How to Pass Your Florida Mortgage Loan Originator Exams

As a result of the SAFE Act of 2008, every loan originator in Florida needs to pass 2 exams: the comprehensive 125 question national exam with UST and the 65 question Florida state specific exam.

If you’ve taken pre-licensing courses from anyone other than Larson Ed then you haven’t been adequately prepared for test questions about Florida’s unique laws. 20-hour SAFE comprehensive courses don’t cover it, online courses don’t cover it, only Larson Educational Services teaches it.

In order to learn the information necessary to pass the state exam, you need access to hundreds of sample questions, immediate feedback, and explanations covering the content you’ll see on test day. That’s exactly what you’ll get with Larson Ed’s MLO exam tutor available here (http://www.larsoned.com/mortgageloanoriginator/nmls/florida-exam-prep/online-course/) for $69.

In addition to the state exam prep tutor, we also have a tutor for the national exam available here (http://www.larsoned.com/mortgageloanoriginator/nmls/uniform-state-test-ust-prep-course/), also for $69.

Then, when it’s time to take the exams, remember these 5 tips for getting a passing score.

1. Take your time.

You have three and a half hours to answer the questions, which means there is no need to rush. Just take a deep breath and trust your preparation.

2. Read all the darn questions…2 times.

It’s too easy to skip over key words in the question. Our brain has this nasty habit of filling in the the blanks of sentences when we haven’t even seen every word. For example, did you notice the repeated word “the” in the last sentence? Give yourself a chance of getting the questions right by reading them each 2 times.

3. Read all the darn answers…2 times.

Before choosing an answer – even if you are 100% positive it’s right – read through all the choices. It may be that you have prematurely selected a response that is correct, but there could be another answer that is more correct. If you fail to read through all the answers there’s a chance you may mark the wrong one.

4. Longer is better.

If you come to a question that has you completely stumped, usually the longest choice is the most likely to be correct. This is not a hard rule of thumb, but rather an indicator to go off of when you don’t have any idea what the answer could be.

5. Treat each multiple choice question as 4 true-false questions.

Each multiple choice question will have 4 answers, each of which you should regard as a true-false question. This will help you ensure that you aren’t missing any details when responding to each question.

With these tips and the Larson Exam Tutors, you are sure to pass your state and national exams.

Larson Educational Services
Royal Palm Square
1400 Colonial Blvd, Suite 44
Fort Myers, FL 33907
(239) 344-7510
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Uniform State Test (UST) Prep Course for Mortgage Loan Originators

As of April 1, 2013, there is a test called the NMLS Uniform State Test or USTthat with a passing score, allows you to easily apply for your mortgage loan originator license in the 24 states accepting the UST? The 24 states are doing away with a “State-Specific” test and allowing licensure by passing the new 25 question UST. 

For only $69, Larson Educational Services will provide you with our NMLS Uniform State Test (UST) Prep Course:

*a 45 page PDF workbook crammed with testable information
*easy to read notes, terms, definitions and statutes
*two (2) online 25 question password-protected exams 
*full exam report showing your practice test scores and explanations for the correct answers
*each online exam can be taken 2 times
*Our online testing and tutoring system is designed for rapid learning to prepare you for success on the NMLS Uniform State Test (UST) 

 

Purchase from our website –http://www.larsoned.com/mortgageloanoriginator/nmls/uniform-state-test-ust-prep-course/

CONTENT OUTLINE
The exam will be based on the generic, broad guidelines established by the SAFE Act for the states to enact as a foundation for their statute creating process.

I.       Department of Financial Institutions or Mortgage Regulatory Commission

a. Regulatory authority
b. Responsibilities and limitations

II.     State Law and Regulation Definitions

III.    License Law and Regulation

a. Persons required to be licensed
b. Licensee qualifications and application process
c. Grounds for denying a license
d. License maintenance

IV.     Compliance

a. Prohibited conduct and practices
b. Required conduct
c. Advertising

FREQUENTLY ASKED QUESTIONS
Which 24 states are accepting the new Uniform State Test (UST)?
Click this link to view a map – http://freepdfhosting.com/a16a355834.pdf

What are the UST details?

