Tuesday, January 20, 2004 - TSLD Exam is Ready for 2004

The initial exam is complete and will be first offered Feb 2, 2004. The state has selected Promissor to provide the exam at 18 locations in Texas.  Promissor is charging $42.00 to take and grade the exam for the TSLD and $17.50 for digital fingerprinting if desired. Provisional licenses expire May 31, 2004 and are required to pass the exam by that date.  There is no limit to the number of times it takes to pass the exam but they must pay $42.00 each time the exam is taken.

The exam will consist of  75 questions of which 50% pertain to Federal Statutes, RESPA, TILA and ECOA. 30% is the MBLA and TSLD Rules and Regs  and 20% generic questions and math.  The person taking the exam will randomly draw 75 questions from a database of 250 multiple-choice questions. A testing computer is provided.  A passing grade has not been determined but a Mortgage Broker is expected to score higher than a Loan Officer.

Alliance Academy is providing an Exam Prep Course,  Keeping Current with Texas Mortgage Lending, a 15 hr Compliance course, either on-line or live class which  specifically covers these Federal statutes and Texas rules and regs. This course is also approved by the TSLD for prelicensing and renewals. Ray Casas, former Director of Licensing at the TSLD, teaches our live version in Dallas, Houston, Austin and San Antonio.