How can I learn more about what a career in mortgage lending really offers?
Visit the career information section of our Web site for a helpful overview of the exciting world of mortgage lending. Talking to successful professionals is another great way to learn more about being a mortgage broker on a daily basis. Check out our free articles to help you decide if a career in mortgage lending is right for you!

Who Will Have To Take The New Test?
Designated Mortgage Brokers: Individuals applying for a license as a designated mortgage broker in Washington must take and pass the new licensing test offered by Pearson Vue. If you are applying for a designated mortgage broker license, and have passed the test that was offered by DFI, DFI will accept that test score if your application is received and accepted for processing by 12/31/07. If your application is considered incomplete, and is rejected by DFI, the application needs to be re-submitted by 12/31/2007. If the re-submitted application is not received by 12/31/2007, you will be required to take and pass the new test offered by Pearson Vue.

Loan Originators: Individuals applying for a license as a loan originator in Washington must take and pass the new licensing test offered by Pearson Vue. All loan originators currently licensed to do business in Washington will have to take and pass the loan originator test by 12/31/2007 in order to renew their loan originator license.

How Do I Register To Take The Test?
Please follow these registration instructions (PDF) from Pearson Vue.

Must I pass the test prior to becoming a licensed loan originator or designated mortgage broker?
Yes. To become a licensed loan originator you must take and pass the loan originator test. To become a licensed designated mortgage broker you must take and pass the designated mortgage broker test. If you are applying for a designated mortgage broker license, and have passed the test that was offered by DFI, DFI will accept that test score if your application is received and accepted for processing by 12/31/07. If your application is considered incomplete, and is rejected by DFI, the application needs to be re-submitted by 12/31/2007. If the re-submitted application is not received by 12/31/2007, you will be required to take and pass the new test offered by Pearson Vue.

After passing the designated broker test, will I have to take the loan originator test to get a loan originator license?
If you passed the designated broker test, and are currently a licensed designated mortgage broker, you will be given a loan originator license without having to take the loan originator test.

How much does the test cost?
Both the loan originator test and the designated mortgage broker test will cost $52. The test fee of $52 must be paid at the time of reservation by credit card, debit card, voucher or electronic check. Fees will not be accepted at the test center.

How soon after failing the loan originator test may I take it again? ?
You must wait at least twenty-four (24) hours before making a reservation for re-examination. After failing the test three consecutive times, you must wait at least fourteen days before taking the test again.

Can I change my test date?
You should call Pearson Vue forty-eight (48) hours before the test to change or cancel a reservation. Candidates who change or cancel a reservation with proper notice may transfer the fee to a new reservation, or may request a refund.

How long after taking the test will I receive my results?
When you complete the test, you will receive a score report marked "pass" or "fail."

How many questions will there be?
The loan originator test will consist of 100 questions. The designated broker test will contain 135 questions.

Where is the state exam offered?
The exam will be given in locations across Washington. For exam locations and directions, click here.

Who can I contact if I have questions?
If you have any questions about loan originator or broker licensing, feel free to contact the state by phone at 360-902-8703 or toll free at 1-877-RINGDFI (746-4334). You may also email them at dcs@dfi.wa.gov.

What is DFI?
The Department of Financial Institutions (DFI) regulates and examines a variety of state chartered financial services. The DFI also provides education and outreach to protect consumers from financial fraud.

Do I need a college degree to become a mortgage broker?
No. For a mere fraction of the cost of an associate’s or bachelor’s degree, you could be earning a six-figure income as a mortgage pro! For more details on state certification requirements, click here.

What kind of financial investment does it take to start a career in mortgage lending?
Next to nothing. For under $450, you can be tested, licensed, and ready to cash in on this lucrative career.

Should I get any additional books on the subject?
Sure, reading as much as you can about succeeding as a new mortgage broker is a wise strategy. ProSchools offers an array of books in our online bookstore.

For more details on becoming a licensed mortgage lender, click here.