*It costs $33
*It is 25 questions
*You have 45 minutes to complete the test
*The passing score is 75% (19 correct)

When can I take the UST?
The UST is available beginning on April 1, 2013.

If I fail the test the first time, how long must I wait to take it again?
If you do not pass the UST the first time, you must wait 30 days to retake it. If you fail it 2 times, you will then have to wait 180 days (6 months) before you can take it again.

What is the process to take the UST?

1. Log into the NMLS website and pay the $33 test fee.
2. Contact Prometric and schedule a test – http://www.prometric.com/NMLS or  877.671.6657.
3. PURCHASE and study the LarsonEd UST Exam Prep Course. –http://www.larsoned.com/mortgageloanoriginator/nmls/uniform-state-test-ust-prep-course/
4. PASS!

Will the UST replace ALL State Exams?
No, but it will replace the state tests in the 24 states accepting the UST. All other states will still require the passing of a State-Specific exam.

Questions? Call Larson Educational Services at (239) 344-7510.

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SAFE Act Mortgage Loan Originator Florida Component Exam Prep – October 30th

This instructor led exam preparation course is designed for one purpose: to help you pass the SAFE Act Mortgage Loan Originator Exam – Florida Component. The course is comprised of highly focused exam content based upon comprehensive research and testing. This course is taught by nationally-recognized instructor and author, Rick Larson, and includes:

1. Diagnostic 50-question Pre-Test to highlight key study areas
2. Clearly-written notes covering 100 percent of the exam content
3. More than 100 practice questions organized by exam content category
4. Sample online exams that are just like the real exam

Date and Time:
Saturday, October 30 – REGISTER NOW
8:30-5:00pm

Location:
Larson Educational Services – Horseshoe Park of Commerce
3073 Horseshoe Drive South, Suite 122
Naples, FL

Tuition is $99

WHAT IS INCLUDED
1. Online Sample Exams Password protected online access to 2 realistic 50-question Sample Exams

2. Content Outline
The customized workbook includes student notes for each content area of the exam. These are the key points you need to know in order to pass the first time.

3. Glossary Review
Key terms and definitions in a review exam format.

4. Licensing and Testing Information
Detailed information provided by NMLS related to licensing requirements and testing information.

Register online at http://www.larsoned.com/mortgagebroker/nmls/florida-exam-prep/classroom-course/ or call a friendly Larson representative at (239) 344-7510.
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Larson Educational Services expands to Naples, FL

NAPLES, FL, June 3, 2010 –Larson Educational Services (RDB Ventures, LLC) of Fort Myers has expanded to a new location at Horseshoe Park of Commerce in Naples. The new classroom facility is conveniently located just north of the Naples Municipal Airport off Airport-Pulling Rd. The family owned professional education company focuses on licensing and continuing education courses for real estate sales associates, real estate brokers, mortgage brokers, mortgage loan originators, and community association managers throughout Southwest Florida.

The business is owned by brothers David and Brad Larson, and management is overseen by their father, Rick Larson. The Larsons opened their original location at Royal Palm Square in Fort Myers in November 2008 and have seen significant and rapid growth in market share, which directly led to the opening of the new location in Naples.

“We are 3 years ahead of schedule”, said co-owner and General Manager, Brad Larson. “Our original business plan had us opening in Naples in 2013, but our integration into the Southwest Florida marketplace and community has happened even faster than our conservative expectations. The leaders of the industries we teach have continually asked us to move south and that we do it quickly. We are proud to be able to say that we are now offering our complete schedule of courses in Naples.”

The Larson’s approach to professional education is what sets them apart from others. Although there are hundreds of options in the state of Florida when choosing an education provider for mandated pre-licensing and continuing education, Larson Educational Services has become the school of choice for professionals in Southwest Florida.

