(go to previous page) (go to beginning)
13. Don't "memory dump." Do you plan to memorize information so that you can immediately jot it all down in case an applicable question appears? Don't. Memory dumping is not allowed and will earn you a reprimand by the proctor if you're observed doing it.
14. If there's too much information, simplify. One clever way the exam tests originators is by presenting questions jam-packed with extraneous information. If you're overwhelmed by truckloads of details in one particular question, stop, breathe and focus on each answer. Rule them out one-by-one until you find the one that applies.
15. Use the process of elimination. Even if you have no idea what the correct answer is, ruling out one or two greatly improves the odds that your guess will be correct.
16. Study! Whether you've worked in the mortgage industry for one month or for 25 years and one month, if you want to pass the NMLS exam, you must study. You may be a seasoned professional, but that doesn't mean you know that the U.S. Department of Housing and Urban Development regulates RESPA or that loans closed on or after July 29, 1999, require numerous disclosures in accordance with the Homeowners Protection Act.
The test covers more than your origination experience. You might know how to calculate LTV, combined LTV (CLTV) and total LTV (TLTV), but you also must know what an air loan is, as well as the four components of an ARM.
Take the course and then schedule your exam. Allot ample study time, but also schedule the exam soon enough after your class to remember what your instructor taught. And use practice exams; they are invaluable.
* * *
The good news is you'll learn your grade before you leave the exam room, and it hopefully will be 75 percent or higher. The bad news is that if you fail, you're not advised of your incorrect answers.
The reason most people fail the NMLS exam is that they don't study, pay little attention in their pre-licensing class, panic when they don't understand a question or read the questions too fast. This test is extremely important to your career, so prepare for it seriously. By adhering to these 16 suggestions, you're bound to be smiling as you leave the testing center.
Rich Leffler, an award-winning mortgage professional, has excelled in customer service, research, loan origination, training and consulting. He operates a national mortgage-education and training consultancy through which he creates and instructs mortgage courses while assisting mortgage businesses to train their employees and grow. He lectures regularly on compliance issues, executing mortgage sales and customer-service strategies that win and is available for in-house training, speaking engagements and seminars.
Contact him at firstname.lastname@example.org or (410) 486-2430.
Page: 1 2 3 Previous