Are you ready for the NMLS exam? People fret about tests and taking the NMLS exam is no different. Knowing what to expect when you get to the test center can help, so here’s a quick summary so you’re prepared.

As I have posted before, mortgage loan originators aren’t required to take the NMLS education prior to taking either the National Component or the Unique State Component of the test. But in reality, a course would help prepare you to take and pass the test.

If you live in one state but want to be licensed in another, you can register for and take the exam at a local test center. The National Component and all State Components will be available at all test centers. Remember, however, the NMLS is rolling out the State Component in waves; not all states are available to date. The first wave (called the “fast-track” states) includes Arizona, Idaho, Iowa, Louisiana, Massachusetts, New Hampshire, North Carolina, Pennsylvania, Rhode Island, Vermont, and Washington.

How long is the test? The National portion of the SAFE Mortgage Loan Originator Test consists of a total of 100 test questions: 90 questions are scored and 10 are not scored. You have 150 minutes to take the test, with an additional 30 minutes to complete a tutorial and an optional candidate survey.

Each State-Specific Component of the test consists of 45 to 55 questions, with an additional 10 questions not scored. For each State-specific Component you have 90 minutes to take the exam, with an additional 30 minutes for completing a tutorial and an optional candidate survey.

What happens if something comes up and you need to cancel or reschedule your exam appointment?  Exam fees are non-refundable & non-transferable, but you can cancel or reschedule by contacting either PearsonVue or Prometric call center (whichever test center you scheduled your exam through). In order to cancel or reschedule, do so by no later than noon (ET) two business days prior to your scheduled appointment.

Are you usually late for, well, everything?? Plan ahead and get to the center early. You will need one form of current (non-expired) government-issued ID that has your picture and signature. The test center will provide scratch paper and a basic calculator. If the test center doesn’t have a calculator available, you can bring your own but it may not be programmable.

Taking restroom breaks is allowed, but the clock doesn’t stop while you’re taking a break. You aren’t allowed to take personal items into the test center, but they do have secure lockers you can use. So upon arrival, plan to part with your cell phone, pager, purse, wallet, coat, hat, favorite lunch pail, and/or latté.

Your exams will be graded electronically. Once you’ve completed taking a test component, your score and test results will appear on the screen, you’ll get a printed score report, and NMLS will post the official version of the results to the Testing Information section. In order to pass the S.A.F.E. Mortgage Loan Originator Test you will need 75% or better on each component.

I hope this is helpful. Over the last several years I’ve learned not to buy a Diet Coke right before going through airport security. They’re not trying punish me, it’s just the rules. Being prepared and knowing what to expect is a good thing.

This entry was posted on Wednesday, August 12th, 2009 at 1:33 pm and is filed under NMLS, SAFE Act. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.