I’ve had a chance to meet many loan originators during the past 5 months while teaching the required 20 Hour SAFE Comprehensive Pre-licensing and Exam Prep Course.
Currently, loan originators in WA State who have not been previously licensed are going through the licensing and testing phase which includes the required 20 Hour Course, mandated by the Federal SAFE Act (Secure and Fair Enforcement) Act of 2008.
I have some feedback for folks who are looking at the pass rates of the new national exam (currently 67%) and wondering who is passing and who is not passing the exam. But first some background.
Prior to 2010, loan originators working under a mortgage broker in some states had to become licensed and pass state exams by scoring at least 70%. State exam included state law, federal law, mortgage-related mathematical computations and a few questions on ethics. At the end of 2007 WA State had roughly 14,000 licensed LOs. In 2008 there was a WA state law change in which the definition of the word “lender