Pass the NMLS Exam

By
Mortgage and Lending with Essex Mortgage 1487494

Advice On Passing The NMLS Examination By Arlene Di Sessa

This Article On Passing The NMLS Examination Was Written By Arlene Di Sessa

According to the NMLS, as of March 31, 2016, the national pass rate of the federal NMLS Examination is 65.5% for first-time test takers, 46.7 % for subsequent test takers, and 61.31% overall. What does this mean for you? Well, for starters, if you want to take the NMLS exam and pass the first time you really need to develop a study plan and you need to commit to that study plan.
 

 

Passing The NMLS Examination: Study Guides

Assuming you have completed the required 20 hour pre-licensing course, the first step is to find a study guide.  There are hundreds of different study materials out there so this can be a very daunting task. Deciding what study material is a personal decision. Maybe someone recommended a study guide for you.  In my case, a colleague recommended The Safe Mortgage Loan Origination National Exam Study Guide, by Patricia O’Connor. This study guide is an easy read and there are practice questions at the end of each chapter, along with two final exams.
 
I would recommend taking final exam number 1 before you even start reading the book.  This will show you what areas you are weak in and you can focus on studying those areas more thoroughly than any other areas that you were stronger in.
 
Now is time to start reading the book.  I made notes as I read, paying special attention to areas I was weaker in.  At the end of each chapter is a special points to remember section.  I rewrote each of these points to help instill the topics into my mind.  I then took the chapter test at the end of each chapter.   I continued with this method for every chapter.
 
Now that you are done reading the book, go back through and review each question that you got incorrect on the chapter tests.  Make sure you don’t memorize the correct answers.  Instead of memorizing the answer, make sure that you understand why you got the question wrong.
 
Now you are ready for the second final exam at the end of the book.  Hopefully the previous study methods were enough to get you to pass the second final exam from the book.  Make sure you go through the final exam and review each of your incorrect answers.
 
In addition to reading the book , I would take as many practice tests as possible.  Your 20 hour pre-licensing course more than likely includes practice test questions.  I would recommend taking those tests. The more tests that you take, the more practice you will have in answering the real NMLS test questions.
 
Most importantly, before the exam, make sure you get a good night of sleep. Don’t cram on test day because you want to be fresh and rested.

Here are 10 pointers for the exam:

  1. Read each answer option. For example don’t just automatically choose answer  A. I always start by reading the last answer choice  and working my way to the first answer.
  2. I would go with my first instinct on what the answer should be. I have found in taking many exams, that erasing my answers and changing them resulted in me selecting the incorrect answer.
  3. Make an educated choice if you are unsure of what the answer should be. Never just pick any answer. Most of the time, at least two of the answers are blatantly wrong. If you can eliminate those, you have a 50/50 chance of selecting the correct answer.
  4. If all else fails and you are unsure of what answer to choose, select the longest and most descriptive answer.
  5. Skip over questions that you absolutely don’t know. Save for review and come back later to review it.
  6. Read each question carefully. Look for key words such as except, always, or never.
  7. Double check your math. Use the calculator that the testing center provides you. You don’t want to lose points from mistakes that can be avoided from simple calculation errors.
  8. Make sure you don’t forget to answer each question. Don’t skip questions and forget to go back to answer them.
  9. If you are nervous take deep breaths and try to remain calm.
  10. Most important is to relax the night before the exam.

 

About The Author Of Passing The NMLS Examination: Arlene DiSessa

Arlene Di Sessa, the author of Passing The NMLS Examination, is a senior writer for Gustan Cho and Associates.  Arlene Di Sessa has an MBA and a Master’s of Science Degree in Accountancy.  Arlene Di Sessa has over 20 years of experience with federal and state income tax returns and over ten years of experience in business taxation, including leading and conducting audits of global and national corporations.  Arlene Di Sessa is a licensed mortgage loan originator and the Branch Manager for the Money Store in Rocklin, California.  Arlene Di Sessa’s goal is to have the number one producing branch of The Money Store in Rocklin, California and is aggressively recruiting quality mortgage loan officers who not just have a strong financial and educational background, but have a passion of helping families realize the dream of home ownership become a reality. Arlene Di Sessa strongly believes in interacting with borrowers as well as realtors so she plans on having her Rocklin, California office in a major populated area where borrowers and real estate professionals have easy access and parking.

Comments (19)

CA COASTAL ESTATES Lauren Selinsky Perez CRS
California Coastal Estates - Aliso Viejo, CA
"Your Real Estate Broker" #oclauren

Great pointers !! and

Welcoe to ActiveRain and your first blog!

Jun 13, 2016 03:52 AM
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

Hi Arlene,
Great pointers!  Thanks for the post.  I'm sure many will find it very useful.

And, Welcome to the world of Active Rain blogging.  It is an extremely valuable platform to connect with other agents and potential clients.  I recommend you check out the "Resources" section and click on "Getting Started".  

Jun 13, 2016 04:42 AM
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

Arlene,

Welcome to Active Rain.

