How to Sign Up for the SAFE NMLS Test
Are you stressing about the NMLS Test? Then you need to know how to take it and when to sign up. Look at the steps below or take a look at the Mortgage Loan Originator Testing Handbook
To get you ready for your big test day without any unnecessary worry, let’s review how to schedule your NMLS exam and break down what areas of knowledge are covered.
How to Sign Up for an NMLS Test
Before you can schedule your MLO test, you need to create an NMLS account and pay for the test. To do that, follow the steps below. You can also click here for a video that will walk you through the whole process.
1. Create your NMLS account on the NMLS website when you are ready to sign up for your MLO test, sign in to your account.
2. Once logged in, click the NMLS Navigation tab on the left side of the screen. Once you’re on the page, click the MLO Testing and Education button.
3. On the testing page, click Pay for a Test. This will take you to a page where you can select your test. Click Select by State, and choose the states where you will be getting licensed by clicking the checkmarks next to those states.
4. Once you’ve selected the tests and states you want, select Add to Cart. Next, you will be asked to read and sign a Candidate Agreement. When this is accepted, you’ll be taken to a screen where you can pay with a credit card or bank account. The fee is currently $110.
5. After you have paid your test fee through the NMLS, you have 180 days to go visit the Prometric scheduler and schedule and take your NMLS exam. The NMLS doesn’t administer the exam themselves, they use a third party.
How to Schedule the NMLS Test
Now that you’ve paid for your NMLS exam, the next step is to schedule your test.
1. Online, head to the Prometrics NMLS Test Page, and click Schedule My Test and then click Next. Then, review and agree to the Privacy Policy.
2. Fill in your NMLS ID and name. On the next screen, select your test. Most loan officers will only take the SAFE MLO Test.
3. Click Next to search for a testing center. Type in your address to find the closest location, and then select the date and time.
4. Fill in any information as prompted. Before finishing, review and write down your appointment place, date, and time.
5. Print out your confirmation page, and take it with you to the testing center.
Prepare for the NMLS Test
The MLO test is not an easy exam. Even if you think you know the material, you should study carefully so you can be ready on test day.
Here at Mortgage Educators, the formula that we suggest that we’ve seen to be the most successful is to complete the 20-hour education and then study for about 2 weeks before taking the exam.
Here are the topics covered and the percentage of the test devoted to each:
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Federal mortgage-related laws: 24%
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General mortgage knowledge: 20%
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Mortgage-loan-origination activities: 27%
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Ethics: 18%
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Uniform state content: 11%
The NMLS test is tough, but with the right preparation, you’ll be ready. For great results, use the resources from Mortgage Educators to help you get fully ready for your MLO test.
Similar Questions People Have Asked:
How to Get Your NMLS Background Checks and Fingerprints Done?
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When you plan to have a career in the mortgage lending industry, you must complete the required state-specific education hours and pass the licensing exam. But before you can take the SAFE MLO test to obtain your license, you need a unique identifier from the Nationwide Mortgage Licensing System, commonly known as the NMLS number.
Below is how to get a mortgage license number.
1. Determine If You Need an NMLS Number
Not everyone working in a lending institution or mortgage company needs to have an NMLS number. Before applying for one, find out first if it is required in your line of work.
If you’re a loan officer employed in a mortgage company regulated by the federal government, you should register for an NMLS number. Generally, the process begins with your employer, who must be licensed with or registered in the state through NMLS.
Be sure to double-check that you need an NMLS number before you start registering for the license application.
2. Be Prepared to Fill Out the Proper Form
NMLS permanently assigns a unique identification number for each entity. As an individual mortgage loan originator, you have to complete Form MU4R to register.
The form will require detailed information about yourself, your residence, employment history, and involvement in financial services-related businesses. Also, you must answer disclosure questions regarding financial, criminal, civil judicial, and regulatory action.
Prepare how you should answer the form by reviewing the required fields. Refer to the definitions outlined for the answers. However, if you have further questions, ask a regulator or expert.
3. Create an NMLS Account
Getting your NMLS number is all done online. You must have an account on the NMLS website first to fill out the form and submit it.
Your employer can create the NMLS account on your behalf. You’ll receive a notification on the registered username and temporary password, ideally updated into something stronger for better security.
Another option is to request an account by yourself. This way, you’ll have more control and easier access to your login credentials. Make sure the information you provide for account creation is accurate and complete. You or your company could be liable for erroneous entries.
If you want more in-depth instruction, this short guide will help you.
4. Complete the Entire MU4R Form
Before obtaining your NMLS number, you’ll have to complete the form. If your company initiated registration, log in to your account and go over Form MU4R. Check the information inputted and update as necessary. This will assist you in attesting and submitting to paying for the registration fee.
If you created your NMLS account and completed the form, proceed to attest and submit your Form MU4R. Then, remit payment to finish registration and receive your unique identification number.
Why You Need an NMLS Number
Before learning how to get an NMLS number, you may be wondering why you need one.
Regulatory Requirement
Your assigned number is unique and identifies you as the one who offered and originated the mortgage or home loan. It serves to monitor and regulate lending institutions and loan officers, regardless of wherever they conduct business, to avoid unscrupulous practices and activities under the SAFE Act.
The Federal Bank, Federal Housing Finance Agencies Fannie Mae and Freddie Mac, and Federal Housing Administration require the NMLS number and its disclosure on loan transactions and documents. If you don’t have one, you are not authorized to engage in mortgage lending activities.
Consumer Protection
For consumers, the NMLS ID gives assurance and choice. They’ll know they’re dealing with a licensed professional who may face regulatory action for misconduct. By entering a loan originator’s unique identifier on the NMLS Consumer Access, they can easily verify credentials, transaction history, and other relevant information.
The available data will largely impact their decision to choose a specific lender and avoid becoming victims of fraud.
Start Your NMLS Process Today
Get started on your future by jumpstarting your NMLS application process today with Mortgage Educators. Besides finding answers to the most commonly asked questions on obtaining your MLO license, we’ll also offer help with additional concerns on how to get an NMLS number.
Since we want you to pass your licensure exam, we offer several preparation courses tailored to fit your budget and needs. Explore our website today to learn more!
Similar Questions People Have Asked:
How to Get Your NMLS Fingerprints and Background Checks Done?
How to Schedule and Take the NMLS Exam?
Start your mortgage career today!
Credit Plus University has partnered with Mortgage Educators to offer online Mortgage Loan Originator education and training classes that will help bring you up to date on new mortgage regulations and help you fulfill licensing requirements.
Credit Plus University is pleased to provide these effective, convenient online mortgage business education, licensing, and training classes.
Credit Plus customers receive an exclusive discounted rate.
Email [email protected] for your special discount code.
Call 800.258.3488, ext. 1405 today to become a Credit Plus customer.
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20 Hr. Online Instructor-Led Bundle ID #2161
Includes test prep questions and materials |
|
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2013 NMLS approved online CE course |
|
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Prepare to pass the UST on the first try |
|
AML Training Course with policy and procedures
Customized policy manual |
|
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Prepare for the CFPB before they come! |
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