Group Introduces New Originator Designations

The Consumer Mortgage Bureau, an organization that describes itself as providing consumers with the education needed to support informed home-buying decisions, has developed two new designation programs 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).

Designed for originators who are employed by depository institutions (including credit unions), subsidiaries owned and controlled by depository institutions or institutions regulated by the Farm Credit Administration, the RMP designation means that the individual is a certified member of the Consumer Mortgage Bureau, has met all of the organization's qualifications and agrees to adhere to its code of ethics.

The RMP designation indicates that an originator has registered in the National Mortgage Licensing System with a unique identifier (starting in January 2011); been fingerprinted; had a background check; works for a depository lender, bank or credit union; has received education; and has a profile accessible on the Consumer Mortgage Bureau's website, the organization explains.

The LMP designation was developed for originators who work for nondepository lenders, mortgage bankers and brokers. Otherwise, the designation is identical to the RMP.

SOURCE: Consumer Mortgage Bureau


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