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Frequently Asked Questions

Question
I am currently licensed with TDSML, do I need any education hours?
Answer
If you are currently licensed through TDSML and have renewed at least once, you probably need zero hours. The TDSML has issued a list of all unexpired licensees that have enough hours to be “certified” to NMLS. If your name is not on this list, then it is possible you need no hours. 

Question
If my TDSML license is in “inactive” status will that matter?
Answer
No, it will not matter. An inactive license is recognized by TDSML the same as an active license. Only licenses that have expired will not be considered by the TDSML when reporting hours to NMLS.

Question
I am a licensed loan officer what do I need to do?
Answer
Take education if necessary, pass the national and state tests, pass background; credit report; finger print checks and complete MU4.

Question
I am a contract processor, what do I need to do?
Answer
You have to take 20 hours of education, pass the national and state tests, pass background; credit report; finger print checks and complete MU4.

Question
I am a contract underwriter, what do I need to do?
Answer
You have to take 20 hours of education, pass the national and state tests, pass background; credit report; finger print checks and complete MU4.

Question
I work for a Mortgage Bank, so I am exempt from licensing?
Answer
Unless the Mortgage Bank you work for is a federally insured institution and/or regulated by the OTC, FED, FDIC, NCUA, etc… you are NOT exempt. You have to take 20 hours of education, pass the national and state tests, pass background; credit report; finger print checks and complete MU4.

Question
I currently work for a federally insured/regulated institution regulated by the OTC, FED, FDIC, NCUA, but will be leaving that position to work for non-regulated mortgage bank. What do I need to do?
Answer
Unless you still hold an unexpired license from the TDSML, you have to take 20 hours of education, pass the national and state tests, pass background; credit report; finger print checks and complete MU4.

Question
I work for a non-profit, what do I need to do?
Answer
You have to take 20 hours of education, take and pass the national and state test, pass background; credit report; finger print checks and complete MU4.

Question
I am a licensed Real Estate Broker or Real Estate Agent who also holds a mortgage broker or loan office license through TDSML. What do I need to do?
Answer
If you did not take a mortgage class approved through TDSML to renew your TDSML license you will need to check with TDSML to see what education they have on file for you. If they tell you they have enough education on file and you have taken the Texas test then you only need to take the national test. If you were grandfathered and never took the Texas test you will need to take both tests.

Question
I am a licensed attorney, what do I need to do?
Answer
As a licensed attorney if you used the education you took to renew your attorneys license with TDSML to renew either a mortgage broker or loan office license, you will be required to take 20 hours education, pass the national and state tests, pass background; credit report; finger print checks and complete MU4. 

If you used mortgage education approved by the TDSML then you can check with TDSML to see what hours they have on file with you. If you have 20 hours and you have passed the Texas state test then you only want to take a one day prep class to pass the national test. If you were grandfathered and never took the Texas test you will need to take both tests.

Question
I am a licensed insurance agent, what do I need to do?
Answer
As a licensed insurance agent if you used the education you took to renew your insurance license with TDSML to renew either a mortgage broker or loan office license, you will be required to take 20 hours education, pass the national and state tests, pass background; credit report; finger print checks and complete MU4. 

If you used mortgage education approved by the TDSML then you can check with TDSML to see what hours they have on file with you. If you have 20 hours and you have passed the Texas state test then you only want to take a one day prep class to pass the national test. If you were grandfathered and never took the Texas test you will need to take both tests.

Question
I only close loans with my own funds, what do I need to do?
Answer
You have to take 20 hours education, pass the national and state tests, pass background; credit report; finger print checks and complete MU4. In addition you will need to decide if you want to operate as Financial Services Company, Mortgage Banker or Mortgage Broker. You will have to pick one as you CANNOT originate without being under one of these three entities.

Question
I have heard that tests are required, what tests do I have to take?
Answer
You are required to take the NMLS National test and the state test for the state you wish to originate in. So you are taking 2 tests.

