The National Loss Mitigation Association (TNLMA) has launched a certification program to set standardized policies, procedures and a code of ethics for loan modification and loss mitigation specialists.
Upon completion of this certification process, loan modification service providers will be issued a Certified Loan Modification Specialist seal by TNLMA to identify to the general public that they are in compliance and adhering to the association's bylaws, standards and code of ethics.
"The burgeoning need for a clear and organized distribution channel, served by mortgage banking professionals in place of volunteer counselors, is the only sensible way to slow down the increasing foreclosure rate that continues to far outpace the rate of successful loan modifications," says the association's president, Aaron Chua. "TNLMA believes there's a huge dormant distribution channel of real estate and mortgage professionals that needs to be activated to connect distressed homeowners to big banks and big government."
TNLMA says it provides a forum for executives from leading loss mitigation companies to come together in conferences and discussion groups, engage in dialogue and encourage progress in developing an industry and a regulatory framework that respects the interest of homeowners, lenders and loss mitigation professionals.