This means the new national exam is too easy, like I surmised back in June.  Or is it?

What would be more helpful to see in future reports from the NMLS is the number of years experience of the test candidates.  For example, if the LOs who took the new national exam during this first reporting period had 5 to 10 years of experience originating loans, then a 69% pass rate is actually quite dismal, especially since many states have enacted mandatory testing and education over the past few years.  I’d expect it to be higher based on the easy sample test questions NMLS gives us in the candidate handbook. 

10,000 exams taken seems high to me, given the number of LOs who have left the industry.  But divide 50 states by 10,000 and I can easily see 200 people in each state needing to pass that test. If the candidates who took the test were newer to mortgage lending, then a 69% pass rate seems too high.

Will existing licensed LOs (LOs licensed under a broker) have to take the new national exam?  It depends.  If your score on the existing state exam was not 75% or higher the answer is yes.  When you left the testing center, your Promissor form didn’t give you your score.  However, DFI DOES know your score. At one of the spring commission meetings, the commission was talking about doing some outreach phone calling to LOs so that LOs will know whether or not they will need to take that new exam.  But you will have until Dec 31, 2010 before you have to take the new exam.  Likewise, you will have until that same date to make sure that your continuing ed credits equal 20 hours.  Here’s more about the exam from NMLS: