"Certified Mortgage Professional"

[Secret!]

Originally Posted by Greg

I have an MBL certification... lol

You've given me an idea Greg, maybe for people like you, we can offer just the TEST (and no training to help you learn your profession and pass it whatsoever) and see if you pass, otherwise you would get the full dose

[Greg]

I would be up for the challenge. If I do not then I will buy the course. If the test is tricky and I do not do so well I still may find value in it for sure. Is it pretty tricky? I would like to see the average score over time just to see where people fall.

But, the course... What kind of material is covered? Do you have some sample questions or materials you could share?

[Secret!]

Originally Posted by Greg

I would be up for the challenge. If I do not then I will buy the course. If the test is tricky and I do not do so well I still may find value in it for sure. Is it pretty tricky? I would like to see the average score over time just to see where people fall.

But, the course... What kind of material is covered? Do you have some sample questions or materials you could share?

Worked on the notion a bit more overthe week-end Greg - here's a little more: http://www.americasmoneycenter.com/specialprojects.htm

[carlo@CreditReportAtlas]

Originally Posted by CallSellClose

IMO,

They need to keep anyone from entering this industry who does not have a finance degree. I am tired of deadbeats getting into the industry and ruining companies reputations. Graduating high school 15 years ago and being a car salesman does not qualify you to be a mortgage representative.

Good Luck

I have a friend that knows numbers and very good at it. He's helped alot of people get out of their financial situation(s) and he doesn't even have a college degree. I totally disagree with this comment and I find it very insulting The owner of Stewart (http://www.stewart.com) which happens to be a good friend of my neighbor doesn't have a degree but he's making a KILLING! Here's another one, this is an old business partner of mine and he owns two companies:

http://www.1800lasvegas.com and http://www.bluehornet.com

... this guy doesn't have a college degree as well. Hmmmm....?!

[Secret!]

Originally Posted by Greg

I would be up for the challenge. If I do not then I will buy the course. If the test is tricky and I do not do so well I still may find value in it for sure. Is it pretty tricky? I would like to see the average score over time just to see where people fall.

But, the course... What kind of material is covered? Do you have some sample questions or materials you could share?

I've got our staff working like crazy to have our CMP lesson and designation test ready to launch in mid-September. It turns out one of them has suggested, possibly a level 2 certification ... he also wrote the test (it's an essay type quiz), and I'm in the middle of working on this level 2 lesson (some of these I couldn't answer - looked them up), so folks that don't know these things have someplace to learn them.

For your own interest Greg - go ahead and see if you can provide a detailed answer to these, if you can then you'll probably slide right through our level 1 CMP lesson and certificaltion easily

Fiduciary Responsibility - Where do your allegiances really lie? (According to whom?)
Loan Pricing "Best Practices"
A complete "Pre-Customer Advert/Marketing through Post-Closing Ongoing Service Marketing" flowchart including all time points when each regulatory restriction applies, which disclosures apply and how they must be treated.
Another flowchart showing "Life of a Loan" from origination, underwriting, funding/shipping, securitization, bond sales...
Who are the individual licensing and regulating bodies for mortgage lending?
Who is HUD? Who is FHA? What is it's function & purpose?
Who is FNMA/FHLMC? What are their function & purpose?
Who is USDA? What is it's function & purpose?
Who is the Veteran's Admin? What is it's function & purpose?
Who is Wall Street? What is it's function & purpose?
Who is the Fed Reserve? What is it's function & purpose?
What causes Conforming 30 FRM rates to change? How?
What causes Conforming ARM rates to change? How?
What causes NON-Conforming rates to change? How?
What is Mortgage Insurance?
Who provides it?
Who regulates it? How?
How is it underwritten? How is it priced?
When is it required? By Whom? Why?
What are 2nd lien loan programs? (And other subordinations?)
How are 2nd rates determined? What affects them?
How is a blended rate calculated? What is its meaning?
What are the effects of marginal tax rates on mortgage costs?
How is an after-tax interest rate calculated?
What are the regulatory differences between retail lenders, and the broker/wholesale lender model?
What are the various ratesheet models common with wholesale lenders? How are these to be read?
How is a Mortgage Broker's function different than a Retail Lender's in relation to the various parties involved?
What are the advantages/disadvantages of working as a Mortgage Broker, or agent of a Mortgage Broker?
What are the advantages/disadvantages of working as a Retail Lender, or agent of a Retail Lender?

SECURITY PRACTICES!!!
What is required, by law, regarding handling of your customer's data?
If a business office is used, how must it be secured?
If PC's are used, how must they be secured? If a server connects multiple PCs how must it be secured?
If a laptop PC is used for origination, how must it be secured?
If various parties transfer data electronically, how must it be secured?
If documents are discarded, how must that be done? What happens if that doesn't get done?
What are the legal requirements for saving and archiving customer's data? (If closed? If opened but turned down or cancelled?)
What must be disclosed in every email?
What can NOT be transmitted via email? (Possible penalties if it is?)

What is amortization? How is it calculated?
What is negative amortization? How is it calculated?
What is risk-based pricing?
What is niche-ification?
When is it legally allowed to Originate a loan at a higher cost than the borrower would otherwise qualify for?
When MUST the lowest cost loan be provided to a customer?
What is the maximum you are allowed to charge? What is the minimum?

Some have suggested there are other CMP designations around - I doubt any of them cover this magnatitude of info.

[Erik]

I'd say 70-80% of this stuff was part of the Utah state licensing requirement. The rest would be good information/training to get, especially for newbies.

[Secret!]

Originally Posted by Erik

I'd say 70-80% of this stuff was part of the Utah state licensing requirement. The rest would be good information/training to get, especially for newbies.

Anybody who could answer 70-80% of those questions Erik in Utah or anywhere else, I would surely consider a "professional"

[Erik]

Hmmm... well you only have to get 70% of the questions correct on the state exam to get licensed, so that misses your cutoff still.

[Secret!]

I'm eager to hear Greg tell me he could pass this (proposed level 2) exam

[Greg]

I will try. They look tough though. I will likely struggle on a few but I might be able to think my way through it.

Question.. The lines with multiple questions.. If 1 part is missed is the whole answer wrong or do you count each question independently?

I might get a chance early next week. I will try to hit it on Monday. Tomorrow is busy. I am trying to close 3 refinances on Saturday.