New Servicing Major Popular with CampusMBA Students
Since announcing its new loan servicing certification program last February, the Mortgage Bankers Association has seen increasing enrollment in the program and expects to see more growth as additional courses are developed.
Dan Thoms, vice president of MBA education and business development, said that servicing represents a large chunk of the real estate finance industry's roughly half a million strong workforce. While the MBA doesn't have hard numbers, he said servicing employment is probably second only to loan origination and sales as a segment of the industry's employment.
"We just didn't have enough content and training products a year ago on this topic," Mr. Thoms told MSN.
As a result, the MBA's educational wing, CampusMBA, developed a Certified Mortgage Servicer designation that was unveiled at this year's National Mortgage Servicing Conference last February. The MBA expects to award its first CMS designations at the 2006 conference, providing an opportunity for leaders in the servicing field to be recognized for their professional excellence.
Mr. Thoms said that some courses are still under development, but CampusMBA hopes to have the coursework fully developed by the end of this year. The CMS program has three different specialties: loan administration, investor reporting and default management.
Already, several participants in the program have completed the first leg of the educational requirements needed to achieve the CMS designation, Mr. Thoms said.
A couple of hundred industry executives are enrolled in the certification program, he added.
Eventually, the MBA expects to annually graduate a class of several hundred CMS designees each year and have upwards of a thousand people in the pipeline at any given time. Most of the coursework leading up to the CMS designation consists of online training programs, with a final round of classroom-based best practices education before the CMS designation is achieved.
Mr. Thoms said that CampusMBA sees its mission as providing robust training and educational products for all segments of the real estate finance industry. As such, the MBA continues to expand its educational initiatives.
Next up, CampusMBA plans to offer a certification track in quality control and quality assurance. With increased scrutiny of lending practices and concern about loan fraud, Mr. Thoms said the quality control aspect of the business is becoming more important to the industry.
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