The NMLS exam is mandatory for every mortgage professional who originates loans, except those employed by FDIC Insured Banks. Mortgage professionals who originate loans MUST be licensed and in order to be licensed, you need to pass the NMLS exam and you can pass it by securing 75% or more. 

So, how can one do that successfully? 

First up, snag our 12 Tips to Pass the NMLS Exam Guide! 

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Then, read on for 5 proven-to-work tips to keep in mind when taking your exam…

5 Un-Ignorable Hacks to Help You Master the Exam

  1. Focus on Mastering the Concepts

Here’s the thing: There is a database of nearly 4000 possible questions that the examiners can pull from. YOU will get 125 of these. No matter how many times you take the test, you will not get the same questions. Therefore, master the concepts instead of rote learning given questions and answers. They could ask the same questions in multiple ways to confuse. 

  1. Read Each Question Twice

 Like I mentioned above… ONE concept can have nearly 10 different questions leading from it so it is important that you read every question… TWICE! This means that you take your time and don’t rush through the exam. You get a full 3 hours to complete the exam and you want to make the most of those three hours. 

  1. Answer Every Question 

Leaving a question because you think a wrong answer gets you a zero, guess what! Not answering it gets you a goose egg anyway. Consider this – What if your answer is right? You can’t lose that chance!

  1. Know Your Regulations and their Origins

 While you will be tested on mortgage-loan-origination activities, general mortgage knowledge, ethics, and uniform state test…  a lot of questions will involve federal mortgage-related laws and that is why it is essential that you know your regulations. Most of these regulations are represented by acronyms and you must know what the acronym stands for AND what is its origin. 

 For example, the SAFE Act stands for the Secure and Fair Enforcement Act and HERA or the Housing and Economic Recovery Act created the SAFE act. The test-takers can ask you which one came first or which law created the SAFE Act.

Similarly, one of the biggest mistakes people make with FCRA is not knowing what it stands for. FCRA is Regulation V but it stands for Fair Credit Reporting Act.

  1. Study and Rest

Yes, the NMLS exam requires a fair amount of study and even if you are a realtor or have been dealing with mortgages, do NOT {I repeat, do NOT} take the exam for granted and skip studying for it!  

Finally, remember to be rested the night before so, don’t be tempted to hit the pubs after a long day of study! Head to bed and sleep so you’re fresh, alert and ready to rock the exam the next day! 

There you are! 

5 guaranteed-to-work tips to keep in mind if you want to ace the NMLS exam on your first attempt! Want more? 

Pop in your details below and grab our guide that includes 12 tips to help you pass your exam successfully! 

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If you have any questions, please do not hesitate to contact us at 800-991-6097 Ext 2 or email me at artricia@affinityreservices.com or visit our website at www.mlotrainingacademy.com.