...
2. Start by only answering questions that are extremely easy. ...
3. Look at the answers first. ...
4. Do not choose an answer you have never heard of! ...
5. Work backwards to the correct answer. ...
6. Skip questions you don't know the answer to. ...
7. Once you've answered a test question, don't change your answer. ...

Full Answer

How do I take the SAFE MLO test?

Test Taking Process: (1) Pay to open an enrollment window (2) Accept the Candidate Agreement (3) Schedule an appointment (4) Study. Having a problem​? Check that you agreed to the Candidate Agreement or check the MLO Testing Handbook. Taking the SAFE MLO Test is like going through TSA: Know the Rules!

How hard is the NMLS exam to pass?

Pass the NMLS exam! So what makes this such a hard test to pass?First of all, there is, without argument, an exorbitant amount of material that the test candidate must master in order to pass this exam; there’s simply no way around that.

How do I get my NMLS license?

You must: 1 Take an NMLS 20-hour pre-license education (PE) course. 2 Pass the National SAFE Act Exam with Uniform State Content with a score of 75% or higher. 3 Once licensed, MLOs are also required to complete 8-hrs of continuing education every year in order to renew their license.

How do I become a mortgage loan officer?

In order to become a mortgage loan officer, you will need to take the NMLS test. The Nationwide Multistate Licensing System & Registry (NMLS) oversees mortgage loan officer licensure and administers the SAFE Test, also known as the SAFE MLO Test or SAFE Mortgage test.

How many questions are asked on the MLO test?

For those who need to take it, the MLO test is, quite literally, a gate keeper into the world of loan origination. With 125 questions and only a little over 3 hours to complete it, it can seem like a daunting prospect. A few months ago, I had to take the MLO test, and despite still being new to the mortgage industry, I passed with flying colors. Here are some tips that helped me pass on my very first try.

How much chance of getting it right?

Some of them will be easy. Others you may have to work through, but don’t spend all your time on a few hard questions. Even if you just guess, you’ll have a 25% chance of getting it right (which is better than not answering at all).

Is the mortgage exam hard?

Well there’s a stressful title! But Mortgage Educators and Compliance makes some good points – the test is hard, so make sure you use your time wisely! When you study, study in the manner that’s the most effective to you. Pay attention during your prelicensure education. Don’t focus on memorizing answers; instead, concentrate on memorizing and understanding the material. If you put in the effort, you’ll do fine.

Who is LeeAnn Reynolds?

LeeAnn Reynolds is a regular contributor to RateZip.com.

How many hours do you need to take the NMLS?

You must: Take an NMLS 20-hour pre-license education (PE) course. Pass the National SAFE Act Exam with Uniform State Content with a score of 75% or higher. Once licensed, MLOs are also required to complete 8-hrs of continuing education every year in order to renew their license.

What is a mortgage originator?

Sometimes referred to as a loan officer, a Mortgage Loan Originator (MLO) is defined by the SAFE Act as “an individual who for compensation or gain, or in expectation of compensation or gain, takes a residential mortgage loan application, or an individual that offers or negotiates terms of a residential mortgage loan.”.

How many questions are there in the vault?

You need to truly understand the content in order to pass (not to mention, there are over 4000 exam questions in the vault!)

How many questions are there in the CFPB exam?

There are over 4,000 possible exam questions, and this number is continually growing with all the new rules and regulations being implemented by the Consumer Financial Protection Bureau (CFPB).

How long do you have to wait to retake a test?

If an individual fails the test, they have to wait 30 days before being eligible to retake the exam. If they fail three times, the waiting period becomes six months! Not to mention, each time the exam is taken, there is a fee of $110 – so failing can become quite costly…. In fact, most people simply give up.

What does "work with an underwriter" mean?

Work with an underwriter to get the loan approved.

Is NMLS exam easy?

Pas sing the exam is not easy … in fact, according to NMLS SAFE test passing rate, the first time pass rate is 54%, and only 46.7% for subsequent attempts.

What is the content outline for NMLS?

The National Test Content Outline is the resource that every NMLS exam candidate should use to guide him or herself through his or her study regimen. To appropriately benefit from this document, the test candidate should start from the top and work their way down, item by item by item. Learn about the first item and, once you’ve mastered that, check it off, and move down the list. Repeat this process until you’ve reached the end. But don’t panic! The outline contains a decent number of generalizations and redundancy, so even though there is absolutely a lot to learn, its bark is much worse than its bite!

What is the pass rate for the NMLS exam 2021?

On July 13, 2021, the Conference of State Bank Supervisors (CSBS) reported that the NMLS exam’s overall pass rate is a measly 53%! [1] In other words, slightly less than half of those who sit for this exam never pass it. And that is an astronomically high failure rate for an exam of this caliber. Pass the NMLS exam!

What is knowledge derived from?

Knowledge is derived from mastering the material appearing on the NMLS National Test Content Outline . The NMLS National Test Content Outline, available at:

What to do if process of elimination is not an option?

If process of elimination is not an option and you still have to guess, another guessing strategy would be to identify an answer option that acts in the customer’s bests interests over the others. If you can identify such an answer option, go with that one as your guess and you’ve most likely answered this question correctly.

What to do if a question comes down to a guess?

