Who will teaching the MSS Learning Center Continuing Education courses?

Although specific details are still in the works, it is very possible that some continuing education courses will be taught by MSS Leaders and Contributing Faculty.

Does MSS Learning Center provide a S.A.F.E. Act Test Prep course?

Yes, MSS Learning Center's S.A.F.E. Act Test Prep Course gives you the expert training and preparation you need to pass the test the first time you take it. Visit www.mortgagesuccesssource.com for more information.

Is the S.A.F.E. Act Test Prep Course required?

No, but with so much riding on the outcome of passing it the first time, it is highly recommended.

How long will I have online access to the online Test Prep course?

You will have online access to the test prep course for 90 days—giving you plenty of time to study and review the materials until you're completely ready to take the test.

What is the S.A.F.E. Act?

An Act of Congress that passed in 2008, the S.A.F.E. Act establishes a national minimum standard for mortgage loan originators. In addition to both pre-licensing and continuing education, ALL Mortgage Loan Originators must take and successfully pass a written test.

Do I really have to take and pass the S.A.F.E. Act test?

Yes, the S.A.F.E. Act is an Act of Congress that requires LOs to successfully pass the S.A.F.E. Act Test with a 75% or more in order to be a Licensed Mortgage Loan Originator.

Should I wait to take the S.A.F.E. Test?

No, there are only a limited number of seats available to take the test. As the national deadline approaches seats will become scarce. According to Pete Marks, Vice President, National Mortgage Testing and Education Programs, recommends to "take the national test component now. Avoid the potential bottlenecks later in the year. Our best advice is to take the national test now."

Are there one or two S.A.F.E. Tests?

There are two S.A.F.E. Tests; a national test and a state test (specific to the state you are getting licensed in) which may or may not be taken on same date. Please check with your state agency if you have any questions.

The National Component has 100 test questions: 90 which are scored and 10 which are not scored. Each state portion has 45 to 55 scored test questions and an additional 10 test questions are not scored.

Do I need to pass more than one state portion to be licensed in more than one state?

Yes, for each state you want to be licensed you must pass the individual state portion.

What do I need to score to pass the S.A.F.E. Act Test?

A minimum score of 75% or more on each component of the test is required to pass.

What happens if I fail the test?

According to recent polls, nearly 35% of all LOs (even experienced ones) fail the S.A.F.E. Act Test the first time they take it. You must wait 30 days before taking the test again each time you fail. After 4 failed tests, you must wait 6 months to re-take the test.

Am I required to take any of the courses before taking the S.A.F.E. Act Test?

No, you are not required to take test prep, pre-licensure or continuing education courses before taking either the national or state parts of the test. However you are still required to complete the 20 hours of pre-licensure education and the 8 hours of annual continuing education.

Are there situations where I might not be required to take the state portion of the test?

Check with your state mortgage regulator if you think you might not have to take the state portion of the test. In any event, you still must still take and pass the National Component of the S.A.F.E. Act Test.

Can I schedule group testing appointments?

Yes, please give us a call at 800-963-1900 to schedule group testing.

Is MSS Learning Center a NMLS approved education provider?

Yes, we are an approved course provider through the NMLS. Our NMLS ID# is: 1400269.

Will there be a background check or fingerprinting?

Yes, LOs will have to provide fingerprints for a national criminal background check each time they apply for a new license.

Is the test just for Loan Originators OR do all loan professionals (underwriters, transaction coordinators, assistants, processors, etc) have to take it also?

It depends. Some processors, assistants, etc may be required depending on the tasks they perform. If you are not an LO, please check with NMLS to verify.

How will my test score be reported?

NMLS will post the results and notify the LO via email as well as their company once the results are posted. The score is not considered official until posted in NMLS.

Are there standard fees for the testing or does it depend on which company is offering the testing? Are all test prep/testing rates the same?

Testing fees are standard and set by the NMLS. The national test fee is $92. Each unique state component fee is $69 (with the exception of New York which is $99). Payment is made thru the NMLS system online and cannot be paid at the testing center. All fees required and paid to the NMLS are non-refundable and non-transferrable.

