Written test required, test measures--minimum competency requirements.
443.719. 1. In order to meet the written test requirement undersections 443.701 to 443.893, an individual shall pass, in accordance withthe standards established under this section, a qualified written testdeveloped by the NMLSR and administered by a test provider approved by theNMLSR based upon reasonable standards.
2. A written test shall not be treated as a qualified written testfor purposes of subsection 1 of this section unless the test adequatelymeasures the applicant's knowledge and comprehension in appropriate subjectareas, including:
(1) Ethics;
(2) Federal law and regulation pertaining to mortgage origination;
(3) State law and regulation pertaining to mortgage origination;
(4) Federal and state law and regulation on fraud, consumerprotection, the nontraditional mortgage marketplace, and fair lendingissues.
3. Nothing in this section shall prohibit a test provider approved bythe NMLSR from providing a test at the location of the employer of theapplicant or the location of any subsidiary or affiliate of the employer ofthe applicant, or the location of any person with which the applicant holdsan exclusive arrangement to conduct the business of a mortgage loanoriginator.
4. An applicant for licensure as a mortgage loan originator shalldemonstrate minimum competence as follows:
(1) An individual shall not be considered to have passed a qualifiedwritten test unless the individual achieves a test score of not less thanseventy-five percent correct answers to questions;
(2) An individual may retake a test two times with each consecutivetaking occurring at least thirty days after the preceding test;
(3) After failing three consecutive tests, an individual shall waitat least six months before taking the test again;
(4) A licensed mortgage loan originator who fails to maintain a validlicense for a period of five years or longer shall retake the test, nottaking into account any time during which such individual is a registeredmortgage loan originator.
Written test required, test measures--minimum competency requirements.
443.719. 1. In order to meet the written test requirement undersections 443.701 to 443.893, an individual shall pass, in accordance withthe standards established under this section, a qualified written testdeveloped by the NMLSR and administered by a test provider approved by theNMLSR based upon reasonable standards.
2. A written test shall not be treated as a qualified written testfor purposes of subsection 1 of this section unless the test adequatelymeasures the applicant's knowledge and comprehension in appropriate subjectareas, including:
(1) Ethics;
(2) Federal law and regulation pertaining to mortgage origination;
(3) State law and regulation pertaining to mortgage origination;
(4) Federal and state law and regulation on fraud, consumerprotection, the nontraditional mortgage marketplace, and fair lendingissues.
3. Nothing in this section shall prohibit a test provider approved bythe NMLSR from providing a test at the location of the employer of theapplicant or the location of any subsidiary or affiliate of the employer ofthe applicant, or the location of any person with which the applicant holdsan exclusive arrangement to conduct the business of a mortgage loanoriginator.
4. An applicant for licensure as a mortgage loan originator shalldemonstrate minimum competence as follows:
(1) An individual shall not be considered to have passed a qualifiedwritten test unless the individual achieves a test score of not less thanseventy-five percent correct answers to questions;
(2) An individual may retake a test two times with each consecutivetaking occurring at least thirty days after the preceding test;
(3) After failing three consecutive tests, an individual shall waitat least six months before taking the test again;
(4) A licensed mortgage loan originator who fails to maintain a validlicense for a period of five years or longer shall retake the test, nottaking into account any time during which such individual is a registeredmortgage loan originator.
Written test required, test measures--minimum competency requirements.
443.719. 1. In order to meet the written test requirement undersections 443.701 to 443.893, an individual shall pass, in accordance withthe standards established under this section, a qualified written testdeveloped by the NMLSR and administered by a test provider approved by theNMLSR based upon reasonable standards.
2. A written test shall not be treated as a qualified written testfor purposes of subsection 1 of this section unless the test adequatelymeasures the applicant's knowledge and comprehension in appropriate subjectareas, including:
(1) Ethics;
(2) Federal law and regulation pertaining to mortgage origination;
(3) State law and regulation pertaining to mortgage origination;
(4) Federal and state law and regulation on fraud, consumerprotection, the nontraditional mortgage marketplace, and fair lendingissues.
3. Nothing in this section shall prohibit a test provider approved bythe NMLSR from providing a test at the location of the employer of theapplicant or the location of any subsidiary or affiliate of the employer ofthe applicant, or the location of any person with which the applicant holdsan exclusive arrangement to conduct the business of a mortgage loanoriginator.
4. An applicant for licensure as a mortgage loan originator shalldemonstrate minimum competence as follows:
(1) An individual shall not be considered to have passed a qualifiedwritten test unless the individual achieves a test score of not less thanseventy-five percent correct answers to questions;
(2) An individual may retake a test two times with each consecutivetaking occurring at least thirty days after the preceding test;
(3) After failing three consecutive tests, an individual shall waitat least six months before taking the test again;
(4) A licensed mortgage loan originator who fails to maintain a validlicense for a period of five years or longer shall retake the test, nottaking into account any time during which such individual is a registeredmortgage loan originator.
