The National Reverse Mortgage Lenders Association says it will soon will be offering a Certified Reverse Mortgage Professional-Loan Originator designation.
To receive the designation, applicants will have to meet certain eligibility requirements, such as a minimum of two years' service originating reverse mortgages and 50 loans closed, 12 hours of continuing education and a background check, before they can take 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, says it has made a significant financial investment in gathering representatives from all over the country to construct the certification plan.
“This is some of the most important money we have ever spent,” says Peter Bell, president of NRMLA. “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.”
