Why No 20-Hour Pre-Licensing Course Can Prepare You for the SAFE Exam!

 

There are several reasons why the SAFE exam’s overall failure rate, per the NMLS, has consistently hovered around 50%.  Yup, you read that right!  Approximately half of those who want to pass the SAFE exam are never able to do so.

One of the primary reasons why the failure rate is so high for an exam of this caliber has much to do with the mandatory 20-hour pre-licensing (PE) course being unable to, by itself, properly prepare anyone for this exam.  And no 20-hour course provider will ever admit this.

Why Won’t 20-Hour Course Providers Admit that the 20-Hour Course Alone Can’t Prepare Anyone for the SAFE Exam?

I’ll explain why the 20-hour course is unable to thoroughly prepare anyone for the SAFE exam in a moment.  First, however, I want to discuss why NMLS-approved 20-hour course providers avoid warning that the course alone is insufficient preparation for the SAFE exam.

With the exception of minimally-profitable continuing education, once you take and pass their 20-hour course, what happens to you after that, in other words, whether you pass or fail the SAFE exam is of little concern to them.  Afterall, once you’ve paid them, taken and passed their 20-hour course, and received your credit, you’ll be of little-to-no future value to them.

Many PE course providers market and promote their pre-licensing education courses using fabricated SAFE exam pass-rate statistics which they can’t substantiate because there’s simply no way to track this.  Students have no reason not to believe these statistics and this influences their decision to register.  It’s nothing other than marketing.  Pre-licensing education providers realize that, if they were to be forthright and admit that proper preparation beyond the 20-hour course is needed to pass the SAFE exam, they’ll lose students to other providers who blatantly and deceptively promote their courses’ high SAFE exam pass rates.

Why Can No 20-Hour PE Course, By Itself, Properly Prepare Anyone for the SAFE Exam?

In 2008, when Congress was structuring the SAFE Act, the Mortgage Industry heavily lobbied to limit the required pre-licensing education to 20-hours.  Historically, the mortgage industry has never valued training.  Training was customarily viewed as a necessary evil to be minimalized whenever possible.  Personally, my formal introduction to the Mortgage Industry consisted of three days of listening to a mortgage customer service representative take customer calls after which I was thrown into the lion’s den completely on my own.

Training prevents loan originators from selling.  Why should an MLO spend time in a class or going through a training curriculum if they can, instead, be out in the trenches selling and generating revenue?  For years, the “learn as you go” philosophy was the Mortgage Industry’s mantra and, to a major extent, is still today.

When it became clear that, in order to secure licensure as an MLO, the MLO licensing candidate was going to have to complete a formal training program, the Mortgage Industry tirelessly and effectively pressured Congress to limit that training to 20-hours, even though the SAFE exam tests on 150 hours’ worth of material!  How can any course be expected to effectively deliver 150 hours’ worth of material in a 20-hour timeframe?  The answer’s beyond simple.  It can’t!

Try pursuing licensure as a Realtor through which you would be required to complete a 77-hour training curriculum before taking and passing a licensing exam.  The Mortgage Industry would never have tolerated an education requirement of 150 hours when loan originators could otherwise be out selling loans, prepared or unprepared.  Shortsighted?  Absolutely!  But the Mortgage Industry has always placed revenue at the top of the list above everything else, including training.

Then How Can I Be Guaranteed to Pass the SAFE Exam?

To pass the SAFE exam, the test taker must score a grade of 75% or higher.  Although there is never any way to guarantee a passing grade, there are things to do to properly prepare and improve your chances.  Following and passionately adhering to the Four Strategies for SAFE Exam Success, described through Step 3 of https://safeexamtraining.com/how-to-become-an-mlo/, will significantly increase the SAFE exam candidate’s likelihood of passing.

To further assist with your SAFE exam success, AxSellerated Development offers:

• Informative training videos covering the entire National Test Content Outline;
• Exceptional online flashcards reviewing everything contained within the National Test Content Outline;
• Strategic practice exams for you to test your overall comprehension;
• An insightful Readiness Assessment through which a seasoned test prep professional will personally evaluate your readiness; and
• One-on-one tutoring to understand any subjects and topics that you find yourself struggling to grasp.

Why is Passing the SAFE Exam on Your First Try So Important?

Without passing the SAFE exam, you can’t apply for your MLO license.  Without being licensed, unless your intent is to work for a depository institution, you cannot originate loans and earn income.  If you fail the NMLS exam on your first attempt, you must pay to take it again and wait 30 days.  If you fail it a second time, you must pay to take it again and wait another 30 days.  If you fail it a third time, although you can certainly take it a fourth, you must pay for it once again but, this time, you’ll have to wait six months.  Therefore, can you really afford not to pass on your first attempt?

Relax!  The SAFE exam is passable.  To be part of the group that celebrates in the 50% pass rate’s winner circle, however, the MLO licensing candidate must commit to what’s necessary to do so above and beyond the 20-hour course.

We encourage you to think of AxSellerated Development’s SAFE exam prep products and services as an important investment in yourself and your career.  We have been successfully preparing NMLS test candidates for the SAFE exam since 2009 and we absolutely know what it takes to pass.  Can you really afford not to let us help you?

www.safeexamtraining.com.  Your key to SAFE exam success!