The SAFE Mortgage Loan Originator test has proven challenging for many candidates. Recent statistics show that only 60% of test-takers pass the exam on the first try. Subsequent attempts have 43% pass rate, bringing the overall pass rate down to 55%.
Don’t let these statistics intimidate you. We’ve created a checklist to ensure your chances of passing your exam with flying colors. Keep reading to learn about our recommended preparation techniques and best test-taking tips.
Step 1: Understand Your Requirements
Before you can start preparing for your exam, you should understand which tests you’ll need to take. Pursuing licenses in multiple states has many advantages, but it can also be complicated.
Your loan originator testing requirements will vary depending on the states in which you’re seeking licensure. Mortgage Licensing Group’s License Ready(™) program can help make the process less overwhelming.
Step 2: Prepare for Your Loan Originator Exam
Many candidates have difficulty passing their licensure exams because they haven’t prepared sufficiently. Others spend countless hours studying, but haven’t used the best techniques. Here are our recommendations for successful preparation.
Use Practice Tests
The cliché that “practice makes perfect” is definitely true when it comes to test preparation. The more times you can successfully complete practice questions, the more likely you’re to confidently pass your SAFE Mortgage Loan Originator Test. An online testing system, like CompuCram(®), which you can find at https://mymortgagelicense.fastclass.com/, prepares candidates by integrating vocabulary exercises, practice tests, and comprehensive simulated exams.
Don’t Study the Night Before
Prepare as much as possible in the days and weeks leading up to your test, and then give yourself a break. Don’t make the mistake of staying up late to cram the night before your test. It’s far more important to be well-rested and clear-headed on the big day.
Step 3: Become a Test-Taking Pro
Even if you know the information like the back of your hand, poor test-taking techniques could cause you to fail the exam. Follow these tips to ensure this doesn’t happen to you.
Take Your Time
Don’t rush through the exam. You’re allowed three hours for the National exam, and you should plan to stay for the entire time. If you finish early, consider it a bonus, but don’t count on it.
Don’t Skip the Tutorial
The pre-test tutorial will show you important details, such as how to go back to a question and how to access the online calculator. Don’t take the chance of missing questions because you didn’t understand how the system works.
Read Each Question Twice
The SAFE Loan Originator test questions are notoriously tricky. Read every question twice to make sure you understand what it’s asking. Watch out for negatives, and use the process of elimination.
Confirm and Review
Answer each question as it comes up. If you aren’t 100% confident with your answer, choose “Confirm and Review.” This will allow you to go back after the rest of the exam questions have been completed.
Take a Guess
If you really don’t know the answer to a question, at least take a guess. If you leave the question blank, it’ll count as a wrong answer. Choosing something will at least give you a chance of earning more points.
If you start to panic, you won’t be able to think clearly. If necessary, close your eyes and practice deep breathing until you start to feel calm. Most people finish the exam with plenty of time to spare, so don’t hesitate to take a few minutes to get your mind right.
We hope these recommendations help you to easily pass your licensing exam. If you have additional questions, please don’t hesitate to contact us. You can also learn more about mortgage licensing and stay on top of the latest news by following the Mortgage Licensing Group blog.