What is a CRMP?
CRMP = Certified Reverse Mortgage Professional
A Reverse Mortgage is a valuable financial tool that is different than any other type of mortgage or loan you’ve ever encountered. It is intended to positively change the quality of your lifestyle and allow you to rest a little easier.
Applying for one is a big decision. However, because it is so unique, it may be confusing and at times overwhelming trying to navigate the process over the phone or with someone who may not have a solid background in the HECM program. As one of the largest financial decisions made, you will want to work with a Loan Officer and mortgage company that has a proven background. They need to have the skills to educate and assist you with the process, know your community and dedicated to the senior population.
Individuals who earn the Certified Reverse Mortgage Professional designation (or CRMP) have demonstrated their knowledge and competency in the area of reverse mortgage lending and are dedicated to upholding high standards of ethical and professional responsibility in the industry. Today (2019), there are about 150 CRMPs nationally. To view the most current list of CRMP’s, click here.
“We were intent on creating a Certification that is rigid enough to demand the respect of professionals and government officials and the confidence of America’s seniors,” says Peter Bell, President & CEO of the National Reverse Mortgage Lenders Association (NRMLA). “On behalf of the entire membership, we congratulate these designees, all of whom have demonstrated a deep understanding of the product and an eagerness to continually pursue additional education.”
To qualify for the designation, a CRMP must:
- Have a minimum of two years’ experience in the reverse mortgage business
- Personally closed at least 50 reverse loans
- Earned 12 hours of initial education courses
- Completed NRMLA’s Ethics Course
- Passed a rigorous nationally recognized exam
- Submitted to various background checks
- And, are required to earn additional Continuing Education class credits to assure the public that the person holding the CRMP is current on any recent industry and government required changes to the HECM program.
The certification is valid for three years provided they maintain the required C.E. accredited hours.
A CRMP takes a pledge to reverse mortgage borrowers… An oath. We have a written document that details everything a borrower can expect from a CRMP. It includes 19 different promises to borrowers that, will allow borrowers to have a safe and deliberate lending experience.
- Know and comply with all State and Federal laws and regulations that protect reverse mortgage borrowers.
- Present you with the full range of reverse mortgage products available from our company.
- Clearly explain the terms, benefits and costs of each product we present.
- Inform you of your responsibilities as a reverse mortgage borrower including paying real estate taxes on time, keeping the property properly insured and maintaining the home in sound condition.
- Work with you and, if you request, with your family and financial advisors either face-to-face or on the telephone as frequently as you choose to educate you, answer any and all questions and help you assess whether a reverse mortgage might be beneficial to you.
- Explain the benefits of and statutory requirement that you have reverse mortgage counseling.
- Provide you with a list of HUD-approved independent housing counseling organizations that employ exam qualified counselors to serve you. The choice of the organization is yours and yours alone.
- Help you prepare for your counseling session to make it most effective by providing you with questions you might ask and information you should be prepared to provide to the counselor.
- Prepare loan comparison projections and an amortization table for the loan being proposed to review at your counseling session.
- Not charge any fees prior to the completion of mandatory counseling.
- Help you analyze your financial ability to meet your responsibilities under the reverse mortgage.
- Recommend that you seek professional advice if you are receiving assistance from SSI, Medicaid or other government programs.
- Recommend you seek professional tax advice when appropriate.
- Allow you to decide when to close on the reverse mortgage loan and not pressure you to make a decision.
- Provide you with opportunities during the loan process to change your mind and not take the loan.
- Pay off the existing liens shown of record, verify taxes are paid, and make sure that you have proper insurance upon closing.
Look for the symbols below. If your lender doesn’t show them, proceed cautiously.