The Consumer Mortgage Bureau has 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 organizations qualifications and agrees to adhere by their strict Code of Ethics. In addition, all LMP’s 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.
“We intend to shore up the mortgage industry’s battered image in America,” says Chris Nickerson, the Consumer Mortgage Bureau’s National Director. “We see an industry that needs trust and reliability today as much as home builders need bricks and mortar.”
At a time when mortgage fraud is reaching near epidemic proportions, consumers now for the first time will have a way to check the credentials of mortgage professionals and lodge complaints for free. The power is now in the hands of the consumer, as it should be. By utilizing the Consumer Mortgage Bureau, consumers can rest assured that they will receive world class customer service and the most suitable mortgage to fit their specific financial situation.
Please visit www.consumermortgagebureau.org for additional information about
becoming a member of the Consumer Mortgage Bureau, obtaining a designation,
or to utilize their services.
About the Consumer Mortgage Bureau
The Consumer Mortgage Bureau is an organization that provides consumers the tools and education necessary in order to make informed home-buying decisions. Their mission is to elevate consumer awareness through shared experiences and industry experts.
I am a real estate agent in Atlanta, Ga. I specialize in first time homebuyers. I prefer to work with local lenders, however, will do my best to accomodate each client’s preference of lender, local or otherwise.
First Choice Loan Services made this buyer’s experience one of undue
stress and heartache. Lack of communication, lack of caring, in general caused us to postpone the closing twice. It is very evident this company has heard many complaints and does not want to hear more.
After calling every number available, in several states, I was still unable to reach anyone in a management position to help with our ordeal.
I can promise any buyer I work with, in the future,if you tell me you are working with First Choice Loan Services, I will share this buyer’s experience, and strongly suggest you look for someone else. I honestly do not think I can ever forget this or work with this company again.