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.