(1) A candidate for mortgage loan originator licensure shall request and pay for a separate test enrollment through the NMLS at http://www.nationwidelicensingsystem.org each time the candidate takes a national or state examination component.

(2) Retakes of the mortgage loan originator licensing examination following failed attempts and the waiting periods applicable to retakes are governed by the following table:

 

TEST ATTEMPT TEST RESULT RETAKE WAITING PERIOD

Initial Fail 30 days

2nd Fail 30 days

3rd Fail 30 days

4th Fail 180 days

Initial Fail 30 days

(Retake cycle repeats)

 

(3) The waiting period between exam attempts applies independently to each examination component (national and state). Failing one component does not impose a waiting period for another component.

(4) Candidates who pass an examination component may not retake that examination component again except as provided in (6).

(5) A candidate may request and pay for a new test enrollment window through NMLS immediately following the failure of an examination. The window will not allow the candidate to reschedule the examination for a date before expiration of the applicable waiting period.

(6) If an individual fails to continuously maintain a valid current Montana mortgage loan originator license or registration or combination thereof for a five-year period, but has maintained a mortgage loan originator license in another state or a mortgage loan originator registration or combination thereof during that period, the individual shall reapply for a license, requalify, pay the applicable fee, and shall retake and pass only the state component examination as a prerequisite to being relicensed in Montana. For purposes of determining failure to continuously maintain a "valid current" Montana license for a five-year period, a suspended license is not deemed a "valid current" Montana license during the period of suspension.