3. FAQ / LICENSE INFO

Texas Dept. of Savings & Mortgage Lending (SML) INFO:

FEE SCHEDULE    MB/LO LICENSE APPLICATION     MB/LO RENEWAL APPLICATION

                  BOOKLET: HOW TO GET A LICENSE & STAY LICENSED

EXAM INFOMATION:     EXAM BROCHURE         EXAM CONTENTS OUTLINE      EXAM TESTING CENTERS                      ___________________________________________________________

Texas Real Estate Commission (TREC) INFO:

Education Evaluation       Salesperson Application    Broker Application

  Sponsorship Form         Sponsorship Termination   Renewal Application

          BOOKLET:  How to Become a Licensed Real Estate Salesperson
__________________________________________________________

Frequently Asked Questions:


Q:     TO BE A "LOAN PROCESSOR", DO I NEED TO TAKE CLASSES AND GET A LICENSE?

Q:     WHAT IS THE PROCEDURE FOR OBTAINING A LOAN OFFICER'S LICENSE?

Q:     ARE ALL LOAN OFFICER CLASSES THE SAME?  DOES IT REALLY MATTER WHAT SCHOOL YOU ATTEND?

Q:     ARE YOUR INSTRUCTORS APPROVED BY THE STATE OF TEXAS, AND DO THEY HAVE WORK EXPERIENCE IN THEIR FIELDS OF INSTRUCTION?

Q:    IF I ATTENDED ANOTHER REAL ESTATE SCHOOL FOR PRE-LICENSING AND EXAM PREP AND STILL CAN'T PASS THE STATE EXAM, MAY I ENROLL IN YOUR EXAM PREP CLASS?

Q:     WHAT IS YOUR CANCELLATION & REFUND POLICY FOR REAL ESTATE CLASSES APPROVED BY THE TEXAS REAL ESTATE COMMISSION?
                   ______________________________________

Q:     TO BE A "LOAN PROCESSOR", DO I NEED TO TAKE CLASSES AND GET A LICENSE?

A:    UPDATE: 
IN 2010 Independent Contractor LOAN PROCESSORS will be required to have a Residential Mortgage Loan Originator license to process loans.
  



Q:     WHAT IS THE PROCEDURE FOR OBTAINING A LOAN OFFICER'S LICENSE? 

A:     1.)    Complete the required educational training as mandated by The Texas Department of Savings and Mortgage Lending.  This includes 56 hours of CORE and 4 hours of ETHICS training in a classroom environment.
        2.)    Enroll in an EXAM PREP class and increase your chances of passing the state exam on your first attempt.  Avoid having to pay additional testing fees.  Be prepared! 
NOTE:  The Exam Prep class is not required for licensing.
        3.)    Contact Pearson VUE, a testing service contracted by the TDSML, to schedule your exam.  800.275.8246
        4.)    Following the successful passing of the pre-licensing exam, submit an application for licensure to the Texas Department of Savings and Mortgage Lending.
        5.)    When approved, your licensing information will be posted on the TDSML website


Q:     ARE ALL LOAN OFFICER CLASSES THE SAME?  DOES IT REALLY MATTER WHAT SCHOOL YOU ATTEND?

A:     The Texas Department of Savings and Mortgage Lending requires Education Providers to submit curriculum related to the mortgage industry for course approval.  This information must include a minimum amount of knowledge related to National and State Mortgage and Licensing Laws.

                Minimum knowledge may affect your ability to pass the State exam.

Choose your education provider carefully.  Ask to see the textbook before paying for a class.  The least expensive class may or may not be the best for you.  The biggest school in town could be the one that doesn't remember you a week after you take the class.  Look for a class that allows interaction with the instructor and not just lecture.  Be comfortable with your choice. 


Q:     ARE YOUR INSTRUCTORS APPROVED BY THE STATE OF TEXAS AND DO THEY HAVE WORK EXPERIENCE IN THEIR FIELDS OF INSTRUCTION?

A:     All instructors must be approved by the commissions and ours have experience in Real Estate and Mortgage lending. 


Q:    IF I ATTENDED ANOTHER REAL ESTATE SCHOOL FOR PRE-LICENSING AND EXAM PREP AND STILL CAN'T PASS THE STATE EXAM, MAY I ENROLL IN THE LONE STAR SML EXAM PREP CLASS?

A:     Of course you can!  Unfortunately, you'll have to pay the $89.00 Exam Prep class charge.  Don't feel bad or embarrassed.  We have had a number of students from other schools attend the EP class and pass the state test a few days later.   Remember, it's not a matter of how many times you are allowed to come back and retake the Exam Prep class for FREE with the other schools.  It's a matter of whether the same information you keep hearing is the information you need to pass.   Also remember that you have to pay for a new test everytime you fail.
Don't waste time and money.  Make a good decision the first time.


Q:     WHAT IS YOUR CANCELLATION & REFUND POLICY FOR REAL ESTATE CLASSES APPROVED BY THE TEXAS REAL ESTATE COMMISSION?

A:     Student is responsible for notifying provider at least 72 hours in advance to reschedule another class in the event he is unable to attend the class for which he is registered.
A reschedule fee of $25.00 will be charged.  Failure to pay the reschedule fee will result in forfeiture of tuition.  Not attending the rescheduled class will result in forfeiture of tuition.


INSTRUCTOR Cancellation:   We will notify students by phone or e-mail no later than the day before the starting class date and reschedule the class.

INSUFFICIENT Enrollment:   We will notify students by phone or e-mail 24 hours in advance and reschedule the class.

INCLEMENT Weather:     We will notify students by phone of a class cancellation and reschedule the class.  We will reschedule missed days if the class has already started.