Click Here to receive a detailed analysis You will receive a detailed, no obligation comparison including an estimated amount of money you would receive. Rather Talk to a Consultant?.. Toll Free (888) 415-1955
Certified Reverse Mortgage Professional
NRMLA (National Reverse Mortgage Lenders Association) is quickly approaching finalization of its Certified Reverse Mortgage Professional (CRMP). The association’s website provides a link to the CRMP Candidate Handbook so that anyone who has an interest in becoming a certified reverse mortgage professional can prepare for the exam. The handbook provides information about the content of the exam, eligibility requirements, how to register for the exam, tips and guidelines for taking the exam and all policies and requirements a candidate needs to know.
The criteria for CRMP certification is as follows:
• If you applying for the certification as a loan officer you must have at least two years’ experience in the areas of reverse mortgage origination. The applicant must have closed a minimum of fifty reverse mortgages.
• Applicants wishing certification in areas other than loan officers must have at least five years experience in a reverse mortgage capacity. Their experience must be in one or more of the following areas:
-Underwriting
-Processing
-Management and operations
-Title and closing services
-Appraisals
-Loan servicing
• During the year preceding the date of the examination all applicants must have completed twelve hours of coursework from NRMLA or other providers that have been approved by NRMLA. This coursework must relate to the areas of reverse mortgages and other financial issues for senior citizens.
• If a loan originator license is necessary the applicant must possess required license in the jurisdiction where he or she plans to practice.
• All applicants for CRMP certification must pass a background check.
• Applicants must submit a signed Consent Statement.
The National Reverse Mortgage Lenders Association first announced its plans for developing a certification for those professionals involved in the origination, processing and closing of reverse mortgages in April 2009. For the entire previous year a team of twelve industry professionals and lawyers had been meeting for the sole purpose of designing the accreditation process and developing the exam they would use for the certification of applicants.
The point of view the NRMLA holds is their primary responsibility is to provide protection for each consumer. With these designations and certifications they will be ale to provide assurance to both seniors and their children that their organization employs people who are professional and knowledgeable in all areas of reverse mortgages. The twelve hours of instruction that are required prior to candidates sitting for the exam will assure they have the necessary knowledge to provide efficient and professional services to their senior citizens. Later this year they will be able to participate in those classes by attending NRMLA Road Shows in both Chicago and Orlando before sitting for the exam later in the year.
It will also be necessary for them to participate in a workshop entitled “Ethical Issues and Business Practices for Reverse Mortgage Lenders.” This workshop is focused on NRMLA’s Code of Ethics and Professional Responsibility. The final details of the certification process including application forms and fee structures are still being finalized at this time.
If you would like more information, please call (866) 683-3690 or complete our online Reverse Mortgage Calculator.
Tags: best reverse mortgage rates, reverse home mortgage, reverse mortgages good, reverse mortgages pro and con
