Frequently Asked Questions: Texas State Mortgage Broker / Loan Officer Test
Experience/Education
Requirements Changes for NEW Applicants
***Important Changes Effective
September 1, 2007***
The state requirements for licensing of mortgage
brokers and loan officers changed for applications received on
or after September 1, 2007 by the Department of Savings and
Mortgage Lending. To see the new experience and education
requirements, click here.
How do I make a reservation to take the test?
Online at www.promissor.com
Fax to (888) 204.6291 - 24 Hour Confirmation
Phone (800) 275.8246
Monday - Friday 7am - 10pm CST
Saturday 7am - 4pm CST
Sunday 9am - 3pm CST
Should I make the reservation in advance?
Schedule up to 4 days in advance
Walk-ins accepted if space is available
Changes require 48 hours notice
What should I bring with me?
2 forms of identification (no exceptions)
Promissor confirmation
Two #2 pencils
Failed test (if applicable)
What kind of fees are involved?
Test
Broker $42.00
Loan Officer $42.00
Fingerprinting**
Broker $17.50
Loan Officer $17.50
Application to TSLD
Broker $280.00
Loan Officer $155.00
Background Check
Broker $39.00
Loan Officer $39.00
Recovery Fund
Broker $20.00
Loan Officer $20.00
All fees payable are non refundable. Tardiness will result in
forfeiture of the fee.
**The Department of Public Safety has contracted with a company called Identix to offer convenient, reliable, affordable applicant fingerprinting within the state of Texas. Because of this, it is not necessary for SML’s in-state applicants to submit fingerprints with the application. Instead, once the department has processed your application, a Fast Pass certificate will be mailed to your home address. This certificate will contain all the necessary information and instructions to contact Identix, set an appointment, and have your fingerprints submitted directly to the DPS and FBI and the results forwarded to our department. The TSML believes that utilizing this system will reduce the number of fingerprint rejections and the time required to conduct a background investigation. If you have any further questions about this, you may contact Identix through their website, https://tx.iisfingerprint.com/, or you may contact the licensing investigator,
Robin Bradford, at rbradford@sml.state.tx.us.
What is the content of the test?
Federal Law and Regulations (50% Approximately 37-38 questions)
Including Equal Credit Opportunity Act, RESPA, and the Truth in Lending Act (Regulation Z)
Texas Mortgage Broker Licensing Act and Regulations (20% Approximately 15 questions)
General Math, Knowledge, Terms, and Concepts (30% Approximately 22-23 questions)
General loan terms, knowledge, or market practices;
Application and pre-qualification process and role of the mortgage broker/loan officer;
Secondary Market or Federal Loan program terminology for HUD, FHA, VA, FNMA, and FHLMC;
Legal terms - Home equity and Texas high-cost lending;
Mathematical calculations related to mortgage lending
Does a passing test score expire?
No, there is no expiration of passing score or test date.
How much time will you have to complete the test?
You will have 2 hours to complete the test. The test will automatically end at two hours.
What happens if you pass?
You will receive a score report and instructions on how to apply for your license. No score will be given.
What happens if you fail?
If you fail you will be given a score report that includes a numeric score and diagnostic information relating to the examination as well as a list of the areas on the content outline where the candidate performed unsatisfactory.
What are some other suggestions?
Arrive 30 minutes early and check in with the facilitator
Go through tutorial (does not count towards test time)
Test begins when first question is viewed
No calculators, cell phones, recording devices, palm pilots, etc.
No books, dictionaries, reading material, scratch paper, etc.
No large bags, briefcases, purses, etc.
No eating, drinking, or smoking
No visitors or guests
Things to Know
- All registrations are binding and are subject to penalties for non-cancellation or late cancellation. Reservations must be cancelled 48 hours prior to class or ½ tuition is due.
- All tuition is non-refundable and must be paid 5 days prior to class. Tuition can be used towards are future class, or we will accept a substitution student.
- Your seat is not confirmed until payment is processed. Receipts will be given out at class with your materials.
