The National Reverse Mortgage Lenders Association announced that it’s developing a Certified Reverse Mortgage Professional-Loan Origination credential. For the past year, a committee of a dozen industry professionals and lawyers have been meeting to design the accreditation process and prepare the exam.
“Our organization’s viewpoint is that our first responsibility is to protect the consumer—and this new designation will provide seniors and their children with every assurance that they are dealing with educated, well prepared professionals,” said Peter Bell, the president of NRMLA.
According to the press release, candidates will have to meet a threshold of requirements that include 12 hours of education and pass a CRMP exam. Later this year candidates will be able to sit for the exam but professionals can receive credits towards their education requirements by attending classes at the upcoming NRMLA Road Shows in Chicago and Orlando.
All candidates must participate in a workshop called “Ethical Issues and Business Practices for Reverse Mortgage Lenders,” an interactive demonstration of NRMLA’s Code of Ethics and Professional Responsibility administered by Bell and the organization’s legal counsel, James Brodsky.