Absolutely great pointers. The two that rang bells for me were

"special points to remember section.  I rewrote each of these points"

And

Take as many sample tests as possible until the outcome is predictable. 

You will find here on Active Rain people, professionals just like yourself. Those willing to share what they know to help others secure their future more quickly.

Your first blog, I believe is revealing of what is within, that of a teacher and helper.

Have fun in the rain.

Umbrella optional.

Best of success,
Annette

Jun 13, 2016 05:17 AM
ARLENE DI SESSA, NMLS 1487494
Essex Mortgage - Roseville, CA
Loan Officer

Thank you all for welcoming me to the community.  I look forward to communicating with everyone and sharing stories of success.  

Jun 13, 2016 05:37 AM
Gustan Cho
LOAN CABIN #NMLS 1657322 - Oak Brook, IL
National Managing Director at Loan Cabin Inc.

Congratulations to Arlene Di Sessa in her passing the federal NMLS examination with flying colors the very first time around. I am extremely proud of you, Arlene. Also, like to congratulate Arlene Di Sessa in her new position as the branch manager of the Sacramento branch office of The Money Store. The Money Store is a national mortgage banking giant based in Florham Park, New Jersey with branch offices throughout the United States and licensed in 46 states. The Money Store, under the direction of Brian Borchard, who is the national managing director, is known for their no lender overlay policy and the great team of licensed mortgage loan originators and managers. The company has over 45 year history of making the dream of home ownership a reality for home buyers and those who had prior credit issues. Again, congratulations to Arlene Di Sessa. Arlene Di Sessa is also a senior writer for Gustan Cho Associates, www.gustancho.com and contributing editor for Credit Fix Advisors, www.creditfixadvisors.com.

Jun 13, 2016 10:18 AM
Sharon Kowitz
CRS-SRES-ABR-GRI-E-Pro-CREN Fonville Morisey Cary, NC - Cary, NC
Cary, NC Relocation Specialist ~ Buying or Selling

Wonderful information for those taking their test!

Jun 13, 2016 12:33 PM
Sharon Kowitz
CRS-SRES-ABR-GRI-E-Pro-CREN Fonville Morisey Cary, NC - Cary, NC
Cary, NC Relocation Specialist ~ Buying or Selling

...Also, welcome to Active Rain and congratulations on your first post!

Jun 13, 2016 12:33 PM
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

Sounds like some solid advice for passing the exam Arlene.

Welcome to Active Rain, looking forward to reading many more of your posts, let me know if there is anything that I can do to help as you get started here.
Bob

Jun 13, 2016 01:47 PM
Robert May
Robert W May - Lethbridge Real Estate - Lethbridge, AB
Real estate consulting

Welcome Arlene to Activerain.  Hope you enjoy your time here and its great for your business.

Jun 13, 2016 02:16 PM
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Good morning, ARLENE DI SESSA great pointers for those who are thinking of entering the profession and will be taking the exam..... 

Jun 13, 2016 10:11 PM
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

and welcome to ActiveRain....it's a great place to learn, share, market an network....and I hope you enjoy it and benefit from all of it....

Jun 13, 2016 10:12 PM
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Welcome to Active Rain ARLENE DI SESSA  - as REALTORS® who have been here for almost 10 years, it's well worth it!

 

Jun 13, 2016 10:15 PM
Mark Neighbor
A O Home Solutions - Sell House Georgia - Buy House Georgia - McDonough, GA
Sell House Fast In Georgia

Welcome Arlene to Active Rain. Good article. Understanding is key to this business. Hope to read more from you soon

Jun 13, 2016 10:43 PM
Gustan Cho
LOAN CABIN #NMLS 1657322 - Oak Brook, IL
National Managing Director at Loan Cabin Inc.

Technology has changed the way consumers shop, especially shopping for mortgage loans. The creation of Amazon.com, the largest online superstore in this world, has lead the way on ways consumer shop for everything from consumer goods, to cars, to homes, to even mortgages. Here is an article on online shopping that was written by Arlene Di Sessa, a senior writer for Gustan Cho Associates and a licensed mortgage loan originator for the Sacramento, California branch of The Money Store, a national full eagle mortgage lender headquartered in Florham Park, New Jersey and published on Gustan Cho Associates Mortgage and Real Estate Informational Center, http://www.gustancho.com. Arlene Di Sessa holds a Master's of Business Administration degree and a Master's degree in accountancy and is the branch manager of the Sacramento, California branch of The Money Store. Here is the link to the blog: http://gustancho.com/online-shopping

Jun 13, 2016 11:54 PM
Harry F. D'Elia III
RentVest - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

My mentor said to study the past tests. I did and passed. Welcome to AR

Jun 14, 2016 12:03 AM
Gustan Cho
LOAN CABIN #NMLS 1657322 - Oak Brook, IL
National Managing Director at Loan Cabin Inc.

