The are 115 questions on the NMLS Federal and State Mortgage Loan Originator exam. Test Questions:
Federal Mortgage Related Laws (28 of 115 questions); General Mortgage Knowledge (23 of 115 questions); Mortgage Loan Origination Activities (23 of 115 questions); Ethics (16 of 115 questions); Uniform State (S.A.F.E) (25 of 115 questions).
This practice exam will include questions from each section. Your performance on this exam should correlate 80% to 90% with your performance on the NMLS exam. A score of 85 would indicate you have mastered the material well enough to earn at least a 75 on the NMLS Mortgage Loan Originators exam.
William Piontek has earned both a Mortgage Loan Originator's license and and Mortgage Broker's license. He recently sat for the new NMLS Mortgage Originators Federal & State License Exam.
The Mortgage Loan Originator's 470 page complete study guide with over 300 questions and Answers and a glossary of 250 industry terms is available on iTunes for $7.99 see: https://itunes.apple.com/us/book/mortgage-loan-originator/id967898180?ls=1&mt=11
Copyright 2015 SovereignLLC of GA.
Example: "True or False?" To compute monthly income, always figure annual income first and divide by 12. "TRUE."
Next question: If Pat makes $400 a week, and is paid two weeks vacation, how much does she make in a month? Answer one $400 times 4 equals $1600. Answer two: $400 times 52 divided by 12 equal $1,733.
You say that's not logical? This is a GOVERNMENT exam, where did you get the impression logic had anything to do with the process?
In spite of the fact that most of the math on the NMLS Mortgager Loan Originators Exam is third or forth grade level math, most people who sit for the exam flunk the math section. Its not that they can't do math, its that the GOVERNMENT can't do math.
Invest 99 cents and two hours and you can amaze your friends and family (or maybe just pass the MLO exam).