“We are a ‘cradle-to-grave’ organization,” said co-owner and Director of Operations, David Larson. “By offering excellent educational experiences in our clean comfortable classrooms, and preparing people for success in the industry through our expertly prepared course materials, people want to come back to us for more. We’re not in this business with the plan of being around for just a couple years. We will be here for a long time and we want to earn the right to be the school of choice for our students’ entire career.”

“Our instructors”, Rick added, “are the absolute best in the business. We have a team of 9 instructors who care more about our students and the experience they receive from us than any group of instructors I’ve seen in my 30 years in the business, and I’ve seen some great instructors. They’re smart professionals who know how to teach and how to present. They make learning fun. Like we say around here at Larson, “get more than just credits, get education you’ll enjoy.”

Larson Educational Services is an affiliated business member of the Naples Area Board of REALTORS®, Bonita Springs Estero Association of REALTORS®, REALTOR® Association of Greater Fort Myers and the Beach, and the Punta Gorda-Port Charlotte-North Port Association of REALTORS®.

The new classroom at 3073 Horseshoe Drive South, Suite 114 is conveniently located within a 10 minute drive of 5th Avenue and Tamiami Trail, as well as only a short drive from Golden Gate Parkway and I-75 which makes it easily accessible to the markets of Bonita Springs, Naples and Marco Island.

“We have created a solid foundation that we will build upon for many years in Southwest Florida,” said Brad Larson. “Professionalism is our top priority and it absolutely shines through from everything we do, from our website to our customer service to our course materials to our classrooms and instructors. We want the business leaders of the area to know that’s what we’re all about.”

For more information on Larson Educational Services or to view course schedules, go to http://www.larsoned.com/ or call (239) 344-7510.
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SAFE Act forces Florida mortgage brokers into test centers and classrooms

New education, testing, credit and background checks take effect October 1st

Big changes are taking place in the mortgage loan origination industry today as a result of the ‘mortgage meltdown’ and the Federal SAFE Act of 2008. New requirements — including licensing, registration, education, examination, fingerprinting and credit checks– are coming up soon. These changes will affect not only who can remain in the business but, maybe even more importantly, who will be forced to leave the mortgage industry. In addition, those looking to begin in the business will be facing more stringent regulation and oversight than in the past.

So, what are the changes and how do they affect the mortgage industry?

In 2008, Congress passed the SAFE Mortgage Licensing Act. This Act created the Nationwide Mortgage Licensing System, or NMLS, and Registry for the residential mortgage industry. The Act sets forth procedures, requirements (including education and testing), and standards for mandatory registration and state licensing of Mortgage Loan Originators, or MLOs. It also requires the federal banking regulators to develop and maintain a system for registering depository institution employees as Registered Loan Originators with the Registry.

Florida Office of Financial Regulation (FLOFR)

As the residential mortgage industry has taken its lumps for its perceived role in the real estate boom and subsequent bust, the public has pushed for changes in loan origination oversight. That’s where the 2008 SAFE Act came in and created regulation and oversight for an industry hammered by fraud and deceit.

By requiring all MLOs to meet a national education and examination requirement, as well as required credit checks, it is the goal of Congress to weed out the non-professionals and license those who have conducted business honestly. The more stringent guidelines also ensure that individuals just entering the business will be held to higher standards of professionalism and consumer protection.

While more than 40,000 Florida mortgage brokers have left the business in the past 3 years, those who remain are licensed and regulated by the Florida Office of Financial Regulation. Licensing requirements have included pre-licensing education, testing, filing of an application, paying initial license and renewal fees, and biennial completion of state-approved continuing education.

National Mortgage Licensing System (NMLS)

All Florida mortgage brokers will need to meet the new NMLS requirements beginning October 1, 2010. Florida mortgage brokers will need to re-apply with the Office of Financial Regulation and register with NMLS. In order to do so, they will need to comply with SAFE Act guidelines that require 1) completion of at least 20-hours of approved mortgage education; 2) pass a 100-question SAFE Act National Exam; 3) pass a 50-question SAFE Act State Exam; 4) be fingerprinted; 5) submit to a credit check; 6) be approved for NMLS registration by obtaining a license from FLOFR; 7) pay hundreds more in licensing and registration fees; 8) attend annual continuing education; and 9) renew the license and registration annually.

