CampusMBA, the award winning education division of the Mortgage Bankers Association (MBA), has announced a new Continuing Education (CE) requirement for all Commercial, Residential and Master Certified Mortgage Banker (CMB) designates. Beginning June 1, 2012, all CMB designates will now be required to complete ongoing CE to maintain their respective designation. "Since 1973, the CMB designation has been the symbol of respect, credibility, expertise and achievement within the real estate finance industry," said Jeffrey Schummer, MBA's VP of education. "Now, more than ever, with the industry in a period of rapid change, it is essential that industry leaders continue to advance their knowledge and build on this standard in order to set the bar for excellence in our industry."
Now, each CMB will be required to complete 30 hours of continuing education over an ongoing two-year period. CE credits will be available through Campus MBA online courses, at selected sessions during MBA conferences, and through special CMB events.
In order to be eligible for the CMB designation, candidates must either work for an MBA member company or be a member of a recognized state MBA. Every candidate for an Executive CMB is required to have a minimum of 10 years of experience in real estate finance and hold a senior management position at an MBA member company.
CMB candidates must acquire 150 points earned through a combination of professional experience, secondary education, continuing education through MBA-sponsored events and CampusMBA courses, as well as participation in MBA at the local, state and/or national level. After accumulating the required points and passing a comprehensive written exam, candidates must demonstrate industry knowledge by passing an oral exam conducted by a panel of CMBs.