There are minimum credit score requirements to qualify for a FHA Loan. For home buyers that only have a 3.5% down payment on a home purchase, the minimum credit score required to qualify for a FHA Loan is 580 FICO credit score. Home buyers with credit scores down to 500 FICO credit scores are eligible to qualify for a FHA Loan, however, FHA requires 10% down payment on a home purchase on any home buyers with credit scores of under 580 FICO credit scores. Here is a mortgage blog article post about what the minimum credit score requirements are to qualify for a FHA Loan that was written by Gustan Cho and published on Gustan Cho Associates Mortgage and Real Estate Informational Center, http://www.gustancho.com:  Here is the link

http://gustancho.com/minimum-credit-scores-to-qualify-for-fha-loans

Jun 14, 2016 06:22 AM
Gustan Cho
LOAN CABIN #NMLS 1657322 - Oak Brook, IL
National Managing Director at Loan Cabin Inc.

Sacramento California housing prices is hot. Sacramento California has one of the highest real estate values in the nation. Many folks in Sacramento California were deeply affected by the Great Recession of 2008 and real estate values plummeted more so in Sacramento California than it did in other parts of the state as well as most parts of the United States. Hundreds of thousands of homeowners had homes where their mortgage loan balances were higher than the value of their homes where they were underwater on their mortgages and thought that they were stuck with their homes for the rest of their lives. Bankruptcies and foreclosures has soured in Sacramento California and home values did not seem like they would ever recoup to their original values. Fortunately, the economy in Sacramento California has recovered and so has the economy. Sacramento California is considered as a high cost area and loan limits in Sacramento California are much higher for all mortgage loan programs. Here is an article about Sacramento Home Purchase that was written by Arlene Di Sessa, a senior writer for Gustan Cho Associates, and published on Gustan Cho Associates Mortgage and Real Estate Informational Center website, www.gustancho.com. Here is the mortgage blog article post link   http://gustancho.com/sacramento-california-home-purchase

Jun 14, 2016 07:08 AM
Gustan Cho
LOAN CABIN #NMLS 1657322 - Oak Brook, IL
National Managing Director at Loan Cabin Inc.

Mortgage loan originators who want to take their mortgage careers to the next level and start their own mortgage branch office can start a mortgage net branch. A mortgage net branch is similar to a franchise where a mortgage loan originator can start their own mortgage business with the support of a mortgage company. The branch manager will get paid via Profit and Loss Statement, or P and L, and will be on a comp plan like 4% of the loan amount on a government loan and 2% on a conventional loan closing. The branch manager enters into an agreement with all of his or her loan officers and agrees on a loan officer comp plan like 100 basis points per loan as their commission. The corporate offices of the mortgage net branch will pay out the mortgage loan originator's commissions first, then pay out the expenses of the mortgage net branch and support staff of the net mortgage branch and then the remaining proceeds will go to the mortgage net branch owner, the net branch manager. All of Gustan Cho mortgage loan officers have the opportunity to start their own mortgage net branch whenever they feel like they are ready and Gustan Cho Associates will offer full financial and emotional support where the new mortgage branch owner will not have to come up with any out of pocket costs or investments and there are no minimum production requirements like other mortgage net branches. Here is an article on how to start a mortgage net branch with Gustan Cho Associates which was written by Gustan Cho and published on Gustan Cho Associates Commercial And Residential Mortgage Information Center Website, www.gustancho.com . Gustan Cho Associates is actively recruiting loan officers who also have goals of becoming future mortgage net branch owners with a great national mortgage company that is licensed in 46 states with little to no lender overlays. Here is the link to the article  http://gustancho.com/how-to-start-a-mortgage-net-branch

Jun 26, 2016 02:23 PM
Gustan Cho
LOAN CABIN #NMLS 1657322 - Oak Brook, IL
National Managing Director at Loan Cabin Inc.

Julie Hayward is one of the top real estate agents in the State of Illinois. The Gustan Cho Team At The Money Store fully recommends Julie Hayward to all of its loan officers and Julie is the first choice for loan officers that have to refer their borrowers to a real estate agent in Chicago and its surrounding suburbs. Julie Hayward works closely with her real estate attorney Chad M. Hayward, the owner/partner of The Law Offices Of Chad M. Hayward and the two dynamic duo work seven days a week, evenings, weekends, and holidays. Julie is extremely knowledgeable in all aspects of the real estate field. Whether it is a condominium that your are buying, a single family home, a two to four unit, or commercial property, Julie knows exactly the fair market price as well as the neighborhoods like the back of her hands. Julie is a popular author with Gustan Cho Associates Mortgage Resource Center, www.gustancho.com, and she is also a contributing editor for www.lendingconsultants.org, www.homesnetwork.org, www.loanconsultants.org, and www.california-loans.com . Julie Hayward can be contacted by emailing her at juliehayward04@yahoo.com. Here is a popular article that is written by Julie Hayward, Preparing To Sell Your Home and was published on www.gustancho.com : Here is the link http://gustancho.com/preparing-to-sell-your-home-by-julie-hayward-2

Jul 10, 2016 08:11 PM

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