The Mortgage Knowledge Evaluation online testing system was created by Mortgage U as a means by which to evaluate an individual's basic professional mortgage knowledge. Our mortgage lending experts have designed a dynamic tool which can be used by both employers and individuals. The Mortgage Knowledge Evaluation program is inexpensive and easy to use.
As with all Mortgage U products, the Mortgage Knowledge Evaluation can be customized to meet a company's specific needs.
There are approximately 170 questions organized into the following eight sections:
Section 1: The Basics of the Mortgage Industry – 20 questions
Section 2: Automated Underwriting – Fannie Mae and Freddie Mac – 23 questions
Section 3: Verification of Employment – conforming lending focus – 30 questions
Section 4: Credit Scores and Credit Analysis – 25 questions
Section 5: The Good Faith Estimate and Section 3500.7 of RESPA – 15 questions
Section 6: Funds to Close and Basic Closing Preparation – 20 questions
Section 7: Loan To Value, Private Mortgage Insurance and Products – 16 questions
Section 8: Federal Regulatory Compliance – 22 questions
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The Mortgage Knowledge Evaluation is designed to be taken by anyone who has served in or trained for a mortgage position that requires any one or more of the following:
- Taking first mortgage loan applications
- Processing first mortgage loan applications
- Reviewing and/or setting up mortgage loan applications for processing
- Overseeing individuals taking first mortgage applications
- Overseeing individuals processing, underwriting or conducting quality control reviews on first mortgage loan applications
- Reviewing first mortgage loan packages for underwriting purposes
- Reviewing first mortgage loan packages for quality control purposes
Because the principal goal of the Mortgage Knowledge Evaluation is to evaluate entry level knowledge of a mortgage industry professional, this program could be taken by nearly any staff associate, including those in administrative support positions, origination, processing, underwriting, quality control and in some cases wholesale account executives. Because basic knowledge is the same for these positions, it is just as important to consider the length of time a person has been in their field.
For instance:
- An individual with less than one year experience and/or very little mortgage industry training will be challenged by the questions. A lower score may be helpful in identifying future training needs for an otherwise very qualified individual.
- An individual with 1-2 years experience and/or measurable training should be able to pass the test.
- An individual with 3-5 years experience should be able to achieve a good score.
Individual Users
Individuals can use the Mortgage Knowledge Evaluation as a tool for self examination by purchasing a single password to access the test. The test results will be sent to you directly and will include a peer group comparison, if available.
Corporate Purchasers/Users
Mortgage companies can use the Mortgage Knowledge Evaluation as part of a screening process for prospective employees or as part of a training course for existing employees. Passwords for users can be purchased individually or in bulk for immediate use or saved for future use. The user information is captured at the time the test is taken. The company can choose whether the user will take the test with or without supervision or a proctor. The test results are emailed to the purchaser of the test. The results must then be assessed in conjunction with the level and type of experience of the user.
It is important to note that this test is NOT designed to be used as the sole basis for determining whether an individual has the basic knowledge required by a specific company. The company is solely responsible for determining that their hiring practices and use of the test are in compliance with the Equal Employment Opportunity Act and any additional federal or state regulations that may apply.
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How Long it Takes is Up to You
Mortgage U sets no time limit on completing the Mortgage Knowledge Evaluation, however, a company may choose to proctor the test and require a time limit at their own discretion. If you would like Mortgage U to proctor the test for you we offer this service for both individuals and companies interested in holding supervised testing.
Mortgage U will record the test start time which begins when the user logs in for the first time. The end time of the test will be when section 8 has been submitted. The time clock does not record time frames when the user is logged off.
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The process is easy. Once you've made the decision to participate, simply call Mortgage U at 800-278-0200 and request one or more passwords with which to access the system. You may deliver those passwords to any individual you would like to assess. However, each password may only be used one time.
Upon receipt of payment, the purchaser will receive a copy of the Mortgage Knowledge Evaluation Instruction Booklet, the contents of which will require that the purchaser acknowledge their understanding thereof on a separate Independent Test Acknowledgement, also provided at the time of purchase.
Once the test is completed, results are returned by email to the purchaser of the password.
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The fee for each password is only $49.00. (Quantity discounts may be available for certain purchases - please call us for information.)
We accept Visa, Mastercard and American Express over the phone or you can mail your check to:
Mortgage U, Inc, 30300 Telegraph Road, Suite 100, Bingham Farms, MI 48025
If you pay by check, Mortgage U will call you with your password(s) upon receipt of your check.
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Other Important Things to Know
Proctored Tests
Mortgage U offers a proctored test service for individuals and companies interested in supervised testing. Exams are conducted at the Mortgage U training center and exam dates are flexible and available throughout the month. Contact Andy Alvey at 800-278-0200 for available dates, times and sign up.
Special Arrangements for Users with Disabilities
Mortgage U wishes to ensure that all individuals are given every reasonable opportunity to take the test regardless of a disability. Please contact our office for any special arrangements that are needed and for our complete policy concerning special accommodations.
Customization
The Mortgage Knowledge Evaluation program can be customized based on a lender’s policies. Please contact Alice Alvey at 800-278-0200 x 2415 for further information.
Instructions For the Michigan Mortgage Lender’s Circle Of Excellence program
Circle of Excellence Program applicants are eligible to take the Mortgage Knowledge Evaluation once all 12 points (6 Participation/6 Education) have been earned. Although MMLA will attempt to watch for applicants that have earned all 12 points, it is ultimately up to the applicant to notify MMLA when they have reached this goal.
The cost of the test is included in your COE application fee.
All applicants must take the test in an environment that requires them to rely on their own knowledge without the use of internet, manuals, cheat sheets, note pages, co-workers or any other assistance.
The applicant will need to assign a person as a ‘proctor’ who will certify that the test environment meets these requirements. The applicant must obtain a Proctor Certification that must be completed and returned to MMLA. MMLA will then issue an email to the Proctor with the link and password for the test. The applicant must have an overall score of 75% or higher.
If the applicant fails the test then he/she is allowed to retake it a second time within 30 days of receiving the first test results at no additional charge however you will need to obtain a new user ID and password from MMLA.
