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your experience
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Effective ~ 10+ years of licensing training, more
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An important message from
Paul Donohue,
Founder of Abacus Mortgage Training.

NMLS Test First-Time-Pass Success Requires Both Mortgage Broker Education and Loan Officer Training

It is critical that the NMLS Test does not stand in the way of your staffing if you are a company, or block your employability if your are an individual. Do not settle for anything short of passing the NMLS Test on the first try.

Why do we insist you need both "education' and "training?"

"Loan Officer Training" is the catch phrase we use to mean acquiring the fundamentals of originating, especially the content of the disclosure booklets (including the legal obligations for passing them out) and the detailed study of the 1003 form (the mortgage application form). For someone new to originating, the correct handling of these two elements is the work-a-day focus of the mortgage loan officer [MLO]. Not only does Abacus consider this study "training 101" for a prospective MLO, the mastering of this specific body of fundamentals accomplishes a significant percentage of the matter addressed on the NMLS Test. In summary, this category is far more fundamental, detailed and ground-level than the material covered in Mortgage Broker Education.

"Mortgage Broker Education" is the catch phrase we use to mean acquiring 'catch up' content for the experienced MLO who has familiarity with the 1003 and disclosure booklets, but whose knowledge of the lesser-used terms and laws is sketchy. Certainly the experienced MLO must touch base with the matter taught under Loan Officer Training (above), but passing the test is doubtful without a comprehensive absorption of this higher-level body of law, terminology and ethics material. There is one additional wrinkle for Mortgage Broker Training: under the SAFE Act, mortgage continuing education classes are required every year. While an MLO will never have to take the NMLS Test again, their MLO continuing education should help them remain legal and (as we say at Abacus) off the courthouse steps.

We consider it imperative to differentiate these two bodies of knowledge. We focus on them separately in our NMLS class; as you sit in class you will have to adjust your mind set and focus-style. Part of that re-focus will be reinforced by the trainer: the experienced person cannot stay "above it" when exposed to the Loan Officer Training materials and the new person cannot fret about the coming high-concept Mortgage Broker Education law/ethics matters while studying the fundamentals. You'll regret it if you do loose focus because the SAFE Act test will find the gaps in your knowledge and return a painful reminder when you receive your score.

You can probably see our punch line coming but with so much at stake we don't consider repetition obnoxious: in no uncertain terms you must obtain mastery over both Mortgage Broker Education and Loan Officer Training for success on the NMLS Test.

NMLS insights..

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© Copyright 2011 by Paul Donohue Presents (doing business as Abacus Mortgage Training & Education). All rights reserved. Printed in the United States of America. No part of this web site, its contents, texts, or graphics may be used or reproduced in any manner whatever without the express written consent of Paul Donohue.

All information about the nmls test, mortgage broker education, loan officer training and MLO requirements is gathered from government agencies that regulate the mortgage industry. Please check with your legal advisor to confirm all actions regarding your licensure for final confidence.