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Money Moves – Barriers to Getting Your NMLS License

Entering the mortgage business to help others achieve their homeownership dreams is a wonderful and noble cause, but an even better reason is to earn more income so you can realize your own goals. Though helping others realize their dreams can be exciting, the mortgage business is most rewarding if earning money is your primary focus.

Barrier to Entry

The NMLS exam is designed to be a barrier, filtering through only the most qualified into the mortgage field so that the number of licensed mortgage loan originators (MLO) is limited. As a result, passing the NMLS exam is no easy feat for those who are unwilling to invest the required time and effort it will take to get a mortgag loan originator’s license. Think of it as being an exclusive club where only those who have access to a secret code can gain entry. Or, a fraternity that requires a bit of hazing to join – maybe not so extreme, but you get the point. Only those who make it through can participate. No, it’s not easy, and it’s not meant to be. If it were then everyone would be a member.

You may not think you are good enough or have what it takes to succeed, but that’s exactly what NMLS gatekeepers want you to believe. Less competition means more money for club members while you sit on the sidelines wishing you had what it takes. What you need are the “keys” to open doors to your new life as a licensed MLO. And Ameritrain holds them.

Underlying Messages

Here are some underlying messages those gatekeepers want you to believe about getting your license:

  • “The test is too difficult.”There is no way someone who lacks industry experience or who has not been working in the field for several years can pass a national exam.
  • “Many questions use federal law as a basis.”Legal questions require higher order thinking and reasoning skills that people like you cannot answer successfully.
  • “Mortgage experience is a requirement.”Without direct industry experience, it will be impossible to pass the exam.
  • “I’m not bright enough to pass.”Questions are written in such a way that they are too difficult to comprehend. You lack the intellect to learn test-taking techniques and strategies to decipher questions. 
  • “Questions are written to make it difficult to achieve a passing score.”Without direct insight into how questions are written, it is impossible to answer test questions effectively.
  • “I have test anxiety.” You won’t pass your exam because you get too nervous and cannot focus your attention.
  • “I’m not a good test taker.” You are not smart enough to pass such a sophisticated test like the NMLS exam.
  • “I haven’t taken a class or a test in a while.” It has been years since you have taken a proctored test, and you are incapable of and unprepared to do well.

Overcoming Negative Messages

Now, here’s how you get around these negative messages so you can triumph over NMLS test barriers:

The test is too difficult. – This is only true if you don’t know how to analyze questions to select the correct responses. Simply applying a strategy for reading and analyzing test questions will help you select correct answers. Exam questions comprise important elements which make it feasible to determine what you should know. The trick is to decipher:

  • the stem (question part of the question)
  • plausible detractors (wrong-response options)

to select the right response. Once you know how to interpret what’s being asked, you can answer questions with ease.

Many questions use federal law as a basis. – Approximately fifty percent of the NMLS exam is made up of questions based on federal laws. As daunting as this may seem, you can master answering legal questions by leveraging visual cues to help connect related information. By deciphering what the question is asking you to solve, you can easily select the correct answer.

Mortgage experience is a requirement. – Absolutelynot true.That’s precisely why this field is so attractive. A state agency that will approve your MLO license does not require any mortgage industry experience to become an MLO; what they’re looking for is a great personality and good people skills. You can easily learn the rest. Otherwise, you just need a MLO license, which is why we are here.

I’m not bright enough to pass. – Don’t let fear or a lack of self-confidence steal your opportunity to reach your earnings potential. If you can read this, then you possess abilities to learn, comprehend, analyze, and interpret information. With these abilities, you can  get a passing score of 75% and obtain your NMLS license.

Questions are written to make it difficult to achieve a passing score. – While this is true, it doesn’t mean you cannot answer them correctly and get your license. Hundreds of people pass the NMLS exam every day, and many of them are no smarter than you are. So, how can they have a license and you do not? Simple. They understood how to:

  • read questions carefully
  • identify a rationale behind a problem or issue
  • extract information designed to distract you from the real challenge and focus on critical areas to achieve a passing score.

If you enter a testing center without a strategy to pass, you will fail. Preparation is essential to your success. You wouldn’t consider taking a trip to a destination without a road map, and neither should you take your NMLS exam without a well-defined plan of action. 

I have test anxiety. –Test anxiety is a real phenomenon that plagues many people, but controlling your apprehension about the NMLS exam is something you can address with a few techniques, the most important of which is being prepared. If you have confidence in your knowledge of the NMLS test content, this will reduce your concerns significantly as you prepare to take the exam. Fear of the unknown triggers nervousness, so it makes sense that if you are more informed about subjects you will be tested on, any uneasiness you have about passing your NMLS exam will diminish.

I’m not a good test taker. –Anyone can do well on any test; what’s important is finding out what strategy works best for you.

  • Are you an auditory learner? (learn by ear)
  • Are you a visual learner? (learn by sight)
  • Are you a kinesthetic learner? (learn by doing)

Once you understand how you absorb information it will be easy to devise a strategy that aligns best with your level of comprehension. Finding ways to retain information in your long-term memory requires leveraging a variety of tools such as recall, memorization, analysis, and application to help you improve your critical thinking and reasoning abilities. Knowing how to tailor a plan that fits your learning style is all you need to pass the NMLS exam with flying colors. We can all become good test takers.

I haven’t taken a class or a test in a while. – You’re not alone here. Such is the case for many people, but taking a test is much like riding a bike. With a little practice and lots of repetition, it will all come flooding back to you. Given time, preparation, and familiarity with a variety of question formats, you can master your test-taking skills and achieve your goal of passing the NMLS exam to get your license.

So why go it alone? A partnership with Ameritrain will help you prepare for and enable you to pass the NMLS exam so you can begin making “money moves” and start getting paid because you deserve it.

Contact Ameritrain at (877) 406-0333 for more information.

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