I did it! I did it! Aced the NMLS (National Mortgage Test)!!

By
Mortgage and Lending with W. J. Bradley Mortgage Corp. NMLS #279125

 

Whew, am I glad I was able to slay that dragon!!  He has been breathing fire down my neck for several months....and, like many dragons, he really wasn't nearly as fearsome as I had imagined.  Isn't it interesting how our apprehensions and fears magnify our obstacles in life?  ......But, I will comments on that subject for another day!

 

As many of you are probably aware, the "Mortgage Meltdown" brought about some dramatic changes for most people planning to ply their trade in mortgage financing.  The S.A.F.E.  (Secure and Fair Enforcement for Mortgage Licensing ) Act of 2008 created the NMLS (National Mortgage Licensing System) which lays out regulations and guidelines for the mortgage industry.   For the first time in the history of mortgage financing there is a true "Barrier to Entry" and the days of jumping in and out of the industry to ride a refinance wave will largely be a relic of the past.  And, from my humble perspective, the changes are most welcome and long overdue.   As a mortgage professional I have long lamented dividing my market share with ex-shoe salespersons (no offense meant...I love shoes as well as any woman!).   Moreover, I really loathe the fact that the unscrupulous and greedy short-timers created a very ugly picture of what I have always believed is a very noble profession.  I really believe that helping people locate and buy a home is one of the most important jobs in our country.   Imagine how our country would be impacted if the majority of our populace lived in their own home, with a mortgage within their budget, in a neighborhood and community that they were truly vested in.  My goodness, I can almost envision June and Ward Cleaver or Opie with his fishing pole!!!

 

The NMLS National Test, compiled with individual State Test components will not solve all of the issues in the mortgage industry, but it is a step in the right direction.  That, and the background checks and a zero tolerance for fraud in any type of financial services will weed out the last remaining stragglers in the marketplace.   And, glory be, the National Test is REALLY about mortgages!  The figures are not being publicly released, but it is commonly known that a significant number of people are failing the test initially....and, if you do not pass the test in the first two attempts you are pre-empted from taking the test for a full six months!  Reminds me of the movie "The Green Mile"...Dead Man Walking.......

 

Of course, there is one way to stay in the mortgage industry if you are not able to pass the tests and/or unwilling to invest the substantial funds into the training, testing and criminal/background checks.......all you have to do is get a job at your local depository bank (Bank of America, Wells Fargo, etc.) and/or Credit Union.  Understand that banks and credit unions have "Registered Mortgage Originators", so their names and social security numbers are logged into the National System.  They just don't have to take any tests or provide any continuing education in order to originate mortgage.  I wonder if I am the only person who anticipates a large increase in the number of mortgage loan officers at your neighborhood bank...am I being too cynical?  I don't think so.....

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Deborah "Dee Dee" Garvin

NMLS #279125

 

 

If you are looking for answers and creativity to accomplish your home buying goals and financial stability, contact me for a thorough analysis of your current and future home buying and refinance opportunities.  FHA, VA, renovation expert, HUD Certified First Time Homebuyer Certified Mortgage Banker.

(619) 787-8212

 

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Rainer
144,681
Vienna Bello
Liberty Realty, LLC - Hoboken, NJ
GRI, SFR, Realtor Associate, Notary Public

Hi Deborah...

That's excellent!  Congratulations and good for you! 

Wishing you lots of luck & success!

God bless!

~ Vienna

May 10, 2010 01:50 PM #1
Ambassador
450,054
Paul McFadden
Environment Control - Kent, WA
Janitorial. Kent, WA.

Deborah: Good for you. I have yet to take the test but am hopeful to pass as I passed a similar one for Washington State at the end of 2007.

May 10, 2010 03:10 PM #2
Rainer
147,103
Deborah "Dee Dee" Garvin
W. J. Bradley Mortgage Corp. - Carlsbad, CA
WJ Bradley Mortgage Corp.

Thanks much, Vienna!

Paul, you will do fine... Washington test is about mortgages...  California is a little diffferent, to say the least.  I had to take the Real Estate Test to do mortgages!  All of 3 -6 questions about finance!  Always struck me as silly!  Thousands of loans under my belt and I had to get a real estate license to be "legal".  The NMLS makes a lot more sense!

May 10, 2010 04:10 PM #3
Rainer
175,528
Julia Odom
Select Realty Professionals - Chattanooga, TN
Chattanooga Homes for Sale

Congratulations on slaying that particular dragon. But why didn't you just get a job at a bank? I mean, wouldn't that have been really easy <she said mischievously >?

May 11, 2010 02:57 PM #4
Rainer
147,103
Deborah "Dee Dee" Garvin
W. J. Bradley Mortgage Corp. - Carlsbad, CA
WJ Bradley Mortgage Corp.

Julie,  yeah, perhaps easier...but, to coin a phrase "been there, done that"!  LOL! 

May 11, 2010 03:09 PM #5
Anonymous
Anonymous
Eileen

Did you find any particular study guide or test exams useful prior to your test.  I have been in mortgage for over 20 years and thought I was a great professional that knew lending well.  But I did one prep test and got a 72%.   I also heard there is a freebie site for test guides and exams for the national test. Any clues?

December 03, 2010 01:12 PM #6
Rainer
147,103
Deborah "Dee Dee" Garvin
W. J. Bradley Mortgage Corp. - Carlsbad, CA
WJ Bradley Mortgage Corp.

Eileen,  I recommend Training Pro(s)....they were recommended by my corporate office and I have found their material to be quite good.  The California State test was more difficult that the National....mainly because it was more about departments and supervisory associations than about mortgage financing.  I am studying for the Oregon test and hope to take it by this spring.  Best of luck~

December 04, 2010 08:42 AM #7
Anonymous
Anonymous
jay

Congradulations =)

i was in the subprime business from 98 to 03, and then worked for a broker from 07 to 09...im just now getting back into the business with a mortgage bank that offered to pay for all my classes and tests...i just completed the 20 course through traing pro and am starting to study for the exam...im thinking a week of studying every night after work should be enough...i passed the series 7 back in 96 which i had to study 3 to 6 months for... i know this test will not be a hard as that test, but im still taking it seriiously. in your opion do you feel with some morgage experience and studying a few hours a night for a week should be enough to pass ?

December 15, 2012 05:11 PM #8
Rainer
147,103
Deborah "Dee Dee" Garvin
W. J. Bradley Mortgage Corp. - Carlsbad, CA
WJ Bradley Mortgage Corp.

Jay,  Sounds like you will be fine...hope you will stop by and tell me how it goes!  I probably invested at least 20 solid hours of studying for the NMLS....and my background in wholesale was a HUGE benefit in understanding the material.  Best of luck to you!!

December 18, 2012 10:39 AM #9
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Deborah "Dee Dee" Garvin

WJ Bradley Mortgage Corp.
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