safe act: 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)
safe act: 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)
safe act: 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)
safe act: 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)
safe act: 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)
safe act: 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!
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safe act: 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)
safe act: 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)
safe act: 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)
safe act: 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)
safe act: 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)
safe act: 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)
safe act: 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)
safe act: 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)
safe act: 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)
safe act: 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)
safe act: 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)
safe act: News on NMLS National and State Pass rates!
- 04/26/10 11:22 AM
I know a lot of you out there have questions about the pass rate for the National and State Mortgage Loan Officer tests. Here is some updated information for you: 44,273 total National tests taken, with 29,817 passing, for a pass rate of 67% 31,350 total State tests taken, with 23,263 passing, for a pass rate of 74%
to find out how you can get a study guide to help you pass your exam check out our site: http://www.thehughesschool.com/courses-a-schedules … (0 comments)
safe act: News on NMLS National and State Pass rates!
- 04/26/10 11:22 AM
I know a lot of you out there have questions about the pass rate for the National and State Mortgage Loan Officer tests. Here is some updated information for you: 44,273 total National tests taken, with 29,817 passing, for a pass rate of 67% 31,350 total State tests taken, with 23,263 passing, for a pass rate of 74%
to find out how you can get a study guide to help you pass your exam check out our site: http://www.thehughesschool.com/courses-a-schedules … (1 comments)
safe act: Need a Loan to pay your NMLS fees?
- 04/23/10 11:08 AM
Well I signed up yesterday for my company as a mortgage broker and an individual to take my exam. I was wondering when the cash register was going to stop cha-chinging. Ouch! I have not even applied for my license yet that is another $360.00. Thanks big corporate banks for screwing the little guy again. Hope I make alot of money teaching these mortgage classes so I can pay these dues. … (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. 
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