Comments on: Will the New National Loan Originator Exam be Too Easy?

By: Jillayne Schlicke

Jillayne Schlicke — Tue, 02 Mar 2010 20:37:13 +0000

Hi Ryan,

Thanks for stopping by. Yes, those sample questions certainly sounded too easy. Glad to hear the bar is set higher for the actual exam. Your reported experience mirrors what NMLS says in their Exam Candidate Handbook. The lesson from Ryan: Know Your Regulations!

By: Ryan

Ryan — Tue, 02 Mar 2010 08:18:53 +0000

I just took and passed the national exam. Still waiting to take the ca state exam. Was told today that the test was pulled back after I showed up for my appointment. I can tell you that every sample test I took was much easier than the actual test. Yes there are some no brainer questions but most of my test was on regulations. I had very few math related questions. The wording of some of the questions for the regulations and ethics portion can be tricky so read them carefully. Based on my test you will need to know your regs in detail (ecoa,tila,respa etc) if you know basic math you can solve the few math related items. Interested on how hard the ca state specific will be

By: Jillayne Schlicke

Jillayne Schlicke — Mon, 08 Feb 2010 20:24:39 +0000

Hi Amy,
Excellent! Thank you so much for coming back and sharing your experience. Congratulations on passing. I’m assuming the actual test questions were much harder, yes?

By: Amy

Amy — Mon, 08 Feb 2010 14:02:14 +0000

Oh by the way I made a 98 on the test I took in CE class and was told it would mirror the National exam. In know way did it mirror the exam. I passed both State and National but with an 86 and an 88. Please don’t believe the test questions you have posted are any example of what is really on the tests.

By: New National LO Exam Pass Rate 69% : National Association of Mortgage Fiduciaries

Sun, 27 Dec 2009 21:12:21 +0000

[...] This means the new national exam is too easy, like I surmised back in June. Or isit? [...]

By: Eddie Iskes

Eddie Iskes — Fri, 18 Dec 2009 15:02:01 +0000

As long as you take the course for this exam or been a loan officer for 1 to 5 years and know how to originate, process and close the loan, most exam will focus on the paper works involve in closing the loans such as loan application, settlement cost, term, interest rate. supporting documents, etc. so the exam must not be too complicated if you are one of them. In order to test your ability, enroll with the review course and take the sample exam without reading anything and see what you know.

By: Roger Ingalls

Roger Ingalls — Sat, 27 Jun 2009 02:19:24 +0000

CB:

Thanks for the insight, but I think we need both underwriters and LOs, and maybe the input from few appraisers, title specialists, and escrow folks, too, to come up with relevant education and testing.

I try not to do other people’s jobs in lending, but I do try to understand them, and of course, I am very interested in how underwriters do their jobs.

It appears from my observation that there is more to underwriting a loan than just black and white, and certainly different lenders publish slightly different guidelines, and likely train their underwriters to slightly different standards.

I completely agree that the questions and answers should accurately reflect how loan decisions are made and the lending process is carried out, but I would add that it should include more facets of the process than just the underwriters’ processes and decisions.

The decisions of other parties, including LO’s, are critical to the entire process working.

I’m glad I could keep the subject of testing interesting at least.

Thanks for chiming in!

By: Joseph

Joseph — Fri, 26 Jun 2009 22:34:36 +0000

I agree with regard to having every loan originator licensed, no matter the lending institution. We lost lots of lending institutions due to WAMU, Countrywide, etc. having unlicensed and uneducated loan officers that did not disclose properly. Which bank and lending institution is next?

By: cb

cb — Fri, 26 Jun 2009 21:12:31 +0000

Sure, which is why the old(and now retruning) standard was to use a long term average. But for initial calculations some standard must be used, and so it is fairest to assume a somewhat typical 52 weeks of pay per year

By: cb

cb — Fri, 26 Jun 2009 21:09:05 +0000

Actually, the question appears to be worded well. If you look at the structure of the sentence, what is being discounted is the requirement, not the mortgage insurance itself.