How many questions are on the Mortgage License Exam?

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Do you know how many questions are on the mortgage license exam?

Well, first let me tell you how many questions there USED to be on the test . . . there was no test.  That’s right, up until now, there was no testing, and in most states, no education requirements for originating mortgage loans.  Would you like to help people make one of the largest financial decisions of their lives?  Good.  Here are some business cards with your name on them.  Get to work.  Scary thought, huh?  (this is not THE reason for the current mortgage and real estate debacle that we are in, but it certainly has not helped the situation).

The SAFE ACT (Secure and Fair Enforcement for Mortgage Licensing Act of 2008) moves mortgage licensing and testing to a national standard carried out by NMLS (the Nationwide Mortgage License System and Registry).  The SAFE Act, through the NMLS not only creates minimum standard for the profession, but it will help reduce fraud by requiring loan originators to be individually licensed (and individually tested, and individually complete continuing education). 

In addition to the national test, loan originators will also have to pass a state specific test in order to obtain a MLO License (Mortgage Loan Originator License). 

So . . . how many questions are there?  There are 155 if you are in Georgia — 55 on the State of Georgia Exam and 100 on the National Exam.  And after my 20 hours of required pre-licensing continuing education, and after making notecards to study (a parent “practicing what he preaches” to his children = one stack of note cards for the national exam and one stack of note cards for the state exam) . . . I received higher than the required 75% grade to pass both exams.  My mother would be (actually she is) quite proud.  Ha.

The harder question would be this:  with the new requirements going in to effect March 31st, what will this mean for the mortgage profession?  With time running out to take the exam (if you fail once, you can retake after 30 days, if you fail twice, you can retake after 30 days, if you fail again, you have to wait 6 months before retaking — which means if some people wait too late to take the exam and then FAIL (one-third of Originators taking the exam ARE failing), these people will miss the March 31st deadline and will not be granted a Mortgage Loan Originators License.  So what will THESE people do??  They’ll go work for a bank.  No joke.  Scary thought, huh?

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One Response to “How many questions are on the Mortgage License Exam?”

  1. Avelina Says:

    Aloha,
    How can I get study flash cards for both the national and state of Hawaii exam? I have already completed my 20 hrs and need to schedule for testing. I have never been a good test taker and being new to this business I refuse to fail. Can you advise me?
    Thanks in advance for your time.
    Avelina Dassier
    Platinum Mortgage & Partners

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