Obtaining Orphan Product Designation Challenges and pitfalls
Obtaining Your CMB Designation
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OBTAINING YOUR CMB DESIGNATION MBAF Certified Mortgage Banker Committee The Certified Mortgage Banker (CMB) Designation is the industry standard of professional success. It symbolizes respect, credibility, ethics, and achievement within real estate finance. Earning a CMB instantly places professionals at the top of our dynamic industry.
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The Certified Mortgage Banker (CMB) Designation is the industry standard of professional success. It symbolizes respect, credibility, ethics, and achievement within real estate finance. Earning a CMB instantly places professionals at the top of our dynamic industry. - PowerPoint PPT Presentation
Transcript of Obtaining Your CMB Designation
OBTAINING YOUR CMB DESIGNATION
MBAF Certified Mortgage Banker Committee
The Certified Mortgage Banker (CMB) Designation is the industry standard of professional success. It symbolizes respect, credibility, ethics, and achievement within real estate finance. Earning a CMB instantly places professionals at the top of our dynamic industry.
MBA Designations:
Certified Mortgage BankerAccredited Mortgage ProfessionalCertified Loan OfficerCertified Mortgage Compliance ProfessionalCertified Mortgage ServicerCertified Mortgage TechnologistCertified Quality Assurance ProfessionalCertified Residential Underwriter
Why Become a Certified Mortgage Banker?
The Certified Mortgage Banker (CMB) designation was created in 1973 by the MBA.
The Certified Mortgage Banker designation is the industry standard of professional accomplishment and success.
Earning your CMB places you at the top of our industry and makes you part of an elite group of professionals.
Earning your CMB gives you instant credibility among your peers.
89% of CMB’s are Vice Presidents or higher Of the 1000 CMB’s in the US, 64 work or reside in
Florida.
Commonly Heard Reasons
I don’t understand the process. I don’t think I will qualify. No one to help me. I don’t know how to get started. I don’t have time.
Others?The MBA of Florida can help!
CMB’s Subscribe to the MBA’s Cannon of Ethics
Professionalism Integrity Public Trust Fiduciary
Responsibilities Disclosure of
Information Conflicts of Interest
Compliance with Laws
Non-Discrimination Honesty in
Advertising Sanctity of
Agreements Competition Ethics Compliance
Who is Eligible to Become a Candidate?
Must be employed by a firm that is a member of MBA or a recognized State MBA.
Must have three or more years experience in real estate finance or related field.
Present an acceptable recommendation by a senior officer of the applicant’s firm.
Accumulate at least 3 years industry experience before the time of application.
Residential, Commercial or MasterChoose the Path that is Right for You
Candidates May Pursue a: “Master CMB”
Encompasses testing of both Residential and Commercial aspects of mortgage banking. All CMB Designations earned prior to 2000 are automatically Master CMB’s.
“Residential CMB” Candidate is tested only on knowledge of Residential aspects of
mortgage banking.
“Commercial CMB” Candidate is tested only on knowledge of Commercial aspects of
mortgage banking.
Two Tracks for Obtaining a CMB
Commercial CMB Experience: 3 Years Total of 150 points req’d
Education: 35 points req’d Participation: 25 points
Written Exam: 6 Hours Essay Format
Oral: 1 Hour Continuing Ed: 2 Yr
intervals
Residential CMB Experience: 3 Years Total of 150 points req’d
Education: 35 points req’d Participation: 25 points
Written Exam: 6 Hours Essay Format
Oral: 1 Hour Continuing Ed: 2 Yr
intervals
Master CMB
Residential CMB Commercial CMB
School of Mortgage BankingCourses I, II, and III School of Commercial
Mortgage Banking
The CMB Process
Enroll in the CMB Program with CampusMBA Three Years Industry Experience Required Online, via mail or fax
Registration Fee: MBA Member: $300/Non MBA Member: $450
Provide Documentation Resume, Biography Letter of Recommendation from Sr. Officer Two letters of recommendation from business references
supporting your qualifications as a CMB Candidate Name of your CMB Sponsor/Mentor Recent Photo for graduation purposes
Notify the MBAF CMB Committee of your candidacy
The CMB Process cont’dAcquire 150 CMB Points:
Professional Experience: 25 points minimum Documented Education: 35 points minimum Industry Participation: 25 points minimum
Prepare for the Exams-Written and Oral Meet with Your Sponsor frequently Set Your Written Exam Date Complete the Oral Exam Graduate Be Formally Recognized at the CREF or MBA National
Conventions, or the MBA of Florida Convention Complete Continuing Education
Enroll in CMB Program(3 years experience req’d
Meet with your CMB Sponsor
on a regular basis
Acquire 150 points thru education, experience
and SOMB
Prepare for and Successfully
Pass Written Exam
Successfully Sit for Oral Exam
(150 Points Needed)
CMB Graduation Ceremony
The “Master” CMBGoing “All the Way!”
