mortgage loan officers: Updates on NMLS Pass Rates and 20 Hour SAFE Course
- 09/24/10 11:46 AM
So you have filed your MU4 application, signed up for your exams, and are ready to take the 20 hours of prelicensing education that you have been putting off since the beginning of the year. If this sounds like you, don't worry you are not alone. There are still THOUSANDS of MLOs left to take and pass the exams and become licensed with NMLS. It will be interesting to see who is still left in the business when January 1 rolls around. The test rates for August have been posted and they are not pretty. National pass rate is 70% and … (0 comments)
mortgage loan officers: Failed NMLS Exams
- 09/09/10 01:05 PM
If you are like the many phone calls I get everyday stating they failed the National or State Exam. You are not alone. I am finding that most people in the mortgage industry (the longer they have originated loans the more this applies) think they have been originating loans for so long they know everything there is to know for the exam. So they hurt themselves by not studying. I myself am a California Mortgage Broker and of course thought the same. What I found out was that I can package a loan upside down with my eyes closed but I … (0 comments)
mortgage loan officers: NMLS Transition Check List, One More Requirement Easily Overlooked!
- 08/20/10 06:31 AM
Well I don't know about you guys but I have been sitting here paitently waiting for word on my NMLS licenseing completion. After jumping through all of the hoops required by NMLS; filing both an MU4 and MU1 application ($500), taking my state and national exams ($169), fingerprinting, background check (ca-ching, ca-ching), giving them my first born child, I was FINALLY done and ready to receive my license. This was in MAY, so now that we are in the end of August, I broke down and called NMLS to find out what was taking so long for my licensing to be … (0 comments)
mortgage loan officers: New California Mortgage Lending Webinar Available!
- 08/05/10 10:13 AM
For those of you who haven't taken your State Exam for the MLO licensing requirement, you will be happy to know that the Hughes School now has a California Mortgage Lending Webinar available to help you cram for your test. This live 2 hour class will cover all of the aspects of the California State MLO Exam, including CA Penal Code Law, DRE and DOC licensing and the SAFE Act. The course is available several times a week and they fill up fast so reserve your spot today. Check out our site here for more info or to order the class. … (0 comments)
mortgage loan officers: All California Mortgage Brokers MUST Take the NMLS State and National Exams!
- 07/12/10 03:23 PM
I received a call today from a CA broker who had recevied this email from the DRE: California - DRE has agreed to certify you for SAFE Pre-Licensure Education or the State Component of the SAFE Mortgage Loan Originator Test. To complete the Certification process you must pay a fee of $15.00 for Pre-Licensure Education Certification or $5.00 for the State Test Component Certification. The invoice will indicate the certification you are paying for. They took this email to mean that they did not have to take the State and National Mortgage Loan Originator exams required by NMLS and that they could just … (0 comments)
mortgage loan officers: Mortgage Licensing Requirements Got You At Your Wit's End?
- 07/09/10 09:55 AM
Is everyone sick of jumping through hoops trying to get their SAFE Act requirements yet? You are not alone. A lot of MLOs just want to know what they need to do and when they need to do it by. So to refresh these are some of the steps in staisfying your Mortgage Licensing requirements: 1. Register with NMLS (Nationwide Mortage Licensing System). If you haven't done this already you need to asap. They will give you a NMLS ID#. REMEMBER this number, it is what identifies you as a Loan Officer in the nation. 2. Complete your MU4 application. This … (2 comments)
mortgage loan officers: NMLS Pass Rates for May Posted!
- 06/18/10 11:22 AM
NMLS has posted the pass rates for the MLO SAFE Test for May as listed below: National Component first-time test takes is 71% National Component re-takes is 44% (ouch!) Aggregate State Component is 79% Aggregage State re-takes is 60% Check out the Hughes School for study materials to help you pass your exam!
… (7 comments)
mortgage loan officers: More Classes Added to the Hughes School
- 06/16/10 05:31 PM
Hi All, Just wanted to let everyone know that we extended the class schedule for the NMLS SAFE At prelicensing education. To help meet students demands earlier and later classes have been added to better accomodate Loan Officers. We now have some evening sessions available! You can check out the course schedule here … (0 comments)
mortgage loan officers: Go Green @ Bakersfield Street Fair tomorrow night!
- 06/16/10 05:28 AM
Tomorrow night is the Bakersfield Street Fair! Go Green at the second annual buyers and sellers Home and Garden street fair expo. We will be there to provide the public with any information on buying and selling a home including loans, insurance, and NMLS education for Loan Officers. The Hughes Group will also be giving out snow cones so make sure to stop by our booth! It is downtown from 6:00pm to 9:00pm, hope to see you there! … (2 comments)
mortgage loan officers: Street Faire and Snow Cones
- 06/11/10 10:59 AM
Everyone in the local Bakersfield area, Hughes Group will be out at the downtown street faire this Thursday 6/17 giving out snow cones and letting people know about all of the things that we offer. We will have staff on hand to talk real estate, insurance, and NMLS education. Hope to see you out there! … (1 comments)
mortgage loan officers: In Life There Are No Guarantees...
