If you are like most mortgage loan originators, you’ve questioned the value of taking the Stand-Alone Uniform State Test (UST). You’re probably thinking, “I originate in only one state and have no plans to expand. Why bother?” Based on the consequences, you should seriously reconsider.
It does make sense that you’d have these thoughts. Not long ago, over 80% of the state-licensed MLOs had only one license. It just didn’t seem worth it to take the time to prepare for the test and pay more fees.
However, just because you only originate in one state doesn’t mean you always will. Here are the questions that you need to ask yourself:
– What if something happens and my plans change?
– What if I take a new position with a company that originates in multiple states?
– What if I move? (Most people who live in Chicago are asking this question after 44 days of snow this winter!)
– What if I decide not to take the Uniform State Test?
There are harsh consequences if you don’t register for the Stand-Alone UST before the deadline. Starting April 1, 2014, if you want to become licensed in any state that has adopted the UST, you won’t have a choice. You will be required to take a new National Test Component. This time, the National test will have 125 questions. Based on the failure rates, it wasn’t easy the first time and it isn’t any easier now. The safer play is to take the Stand-Alone UST. It’s only 25 questions. With some test prep, you should ace it and have no regrets.
Time is running out. All you need to do is open a test window by March 31, 2014. You don’t have to take the test by this date. You have up to 180 days after you open the test window. Don’t miss this opportunity. The reality is that 39 state regulators have already adopted the UST, and more will follow suit. If there’s a chance that you might do business in another state, register for the test.
Once you pass, you can relax and let the chips fall where they may. If you move or want to expand your business, you’ll be one step closer to satisfying that state’s requirements.
Real Estate Institute has helped thousands of licensees pass their exams. Click here to learn more about Stand-Alone UST test prep. A new National Test Component prep program is also available. It has been updated based on the 2014 NMLS Content Outline and includes the 2014 rule changes. Try our free online practice tests.
Click here to register for the Stand-Alone UST with the NMLS. You must schedule your test with Prometric.