What is the fee to take the tests?

National Component - $92
Each Unique State Component - $69*

Complete Fee Schedule

* See Test Fees for NY State Specific Component

There are two approved testing companies offering the SAFE tests. Please visit these sites to schedule your test at a location convenient for you.

There are two approved testing companies offering the SAFE tests. Please visit these sites to schedule your test at a location convenient for you.

www.prometric.com/nmls
www.vue.com/nmls

Does MSS Learning Center offer a Pre-licensure course?

Yes...one that you will actually enjoy taking! As a NMLS approved course provider (NMLS ID: 1400296), MSS Learning Center offers pre-licensure courses across the nation. Visit www.mortgagesuccesssource.com for more information.

When do I need to complete my 20 hours of pre-licensure education?

LOs must complete their 20 hours of pre-licensure education by January 1, 2011 or an earlier date if determined by your state.

Do I have to take the Pre-licensure course before I take the test?

No, but you must still fulfill your 20-hours of Pre-Licensure requirements.

What's included in the 20-hours Pre-Licensure Course?

The 20 hours of Pre-Licensing Education Course from MSS Learning Center covers all the important topics and information you need:

• 3 hours of Federal law and Regulation
• 3 hours of Ethics, including fraud, consumer protection and fair lending
• 2 hours of Standards on non-traditional mortgage lending
• 12 hours of electives

What are the steps to taking the test after I have completed the Pre-Licensure course through MSS Learning Center?

• Go to the NMLS site to register and obtain your unique ID. 
• Once you are registered, provide us your unique ID # by calling 800-963-1900.
• Log into the NMLS, pay your course fees, and then schedule the test at one of the local test proctors.
• After the course, we will submit your information to NMLS as having completed the 20 hours
• Once the NMLS receives your completed course certification, you will receive an email receipt from NMLS.

Does the content in the 20 Hour Pre-Licensure Course cover material for both the national required test and each state's required test material?

The 20-Hour Pre-Licensure course content covers material to satisfy the National requirements. Each governing state agency may have additional educational requirements that may overlap the National educational components. Please check with your State agency.

Help! I want to register for the Pre-Licensure course but there aren't any locations listed near me.

Sign up for the location that is closest to you or call us at 800-933-1900. We may be able to schedule a course at or near your location.

I currently hold a DRE license. Do I still need to take the 20 hour course?

Licensed Individual Brokers and/or licensed Officers (on behalf of corporations) need to choose the Real Estate Broker License type when completing the Form MU4 filing on the NMLS website. Please DO NOT select Broker/Officer Only or you will have to pay additional NMLS fees that will not be refunded.

In addition, approval has been granted for individuals who are currently licensed by DRE to obtain certification that the pre-license education requirement has been satisfied based on the education completed to obtain their DRE license.  If you wish to participate in this process, licensees must file Form MU4 on or before August 31, 2010.  Please note that as part of this pre-license certification process, you will be notified by NMLS&R via email regarding a mandatory $15.00 system fee after July 1, 2010, based on our current information.

Licensees who file Form MU4 on or after September 1, 2010, will be required to complete the 20 hours of pre-license education mandated by the SAFE Act. For more information, see www.dre.ca.gov/lic_safe.html#5 . If you have questions regarding this information, please contact DRE Licensing at 877-373-4542.

I hold a DOC license. Do I still need to take the 20-Hour Pre-Licensure Course?

Any new applicants after 1/4/10 must take the S.A.F.E. Act 20 hr education course and the test prior to 5/28/10.  The DOC has not published anything for "existing" licensees.

Is the test taking part of the course content?

No, the test taking is not part of the course content. Testing in all states is conducted by a 3rd party proctor and can be found on the NMLS Site.

What kind of personal information will consumers have access to once I pass the test?

• Your name and NMLS Unique ID
• Your Business Phone/Fax
• Any other Names/Alias

Your Employment History (NMLS requires LOs to provide 10 years of history when obtaining their ID)

Does MSS Learning Center provide a Continuing Education courses?

Not yet, but we are working hard to develop NMLS approved continuing education courses for LOs in the near future.