How to Become a Certified Reverse Mortgage Professional (CRMP)

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How to Become a Certified Reverse Mortgage Professional (CRMP)

You may be interested in becoming a Certified Reverse Mortgage Professional if you work in the mortgage lending industry as a loan originator, processor, underwriter, counselor, compliance officer, or another position (CRMP).The accreditation is provided by the National Reverse Mortgage Lenders Association (NRMLA), the industry trade association for reverse mortgage experts.

The CRMP accreditation proves your expertise in reverse mortgage financing as well as your commitment to preserving the highest standards of moral behavior.

Key Takeaways

  • The National Reverse Mortgage Lenders Association (NRMLA) offers the Certified Reverse Mortgage Professional (CRMP) credential (NRMLA).
  • Three years of experience in reverse mortgage origination or industry employment are prerequisites for eligibility.
  • Candidates must pass an exam and background check, get continuing education (CE) credits, pay an application fee, and pledge to uphold a stringent code of ethics.
  • CRMPs must continue to earn continuing education credits and consent to background checks every three years in order to keep their certification.

Why Obtain CRMP Certification?

Reverse mortgages are still a mystery to many individuals, and the mortgage lending market is quite competitive. Displaying the screening and further training that come with CRMP certification is one way to differentiate yourself from the competition and foster customer confidence.

Borrowers might learn that you are a seasoned professional who is devoted to upholding high ethical standards thanks to your CRMP credential. The requirements of the customer will be prioritized before personal gain, accomplishment, or notoriety when you work as a CRMP. You stay current on reverse mortgage laws and regulations thanks to the CRMP code of conduct, which is upheld by the NRMLA’s Independent Certification Committee (ICC), as well as the yearly continuing education (CE) requirements, which reassure customers that you are held to a high level.

A reverse mortgage may be lawfully created by any mortgage loan originator who is duly licensed or registered. A professional accreditation that shows advanced expertise and understanding is CRMP status.

Eligibility Requirements for CRMP Certification

You must first meet one of the two requirements listed below in order to be qualified to start the CRMP certification process:

  • a loan originator who has personally originated and closed 50 or more reverse mortgages or who has a minimum of three years of experience.
  • a non-originator with a minimum of three years’ experience in the reverse mortgage industry, whether in underwriting, processing, operations, training, title and closing services, appraisal, counseling, wholesale sales, or loan servicing.
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CRMP Certification Process Step by Step

The following stages are described below if you want to pursue CRMP certification and satisfy the qualifying conditions mentioned above.

Step One: Earn 12 CE Credits

Your next step is to get 12 CE credits when you have obtained the necessary reverse mortgage experience. The CRMP application must be submitted no more than one year after earning all credits. Credits may be obtained by attending NRMLA conferences or by completing ICC-approved online courses. On the NRMLA website, a list of courses is accessible.

Step Two: Letter of Recommendation

provide a recommendation letter that was prepared and signed by a senior management from your organization. If you are a business owner, ask a top management in your field to send a letter on your behalf.

Step Three: CRMP Ethics Workshop

Finish the “CRMP Ethics Workshop” course, which is also known as “An Explanation of the NRMLA Code of Ethics and Its Impact on Your Daily Routine.” The NRMLA sometimes offers this two-hour training both in-person and online.

You will be required to provide your current Nationwide Multistate Licensing System & Registry (NMLS) mortgage loan originator license number as well as sign a permission form attesting that you agree to abide by the CRMP code of ethics as part of the application process.

Step Four: Submit an Application

This involves the following actions:

  • First, enter your username and password into NRMLAonline.org. Use the link to retrieve your password if you are unsure about either one.
  • After signing in, choose “Manage My Profile.”
  • On the next screen, click “CRMP Application.”
  • Use your legal name, as it appears on your valid government-issued identification, while completing the application.
  • When you submit your application, you must pay a $250 non-refundable application and testing fee. You must contact NRMLA Vice President of Communications Darryl Hicks at [email protected] to receive a copy of the payment form since payments cannot be made electronically via NRMLAonline.org.
  • The application deadline is 30 days before to the test, and you must submit your application by then. Applications that are submitted before the cutoff date will be processed in 15 business days.