Experience: 7 or More Years in Mortgage Banking Prerequisites: Must have completed either the Residential
or Commercial CMB program at least 2 years prior to Master CMB program
Education: 35 points req’d Participation: 25 points Written Exam: 6 Hours Oral: 1 Hour Continuing Ed: 2 Yr intervals 200 Total CMB points required, 150 from Residential or
Commercial carry forward.
A Word About the MBA School of Mortgage Banking
SOMB founded in 1948 at Northwestern University The only comprehensive professional development
program for mortgage industry management. Graduates can earn Accredited Mortgage Professional
Designation (AMP) at conclusion of Course III Three (5 day) courses: Course I, Course II and Course
III CMB Points earned upon successful completion:
Course I- 15 points Course II- 15 points Course III- 30 points totaling 60 points towards 150 CMB
points required
Why is This Important? Completing Schools 1-3 gives you a higher
probability of success in the Written and Oral Exams.
Completing Schools 1-3 gives you 60 Points towards the min. 150 Points needed for your CMB
Completing Schools 1-3 allows you to sit for the Written Exam at 130 Points instead of 150. (Still need 150 to sit for the orals)
The Residential Written Exam Successfully Pass 6 written exam areas with a >70% Score:
Residential Loan Origination and Underwriting Residential Loan Administration Residential Loan Marketing and Investor Relations Financial Management and Strategy Real Estate Law and Regulatory Compliance All Candidates Must Take and Successfully Pass the
Comprehensive Industry Issues Exam After successfully completing the written exam, the
candidate is eligible to present him/herself to the CMB Board of Review for an oral interview and exam at the next available exam date.
The Residential Written Exam Prep
Meet with your CMB sponsor to discuss your level of preparation.
Obtain your Sponsor’s approval to take the exam. Review Exam Outline. Enroll in MBA’s six-week CMB Instructor-led
Online Prep Course for additional fee. Establish your exam date, exam proctor’s name
and address. Fax/mail your test enrollment and pay fee of
$300/$450 to MBA.
The Oral Exams Preparation:
Focus on mastering all current industry issues and pending legislation
Review all current MBA issue papers online, Mortgage Banking Magazine, NewsLink articles.
Schedule a “mock oral” exam with 3 local CMB’s*
*(provided and hosted by the MBA of Florida CMB Committee)
The Oral Exams: What to Expect
A one hour exam with a panel of 3 CMB examiners.
Various locations around the country at different times.
Expect 6-7 questions from the CMB exam panel. Once completed, the panel will deliberate and
you will be escorted back for their decision. Second chance by a different CMB panel.
Graduation and Congratulations!
CMB Graduation Ceremony: Held twice per year at either the:
MBA CREF/Multifamily Convention in February
MBA Annual Convention in OctoberCocktail Reception
Spouse and Colleagues are invited.
My CMB Website:
www.campusmba.org/MyCMB.htmOn this site, you can find useful tips and
resources to assist you in spreading the word about the Residential, Commercial, and Master CMB designations.
Society Events and the The Society Page newsletter
CMB Profile online questionnaire. CMB YearbookShopCMB -CMB Apparel
CampusMBA ResourcesMBA Offices, Washington, DC
CampusMBA ResourceAndi Powell
www.CampusMBA.org