- Certificates are issued upon class completion. If the certificate(s) is lost or stolen, a duplicate certificate will be issued upon receipt of the following information, 1. Dates of class and Class title. Power Training does not keep electronic records of class attendance so you will need to keep the information readily accessible should you need it. 2. Power Training has confirmed that the State has not received the certificate as part of a Mortgage Broker / Loan Officer Application for Licensing or Renewal. This process can take up to two weeks and a fee of $50 will be assessed for each lost certificate.
Don’ts
- There will no recording of class of any kind.
- Do not duplicate or share material with a person who has not paid for the material. The material is the sole property of Power Training and copyright infringements will be prosecuted.
- There will be no use of Cellular Phones, Laptop Computers, Blackberry’s or handheld email devices during class, nor may you receive text messages during class.
- All cell phones, pagers, etc… must be turned to their silent or off modes during class time.
- There will be no chewing tobacco or smoking during class.
Agreements
All attendees will agree to the following:
- That you will not take longer than the allotted break times and will take breaks only during allotted times, unless arrangements have been made with instructor prior to class.
- You will not arrive late for class, return late from lunch or breaks. It is understood that if you do arrive late, return from lunch or breaks late, the instructor has the right to refuse you admittance to class.
By enrolling and paying tuition, Power Training assumes that you have read this FAQ and agree to all terms.
Experience/Education
Requirements Changes for NEW Applicants
The following combination of experience and education is
required for the issuance of an initial license for mortgage
brokers and loan officers
received
by the department on or after 9/1/2007:
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Mortgage Broker |
|
Loan Officer |
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•
36 months of loan origination
experience
AND
90 hours of Core
classroom training, including 6 hours of Ethics, offered by an SML-approved
provider taken within the last two years if NOT previously licensed
as a mortgage broker or loan officer under the MBLAct
OR
30 hours of Core
classroom training, including 2 hours of Ethics, offered by an SML-approved
provider taken within the last two years if NOT previously licensed
as a mortgage broker under the MBLAct but was previously licensed as
a loan officer under the MBLAct
OR
• 18 months of
loan origination experience and, at minimum, a bachelor’s degree in
either finance, banking, or business administration
AND
90 hours of Core
classroom training, including 6 hours of Ethics, offered by an SML-approved
provider taken within the last two years if NOT previously licensed
as a mortgage broker or loan officer under the MBLAct,
OR
30 hours of Core
classroom training, including 2 hours of Ethics, offered by an SML-approved
provider taken within the last two years if NOT previously licensed
as a mortgage broker under the MBLAct but was previously licensed as
a loan officer under the MBLAct
OR
• Holds active
Texas license as: Real Estate Broker or
Attorney
or General Lines Agent (Life, Accident,
Health, & HMO;
or Property & Casualty); Limited Lines
Agent (Multiple Lines);
or Managing General Agent
AND
90 hours of Core
classroom training, including 6 hours of Ethics, offered by an SML-approved
provider taken within the last two years if NOT previously licensed
as a mortgage broker or loan officer under the MBLAct
OR
30 hours of Core
classroom training, including 2 hours of Ethics, offered by an SML-approved
provider taken within the last two years if NOT previously licensed
as a mortgage broker under the MBLAct but was previously licensed as
a loan officer under the MBLAct.
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|
• 60 hours of
Core classroom training, including hours of Ethics, offered by an
SML-approved provider, taken within the last two years
OR
• 18 or more
months of loan origination experience
AND
30 hours of Core
classroom training, including hours of Ethics, offered by an SML-approved
provider taken within the last two years;
OR
• Holds
active Texas license as: Real Estate Broker
or Attorney
or General Lines Agent (Life, Accident,
Health, & HMO;
or Property & Casualty); Limited Lines
Agent (Multiple Lines);
or Managing General Agent
AND
30 hours of Core
classroom training, including hours of Ethics, offered by an SML-approved
provider taken within the last two years;
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