NMLS Test? Regarding: Your license in the mortgage industry: This is now processed through the National Mortgage Licensing System [NMLS]. And yes, there is A Test!
It is critical that the NMLS test does not stand in the way of staffing [company] or block employability [individual]. Do not settle for anything short of passing the NMLS test on the first try. To do this you need both "education’ and "training"
"Loan Officer Training" is the catch phrase we use at Abacus to mean acquiring the fundamentals of originating, especially the content of the disclosure booklets (including the legal obligations for passing them out) and the detailed study of the 1003 form (the mortgage application form).
"Mortgage Broker Education" is the catch phrase we use to mean acquiring ‘catch up’ content for the experienced MLO who has familiarity with the 1003 and disclosure booklets, but whose knowledge of the lesser-used terms and laws is sketchy.
In no uncertain terms you must obtain mastery over both Mortgage Broker Education and Loan Officer Training for success on the NMLS Test.
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