The Department of Housing and Urban Development has recently made their Final Rules concerning the SAFE Act, including a change to the number of times a candidate may retake the Loan Originator License Exam.
Starting August 29, 2011 the total number of times a person may take the test is three, at 30 day intervals, before having to wait 6 months to try again. Currently the number of total attempts is four before waiting 6 months.
From “The Federal Register” Vol. 76, No. 126 / Thursday, June 30, 2011 / Rules and Regulations (see page 18 of this document):
"HUD is maintaining the restrictions on the timing of retests in the final rule. HUD agrees that the SAFE Act is confusing on this point, in that it states under 'Initial Retests' that an individual may 'retake a test three consecutive times,' with each consecutive test occurring at least 30 days after the preceding test, but then under 'Subsequent retests' states thatafter failing three consecutive '‘tests,' the individual must wait 6 months before retaking the test. HUD resolved this confusion in the proposed rule by providing in §3400.105(e)(2) that an individual may take a test three times (i.e., the first taking plus two retests),with each retest occurring at least 30-days after the preceding test. If the individual fails three consecutive tests, the individual must wait 6 months before taking the test again. (That is, the third ‘‘retake’’ must satisfy both the individual 30 day waiting period of SAFE Act section 1505(d)(3)(B) and the 6-month waiting period of section1505(d)(3)(C), which is to say it cannot occur until after a 6-month waiting period.) HUD believes that the rule is clear on the number of times a test can be taken.”
As a ProSchools student, if you’ve done a good job of studying the lesson material and taken advantage of the additional resources we've provided, you should easily pass the exam on your first attempt.
Here in this blog there are many resources we've put together for you. Look through its current posts and archives! There are numerous articles, references and links to help you master the course-work and successfully pass that big test.