NRMLA Reverse Mortgage Professional Designation Details Emerge

image The National Reverse Mortgage Lenders Association looks to be getting closer to rolling out its Certified Reverse Mortgage Professional (CRMP).  The association unveiled a new section of its website to provide information for originators looking to earn the designation.

The website includes a link to the CRMP Candidate Handbook which describes all aspects of the certification process and helps candidates prepare for the exam.  The handbook contains an overview of exam content, eligibility criteria, information on registering for the exam, guidelines for taking the exam and relevant policies and requirements.

All CRMP applicants must meet the following requirements:

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  • All loan officer applicants must have a minimum 2 years experience originating reverse mortgages and closed a minimum of 50 reverse mortgages.
  • All other applicants who are not loan officers must have a minimum 5 years experience working in reverse mortgages in one or more of the following areas: underwriting, processing, management and operations, title and closing services, appraisals, and/or loan servicing.
  • Within one year prior to taking the examination, applicants must complete 12 hours of continuing education from NRMLA or such other providers as approved by NRMLA in areas related to reverse mortgages and senior financial issues.
  • Possession of a current mortgage loan originator license in your jurisdiction, if a license is required.
  • Completion of a background check.
  • Submission of a signed Consent Statement.

NRMLA is still finishing up final details for the certification including the application form and fees involved.

Certified Reverse Mortgage Professional (CRMP) Designation

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  • >>All loan officer applicants must have a minimum 2 years experience originating reverse mortgages and closed a minimum of 50 reverse mortgages.

    I'm wondering how those requirements will be confirmed.

  • It seems like the certificates given by some of the big banks to beginning LOs will be more meaningful to seniors since the banks are better known than NRMLA. Maybe bank certificates deserve to be better received since the bank knows a lot more about the holder in everything from marketing to presentations to processing and holders usually have achieved minimum education and experience standards.

    Who would have expected a great educational organization like NRMLA to come out with a designation that emphasizes experience over education? In fact one has to really search to find any education requirement at all. As to education, getting the CSA looks harder than this. For all of the money that was rumored to be spent in putting this program together, on the surface it looks very compromised and watered down. What happened?

    The emphasis on the subjects in the exam clouds what the primary operational function of the predominant number of examinees really is. At one time there were rumors that the MBA was going to have a reverse mortgage credential. I wonder what its requirements would be like. But like NRMLA, the MBA (except its three-letter acronym) has a name recognition problem.

    It would be interesting to hear the comments of dduck12 and others who hold licenses in fields other than mortgages. Their insights would be helpful.

      • Sounds like the “Old Boys Club” to me! There should be levels of education and experience. How does someone new to the business fit in? This is not what i envisioned.

      • I agree! Although there needs to be an element of experience if you are to be considered a professional (the same as with many professional designations) in most cases, the experience factor is balanced by the level of education. Are we to be educated merely in the areas we are villified for in the press and by public officials? The more we know about the product we sell and how the whole process of a reverse mortgage works, the better able we will be able to help our potential borrowers make informed decisions regarding reverse mortgages. This should apply to loan originators beginning in the field as well as though of us who have learned our profession in rough and ready world of getting the deal done.

        Don't get me wrong! Ethics are a big thing to me. I believe that, as in any professional field, ethical practice should be an important component of the educational requirements for a reverse mortgage professional. I just wonder how or whether unethical practices can or will be policed and by whom? NRMLA can only police those who come under its jurisdiction. Is NRMLA working with the state and federal overseeing agencies to promote the designation program as a way to police originators as well as to insure that originators are educated in their ethical duty to the borrower? So many laws at both federal and state levels on the books are already there to protect the consumer, and yet still we hear the stories. . . .

      • The Good News….these same people will have to be licensed under the new NMLS and indiviual States. This is where the education will fit in. There will be a big section on Ethics. The NMLS will begin next year, same states have already begun. I do think NRMLA is serving the old timers and not making it easy for the newer loan officers to fit in and get education and designated.

      • I know that NMLS is coming online and that all states must comply by next year. I know there is a RM section to the NMLS testing for RM originators and that we will be fingerprinted and background checked. I also know we will be tagged by our NMLS originator number to all the loans we originate. What I still do not know is how policing will be handled and by whom? There will likely not be a national entity overseeing the NMLS since it is administered state by state based on state oversight or defaulting to federal oversight where states fail to put measures in place for NMLS in a timely manner. Yet many loans are sold across state borders by national banking institutions. Who will have jurisdiction and how will it be enforced?

