There’s nothing stopping you from opening up your own bank. Go for it.

Money sucks, government sucks more than banks, all of them are a rip off

Thanks for stopping by and sharing your story. 20 hours which is basically three, 7 hour days, or sometimes a course provider will offer the class in two, 10 hour days, is definitely not nearly enough time to learn everything you need to know to pass the test nor is it enough time to learn everything needed to know to start originating without any mentoring.

I believe the state of Utah requires a one week course. Ideally, training and education would be two weeks. One week to learn the basics and the second week to put what was learned into practice using case studies, mock loan applications, qualifying the borrower, learning about many different types of loan programs, working on practice exams, and so forth.

Since origination unfortunately still attracts sales-type personalities, typically those folks only will pay for and attend bare minimum when it comes to education.

As it is, nationwide we are now requiring the 20 hour course.

Before 2010….depending on the state and where an LO worked, no experience was required.

Since course providers only have 20 hours to “get everything done” and since LOs are ONLY FOCUSED on passing the exam, the 20 hours has really morphed into a big exam prep class.

…and that’s unfortunate.

slowly, over time things will change.

when more time is devoted to really understanding the material, people will do better on their exam.

Now people are only focused on memorization-to-pass-the-test. That’s not the best way to study bc very little will be retained long term.

How did your score sheet break down where you scored strong and where you scored weak? That will give you an indication of where you need to be studying.

CSBS and ARMR are the two groups that are in charge of overseeing the Nationwide Mortgage Licensing System. Here is more info on that:

http://mortgage.nationwidelicensingsystem.org/about/Pages/default.aspx