Mortgage loan originators have frequently called us to find out when the NMLS National and State exam, required by the federally-mandated SAFE Act, will be ready to take. The first thing we try to determine is what state they are asking about because not all states will have the NMLS exam available this year. Here is what the NMLS is saying:
The National Component of the exam should be ready on July 30, 2009. The Unique State Component should also be ready by that date for the 12 “fast track” states. The 12 “fast track” states are Arizona, Idaho, Iowa, Louisiana, Massachusetts, Michigan, New Hampshire, North Carolina, Pennsylvania, Rhode Island, Vermont, and Washington.
Other states are now developing their Unique State components and will be available according to their state’s plan and schedule for implementing the SAFE Act. You can track your state on the Testing pages found under the Professional Requirements section on the NMLS Resource website.
People are also curious about the cost of the exam. It is expected that the National Component of the exam will cost $92 and the State Component $69. This seems reasonable and is consistent with other license exam fees around the country, for example, real estate and insurance fees.
Another interesting reminder is that the NMLS does not require education be completed prior to taking the exam. They encourage people to prepare adequately so they can take and pass the test, but it is each person’s choice of how to best prepare for the exam and what order to complete the requirements.