Minnesota and West Virginia State Test Components of the SAFE MLO Test will no longer be offered or administered by NMLS
It was recently announced by NMLS that, effective September 1, 2018, the “Minnesota and West Virginia State Test Components of the SAFE MLO Test will no longer be offered or administered by NMLS. Candidates who need assistance taking either of these two state tests should call the NMLS Call Center at 855-NMLS-123 (855-665-7123).”
Minnesota and West Virginia are the only remaining states with a separate state test. All other states and jurisdictions use the national test with uniform state content (UST), so there is no state specific test given in every other state and jurisdiction.
The practice tests on www.safemloexam.com are simulated national tests that apply to all states, including the national test component given in Minnesota and West Virginia. Our users get 1 year of unlimited access to our 5 NMLS SAFE MLO practice tests. Each test has 125 questions, just like the actual NMLS exam, they are written by an expert, they are up to date with 2018 regulations and are written to meet or exceed the level of difficulty on the actual SAFE MLO Exam.
Feel free to reach out to us at any time by email at info@safemloexam.com if you have any questions.
FHFA Increased Annual Loan Limit VA Loans 2018
FHFA Increased Annual Loan Limit VA Loans – SAFE MLO EXAM is pleased to report that for 2018, The Federal Housing Finance Agency (FHFA) has increased the annual loan limits beyond which jumbo financing would be required, which includes VA loans. The 2017 conventional/conforming loan limit for single-family properties was $424,100. That has been increased to $453,100 for 2018, though the limits are higher in high-cost counties. For exam purposes, $453,100 is the magic number to use.
Although VA purchase loans afford borrowers the opportunity for no down payment, any loan amount over $453,100 requires a minimum down payment of 25% of the difference between the purchase price and $453,100, based upon the 2018 increase. The minimum down payment is 0% on VA mortgages of up to $453,100, and the maximum origination fee permitted by the VA is 1%. Sign up with SAFE MLO EXAM, a trusted provider for mortgage test prep, to test your abilities by taking the 5 practice tests created by a seasoned mortgage expert.
California Mortgage Exam Prep
Every mortgage professional who originates loans in the state of California must be licensed. And being licensed means having to pass the National Mortgage Licensing System (NMLS) pre-licensing exam. The exam is relatively standard. SAFEMLOExam.com is a California mortgage exam prep solution that helps test takers pass their exam. It includes 100 computer-generated, multiple-choice questions that must be answered within three hours. Ten of the 100 questions are “test” questions that do not affect your grade. Of the remaining 90 questions, you must achieve a passing score of 75 percent or better.
For the exam, you will be tested on mortgage loan origination activities (25 percent), general mortgage knowledge (25 percent) and ethics (15 percent); most questions will involve federal mortgage-related laws (35 percent). So it is essential that you prepare and know the regulations. Several regulations are described by letters e.g. RESPA is Regulation X, the Equal Credit Opportunity Act is Regulation B, the Truth in Lending Act (TILA) is Regulation Z, etc. Know your regulations, as well as which one is associated with which letter. You might see a question such as, “According to Regulation Z, which of the following is prohibited?” All the answers will constitute regulatory violations, but only one will violate TILA. So obviously, it’s helpful to know that Regulation Z is TILA.
That is just a little pressure, especially considering that many people who fail the exam do so by only two or three points. And according to the NMLS, between July 30, 2009, and last year October, the pass rate for first-time national-component test- takers was 69 percent.
Failing this exam means you have to wait for another 30 days before you will be eligible to retake the test each of your first four attempts. If you fail to meet up the pass mark after your first four attempts, then you have to wait for six months before you can retake the test. The question is can your business afford to be sidelined for that long?
California mortgage exam prep ensures that you pass the test once and for all, get licensed on time, take your business to another level and outdo your industry competitors. It also shows the credibility of your business and makes clients have more trust in doing business with you.
As a mortgage professional, your time is valuable and a NMLS test prep course help you to maximize the use of your time as you only have to study at your leisure or free time. The Mortgage test prep in California ensures that you prepare and simultaneously manage your business rather that sit long hours in a mortar and brick classroom for preparing for the exam. Everything has been fully packaged in the online test prep course and it is sure to help you blast the pre license exam with good grade at one sitting.
The reason most people fail the NMLS exam is that they don’t study, pay little attention to their test prep, panic when they don’t understand a question or read the questions too fast. This test is extremely important to your career, so it is important you prepare for it with California mortgage exam prep from www.safemloexam.com.
