What is a CRMP?

A CRMP is a loan officer who has attained a Certified Reverse Mortgage Professional (CRMP)designation.  Dealing with a lender who does not have this certification is a risky undertaking.

In addition to locating a company that is a NRMLA member, it is of paramount importance to work with a CRMP.  The CRMP designation assures you that the person with whom you are working has a proven history, has acquired extensive knowledge of the programs and their regulations, and is viewed as a leader in the industry.

To learn more and find a New Mexico CRMP, click here.

If you choose to work with a loan officer who does not have CRMP status, then you should (at a minimum) ask the person how many reverse mortgage transactions they manage each year and how many years’ experience they have.  A fair gauge is whether or not they have closed at least 48 loans over the past 4 years.  Anything short of this is cause for healthy skepticism. 

Considering the implications and regulations involved in all HECM programs, a high level of expertise in your loan officer is absolutely invaluable, and a CRMP certification is an excellent indicator of the lender’s experience, knowledge and reputation.  Those practicing the origination of reverse mortgages that do not possess this minimum of training and expertise have historically proven themselves lacking in sufficient knowledge to be of maximum benefit to their clients.  In fact, some have led their clients down nearly disastrous roads and near financial ruin owing to their limited knowledge.  Please work with a CRMP!