Transition period

Because of the expected 30,000+ new applications, the State of Florida will allow currently licensed mortgage brokers to continue working while waiting for their new license to be issued and their NMLS registration to be completed. FLOFR has indicated that the initial licensing and registration process may not be completed until sometime in 2011. Previously-exempt loan originators working in Florida as employees under licensed mortgage lenders or correspondent mortgage lenders have been advised by FLOFR to obtain a Florida mortgage broker license before August 1, 2010 to be allowed to operate during the lengthy licensing process. Failure to do so will force these individuals to leave the business on October 1, 2010 or risk penalties authorized under Florida Statutes.

Rick Larson, co-founder and manager of Larson Educational Services, a Florida Mortgage Business School and NMLS Approved Course Provider in Fort Myers, Florida, sums it up this way. “If you are in the Florida mortgage loan origination business and do not have a Florida mortgage broker license, it is highly recommended you get one as soon as possible so you can continue working while your Florida loan originator application is in the approval process. Otherwise, you’ll be out of business until the state issues your license. That could be well into 2011.”
Industry confusion and frustration

Larson has observed a lot of confusion and frustration regarding the new requirements, but he has been through this before. “Throughout the 1980’s, licensing and education requirements for real estate agents were implemented in response to a similar uprising from the public regarding dual agency and sketchy property disclosures. Then in 1989 we had the S&L bailout for which real estate appraisers were made the fall guy. FIRREA created federal oversight and requirements that forced real estate appraisers into the classroom and test centers across the country. In each case there was a period of transition during which the industry was given time to catch up with the new requirements. It’s no surprise that the mortgage industry is bubbling with anger, confusion, rumor and myth right now because that’s the way it always goes. By the middle of 2011 everyone will have the requirements figured out and the whole process will become second nature. In the meantime, as it was in the past, education is the key. As long as there is an understanding of what is happening and why, everybody can make the transition that is required and continue working.”
What to do if you already have a Florida mortgage broker license
Even though you cannot apply for the new MLO license until October 1, 2010, you can begin part of the approval process by completing Steps 1 – 3:
Step 1: Create an account with NMLS
Go to www.stateregulatoryregistry.org/NMLS to obtain your own NMLS ID, also known as your Unique NMLS Identification Number.

Step 2: Register for the SAFE Mortgage Loan Originator Test — National Component
By creating an account, you will be allowed to then enroll for the NMLS National Exam. This exam is available to you right now and you can schedule to take it after creating your account and paying the testing fee of $92 through the NMLS website. You will be given access to schedule the exam with one of the testing providers, either PearsonVUE or Prometric. Testing centers are available throughout the country and the testing provider you use will be dependent on the city in which you choose to take your exam.

Step 3: Study and PASS the National Exam
Larson, who has prepared more than 100,000 students nationwide for professional examinations, says “There is no correlation between industry expertise and test-taking expertise. I have seen thousands of top-producing professionals seek help because they’ve struggled to pass the exam. The saddest part about failing once is that the second time through is usually even harder because the test-taker is left to second-guess decisions made on the first exam. The key is proper preparation the first time.”