The Different Mortgage Career Paths In California
There are hundreds of career options in the mortgage industry and for those interested in starting a mortgage career in California, taking a mortgage exam is compulsory and this is why it is advisable that you take a mortgage preparatory exam like NMLS Practice Tests to hone your skills and experience.
If you’re interested in starting a mortgage career, it is important that you take a course and pass the NMLS SAFE MLO exam, as these are precursors to becoming a mortgage professional. Because the mortgage industry in California makes, sells and then services so many mortgages, ranging from business real estate to residential, the market is busy, complex and very interrelated. However, that intricate network also means there a number of mortgage careers in California:
Originations
Originations is where a mortgage becomes a mortgage. The sales team of the mortgage industry consists of loan officers and mortgage brokers. Loan officers work for a particular lending institution while mortgage brokers act as agents for a variety of mortgage lenders and work to match the borrower with the right lender and loan. Loan officers are a point of contact when a person wants to obtain a mortgage to purchase real estate. A mortgage loan officer can work in the residential or commercial mortgage industry. Most states require you to take a test and get certified to work as a loan officer and this why you need to do NMLS Test Prep, including taking as many NMLS practice tests as possible which can be found on www.SAFEMLOExam.com.
Underwriting
An underwriter evaluates the loan documentation and makes the final decision to approve or deny the loan. During this evaluation, the underwriter uses a formula to analyze the loan to see if it represents an acceptable risk and also if the loan meets the requirements necessary to sell that loan on the open market.
Closing
The closer, often the same person as the originator, completes the loan process by delivering the deed, signing the note and disbursing the funds.
Warehousing
Warehousing is another one of the mortgage careers in California and it is how most mortgage bankers actually fund their loans at closing time. Typically, a mortgage banker will borrow funds short-term from a warehouse bank and use their other permanent mortgage loans as collateral. Then, the loans are sold to a secondary investor and the original mortgage banker can repay the first loan.
Secondary Marketing
Secondary mortgage marketing is the sale of closed home mortgage loans to secondary investors. Someone working in secondary mortgage marketing will develop and price various loan programs, manage the risk associated with funding mortgages, and then actually sell the loan packages.
Loan Administration
This includes providing ongoing customer service, collecting and recording monthly payments, and also remitting those payments to secondary investors.
There are career in every sector of the mortgage industry, from the front lines to the back boardrooms but to be an expert in the different mortgage careers in California, you need to take a test and get certified. SAFE MLO Exam is prepared to give you the required hands-on training in preparation for the NMLS SAFE MLO test and make sure you pass with flying colors.
Your License is Your Business Campaign: SRR and NMLS’ Ticket in Educating and Informing Everyone about Mortgage License Renewal
Whenever business owners would like to establish their own business venture, the first thing that they prioritize is their mortgage license because it certifies that their business is legal and is authorized to operate. Many businesses face closure because of one reason – NO LICENSE. Yes, a business license is important and thus you should always comply with it licensing requirements, because if you don’t, you may see your business’ closure.
Because of this, the State Regulatory Registry LLC is running a campaign which will let individuals who are in the non-depository financial services know that renewing their licenses is important and must be done before it expires to avoid any issue.
The Your Mortgage License is your Business campaign is a wake-up call and a way of SRR and NMLS to spread awareness to business owners that their license is their ticket to operate their business. Without any license, it only shows that the business is illegal, since it did not undergo certification by a licensing authority, such as NMLS.
The campaign is now in its 3rd year and it is being led by the State Regulatory Registry LLC, which also operates NMLS. This is the campaign which will help the business understand how important a license is for their business.
Why is “Your License is Your Business” campaign helpful?
Spreading awareness today is hard, but through campaigns, it is easy to share the ideas and actions are being taken. Your License is your Business campaign is helpful since this campaign will help in educating individuals and business owners with their licenses. Also, through the campaign, everyone in the business industry will have the chance to know how vital it is to submit renewal request before it expires since there are licensees who have been renewed before the year starts which will not cause any disturbance on the operation.
However, submitting a renewal request after the renewal deadline can be a hassle on your business.The campaign is one way of letting everyone know the importance of renewing the license before the expiration date.
Moreover, while the NMLS has a fairly complicated process to renew a license, failure to trying to timely renew until the last minute could have effect the operation of their business for the coming year. The campaign would like to convey that everyone should process their license renewal before the year ends so that no disruption will be done.
By just logging on the NMLS system the, renewal process will only take minutes unlike renewing a license after it expires, which is more inconvenient and time-consuming. Hence, with the campaign, all business owners and individuals will be able to understand how much attention should be given to licenses.
Your license will always be your gateway to a smooth business operation. If you don’t renew it before it expires, your business may likely be forced to stop its operation and may only operate again once the license is renewed.Don’t renew your license at last minute, always do it before the year ends!
