Rules for loan officer compensation have changed and if you are an MLO student, there are crucial points that you need to keep in mind. You are also required to go over the NMLS testing rules carefully then accept them so as to get the green light to begin the NMLS test.
First, you should know that there two parts in the MLO test. There is the national and the state component. Each of them has its own rules. The similarity of the two is that all MLOs must pass them. In case you fail any of the components of the test, you will have a waiting period before you are permitted to have a re-take. There is a re-take policy that you can take a look at if you need more information.
If you are a Candidate, there are resources that you can make use of in your preparation for the test. There are content outlines that will give you an overview of the contents of the test components. You will also get to know the number of questions you will have to tackle. There is also a testing handbook which provides a detailed guide which in turn covers sufficiently the testing process. This includes the scheduling, the creation of an enrollment and the general view of the testing center in terms of what to expect.
The enrollment starts with an establishment of an NMLS account. You can get help from ‘create an individual account’, that is if you encounter any problem when opening a new account. You do not need a new account if you already have an existing one. You have have to do is enter into your account and proceed. Once you have an account you can now create and pay for an enrollment. You cannot schedule an appointment unless you have the enrollment window open in NMLS. There are step by step enrollment instruction s that can prove to be valuable if you are finding the process quite hard to handle.
After creating and paying for the test enrollment, you have 180 days for scheduling the testing appointment and taking the test. The payment for the test administration is $92 if you are taking the national component and $69 for individual state component. There is a Special Accommodation page that takes care of people with disabilities.
You will receive an email confirming that you have opened a test enrollment successfully and you can then schedule the test appointment. You can either make the test appointment over the phone or online depending on your preferences.
There are NMLS testing rules of conduct that all the candidates are supposed to read and agree to prior to taking the test. As for the results, the candidate will have preliminary results before leaving the center. If you fail you can review the retake policy to know the next step.