40% of students FAIL the NMLS SAFE exam.

Let that sink in. 

40% students who want to be mortgage loan originators fail this mandatory exam, which means that they need to wait 30 days before taking it again.

Should they fail it 3 times, they need to wait 6 months before taking it again. 

Imagine the time, energy and money that goes to waste… And it’s easy to avoid the top 5 (little-known) reasons why these students sadly fail this exam. 

1. Inadequate Preparation

This is the number one reason why most students fail the NMLS exam.

They think that taking the 20-hr pre-licensing course is enough for passing the NMLS exam, but the fact is that while the pre-licensing course does give you information about the mortgage industry, you do need a minimum of an additional 15 to 20 hours of study before taking the course.

The pre-licensing course IS NOT your exam prep course.  It is the course you have to take to get into the business. It goes over the rules, the regulations, and the concepts the NMLS wants you to know but not ALL of the information is on the exam, and a lot of test-takers rely solely on the 20-hr pre-licensing class for passing the exam, but that’s not enough.

You do need to dedicate time to studying for the NMLS exam, and you need to know what’s going to be on the exam so you can be sure that you ACE IT!

2. Taking the Wrong Pre-licensing Class

Another common mistake that most students make is signing up for a pre-licensing class that isn’t suited for their particular learning style.

Now here’s the thing: Usually, the students choose the cheapest course available or an online course. Most online courses are learner-led and self-paced which means you don’t know who to turn to when you have doubts, or you lose interest and let your study slide.

Here at Affinity, we have an ONLINE classes, but unlike other online classes, we give students direct access to instructors so they can ask questions and stay motivated and accountable.

So, when you’re choosing your pre-licensing class, make sure you do your research and choose one that is either a LIVE class, in-person or if it’s online then, it has enough support for you to score well and successfully pass your exam!

3. Studying Without A Plan

“If you fail to plan, you are planning to fail.” That’s what successful people say.

It’s the same thing if you don’t have a study plan for the NMLS exam. If you don’t know what you have to study and no study-time schedule, what are your chances of succeeding?  Pretty slim, right?

That is why relying solely on practice exams or a rote-style of question-answer, question-answer learning is designed to make you fail the exam.

You need to know not only the answer, but also WHY it is the answer. That is the reason we, at Affinity, teach you concepts.

4. Waiting Too Long Before Taking the Exam

A lot of students end up failing the exam because of a sporadic study schedule or because they wait too long before taking the exam.

Now, here’s what you need to know… The rules and regulations change often. Also, the exam changes often. It’s already changed  times and with a new administration and a new President, it will change again.  The longer you wait, the greater the chances of the information changing and the higher the odds of you failing the exam!

5. No Clue About the Test Outline

Most students don’t even know the new test outline. You need to know the 5 sections and the weight of each of those sections –

  • mortgage-loan-origination activities (25%),
  • general mortgage knowledge (23%),
  • federal mortgage-related laws (23%),
  •  ethics (16%), and
  • uniform state test (13%),

PLUS you need to know what you’ll be asked in those sections!

Taking the exam without knowing what’s going to be on the exam is like driving cross-country without a map. You have no clue where you’re going! How will you know you’re going in the right direction when you study for the exam?

So, take the time to check the NMLS site out so you can see the test outline and can prepare accordingly. Click Here!

Want to increase your chances of acing the SAFE MLO test on your first attempt?

Download our FREE guide that has 12 tips to help you do JUST that!

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