New Certification Program for Reverse Mortgage Lenders

The National Reverse Mortgage Lenders Association is creating a new industry designation called the 'Certified Reverse Mortgage Professional — Loan Originator'. To receive the designation, applicants must meet certain eligibility requirements, such as a minimum two 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. To develop the new designation, NRMLA has financially supported a committee of a dozen industry professionals and lawyers for the past year to work on the standards. "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."