MBA to Provide CRIS Examination Guide
The Mortgage Bankers Association has entered into an arrangement with the Chartered Realty Investor Society, an independent organization that develops a professional designation for the commercial real estate industry, whereby the MBA will produce a study guide for a professional examination conducted by CRIS.
Under this agreement, the MBA will develop a study manual for examinees seeking the CRI designation, which will include educational materials on topics covered by the CRI level two examination, the MBA reports.
"This agreement is a perfect means to wed the strengths of both organizations - MBA's educational infrastructure with CRIS' comprehensive testing content - to help industry professionals better prepare for the future complexities of our marketplace," said Dan Phelan, president and CEO of Pacific Southwest Realty Services.
"MBA's commercial real estate/multifamily finance board of governors and the executive committee of CRIS should be commended for their leadership role in completing this important step toward ensuring a knowledgeable and ethical work force."
CRIS is a not-for-profit organization that awards the CRI designation based on a candidate's successful completion of two "comprehensive" exams.
It is not in the business of training or educating CRI candidates and as a result has chosen to enter into this agreement with the MBA.
The CRIS mission, according to the MBA, is to "recognize ethics-based competency in the real estate industry for the benefit of the public through the process of awarding the right to hold its CRI charter to individuals meeting and maintaining the requirements of the CRI designation."
The designation was developed to deal with "the increasing complexity, visibility and proliferation of commercial real estate into the public markets."
The CRI's level two exam consists of sections with content related to real estate asset management, management of asset classes including derivatives, capital market instruments and ethical conduct.
This study guide will aim to incorporate ethics-related material into all content sections, summarizing about 800 pages of content material into succinct summaries by topic area.
Taking note of "the increased dominance of the capital markets in commercial real estate transactions, the complexity of deal structures and mounting investment by institutional players in commercial real estate," the MBA has also launched other initiatives for training commercial mortgage bankers.
Currently, the trade association is in the process of developing a Commercial Certified Mortgage Servicer designation that establishes a standard of training for commercial servicing professionals.
The MBA has also initiated an "Origination Series" on the commercial side. This series helps to prepare originators of commercial real estate loans for the specific underwriting requirements of the various funding sources, both pre- and post-closing of loans, and to better understand the borrower's needs, so that they can place the capital products to solve these needs.
As well, the MBA offers a Commercial Certified Mortgage Banker designation geared to the needs of the commercial real estate and multifamily housing finance industry.
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