Re #20 and 26 “test retake”, DFI and Promissor did not provide us with scores, just pass/fail, but I am told that DFI has that info, and will let us know at some point in the future whether our score requires us to retake or not.

Just another element of uncertainty…sometimes you just gotta roll with it.

Hey, I’m just impressed if anyone from DFI reads this stuff! I think they would have to comment anonymously, if at all.

Per WAMP, it sounds like the real “opportunity” is for those LO’s who have let their license lapse:

If you have allowed your license to lapse…you have until July 30th to be completely up to date with the state and NMLS requirements or else you will have to start all over with no exceptions! If done by July 30th you will be exempt from the newly required State Exam, certain continuing education classes will be credited towards class hours, and your need to take the National Mortgage License Exam is delayed until later in 2010. Getting the essentials done before July 30th is your best assurance your ability to do business will not be interrupted over licensing issues.

Deb Bortner will be at WAMP’s next event June 19, 2009 and there is still some space available (RSVP required) to discuss the SAFE Act and LO Licensing.

Much of the test will be on government loans EVEN if the LO does not originate FHA/VA loans.

As Jillayne mentioned in comment 20; if you did not pass the exam with a 75% or higher, DFI will reach out to you to let you know you get to take the State LO test AGAIN.

LO’s who did pass the PearsonVue test in 2007 with 75% or higher are grandfathered for the State Exam.

The new test will be more challenging…. (posting a few notes as I listen).

Thanks again for the reference to the podcast–it’s nice to hear Deb Bortner thank WAMP for their support.

I’ve got to start attending the meetings again… I swear I had something pop up at every meeting recently.

I promise to put something together for us but I can’t guarantee a date due to other pressing deadlines, however, anyone can listen in to the last Mtg Broker Commission meeting here:

http://www.dfi.wa.gov/cs/mortgage_commission.htm

They podcast the whole thing. It was toward the beginning of the meeting when licensing and testing was discussed.

This should really help clear things up for you/us until DFI puts out something official in writing.

Hi Roger,

I can help you.

The additional requirements are as follows.

1) You will have to pass the new national LO exam.

2) If you did not pass the 2007 LO exam with a score of 75% or higher, you will need to re-take the new STATE LO exam.

The lady I talked to could not have been any nicer. Did not catch her name, though.

They are working on updating the FAQ’s to cover the myriad scenarios.

I focused on the areas that concerned my licensing.

Presently, my license is current thru the end of 2009, but inactive.

I am inactive because the company I work with chooses to be regulated under the Consumer Loan Act (CLA), rather than the MBPA route. I argued for doing both, but I can see what a headache it would been for them, and I think they chose the more sensible route.

As I understand it, my best course of action is to make sure that I renew my license by submitting the requirements in the 2 month window at the end of 2009. Those requirements are:

Complete 8 hrs of CE
Pay the licensing fee

Sometime in 2010, there will be some additional testing requirements, even though I have already passed the Broker test in 2005, and the LO test in 2007. Exactly what those testing requirements will be is unknown, but I’m not going to worry about them in the least.

Regarding the test, reportedly, there are people from the industry working on appropriate and relevant content. We can always hope that there is improvement on the test questions.

It appears that the sample test has been removed from DFI site, so maybe we’ll actually have to read and study to pass! I was so motivated to pass the MB test in 2005 on the first go round, because I had to drive all the way to Oly to take it!