Please visit SAFEMLOExam.com, where you will find articles on recent developments in the mortgage industry, and for those who achieve to become MLO’s, SAFEMLOExam.com offers 5 simulated SAFE MLO practice tests with answer explanations. These practice Uniform State Tests with uniform state content are practice exams with answer explanations, which apply in every state, and the NMLS SAFE MLO practice tests can be taken in timed or untimed mode on SAFEMLOExam.com’s proprietary test dashboard.
Changes That You Need to Know About Renewing Your Mortgage License
So, you need to renew your mortgage license that you obtained after much hard work and taking practice test after practice test? Do you already know about the latest changes in the renewal process? If you don’t, then you better read this article for some critical assistance!
As we all know, the usual deadline for renewing your mortgage license is December 31st. However, this year, certain change are worth examining, so make sure to check the changes out. For example, the licensing system has new criteria that you need to meet. So, just simply passing the NMLS test would not be enough for you to renew your license. Now, in order for you to comply with the requirements, you might need to provide electronic surety bonds that NMLS then uses to make, not only the bonding process, but also the licensing process as smooth as possible for all parties. Depending on the authority of your specific state, you may be asked to stop using the bond paper submission and instead use the electronic system in submitting NMLS SAFE MLO bonds.
So, what is the reason why NMLS has decided to shift to the electronic handling of surety bonds? Well, being in charge for the licensing procedure for mortgage brokers who passed the mortgage test across all states, they manage a huge volume of surety bonds. After all, the state authorities have a surety bond requirements for the licensees in many instances. So, with the electronic system for handling surety bonds, the process of submitting bonds would become much easier and faster. Apart from that, they can also ensure the security of the bonds that are being handled. As a result, the NMLS has become the central database for licensing data.
So far, this new bond requirement of NMLS has been adopted by states including Iowa, Idaho, Massachusetts, Indiana, Vermont, Texas, Washington, Wyoming and Wisconsin. In any event, despite these states adopting the new bond requirement, they still have different deadlines when it comes to implementing it. For example, the debt management companies, money servicers, money transmitters, etc., in Indiana and in Iowa were required to submit their electronic surety bonds together with their renewals by the end of 2016. This was done in compliance to the Department of Financial Institutions of the state. On the other hand, the rest of the states would be starting to implement it sometime this year.
For those who are affected by the electronic surety bonds, instead of printing and mailing your bond, you now need to submit it via NMLS website. Also, in order to ensure that passing the NMLS SAFE MLO exam not to go to waste after you took NMLS SAFE MLO practice test after practice test, you need to make sure that your internet browsers are updated as you proceed with the license renewal process online to ensure that there are no technical issues preventing you from successfully submit the bond.
Please visit SAFEMLOExam.com, where you will find articles on recent developments in the mortgage industry, and for those who achieve to become MLO’s, SAFE MLO Exam offers 5 simulated SAFE MLO practice tests with answer explanations. These practice Uniform State Tests with uniform state content are practice exams with answer explanations, which apply in every state, and the mortgage practice tests can be taken in timed or untimed mode on SAFEMLOExam.com’s proprietary test dashboard.
SAFE MLO Exam Discusses Mortgage Training Expansion in California
The mortgage industry has experienced slow growth, even though there is a strong demand for housing in recent years. Hence, an expansion in reverse mortgages is required to provide a boost to further strengthen the industry. The largest California mortgage broker has taken a new approach in the industry through their mortgage training expansion in California.
This is only the beginning as the company, C2 Financial, takes it plans into action with the existing networks it has built and the certified partners in the mortgage world. This would ensure the originators a sure way to access the reverse mortgage expansion of the mortgage industry.
Training is Set by the Company Itself
Before the reverse mortgage expansion process takes place, there is a training program developed by the company with the help of the mortgage lenders. When the training is completed, the originators will have an access to the portal of the company that would enable its MLO’S to have the marketing materials necessary to effectively grow the mortgage market.
Complete and Pass the Program to Acquire Certification
In order to do this, you need to pass both the 100 and 200 level programs. If you want to take the 300 level course, passing the first two programs is required first. For beginners, this is important so that you have a clear picture of what you want to accomplish.
The Road to Success
At the present, there 53 brokers who have passed the reverse mortgage certification. This is only the beginning as more brokers will take the training in the next months. The program will continue as more brokers will have the opportunity to have the best chance in succeeding in the mortgage industry.
Aside from this, the incorporation of the generational lending to the platform would make a mark for you to have a successful sale through real estate. The program also has a plan to apply reverse mortgage lending, traditional mortgage lending and real estate sales to ensure a strong foundation to the program.
