NRMLA’s Certified Reverse Mortgage Professional Designation Moving Forward
November 23rd, 2008 | by admin Published in NRMLA, News, Reverse Mortgage | 4 Comments
Last week a special committee formed by the National Reverse Mortgage Lenders Association met to establish a Certified Reverse Mortgage Professional designation program. The designation is designed for all professionals and will require that they pass an exam to ensure they have sufficient knowledge of reverse mortgage lending practices.
Organizations like the Mortgage Bankers Association also have plans to offer a reverse mortgage certification, but a certification from NRMLA has the best chance of being adopted as the reverse mortgage industry standard. I’m interested to see if the certification is something available to NRMLA members only, or if it will be available to any reverse mortgage professional. NRMLA could use the certification as a way to reach individual people who want the certification even if the company they work for isn’t a NRMLA member.
According to the The Reverse Mortgage Report, NRMLA is spending between $200,000 and $300,000 to create the program and is being developed to be accredited by the American National Standards Institute.
NRMLA’s goal is to have the certification available in the second quarter of 2009.
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November 24th, 2008 at 10:29 am (#)
The certification is not just for originators but for any professional in the Reverse Mortgage business.
November 24th, 2008 at 11:31 am (#)
Thanks, updated.
November 24th, 2008 at 2:31 pm (#)
While I would applaud this effort in general, (I’ll wait to read the fine print) I would remind everyone involved in the Reverse Mortgage Industry, all the letters in the world after one’s name don’t mean a damn thing if the Senior Client’s financial interest doesn’t come first in the loan process.
November 24th, 2008 at 5:57 pm (#)
As in the case of most things that NRMLA does, this too will be a joke. It’s unnecessary, probably will cost way too much, will only serve as revenue mill for NRMLA, will be dumbed down, so everyone is assured certification, and the people putting it together have never originated a RM loan in their life.
I’m putting my faith in the MBA.