- (1) An individual seeking a mortgage loan originator's license shall submit to an examination.
- (2) In order to meet the examination requirement referred to in subsection (1), an individual shall pass, in accordance with the standards established under this section, a qualified written exam developed by the NMLS that is administered by an approved test provider.
(3) A written examination may not be treated as a qualified written examination for purposes of this section unless the exam adequately measures the applicant's knowledge and comprehension in appropriate subject areas, including but not limited to:
- (a) ethics;
- (b) federal and state laws and regulations pertaining to mortgage origination; and
- (c) federal and state laws and regulations pertaining to fraud, consumer protection, the nontraditional mortgage product marketplace, and fair lending issues.
- (4) An individual may not be considered to have passed a qualified examination unless the individual achieves an exam score of at least 75%.
- (5) An individual may retake a test three consecutive times with each consecutive test being taken at least 30 days after the previous testing date.
- (6) An individual who fails three consecutive tests may not take the test for at least 6 months from the date of failing the third test.
- (7) A licensed mortgage loan originator who fails to maintain a valid license for a period of 5 years shall retake the test. The 5-year period may not take into account any time during which the person is a registered mortgage loan originator. (See part compiler's comment regarding contingent suspension.)
History: En. Sec. 7, Ch. 516, L. 2003; amd. Sec. 4, Ch. 498, L. 2007; amd. Sec. 10, Ch. 321, L. 2009; amd. Sec. 8, Ch. 125, L. 2013.