Section 26-C1106. TESTING

 

1106.1In order to meet the written test requirement an individual shall pass, in accordance with the standards established under this section, a qualified written test developed by the Nationwide Mortgage Licensing System and Registry and administered by a test provider approved by the Nationwide Mortgage Licensing System and Registry.

 

1106.2A written test shall not be treated as a qualified written test for purposes of the preceding paragraph unless the test adequately measures the applicant’s knowledge and comprehension in appropriate subject areas, including the following:

 

(a)Ethics;

 

(b)Federal law and regulation pertaining to mortgage origination;

 

(c)State law and regulation pertaining to mortgage origination; and

 

(d)Federal and state law and regulation, including instruction on fraud, consumer protection, the non-conventional mortgage marketplace, and fair lending issues.

 

1106.3The test shall contain a national portion and a District of Columbia portion and the applicant must take and pass both parts, with a test score of not less than seventy-five percent (75%) on each part, unless excepted under subsection 1106.4.

 

1106.4If the applicant has taken and passed the national portion in another jurisdiction, which has also issued to the applicant a mortgage loan originator license, the applicant is only required to take and pass, with a test score of not less than seventy-five percent (75%), the District of Columbia portion of the test.

 

1106.5An individual shall not be considered to have passed a qualified written test unless the individual achieves a test score of not less than seventy-five (75%) percent correct answers to questions.

 

1106.6An individual may retake a test three (3) consecutive times.  Each consecutive test may not occur less than thirty (30) days after the preceding test.

 

1106.7After failing three (3) consecutive tests, an individual shall wait at least six (6) months before taking the test again.

 

1106.8A formerly licensed mortgage loan originator who fails to maintain a valid license for a period of five (5) years or longer shall retake the test.

 

1106.9If the Nationwide Mortgage Licensing System and Registry has not developed a qualified written test, to be administered by a test provider approved by the Nationwide Licensing System and Registry at the time of the submission of an application, and all other licensure requirements have been met, the application will be contingently approved until the first renewal cycle.  By the first renewal cycle the applicant shall have taken and passed, in accordance with the standards established under this section, the qualified written test developed and administered by the Nationwide Mortgage Licensing System and Registry.

 

source

Final Rulemaking published at 56 DCR 4356, 4361-4362 (June 5, 2009).