Already on ArticleSlash?

Forgot your password? Sign Up

Preparation Key to Passing New York Mortgage License Test


Visitors: 903

Under state law, passing a New York mortgage license test is required for people who wish to work as loan originators or brokers. The prospective loan originator or broker will be given up to four times to pass the exam. A person who is unable to successfully complete this requirement will not be able to legally conduct business in the state.

If someone takes the exam and is not able to pass, he or she must wait at least 30 calendar days before retaking it. In a case where the fourth attempt is not successful, the candidate must wait at least 180 days before being eligible to take the license test again.

Having a standard system of testing and licensing people who wish to work in this industry is good news for consumers. When customers are looking for financing, they can be assured that the loan originator or broker they are dealing with has the education required to provide them with good quality information about their options and to help them make the decision that is right for their personal circumstances.

The New York mortgage license test is made up of 60 questions. Fifty of them are scored and the remaining 10 questions are not. The topics that are covered in the exam include ones focusing on state laws and regulations, the New York State Banking Department and compliance issues. Disciplinary action and questions specific to New York State are also included.

To prepare properly to take the exam, candidates need to invest in a quality training course. For those who are getting ready for licensing, choosing an instructor-led program is likely the best choice. Learning in a classroom setting means being able to ask questions as they come up. Students also benefit from being able to interact with the instructor and fellow participants during class.

A person interested in working in the mortgage broker business in New York should be sure that the program they are considering is one that is approved by the state before enrollment. The program should include material on New York's banking laws, as well as other legislation that has an impact on lending funds in the state. Students should be well versed in definitions of legal and industry terms, as well as the regulations and disciplinary actions that apply to the industry.

Some people would prefer to prepare for their mortgage license test from the comfort of their home or another convenient location. Online programs are available for these types of learners, and the student can follow the course from anywhere they can access the Internet. Studying online doesn't mean studying alone, and these programs do allow participants to interact with the instructor.

Whatever method of study is being considered, the prospective student needs to do his or her homework before signing up for a program. Not only does the program need to be approved, but it must also accurately reflect the current laws and regulations in force in New York. Before paying for a program, the student must be sure that the program will adequately prepare him or her for taking the test. Prospective students should also ask whether the curriculum includes practice questions so that they will have a good idea of what to expect when the date scheduled for the exam arrives.

Being able to work with practice questions is a very important part of preparing to take the . Students can see how the questions are structured and learn how to avoid possible pitfalls. Studying the material is not enough; the individual must be able to demonstrate what he or she has learned on test day.


Article Source:

Rate this Article: 
Pass Your License Test - Know Your Vehicle
Rated 4 / 5
based on 5 votes

Related Articles:

Hack License - How to Get a Taxi License in New York City

by: David Buster (January 31, 2008) 
(Business/Careers Employment)

Passing Driving Theory Test Before Practical Test

by: John Lee (August 06, 2011) 

Passing Driving Theory Test Before Practical Test

by: John Lee (August 08, 2011) 

Booking driving test, preparation and DSA theory and practical test

by: John Lee (November 19, 2011) 

What's Your Marathon? Passing the Test

by: Shawn Shepheard (December 10, 2007) 
(Self Improvement/Inspirational)

Mentally Passing A Driving Test

by: Mark Goodworthy (June 02, 2007) 
(Self Improvement)

How a GED Practice Test Can Ensure a Passing Score

by: Jennifer Charleston (November 10, 2008) 
(Reference and Education)

Overview of Problems to Expect When Learning How to Drive and Passing Test

by: Jasper Matt (August 13, 2011) 

C2010-511 Certification Test - Exam Passing Guarantee Tips

by: Erin Widd (December 01, 2014) 
(Computers and Technology/Certification Tests)

Pass Your License Test - Know Your Vehicle

by: Nadav Snir (March 11, 2008)