Larson continues, “That’s why I wrote a home study manual with key notes, sample questions and two 100 question Sample Exams very similar to the real one. Any prospective loan originator in the United States will benefit from this course before sitting for the National Component exam. We’re also offering the course face-to-face throughout our home state of Florida.”
NMLS officials indicate that the nationwide pass rate on the exam is 67%. Anybody failing the exam must wait 30 days and pay the exam fee again before they can take the exam again. If a passing score is not achieved after the 4th attempt, the waiting period goes up to 180 days. Therefore, exam preparation is not only the key to passing the exam on the 1st attempt, but proper preparation will also allow for a timely approval and diminish any waiting time some may see between test attempts.
A word about “grandfathering”
Each state falling under the SAFE Act requirement has the choice of “certifying” their existing pre-license education as meeting the new 20 Hour SAFE Comprehensive education requirement. This means that each state can choose whether or not they will require their existing mortgage license holders to take the 20 Hour Course. Some states have decided to accept previous education. Other states have decided not to. Florida has decided that all currently licensed Florida mortgage brokers will not need to complete any additional education.
Future Step 4: Pass the SAFE Mortgage Loan Originator Test — State Component
Each applicant must successfully complete a 50-question Florida State Component in addition to the 100-question National Component. Questions will focus on specific state laws and administrative rules. The exam is in the formative stages as of this writing, but it must be available no later than October 1, 2010. If the applicant has passed the Florida mortgage broker exam as of January 1, 2004, they are exempt and will not be required to take the Florida State Component exam.
Future Step 5: Fingerprints, credit report and application
Prospective mortgage loan originators will be fingerprinted and will submit an application and fees beginning October 1, 2010. FLOFR and NMLS will work in conjunction to process the applications and register each individual MLO. Current Florida mortgage brokers who timely complete the MLO application process will be allowed to continue working during the transition process until the new license is in hand.
Get started now

Finally, Larson summarizes, “There will be confusion, myth and rumor during this transition period, but the changes are happening and the new requirements must be met. If you’re affected by these changes, my advice is to get going now. Create an account at NMLS; register for the National Exam; prepare, practice and pass.”

For the most current licensing and testing information go to www.LarsonEd.com. There you will find helpful explanations, links to NMLS, and application instructions. You will also find exam preparation materials and live course schedules. Information is also available by contacting Larson Educational Services experts at (239) 344-7510.
Larson Educational Services is a Fort Myers-based family-owned mortgage, real estate and CAM school. It is an NMLS PROVIDER ID: 1400171; its 20 Hour SAFE Comprehensive Mortgage Loan Originator Course is approved as NMLS COURSE ID: 1181. To inquire about an on-site exam preparation for your group, ask for Brad Larson.
This release prepared by:
Brad Larson, Larson Educational Services, 1400 Colonial Blvd, Suite #44,Fort Myers, FL 33907. 239-344-7510. Read about us at http://www.LarsonEd.com.

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NMLS Exam Prep – $149 – Get Ready for SUCCESS!

SAFE Mortgage Loan Originator Exam Prep – Online Course

CREDIT HOURS: 0
TUITION: $149

This detailed 100 pagehome study/onlinecourse is designed for one purpose: to help you pass the SAFE Mortgage Loan Originator Test – National Component. The course is comprised of highly focused exam content based upon comprehensive research and testingand includes:

1. Diagnostic 100-question Pre-Test to highlight key study areas
2. Clearly-written notes covering 100 percent of the exam content
3. More than 300 practice questions organized by exam content category
4. Diagnostic 100-question Post-Test just like the real exam

Register Now

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SAFE Mortgage Loan Originator Exam Prep – National Component

Home Study/Online Course
Tuition: $149

Add to CartOr call (239) 344-7510

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WHAT IS INCLUDED

1. CD-ROM Sample Exams
Acomputer CD-ROM that includes 3 copies each of 2 practice exams. They are NMLS Practice Exam 1(A), 1(B), 1(C) and NMLS Practice Exam 2(A), 2(B), 2(C).

2. Content Outline
The workbook includes student notes for each content area of the exam. These are the key points you need to know in order to pass the first time.

3. True/False Review
298 true/false questions organized by topic area.

4. Licensing and Testing Information
Detailed information provided by NMLS related to licensing requirements and testing information.

Larson Educational Services
1400 Colonial Blvd, Suite 44
Fort Myers, FL 33907
(239) 344-7510
http://www.LarsonEd.com

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