If a question comes down to a guess, try utilizing the process of elimination. If you can definitively eliminate one or two answer options that you know, for a fact, are incorrect, even if you still end up guessing, you dramatically increase the odds of guessing correctly. And please think about this! If you can definitively eliminate three of the answer options that you know, for a fact, are incorrect, even if you have no idea what the remaining answer option means, you correctly answer the question through the process of elimination.

What happens if you leave a question blank?

If you leave an answer blank, you have a 100% chance of getting the question wrong. At least if you guess, you have a 25% chance of guessing correctly. And if it comes down to guessing, there are even some strategies that you can employ when doing so.

How many times should I read a question before answering?

It doesn’t matter if the question is, “What is your name?”Be certain to read every single question and every single answer option no fewer than three times before answering.

Next Steps After Passing the NMLS Exam

So, you’ve taken your Pre-Licensing (PE) courses and passed your NMLS Exam and now you’re wondering, “What should I do next?”. There are additional steps you need to take to become a Mortgage Loan Originator, Mortgage Loan Officer, or Mortgage Broker after passing the NMLS exam.

Pass the NMLS Test

The NMLS mortgage licensing exam, also known as the SAFE MLO Test, is the exam you’ll need to pass to become licensed. The cost to take the exam is $110. You have unlimited time to finish the 120 multiple-choice questions on the exam, with most test-takers finishing in around 2 hours.

Apply for an NMLS License

After receiving a passing score on your national exam, you must apply for your Mortgage Loan Originator license on the NMLS website to become a licensed Mortgage Loan Originator. Some employers will pay or reimburse you for the fees associated with your application, so be sure to check beforehand.

Submit a Background and Credit Check

The SAFE Mortgage Licensing Act of 2008 was created in order to regulate licensure in the mortgage industry and put rules into place that help to protect consumers. This made it necessary for any MLO to be licensed by the national standards set in place.

Get Sponsored by a Mortgage Employer and Start Your Career!

In order to be a fully licensed MLO, you must be sponsored by a state-licensed employer. This sponsorship shows that the MLO’s activities are supervised by an employer, and these sponsorship requests must be approved by NMLS. Companies must request the sponsorship to be approved, and the first request is free.

Is the NMLS Test Difficult?

According to the Nationwide Multistate Licensing System & Registry (NMLS), the national NMLS test pass rates are 58% for the first attempt. For those who do not pass on their first attempt, NMLS test pass rates fall to 43% for later attempts.

What is the purpose of the NMLS test?

The purpose of this exam is to ensure that mortgage loan officers (MLOs) are well-versed in the ethics, laws, and regulations that apply to their position, which helps to protect borrowers.

How long does it take to pass the NMLS?

All questions will be formatted as multiple choice and you will have 190 minutes to complete the exam. To pass the NMLS test, you will need to score a 75% or better on the test as a whole.

How long does it take to schedule a test?

Schedule your test appointment. From the time you pay from enrollment, you will 180 days to schedule your test.

Is the NMLS test easy?

Based on these pass rates, you can infer that the NML S test is not an easy feat. However, NMLS test difficulty, in part, comes down to how prepared you are.

Who is Scott Weghorst?

Scott Weghorst. Scott is President of Diehl Mortgage Training and Compliance whose goal is to engage and educate to drive results. He is Past President of the Indiana Mortgage Bankers Association. and also serves on the Residential Loan Production Committee of the MBA.

What can you bring to a Prometric test?

No personal items, food or drink, including coffee and water, are permitted inside the testing room. Personal items include, but are not limited to: pens, pagers, cellular phones, watches, hats, non-medical electronic devices, outerwear, purses and wallets. If testing at a Prometric test center, personal items must be kept in your assigned locker or returned to your car prior to the start of your test. As the testing vendor is not responsible for any personal items, they encourage you to bring only your identification into the Center. If testing online, personal items must be left outside of the room you test in.

How to request special accommodation for NMLS?

To request the special accommodation (s) approval, please contact the NMLS Accommodations team at 1-877-416-6657 and select Option 2. After your request is processed, you will receive further information for scheduling your test appointment.

When to reschedule Prometric appointment?

If you need to reschedule an appointment you will need to contact Prometric no later than 12:00 pm (in the time zone where the test is being taken) two business days prior to the scheduled appointment. You will need to provide Prometric with your confirmation number.

What is the safe mortgage license?

The SAFE Mortgage Licensing Act of 2008 requires all licensed Mortgage Loan Originators to pass a test developed by NMLS. Each Loan Originator must take and pass the SAFE MLO Test in order to satisfy the SAFE test requirements of any single state jurisdiction.

Does Prometric require masks?

Following the removal of the statewide mask requirement in some states, please note that Prometric continues to require all candidates to wear a face covering while present at a Prometric test center. Candidates who arrive for an appointment without a face covering will not be allowed to test and will subsequently incur a No Show fee.

Can you leave the NMLS during a break?

Per NMLS testing policies, you are not permitted to leave the building during an unscheduled break unless required to do so to use the bathroom facilities. You will not be permitted to access any study materials, make any phone calls, access electronic media or your locker during an unscheduled break.

Can you take a break in the test center?

Per NMLS testing policies, you are not permitted to leave the building during an unscheduled break unless required to do so to use the bathroom facilities. You will not be permitted to access any study materials, make any phone calls, access electronic media or your locker during an unscheduled break. If you need to access an item stored in the test center locker during an unscheduled break, such as food or medicine, you must notify the Test Center Personnel before you retrieve the item. You are not permitted to access any personal item as referenced above.