Dave: Yes, you will have to take the 20-hour course and the test moving from a bank to an “non-supervised” lender. The good news is that if you qualify for a transition license, you will have 120 days to take the course and pass the test. The bad news is that it is a serious test, and you should not take it lightly. Just about 90% of what is included in the course and the test you will never use in your everyday job, which is why you will need to take the test seriously because it will be, in effect, material you never use.
Over 50% that take the test without mortgage experience fail the first time. Obviously, the numbers are better for experienced loan officers, but that does not mean that the test is a walk in the park. I have coached many through the exam and, as a matter of fact, have written an article that addresses the topic of studying for, and taking, the NMLS test. You can download this article for free on the home page of my site, www.originationpro.com. Follow my instructions carefully and you will be fine. Good luck!
Dave Hershman is Senior VP of Sales of Weichert Financial and the top author in the mortgage industry. Dave has published seven books, as well as hundreds of articles and is the founder of the OriginationPro Marketing System and Mortgage School – the online choice for expert mortgage learning and marketing content. His site is www.OriginationPro.com and he can be reached at This email address is being protected from spambots. You need JavaScript enabled to view it..