If there are any gaps in the information, NRMLA will let you know. When missing or partial paperwork is received, your application is reevaluated.

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Step Five: Background Check

When you get notification that your application has been accepted, you must conduct a background check with General Information Systems, an authorized vendor of NRMLA (GIS).Background checks conducted by the Nationwide Multistate Licensing System & Registry (NMLS) are not acceptable. Usually, it costs $49.95. (though some states may charge more).

Step Six: Authorization to Test

If the background check is successful, you will get an email titled “Authorization to Test” with details on how to book an exam time with Pearson VUE.

The processing of your application might take up to a year. After that time, if it is still unfinished, you must submit a new application, fulfill the requirements at that time, and pay the necessary expenses.

Step Seven: Take the Exam

As previously mentioned, Pearson VUE, which runs more than 2,000 remote testing locations throughout the US, provides the CRMP exam. The information you need to schedule your test will be in your “Authorization to Test” email. There is no study guide or further preparation needed for the test. Questions on the home equity conversion mortgage (HECM) program are derived straight from mortgagee letters, U.S. Department of Housing and Urban Development (HUD) handbooks, and other rules.

Step Eight: CRMP Certification

You will learn if you passed the test at the end of the test. The last step is paying the $175 initial-year certification cost. Send an email to Darryl Hicks at [email protected] to get the payment form.

Cost of CRMP Certification

There is a $250 nonrefundable application fee, as mentioned. If your application is accepted, the next step is to submit to a $49.95 online background check (although some states may charge more).You will be granted permission to take the exam if the background investigation is successful. You will have to pay a certification fee of $175 after passing the test.

The certification fee must be provided on or before the anniversary date that you received the CRMP designation, and it is paid yearly as long as you keep your CRMP status (which also appears on your CRMP certificate).You can have additional expenses while going to NRMLA events to earn credits in addition to these fees.

If You Fail the Exam

If you don’t pass the test the first time, you have to wait six months to try again. Each time, a $195 reexamination fee is required. You are not allowed to retake the exam for a year after your third failure. If you don’t show up for the test at the scheduled time or don’t follow the correct steps to postpone and reschedule the exam, you will also be charged a reexamination cost.

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Ongoing Certification Requirements

CRMPs must earn eight hours of certified CE credits each year since the reverse mortgage business is always changing. You must repeat the ethics course and go through a fresh background check every three years.

How much does it cost to become a Certified Reverse Mortgage Professional (CRMP)?

A total of at least $474.95 is required to apply, which includes a $250 nonrefundable application charge, a $175 yearly certification fee, and a $49.95 triennial background check price. Additional expenses might be spent, such as travel expenses to National Reverse Mortgage Lenders Association (NRMLA) meetings where credits could be obtained.

Is a lender required to be a CRMP to facilitate a reverse mortgage?

No, a reverse mortgage may be lawfully created by any mortgage loan originator who is duly licensed or registered. A professional designation that denotes extensive expertise and understanding is CRMP rank.

How much experience do I need to become a CRMP?

The typical response is three years, working as a loan originator in the reverse mortgage industry or in underwriting, processing, operations, training, title and closing services, appraising, counseling, wholesale sales, or loan servicing. However, you are also qualified if you manually originated and closed 50 or more reverse mortgages in fewer than three years.

The Bottom Line

Working as a reverse mortgage originator does not need CRMP certification. However, it is acknowledged in the field as a certification signifying exceptional knowledge, ability, and commitment to a strict code of ethics. A minimum of $474.95 is required to get the certification, and there are continuous yearly fees of $175 and triennial fees of $49.95. Is it a negligible cost for such a benefit? You’ll have to decide for yourself on that.

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