SAFE ACT Mortgage Loan Officer License Test Requirements
Wednesday, August 12th, 2009According to the requirements of the SAFE Mortgage Licensing Act, individuals seeking Loan Officer or Mortgage Broker Licenses must pass a national test and any state-mandated test in order to qualify for a mortgage license. The national component of the required exam was released on July 30, 2009 along with the first group of state exams. All state components are slated to be available no later than December 31, 2010.
The National Component of the SAFE Mortgage Loan Originator Test consists of one hundred (100) test questions: ninety (90) operational (scored), and ten pre-test (not scored). The test time will be one hundred fifty (150) minutes, with an additional thirty (30) minutes for completing a tutorial and an optional candidate survey.
Each State-Specific Component of the SAFE Mortgage Loan Originator Test consists of forty-five (45) to fifty-five (55) operational test questions (scored) with an additional ten (10) pre-test (not scored) test questions. The test time will be ninety (90) minutes with an additional thirty (30) minutes for completing a tutorial and an optional candidate survey.
While the SAFE Act does not require candidates to complete their pre-licensure education prior to scheduling and taking a test, pre-licensure education classes can be extremely helpful if used as part of your preparation strategy. Mortgage Training Concepts, LLC offers pre-licensing education pending approval by the NMLS. Visit their website at www.mortgagetrainingconcepts.com for more information.