- 06/08/10 06:59 AM
Don't be fooled by a guarantee! If you need to do any education for your NMLS or are taking a crammer study course for the National or State exam; don't believe any company who "guarantees" you to pass! NMLS states that all advertising must be truthful and void of any misleading statements or guarantees. Some approved course providers have a "100% pass guarantee" but it is IMPOSSIBLE to guarantee that anyone will pass their national exam when they go sit down and take it. What many schools will do is guarantee a refund if you do not pass or let you … (1 comments)
mortgage loan officers: Updates on NMLS Renewals
- 06/04/10 10:53 AM
I know it just seems like we started this whole NMLS thing, but they are already talking about when you have to renew your license! Originally all licenses were going to be renewed annually on the same date for everyone! However, NMLS has changed this and licenses will now be renewed based on the date in which you applied. This helps to get rid of some of the burden that would cause of every Loan Officer having to update at the same time. Talk about a huge work load! For more info check out our site for NMLS FAQ's … (0 comments)
mortgage loan officers: NMLS Test Tips: ECOA
- 06/01/10 10:14 AM
It's that time again for more test tips for the nationals NMLS MLO exam. Today is ECOA the Equal Credit Opportunity Act, a US federal law enacted in 1974 that makes it unlawful for any creditor to discriminate against any applicant based on race, color, religion, national origin, sex, marital status or age. ECOA also states that you cannot discriminate based on reciept of public assistance. This law covers anyone who works in banks, retailers, finance companies, credit unions, etc. Failure to comply with ECOA can result in fines of $10,000. For more ways on how you can help study for … (3 comments)
mortgage loan officers: Trying to Figure Out This New GFE!
- 05/26/10 06:51 AM
Hi all, If any of you are like me, your head is still reeling from all of the changes going on in the business. Some of you may have questions, comments or concerns about the new GFE. I received a really helpful email on Tips on the GFE, which goes over line for line the new Good Faith Estimate, and what information you need to have on it. I found this to be informative so I thought I would share!
… (2 comments)
mortgage loan officers: NMLS Test Tips: TILA
- 05/20/10 12:52 PM
I blogged last week that federal lending laws were such a large portion of the National NMLS exam so we are focusing on those to remember for your test. This week is TILA! The Truth in Lending Act,1968, is a US federal law designed to protect consumers and their credit. It is Regulation Z, and you can remember this by calling it "ZILA" instead of TILA. Its purpose is to promote informed use of consumer credit by requiring disclosures. Which includes honesty in advertising including APR information and consumer's credit rights. You can be sure that there will be question about … (2 comments)
mortgage loan officers: Updates on Pass rates for the NMLS MLO exam!
- 05/18/10 10:09 AM
NMLS has just released the latest information on the pass rate for the MLO national exam, including pass rate for re-takes. As of April 30 the pass rate for the national exam is 71% (up from 68% in March). For those who had to re-take a failed exam the pass rate is 44% (Ouch!). For states the total is much higher with a pass rate of 78% and 60% for retakes. Make sure you know your stuff before going and taking the exam! Judging from the numbers you definitely don't want to have to re-take it! For study guides check out … (3 comments)
mortgage loan officers: NMLS Test Tips: RESPA
- 05/13/10 06:22 AM
Since quite a few questions on the NMLS national exam deals with RESPA I thought we could have a RESPA refresher. RESPA (Real Estate Settlement Procedures Act) was passed by congress in 1974 to prohibit kickbacks between lenders, realtors, construction companies, and title insurance companies. RESPA requires lenders to provide a GFE and HUD-1 statements at the closing of a loan. RESPA is Regulation X and you can remember this by calling it REXPA. Knowing all aspects of RESPA can help you pass on your exam! … (2 comments)
mortgage loan officers: My NMLS Test Experience!
- 05/11/10 03:20 PM
So I went to Fresno today to take my National and State exam for NMLS...and I passed! Thank God for that CompuCram disc. I got a 92% on my National component, and a 96% on the State. If I could give any advice on what to study for, it would be the Federal Lending Legislation! I would say that approximately 15-20 questions covered RESPA, all aspects of it. Another 10 or so questions on ECOA, TILA and other federal laws and acts. Make sure you guys know them when you go to take your exam! Check our site for study materials and to see what other students got on their … (3 comments)
mortgage loan officers: Deadline Reminder for DOC MLOs!
- 05/10/10 09:45 AM
Just a reminder for the all Loan Officers who are registered with Department of Corporations in California, you must have completed your 20 hours of SAFE Act prelicensing education by May 28, 2010 in order to have your license by July 31, 2010, which is the deadline for DOC. If you haven't signed up with NMLS or taken your SAFE Act education you should do so soon! Check out www.thehughesschool.com for upcoming deadlines and FAQ's … (0 comments)
mortgage loan officers: The Importance of your NMLS ID Number!
- 05/04/10 08:24 AM
It is up to you to provide your NMLS ID number to the educator who is banking your 20 hours of prelicensing education. Also make sure you give them the correct ID number! If you hours do not get banked, you are the one responsible. Every MLO should be registered with NMLS and have an unique ID number, this number will identify you as nationally registered MLO. If you have any questions about how you can register or what requirements are needed check out: http://www.thehughesschool.com … (1 comments)
So you have filed your MU4 application, signed up for your exams, and are ready to take the 20 hours of prelicensing education that you have been putting off since the beginning of the year. If this sounds like you, don't worry you are not alone. There are still THOUSANDS of MLOs left to take and pass the exams and become licensed with NMLS. It will be interesting to see who is still left in the business when January 1 rolls around. 
;)
;)
