Top Credit Union Adopts Higher Mortgage Standards

by 07 May 2012

Ann Arbor, MI, April 11, 2012 – Hudson Valley Federal Credit Union (HVFCU), one of the largest credit unions in the state of New York, recently announced that all of its mortgage loan originators have taken and passed the Certified Mortgage Planning Specialist (CMPSÒ) certification administered by the Ann Arbor, MI-based CMPS Institute.  “We are very pleased that our mortgage loan originators have taken this step to improve their skills and level of professionalism,” says David Brand, Director of Loan Origination at HVFCU.  “The financial knowledge gained from the CMPS certification will really enable them to provide a higher level of service and advice when helping consumers to evaluate their mortgage options in today’s housing and mortgage environment.”

The CMPS certification was created by leaders in the mortgage and financial planning industries to raise professional standards among mortgage professionals and integrate sound financial planning advice into the mortgage process.  This trend toward expert mortgage advice is growing in popularity.  “Many regulators are advocating a suitability standard for mortgages,” says Gibran Nicholas, Chairman of the CMPS Institute.  “A mortgage professional who dedicates the time and effort to learn about basic financial planning concepts is much more qualified, committed, and equipped to help homeowners better manage their home equity and personal cash flow, while avoiding some of the commonpitfalls of today’s housing and mortgage market.”

Many homeowners and buyers, especially first time home buyers, have become confused with today’s complex mortgage and housing market. Certified Mortgage Planning Specialists can offer clients strategies that encompass mortgages, debt, cash flow, home equity, and real estate investment.

“I’ve been in the mortgage business for over 15 years,” says Chris Rosenbergen, a loan originator with HVFCU.  “The CMPS certification gave me new skills that I can use to be more thorough and helpful when talking to homeowners and buyers about their options.”  This is important because the mortgage is most people’s single largest debt, and their home is often their single largest asset.

“The goal is to help our members to cut through all the hype and confusion and make more informed financial decisions,” says Brand.  “The benefit to us is that our loan originators stand apart from the competition, our members learn more about the options available to them, and our credit union avoids some of the losses that take place when people make uninformed financial choices.  Everybody wins.”