The Independent Certification Committee this week amended the eligibility criteria for applicants pursuing the Certified Reverse Mortgage Professional designation and reduced the number of continuing education credits that existing designees must earn annually to maintain their CRMP status. The changes take effect on December 1, 2015.
The ICC implemented a new rule that all applicants must submit a letter of recommendation written and signed by a senior manager. Applicants who own their companies may ask an industry colleague who is at a senior management level to submit a letter on their behalf.
“These new guidelines in no way diminish the high standards we expect from all Certified Reverse Mortgage Professionals,” said ICC Chairman Brett Kirkpatrick, CRMP, of Harbor Mortgage Solutions, Braintree, MA. “We thought it was time to take a fresh look at the eligibility criteria and try to accommodate people who are highly ethical and committed to the business, but for one reason or another don’t qualify under the old guidelines.”
Following is a summary of the changes:
Old rule #1: If the candidate is a Loan Originator, the individual must have two (2) years of experience originating reverse mortgages and must have personally closed at least 50 reverse mortgages.
New Rule #1: If the candidate is a Loan Originator, the individual must have three (3) years of experience originating reverse mortgages or must have personally closed 50 or more reverse mortgages.
Old rule #2: If the candidate is not a Loan Originator, the individual must have at least 5 years of experience in the reverse mortgage industry in one of the following areas: Underwriting, Processing, Title and Closing Services, Appraisals, and/or Loan Servicing).
New rule #2: Candidates who do not originate loans must have at least three (3) years of experience in the reverse mortgage industry in one of the following areas: Underwriting, Processing, Training, Title and Closing Services, Appraising, Counseling or Loan Servicing).
Old rule #3: Within one year prior to taking the examination, applicants must complete 12 credits of continuing education (CE). After earning the designation, designees must complete 12 CE credits annually.
New rule #3: Within one year prior to taking the examination, applicants must complete 12 credits of continuing education (CE). To maintain the designation, all persons must successfully complete 8 credits of reverse mortgage course work on an annual basis.
There are currently 112 Certified Reverse Mortgage Professionals, including 22 who earned the designation in 2015.