The mortgage training plays a vital role to ensure you achieve ultimate success in the mortgage world, together with the chance of making most of it due to the information and skills you have gained in the reverse mortgage expansion.
Please visit SAFEMLOExam.com, where you will find articles on recent developments in the mortgage industry, and for those who achieve to become MLO’s, SAFE MLO Exam offers 5 simulated SAFE MLO practice tests with answer explanations. These practice Uniform State Tests with uniform state content are practice exams with answer explanations, which apply in every state, and the NMLS SAFE MLO practice tests can be taken in timed or untimed mode on SAFE MLO Exam’s proprietary test dashboard.
Real Estate Agent vs. Mortgage Broker – Which One Is Better?
So, you do have plans to start a career in the real estate industry? If you are, then for sure, you are quite confused on as to whether you should just take the NMLS SAFE MLO national mortgage loan originator exam and become a mortgage broker or become a real estate agent instead. So, to help you out, we are comparing the skills, personality, knowledge and experience that you need to find success in this career.
Knowledge and experience
To be a real estate agent, you need to have a background experience, either in marketing or in sales. You also need to have at least a high school diploma. If you plan to work for real estate companies, then they may also require you to receive education in real estate law and financing. Of course, you need to have a license that you can only get upon passing the exam.
A sales and marketing background is also required from an MLO or mortgage broker and apart from that, they should also know the terms and the rates of several lending institutions. They should also be familiar with the criteria for credit worthiness and reporting. Good oral and written skills is also very essential.
Personality
Real estate agents needs to have an outgoing personality. After all, your job is to sell properties. With that, you also need to have great communication skills so that you can clearly explain and highlight the features of the house, ultimately leading to closing a deal. You also need to look trustworthy and responsible as well.
Aside from passing the mortgage test, a mortgage broker needs to have a strong desire to help people. They should also be able to explain to their clients how a mortgage works, how they can become eligible for better rates and how they can improve their credit rating. Hence, knowledge in financial concepts would be extremely helpful. Also, as you would be helping a borrower find a lender, you need to be patient enough and become someone who can accept frequent rejection.
Duties
The duty of a real estate agent is to help prospect buyers find properties and present properties to them as well. They should also have up-to-date knowledge about the real estate market. At times, they might need to act as a liaison between the seller and the buyer.
Your role as a mortgage broker is to help your clients find the best mortgage terms and interest rate for a property, regardless of whether it is a commercial or private property. You also need to develop a good relationship with lending institutions so that you can ask for a favorable deal from them.
Total Pay
You can earn $41,000 to $106,000 as a real estate agent while you can earn $41,000 to $102,000 as a mortgage broker. That includes your commission, salary, bonus and profit sharing.
So, considering the things mentioned, do you want to be a real estate agent or a mortgage broker? The choice is yours.
Please visit SAFEMLOExam.com, where you will find articles on recent developments in the mortgage industry, and for those who achieve to become MLO’s, SAFE MLO Exam offers 5 simulated SAFE MLO practice tests with answer explanations. These practice Uniform State Tests with uniform state content are practice exams with answer explanations, which apply in every state, and the NMLS SAFE MLO practice tests can be taken in timed or untimed mode on SAFEMLOExam.com’s proprietary test dashboard.
Pass the NMLS SAFE MLO Exam the First Time
Your dream may to become a licensed NMLS SAFE MLO mortgage loan originator. Why not? Being an MLO will open your door to different career opportunities. The majority of the mortgage companies provide substantial perks and benefits, including sales commission, bonus pay, health insurance, advertising and mortgage leads and retirement plans.
Thus, you will be able to experience flexible schedule and high earnings or you may even have the opportunity to meet and work with different people. Sounds interesting, right? But before anything else, make sure you pass the NMLS exam. Practice tests, such as the five NMLS SAFE MLO practice examinations offered on SAFEMLOExam.com are the key to getting familiar with the exam and the rigors of taking it.
If it is your first time taking the NMLS SAFE MLO exam, please do everything that you can to ensure that you pass it on your first attempt. Just imagine, if you fail the exam twice, you will have to wait 30 days after each of your attempts to retake it, but after failing a third time, there is a 6 month waiting period, which amounts to potentially thousands of dollars of lost earnings, not to mention the significant time and effort expounded.
The following information will help you effectively study for NMLS exam and pass it for the first time.
- Take Classes. Whether you are opting for online or live courses, you have to ensure that you are choosing the one that will perfectly fit your time and interest. Another, make sure that you are with the class which you think can provide you enough information to pass the NMLS exam.
