these designations once industry-specif- the NMLS, prove successful completion of ic standards have been met. The mort- 20 hours of pre-education, prove the pasgage industry is now at a time to allow sage of the national and state tests, mainits professionals to promote their tain their licensure through completion of accomplishments. Not only will these continuing education courses and provide designations instill pride in the mort- results of their background check. It is an gage professional, it will add a conversa- all-encompassing designation that allows By Lance Cassell tion piece to introductions with borrow- mortgage professionals to promote their ers, increase credibility and cultivate compliance with the recent federal mandates. CMB offers two types of designaWith the intense licensing and educa- ing; and lending standards for the non-tra- confidence in the minds of borrowers. The Licensed Mortgage Various organizations in the mortgage tions. tion changes the mortgage industry has ditional mortgage product marketplace. been faced with over the past two Education is one of the most valued industry have integrated designations into Professional (LMP) is for mortgage loan years, it is time for mortgage profes- accomplishments throughout every indus- their membership programs, education originators who work for non-depository sionals to take a closer look at how try in our country. Patients, customers, stu- programs and internal corporate advance- lenders, mortgage bankers and brokers. these changes can positively impact dents, clients and borrowers alike strive to ment programs. These designations prove The Registered Mortgage Professional valuable for segmented (RMP) is for mortgage loan originators their relationships with current and work with and select the accomplishments through- who are employed by a depository instipotential borrowers. most educated counterout various careers in the tution regulated by a federal banking In 2008, the Secure and Fair parts to help them through mortgage industry, but agency, a subsidiary which is owned and Enforcement for Mortgage Licensing Act every transaction they purnone are comprehensive. controlled by a depository institution (SAFE Act) embedded new licensing sue in a lifetime. Licensed None speak to the mean- and regulated by a federal banking requirements and considerations into mortgage professionals are ingfulness of the financial agency, or an institution regulated by our professional culture. Previously now more educated and and time-intensive invest- the Farm Credit Administration. state-mandated, these licensing stan- more prepared to serve It is essential to build strong relationment of meeting the new dards are now set and overseen by fed- their borrowers so promote federal mortgage licensing ships quickly and remember to contineral entities through the Nationwide that fact. ue to stay “in front” of your clients at all standards. Mortgage Licensing System (NMLS). Licensed mortgage loan All industry designation times. Clients should know that you Requirements include registering on originators have also passed programs allow for mort- know more about their mortgage than the NMLS, completing background a national and state test (at checks, passing national and state tests, least one). With national “It is essential to build gage professionals to estab- they do. They want a reputable, trained lish relationships and build professional, who invests in themselves and completing pre-education and con- average pass rates for these strong relationships upon the initial request or and their craft. Designations offer an tinuing education courses approved by tests hovering around the quickly and rememthe NMLS. 70 percent mark, passing ber to continue to stay service. There are, and have opportunity to stand apart from the been, a few successful mort- crowd. Use them on business cards, Web The SAFE Act stems from commend- these tests is a notable feat. ‘in front’ of your gage designations, such as sites and marketing materials and able efforts to elevate the mortgage Not only have the licensed clients at all times. the Certified Residential explain their significance to potential industry from its disastrous downfall, individuals studied the releClients should know Mortgage Specialist (CRMS) borrowers and colleagues. As the mortincrease borrower confidence and help vant course topics, they that you know more and Certified Mortgage gage profession takes the turn to a more restore the financial markets. It’s now have proved the proper Consultant (CMC) from the respected, credible and accountable time for the mortgage professionals applicability of the content about their mortgage National Association of industry, you should take advantage of who have complied with these require- in a testing environment. than they do.” Mortgage Brokers (NAMB), the accomplishments already achieved ments to sharpen their perspective on Passing background not only what these mandates do for checks is another important aspect of as well as the Certified Mortgage Banker and place them strategically in your the industry and the economy, but the new licensing requirements that (CMB) with the Mortgage Bankers marketing arsenal. what these mandates do for them. has many advantages in the eyes of a Association (MBA). The Consumer Mortgage Mortgage professionals across the borrower. After being inundated with Bureau (CMB) takes a comprehensive Lance Cassell is the managing director of country are constantly faced with the prime-time news stories about approach to its designations. Designations the Consumer Mortgage Bureau (CMB) challenge of finding new ways to build unscrupulous financial services profes- are only offered to mortgage professionals and vice president of TrainingPro. For business and build relationships with sionals, borrowers are skittish and who have a unique identifier with the more information, call (410) 845-3640 or new borrowers. Referrals, direct mail, skeptical of who supports them in these NMLS, have been approved and listed on visit www.consumermortgagebureau.org. advertisements and online promotion financial transactions that are, oftenhave been staples in marketing strate- times, the most important transactions ATTENTION AGENTS, INVESTORS & DEVELOPERS!!! gies to help differentiate products and of their lifetime. services from the competition. These These incredible and marketable are all time-tested and solid tech- attributes are already in the back pockniques. Now is the time to use recent ets of each licensed mortgage profesfederal requirements to their advan- sional, but the majority of borrowers tage and maximize the additional steps are not aware of it. Why not capitalize Then try PB FINANCIAL GROUP that have been taken to do business as on the time and money you have We have proven closing records a mortgage loan originator. invested in becoming a licensed mortSPECIAL INTEREST: Educated. Tested. Checked. These gage professional? A borrower wants • Loan amounts from $100,000 to 2 million • N/O/O SFR, 1-4 units and apart – to 60% LTV IO / terms may vary qualities speak to credibility in and of and needs to know their mortgage loan • Commercial & Industrial – to 50% IO with terms up to 3 yrs themselves and offer an opportunity originator is educated, tested and com• NO Doc and SISA available on n/o/o & invest. Properties for individual promotion that may not plies with all of the standards set by • Purchase Money and Refinance transactions • Fico Problem – No Problem, We Are EQUITY BASED have existed prior to this year. federal legislators. Licensed mortgage loan originators One simple way to do this is through IF WE CAN’T DO IT WE WON’T WASTE YOUR TIME!!! FAST, STREAMLINED PROCESS have successfully completed 20 hours of industry designations. Designations pre-education, approved by the NMLS. flourish in many industries, including CALL NOW!!! (323) 935-5555 This includes rigorous instruction on fed- accounting, financial planning, writers, Visit our web site: www.PBFinancialGrp.com eral mortgage laws; ethics, including teachers, doctors and lawyers. E-mail: info@pbfinancialgrp.com fraud; consumer protection and fair lend- Professional societies typically offer
Building Borrower Relationships Through Industry Designations
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NEW MEXICO MORTGAGE PROFESSIONAL MAGAZINE
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NationalMortgageProfessional.com
tired of non-performi u o y Are RD MONEY LENDER ng
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DECEMBER 2010