Press Release: Reverse Mortgage Association Adopts Loan Originator Credential

PRESS ALERT
FOR IMMEDIATE RELEASE

Washington, D.C.—In its ongoing effort to provide safeguards for seniors interested in reverse mortgages, the National Reverse Mortgage Lenders Association announced today that it soon will be offering a Certified Reverse Mortgage Professional-Loan Originator designation.

To receive the designation, applicants must meet certain eligibility requirements, such as a minimum 2 years of service originating reverse mortgages and 50 loans closed, 12 hours of continuing education and submission to a background check, before they can sit for 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, has made a significant financial investment in gathering representatives from all over the country to think through this vital plan.

“This is some of the most important money we have ever spent,” says Peter Bell, the 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.”

Though the first exam will not be administered until later this year, candidates who attend the association's upcoming conferences in Chicago, April 22-23 and Orlando, May 6-7, can receive credits towards their education requirements by attending classes in such areas as: understanding the technical aspects of FHA insurance, strategies for using the new HECM for Purchase to help seniors buy homes, making counseling more effective, helping clients form a comprehensive financial plan and loans that should not be made.

In addition, all candidates must participate in a workshop called “Ethical Issues and Business Practices for Reverse Mortgage Lenders,” an interactive demonstration of NRMLA’s Code of Ethics and Professional Responsibility administered by Bell and the organization’s legal counsel, James Brodsky. Signing the Code of Ethics is a requirement for NRMLA membership.

For further information, please contact:

Marty Bell
Director of Communications
National Reverse Mortgage Lenders Association
202-939-1745
mbell@dworbell.com