As a mortgage loan originator or real estate professional in the state of California, you need to complete specific requirements based on the Secure and Fair Enforcement for Mortgage Licensing Act (S.A.F.E. Act). One of these requirements is to pass the unique state component of the California S.A.F.E. mortgage exam. You’ll need to be up-to-date on specific California mortgage loan concepts, procedures and regulations. Even though you’ve worked in the field, you may need a re-fresher of the details you’ll find on the exam. How can you prepare? Online exam preparation can be the tool you need to get up to speed and keep your career on track.
What is the Unique State Component of the California S.A.F.E. Mortgage Exam?
The S.A.F.E. mortgage exam includes two parts: the national component and the unique California component. The national component needs to be taken by all MLOs nationwide and is the same for professionals in every state. On the other hand, the California unique state component is the part of the exam specific to California MLOs. As a practicing MLO in the state of California, you need to successfully pass both parts of the exam.
The California S.A.F.E. mortgage exam consists of 50 questions that must be answered in a 1 ½-hour timeframe. You must score 75% or better. Failure to pass the exam will result in additional examination fees and wait time between tests. You need to have in-depth familiarity of these topics:
- California Department of Corporations or Department of Real Estate
- California Law and Regulation Definitions
- California License Law and Regulation
- Disciplinary Action
How to Schedule the S.A.F.E. Mortgage Exam
As an MLO professional in California, you can choose to take the national component and the California unique state component on the same day. To schedule an examination, you must first register and establish an account with NMLS&R. This set-up requires no fee, but there is a fee to schedule the examination. The MLO testing handbook provides additional information, such as content outlines, fees, re-testing, etc.
You are encouraged to start the examination process as soon as possible in order to successfully complete both portions of the examination before your state’s deadline. If you are unsuccessful, there is a mandatory 30-day waiting period between each of the first three attempts to pass an examination. After the fourth attempt, the waiting period is 180 days, which could cause significant disruption to your career.
Benefits of Online Exam Preparation – How it Can Help You Pass the First Time
You need to come to the exam prepared and that may mean spending time reviewing important terminology, procedures and regulations. While you may work in the mortgage industry and practice these concepts on a daily basis, you may not remember the specific numerical code of a law or exact terminology of a procedure. That’s where online exam prep comes in – you can prepare for the specific nature of the California S.A.F.E. mortgage exam with online exam prep. Re-fresh your memory of vital concepts and be prepared to pass the exam the first time. Practice exams let you test your knowledge. Focus on the information you need to learn.
Take the steps today to succeed on the S.A.F.E. mortgage exam – you need to pass the national component and California unique state component. Don’t risk being unprepared or cause disruption to your career. Online exam preparation can help you review the information needed to pass the exam on your first try. Now that you know a little bit more about the exam, schedule your test date, partner with an NMLS approved school and review for the exam. You’ll become SA.F.E. compliant and keep your career on track.