Mortgage Broker Training .us Mortgage Application Testing The actual mortgage broker exam administered by states consistent with the federal SAFE Act comes in two parts: a first section that addresses national broker requirements and a second section specific to a state's requirements. The national component included in the exam is based on a template that follows the guidelines for the SAFE Mortgage Loan Originator examination. The state section of the exam, again specific to the state laws involved for the specific jurisdiction, will address the various nuances not always shared by other states or the federal level. An applicant who is not successful the first time with passing both parts of the exam can retake the test. However, he or she will need to wait a minimum number of days before attempting a re-test. The waiting period varies by state. Examinees should make sure, in addition to their course material, to study the NMLS test outlines which give general parameters of what will likely be covered in the exam. It also helps to know how the exam sections are scored in relation to each other to which areas to spend more effort on since the exam is time-limited. The MLO Testing Handbook is a recommended reference to work with since it walks an applicant through the entire exam approach, including the related paperwork and how the exam location will operate when the applicant arrives on testing day. Test enrollment occurs after the applicant has completed a mortgage broker training program and has determined he or she is ready to take the exam. If employed by a real estate company that is managing the examination application, the company will make the readiness determination based on its own schedule. In either case, once the enrollment process starts the applicant has 180 days to take the test itself. The fee involved costs between $150 to $165, depending rates and changes. Once the test is complete and turned in, the applicant will get an immediate draft results report when leaving the testing facility. This immediate report will give a quick idea if the applicant passed or failed outright. Then, within 72 hours, the applicant will be emailed a notice of official test results and how to review them (typically a link in the email to the NMLS database).
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