Also, choose the one that can give you great levels of understanding and information retention and is away from any distractions. It will be also ideal for you to take review questions in order for you to get familiar with the possible questions like those available on SAFEMLOExam.com.
- Stay Focused. During the NMLS exam, you need to be prepared to know how you to access the online calculator or even you may not able to go back for you to review the question. So, see to it that you are not going to miss one or two questions.
Also, make sure that you have enough sleep the night before you take the exam, which will help ensure that you focus on and read each question carefully, so you can choose the best answer choice. Enough sleep will help you stay relaxed!
How to Register for NMLS Exam
Before anything else, be sure that you are familiar with the process of registering for the NMLS exam. You have to determine all the necessary testing requirements.
Next is for you to pay for the test and accept your candidate agreement. If you are one of those who is seeking for special testing accommodations, you can request to schedule the test appointment due to a disability.
After that, it is time for you to prepare and rest. If you take the time and effort to ensure that you will pass the NMLS SAFE MLO exam, it is quite possible for you to pass it the first time and get ready for the rewards that are waiting for you as a licensed MLO!
Although the NMLS SAFE MLO exam will provide different scenarios that could be stressful or exert pressure on you before the exam takes place, if you know the best techniques for you to pass the NMLS exam, you will feel extra confident.
Please visit SAFEMLOExam.com, where you will find articles on recent developments in the mortgage industry, and for those who achieve to become MLO’s, our SAFE MLO exam prep comes with 5 simulated SAFE MLO practice tests with answer explanations. These practice Uniform State Tests with uniform state content are practice exams with answer explanations, which apply in every state, and the NMLS SAFE MLO practice tests can be taken in timed or untimed mode on SAFEMLOExam.com’s proprietary test dashboard.
Licensing Requirements for Mortgage Loan Originators: How to Get an NMLS SAFE Mortgage Loan Originator (MLO) License
As a mortgage loan originator, you usually have two jobs; one is to persuade people that their lending reputation is the perfect borrowing option and the second is to assist people in navigating the closing table. At first, they are salespersons and second, a chaperon for loan approval. Start studying for your MLO test at SAFE MLO Exam.
Licensing Requirements for Mortgage Loan Originators
All applicants for the Mortgage Loan Originator License are required and must accomplish the following steps:
- Obtain a Unique ID number coming from NMLS (free of charge)
- Complete a 20-hour SAFE Comprehensive Course
- Pass the SAFE Act Test
- National Test
- Submit a License Application along with:
- Application fee
- Mortgage Guarantee Trust Fund fee
- Credit Report
- Background Check
- NMLS Processing Fee
All of these four steps are elaborated below in order for you to fully understand the licensing process.
Step by Step Guide to MLO Licensing
Step 1: Obtain a Unique ID number coming from NMLS
Create an account with the National Mortgage Licensing System (NMLS). You can complete this within a few minutes. Once you have already created your own account, the NMLS will notify you via email about your Unique ID number.
Step 2: Complete a 20-hour SAFE Comprehensive Course
You are required to take a 20-hour SAFE Comprehensive Course for the pre-licensure education for MLO’s as this is mandated by the SAFE Act of 2008. Classes are available throughout the United States.
Step 3: Pass the SAFE Act Test
You need to take and pass the SAFE Act Test, which includes the UST (Uniform State Test). It is recommended that you take this test within 10 days after you have finished your 20-hour pre-licensure course. If you will get a score of 75% and up, you have to pass the test.
Step 4: Application
This step must be completed after you have attended the 20-hour pre-licensure course and passed the national exam.
- Submit your application: the Uniform Individual Mortgage Registration/License & Consent Form or the “MU4 Application” on the NMLS site.
- Fees: You will pay the $20 non-refundable Mortgage Guarantee Trust Fund fee, $195 non-refundable application fee, and $60 NMLS processing fee.
- Credit Report: You need to provide NMLS with authorization to obtain your credit report, along with your submission of the MU4 Application. This costs $15.
- Criminal Background Check and Fingerprints: You will be required to get your fingerprints scanned at any NMLS-authorized fingerprint vendors for your FBI criminal background check that is needed in your MU4 application.
Step 5: Check the Status of Your Application
- Criminal Background Check Status
While in the process of your license approval, you can check the status of your existing CBC request or you can retrieve the copy of the CBC certificate.
- Application Status
Check the status of your application and review if there are any deficiencies noted by the state regulator. This will notify you if there are missing information that you need to be issued of the licensing decision. When the status is updated, you will be receiving an email advising of status changes.
Visit SAFE MLO Exam to begin studying to pass your Mortgage Test.