What Is a Certified Reverse Mortgage Professional (CRMP)?
The National Reverse Mortgage Lenders Association (NRMLA) awards the designation of “Certified Reverse Mortgage Professional” (CRMP) to reverse mortgage lending professionals who have proven their expertise in the field and commitment to upholding the highest standards of ethical and professional conduct.
A reverse mortgage may be lawfully originated by any mortgage originator who is duly licensed or registered, but to get certified as a CRMP, you must have three years of experience with reverse mortgages (or 50 originated and completed loans), pass a thorough test, and pass a background check.
- The National Reverse Mortgage Lenders Association (NRMLA) awards the credential Certified Reverse Mortgage Professional (CRMP) to reverse mortgage lending professionals in recognition of their accomplishment of certain professional criteria.
- Three years of work experience, passing a thorough test, and completing a background check are prerequisites for certification.
- To recognize and encourage high professional standards among lenders who specialize in reverse mortgages, the CRMP credential was developed.
- The price to get and keep your CRMP certification is $475 + $175 each year for renewal.
- Sanctions for breaking the CRMP code of ethics may include losing certification and having future reinstatement requirements.
Understanding the Certified Reverse Mortgage Professional (CRMP) Designation
The National Reverse Mortgage Lenders Association (NRMLA), a trade association for the mortgage business, launched the Certified Reverse Mortgage Professional (CRMP) title to recognize mortgage professionals who have attained the highest professional standards in the reverse mortgage sector.
The NRMLA Independent Certification Committee is responsible for overseeing the creation and management of the CRMP designation (ICC).The ICC is responsible for ensuring that people who have the certification and uphold the highest standards of ethical and professional conduct in the reverse mortgage sector.
An person has to fulfill each of the following conditions in order to be qualified for the CRMP designation:
- Have personally originated and closed 50 or more reverse mortgages, or have been in the reverse mortgage business for at least three years. (Non-originators must have worked in underwriting, processing, operations, training, title and closing services, appraisal, counseling, wholesale sales, or loan servicing for a minimum of three years.)
- Earn 12 continuing education (CE) credits by attending an NRMLA conference or by completing ICC-approved online courses.
- provide a recommendation letter that has been prepared and is dated by a senior manager. (If the lender also owns the business, they may have a senior management colleague send the letter on their behalf.)
- two hours of ethics training must be completed.
- Take a course on elder abuse prevention, detection, and reporting.
- possess a valid license for mortgage loan originators (if required by their home state).
- finish the ICC’s background investigation.
- submit a consent form with their signed signature, pledging to abide by the CRMP code of ethics.
Code of Ethics
All certified persons must abide by a comprehensive code of ethics, according to the NRMLA ICC. In order to achieve this, CRMPs must complete the following tasks:
- obey all local, national, and international laws.
- Maintain the privacy of client communications and records.
- Any outsider having a financial stake in the reverse mortgage deal should be declared to clients.
- Avoid having conflicts of interest that might affect your professional judgment.
- reflect their professional backgrounds truthfully, and only provide customers advice and services for which they are competent.
- Give customers information on all reverse mortgage programs for which they are eligible, and help them choose the one that best fits their circumstances.
- Disclosure of transaction risks, conflicts of interest, and other pertinent information is required to ensure that the client is treated fairly in the transaction.
- Avoid misrepresenting or hiding important information pertaining to the transaction, closing costs, fees, loan amount, loan program, and interest rates. Do not purposefully mislead the customer as to the interest rate and closing charges connected with the advised mortgage transaction.
- Obtain remuneration that is reasonable, fair, and transparent.
- Not act dishonestly, fraudulently, deceitfully, or misrepresent anything, and refrain from making intentionally false or misleading comments to clients, employers, employees, professional colleagues, representatives of governmental or other regulatory bodies, or to anyone else.
- Act without discrimination on the basis of race, religion, ethnicity, gender, age, income, national origin, or handicap.
- Engage in customer interactions in a way that enhances the standing of the profession and the validity of the certificate.
- demonstrate their dedication to upholding the credential’s competence standards via ongoing training and experience.
- Avoid using this code of ethics to harass, deliberately harm, humiliate, or unjustly burden a certified person. Also, avoid bringing or threatening to pursue disciplinary action under this code of ethics.
- You agree to return the certificate to the ICC upon request and acknowledge that the certificate, logo, and marks are the ICC’s property.
- Accept to use the ICC’s logo, trademark, and other property in the ways that the ICC has approved.
- Agree to support and comply by the ICC’s principles and procedures, as well as to work with investigators on any cases where this code of ethics has been broken.
The ICC is in charge of handling grievances and handling any sanctions against CRMPs. Anyone may make complaints alleging breaches of the code of ethics, and the ICC will investigate them. The complaint will be looked into if it is determined to be credible. If verified to be true, the ICC may impose penalties.
Depending on the seriousness of the breach, sanctions may include certification suspension, loss, and impossibility of reinstatement. Investigations into complaints and disciplinary actions adhere to the law and provide the CRMP who is accused of breaking the code of ethics the right to appeal.
Why would a lender want to be designated a Certified Reverse Mortgage Professional (CRMP) by the National Reverse Mortgage Lenders Association (NRMLA)?
In the very competitive field of mortgage financing, earning the Certified Reverse Mortgage Professional (CRMP) designation may help you stand out from the competition. By demonstrating to borrowers your expertise in the reverse mortgage sector, you create trust in them. Additionally, it shows that you prioritize the interests of your borrower before your own and are dedicated to the highest ethical standards.
Are there ongoing continuing education (CE) requirements needed to maintain CRMP certification?
Due to the ongoing evolution of the reverse mortgage market, keeping CRMP accreditation requires eight hours of authorized continuing education (CE) credits each year. Every three years, CRMPs must also repeat the ethics course and submit to a fresh background investigation.
How much does CRMP certification cost?
Once they pass the first test, applicants must pay a $49.95 online background check cost and a $250 nonrefundable application fee. As long as you keep your CRMP certification, there is a $175 certification fee once you pass the background investigation. Traveling to NRMLA events in order to get CE credits may result in additional expenses.
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