Question
Will the 20 hour S.A.F.E. class that Power Training teaches be enough for me to pass the national and state exam? 
Answer
Yes
 
Question
What do I have to score for each test to pass?
Answer
You must score a 75% on the National Test and a 70% on the Texas test.

Question
Can I use the test I have already taken and passed in Texas to satisfy the state portion of the NMLS required tests?
Answer
Yes. 

Question
What if I don’t have my passing report from Pearson Vue?
Answer
You don’t need to worry as PearsonVue is sending a list to the TDSML with the names and information for all those who have passed the Texas test. TDSML will certify this information on your behalf to NMLS.

Question
If I don’t need any hours, but I need to take test(s) will I still be able to take the tests without education?
Answer
Yes you can test without taking any hours of education. If you feel confident enough you can take both tests right now. However, note that students have reported in high numbers that the National test was more difficult than they thought. 

Question
I have been told the Texas test is not available, is it?
Answer
The Texas test is not only available, but spaces are filling up and you need to get yourself registered asap. We have taught students to pass this test since 2003 so we are more than prepared to help you pass this test. Be aware that you will be taking a test based on Texas law from 2003. The Texas test will not be available after 8/14/10. The NMLS test will be live on 9/1/10. 

Question
How much is the Texas test?
Answer
Currently, the cost is $42 per test. After 9/1/10 the cost will be $69.

Question
How often can I take the Texas test?
Answer
Through 8/15/10, every 24 hours until you pass.

Question
I have been told the National test is not available, is it?
Answer
The National test is available through the NMLS website. There is a link on our website to the NMLS website where you can register for the test.

Question
How much is the National Test
Answer
$92 per test.

Question
How often can I take the NMLS national test?
Answer
You can take the NMLS national test every 30 days after each failed attempt to pass. After the 4th failed attempt you must wait 6 months before you can re- take the test again. Note you will be able to register for the test, however, your “enrollment window” will only open 30 days after your last test date.

Question
How will NMLS know I have passed the National test?
Answer
48 hours after you complete your test, your test provider will notify NMLS that you have passed and what your score is.

Question
How will NMLS know that I have hours on file with TDSML?
Answer
TDSML will turn over hours to NMLS for you if you provide them with your NMLS user ID. 

Question
If I am not licensed through TDSML, how will NMLS know I have completed my education?
Answer
When you complete your education, a Power Training instructor will request a printed copy of your NMLS user ID. We will use this number to “credit bank” your hours with NMLS. 

Question
How long will it take to have my hours banked after class?
Answer
Power Training will bank hours within 7 calendar days after class.

Question
Do my hours have to credit banked with NMLS to register for the national or state test?
Answer
No.

Question
When do I have to have my hours banked and my tests passed?
Answer
If you are a Mortgage Banker the transition will begin April 2nd and you must be completed by May 31st. If you are licensed through TDSML the initial transition is July 1, 2010 but you will have until August 31st. 

Question
Will I receive a certificate of completion?
Answer
No, you will not receive a certificate of completion, your evidence of completion will be in the email you receive from NMLS and you can check your hours on the NMLS website.

Question
What if I need a certificate to renew my TDSML license?
Answer
You must notify the instructor that you need a TDSML renewal certificate that will give you the 15 hours you need to renew. Though you have taken 20 hours, the certificate will only be for 15 hours as that ALL Texas needs to renew your license.

Question
How will I know when my hours are banked?
Answer
When you obtain your NMLS user ID, be sure to input your email address correctly as that will be the email address that NMLS uses to communicate with you. After Power Training banks your hours you will receive an email with 48 hours confirming NMLS has record of your hours.

Question
What is the NMLS User ID and why do I need it?
Answer
The NMLS user ID is what will become your NMLS unique identifier and must be listed on every application you take. You need it to take your National test and your education provider will need it to credit bank your education hours.

Question
How do I obtain my NMLS User ID?
Answer
You can follow the link from our website to the NMLS website where you can register for your number.


NMLS Preparation Services

National and State Preparation Services ¹