5 Del. Admin. Code § 2401-9.0

Current through Reigster Vol. 28, No. 6, December 1, 2024

Section 2401-9.0 - Testing

9.1 To meet the written test requirements of § 6.1.5, an applicant must pass a written test developed by the Nationwide Mortgage Licensing System and Registry that adequately measures the applicant's knowledge and comprehension in appropriate subject areas, including:

9.1.1 ethics;

9.1.2 federal law and regulation pertaining to mortgage origination;

9.1.3 state law and regulation pertaining to mortgage origination; and

9.1.4 federal and state law and regulation, pertaining to fraud, consumer protection, the nontraditional mortgage marketplace, and fair lending issues.

9.2 An applicant must achieve a score of at least 75 percent correct answers to the test questions for a passing grade.

9.3 The test must be administered by a test provider approved by the Nationwide Mortgage Licensing System and Registry, and may be taken at any location approved by that System.

9.4 An applicant may take a test 3 consecutive times, with each consecutive test occurring at least 30 days after the preceding test.

9.5 After failing 3 consecutive tests, an applicant must wait at least 6 months before taking the test again.

9.6 A licensed mortgage loan originator who fails to maintain a valid license for a period of 5 years or longer must retake the test, not taking into account any time during which such individual is a registered mortgage loan originator.

5 Del. Admin. Code § 2401-9.0