NRMLA adopts loan originator credentialMortgagePress.comNRMLA, reverse mortgage, professional certification, loan originator,
In its ongoing effort to provide safeguards for seniors
interested in reverse mortgages, the National Reverse Mortgage
Lenders Association announced that it soon will be offering a
Certified Reverse Mortgage Professional-Loan Originator
designation.
To receive the designation, applicants must meet certain
eligibility requirements, such as a minimum of two years of service
originating reverse mortgages and 50 loans closed, 12 hours of
continuing education and submission to a background check, before
they can sit for the exam.
For the past year, a committee of a dozen industry professionals
and lawyers has been meeting to design the accreditation process
and prepare the exam. NRMLA, a not-for-profit organization, has
made a significant financial investment in gathering
representatives from all over the country to think through this
vital plan.
"This is some of the most important money we have ever spent,"
says Peter Bell, the president of NRMLA. "Our organization's
viewpoint is that our first responsibility is to protect the
consumerand this new designation will provide seniors and their
children with every assurance that they are dealing with educated,
well prepared professionals."
Though the first exam will not be administered until later this
year, candidates who attend the association's upcoming conferences
in Chicago, April 22-23 and Orlando, May 6-7, can receive credits
towards their education requirements by attending classes in such
areas as: understanding the technical aspects of FHA insurance,
strategies for using the new HECM for Purchase to help seniors buy
homes, making counseling more effective, helping clients form a
comprehensive financial plan and loans that should not be made.
In addition, 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. Signing the Code of
Ethics is a requirement for NRMLA membership.
For more information, visit www.nrmla.org.
