Designations Provide Mortgage Professionals With More Credibility, Consumers With More Security
BALTIMORE, Oct. 18, 2010 (GLOBE NEWSWIRE) -- The Consumer Mortgage Bureau is pleased to announce that they have developed two new designation programs to define the Mortgage Industry in the wake of the S.A.F.E. Mortgage Licensing Act of 2008; the Registered Mortgage Professional (RMP) and the Licensed Mortgage Professional (LMP). On July 30th, 2008, the President signed the Housing and Economic Recovery Act of 2008 (H.R. 3221) into law to stabilize the housing market and help alleviate the financial crisis. Title V of the Act, the Secure and Fair Enforcement (S.A.F.E.) for Mortgage Licensing Act of 2008, is specific to the registration and education of mortgage loan originators across the country to aid with consumer protection and fraud reduction. The S.A.F.E. Mortgage Licensing Act mandates that all loan originators be identified through the Nationwide Mortgage Licensing System and Registry (NMLS) and establishes uniform minimum national standards for testing and education. The Consumer Mortgage Bureau's new designations give added credibility to the professionals, while giving consumers additional security, comfort and general "peace of mind."
The Registered Mortgage Professional
designation is used by Mortgage Loan Originators who are an employee of a depository institution (including credit union) regulated by a federal banking agency (OCC, OTS, FDIC, FRB, NCUA), a subsidiary owned and controlled by a depository institution and regulated by a federal banking agency, or an institution regulated by the Farm Credit Administration. The Registered Mortgage Professional (RMP) designation means that the individual is a certified member of the Consumer Mortgage Bureau and has met all of the organizations qualifications and agrees to adhere by their strict Code of Ethics. The RMP is the mark of those who have met the following criteria: registered in the National Mortgage Licensing System with a unique identifier (starting January 2011); fingerprinted; background check; working for a depository lender, bank or credit union; education (internal); profile accessible in www.consumermortgagebureau.org
The Licensed Mortgage Professional
designation was developed for Mortgage Loan Originators who work for non-depository lenders, mortgage bankers and brokers. Just like the RMP, the Licensed Mortgage Professional (LMP) designation means that the individual is a certified member of the Consumer Mortgage Bureau and has met all of the organization's qualifications and agrees to adhere by their strict Code of Ethics. In addition, all LMPs are approved in the NMLS (National Mortgage Licensing System); possess a NMLS number (unique identifier generated by the NMLS); completed initial pre-licensing training; completed National and State examinations; participate in continuing education; fingerprinted; background check; profile accessible in www.consumermortgagebureau.org
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