In California, if you work in the mortgage lending field, you need an NMLS license. NMLS means Nationwide Mortgage Licensing System. It is a centralized online database. Finance and mortgage regulatory agencies use it.
When they do, they can find your licensing information if you work in this industry. This database serves another purpose, though.
Anyone who you’re working with, such as clients, can check on your credentials through it. They will feel a lot better about working with you if they can confirm you have one of these licenses.
You must go through the NMLS license renewal process yearly. The information on the test changes, though. You can expect new updates every year.
You can take renewal courses before you take the test again, and that’s a smart idea. Several entities offer refresher courses, and they should have certain features. We’ll talk about what you want from the refresher course you take and the entity offering it right now.
Easy and Self-Paced
You don’t want a refresher course that overloads you. You should not find this refresher period overstimulating or stressful.
You should go at your own pace as you’re refreshing before the test, and the course you take should let you do that. If you’re taking one that’s pushing you too hard or too fast, it’s harming rather than helping.
Toll-Free Technical Support
As you take the refresher, you might have some questions. You may question the refresher course itself if it presents any confusing information. You may also question something else about the system the entity providing the refresher course has in place.
You should have someone waiting who can speak with you at all times. They should answer the phone when you call and have the necessary information.
You might also want a company that offers these refresher courses that has a chatbot on its website. That way, if you’d prefer some online interaction, you can do that rather than calling.
Mortgage Resource Links
As someone who offers mortgages, you probably want handy resource links as you do your test refresher and prep. The company offering you that refresher course should offer those.
The links should give you some additional, free resources that can fill in details that the refresher course might not offer. You probably know most of the information the refresher presents already, but maybe it doesn’t go into enough detail in certain areas.
The resource links should help you with that. They should also only direct you to places with excellent UX. If you arrive at a supplemental website or at a PDF that’s not intuitive, that won’t help at all.
The Course Should Track Your Progress
As you read through the course and possibly interact with it a little, you might progress quickly or slowly. Most people won’t get through the whole refresher course in one sitting. You might take a week or a couple of weeks, depending on whether you have other obligations.
The course should track your progress so you can resume right where you left off when you must take a break. You might have some familial obligations, like picking up your kids or making dinner. You can resume the course easily if you can digitally bookmark it.
The Course Should Have a Comprehensive Glossary
You will also probably know the terminology in the refresher course. You’re in the industry already, so you’ll know the basic concepts. You will know the various terms and phrases that accompany the mortgage and lending niches.
You might not know every term, though. You might run into one that confuses you, and you can’t figure it out using context clues.
If so, you should have a glossary readily available. The better refresher courses offer them. You can easily check out a word or phrase when you feel the need.
A Final Examination Online
When you feel you can take the test, the course should let you do that. It should grant you online access so you can take the examination without leaving your home.
You can take the exam in your favorite room, and you can use your favorite device. You might have a desktop or laptop, or maybe you prefer a tablet instead. The course and test should work on each one.
Once you’ve gone through the refresher and taken the test, you’ll feel ready. You can tackle a new year and hopefully find success and profit in the mortgage lending industry.