        That being said, what additional value will be gained by the NRMLA designation? Have we waited too long?

      • Very interesting question. I have not heard this discussed. It should fall back on the state where you are licensed, but many originators will be licensed in several states. We'll just have to wait and see how this all falls out.

        I have heard that originators at banks and credit unions will NOT have to be licensed!!!

  • The Critic
    It would be easy for me to say everyone needs a solid educational emphasized designation, if for only the reason that “I busted my hump and I walked 7 miles to school in the snow”. I don't know in this case since, in my opinion the RM industry is a kind of a hybrid of the mortgage and financial planning industries. And certainly, legal and medicaid/medicare/long term care aspects enter into many situations before and after a RM originates. Off the top of my head, I would say a stronger curriculum or perhaps levels of education would be advised. (Sorry to be cynical, this would also help in RM marketing.) However, from the get go, a strong ethics base and checks should be in place. Anyone cutting corners, and I have no idea how to monitor and enforce a two/three strikes policy (with a consumer search able data base), and you are out, would silence some critics (small C, here) and aid marketing and boost moral among the good guys out there. I don't know how “cross-selling” is going to handled, but perhaps this could be covered in the ethics course. In other words, I see a modular and evolving curriculum. The most important thing, I feel, would not to give the wrong impression, that this program was just created as marketing ploy; it has to be felt to be real by ALL parties and communicated that way. Sorry, best I can come up with for now.

  • The reverse mortgage industry needs to focus more on PR than educational designations. Most states regulate LO who work for brokers and the banks are pretty careful about who they have representing them. What concerns me more is the sudden closings of SLN, Taylor,Bean&Whitaker and 1st Reverse and the leaving of borrowers hanging with unfunded loans. Which begs the question as to why 1st Reverse continues to solicit business and new salespeople when it was announced on this website that they be discontinuing operations on July 31st. Did I miss some new announcement?

  • I agree! Although there needs to be an element of experience if you are to be considered a professional (the same as with many professional designations) in most cases, the experience factor is balanced by the level of education. Are we to be educated merely in the areas we are villified for in the press and by public officials? The more we know about the product we sell and how the whole process of a reverse mortgage works, the better able we will be to help our potential borrowers make informed decisions regarding reverse mortgages. This should apply to loan originators beginning in the field as well as though of us who have learned our profession in the rough and ready world of getting the deal done.rnrnDon’t get me wrong! Ethics are a big thing to me. I believe that, as in any professional field, ethical practice should be an important component of the educational requirements for a reverse mortgage professional. I just wonder how or whether unethical practices can or will be policed and by whom? NRMLA can only police those who come under its jurisdiction. Is NRMLA working with the state and federal overseeing agencies to promote the designation program as a way to police originators as well as to insure that originators are educated in their ethical duty to the borrower? So many laws at both federal and state levels on the books are already there to protect the consumer, and yet still we hear the stories. . . .

  • The Good News….these same people will have to be licensed under the new NMLS and indiviual States. This is where the education will fit in. There will be a big section on Ethics. The NMLS will begin next year, same states have already begun. I do think NRMLA is serving the old timers and not making it easy for the newer loan officers to fit in and get education and designated.rn

  • I know that NMLS is coming online and that all states must comply by next year. I know there is a RM section to the NMLS testing for RM originators and that we will be fingerprinted and background checked. I also know we will be tagged by our NMLS originator number to all the loans we originate. What I still do not know is how policing will be handled and by whom? There will likely not be a national entity overseeing the NMLS since it is administered state by state based on state oversight or defaulting to federal oversight where states fail to put measures in place for NMLS in a timely manner. Yet many loans are sold across state borders by national banking institutions. Who will have jurisdiction and how will it be enforced?rnrnThat being said, what additional value will be gained by the NRMLA designation? Have we waited too long?

  • Very interesting question. I have not heard this discussed. It should fall back on the state where you are licensed, but many originators will be licensed in several states. We’ll just have to wait and see how this all falls out.rnrnI have heard that originators at banks and credit unions will NOT have to be licensed!!!

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