In previous years, states regulated the mortgage industry. In 2011, the Nationwide Mortgage Licensing System and Registry (NMLS) is in place under the federal government. A requirement to maintain an NMLS license is 8 hours per year of continuing education (CE).
The options for CE are a classroom or online course. I received an offer for a $ 99.95 discount price from “Kaplan Real Estate Education” and decided to do it. Having taken CE courses for insurance and mortgage licensing for the past five years with no problems, it seemed like a good fit. The Kaplan NMLS CE course is divided into several sections. You view the material for a section and then take a 10-question quiz. You must get 100% on the questionnaire to proceed to the next section. If you get 90% or less, you repeat it until you get 100%. This is very irritating. Then when you finally get to the end of the eight-hour course (more if you spend a lot of time on the quizzes), there is a 25-question final exam. Kaplan gives you two chances to score a 75% or better on the exam. Some of the questions are worded differently from the material presented. Other questions ask for historical statistical information that has no educational value. Well, I’m making excuses to fail the exam twice! It is the first time in five years that I have had a problem with a CE exam. When I called to complain, Kaplan’s supervisor said I should pay again, do another 8 hours of CE class, and then they would let me take their stupid test two more times … without the certainty of getting a CE certificate. When I asked for a refund, they told me that they did not give refunds.
A couple of days later, a representative called from Proschools to see if he wanted to take his CE course. The rep said they had a satisfaction guarantee. He also said that students rarely had trouble with the exam and that they allowed unlimited attempts if necessary. The preschoolers offered a discount that cost about $ 100 and I decided to give it a try. The material seemed to be geared more toward useful information than arcane historical data. Proschools has a questionnaire after each section, but there were usually only two to four questions. This made it much easier to get 100% on the questionnaire. The questionnaire offered the option of a practice or “final” mode. You have to take the “final” test, even if you get 100% in practice mode that has the same questions. It is better to skip the practice and go directly to the “final” questionnaire. You have multiple chances for the final test if necessary. Then came the dreaded final exam. The government requires the course provider to require a 70% or higher to pass. (Why does Kaplan require 75%? So more people will fail and have to repeat their course?) I was short on time and rushed the exam by about five minutes. I got 24 out of 25 correct for 96%. Look, GO smart!
From my experience this year, I would suggest Proschools if you want an online course. Ask if they are offering any discounts and they will give you the code to use it, if available. Of course, the quality of the course is much more important than a small difference in cost.