Your CMB Designation

21
Your CMB Designation “Thanks to Ross Bennett of the Florida Mortgage Bankers Assoc. for permitting the use of his data within this information.”

description

Your CMB Designation. “Thanks to Ross Bennett of the Florida Mortgage Bankers Assoc. for permitting the use of his data within this information.”. Why Become a Certified Mortgage Banker?. The Certified Mortgage Banker (CMB) designation was created in 1973 by the MBA. - PowerPoint PPT Presentation

Transcript of Your CMB Designation

Page 1: Your CMB Designation

Your CMB Designation

“Thanks to Ross Bennett of the Florida Mortgage Bankers Assoc. for permitting the use of his data within this information.”

Page 2: Your CMB Designation

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 CMBs are Vice Presidents or higher Of the 900+ CMBs in the US, 12 are members of the

MMLA and work in Michigan.

Page 3: Your CMB Designation

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?

Page 4: Your CMB Designation

CMBs Subscribe to the MBA’s Canon 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

Page 5: Your CMB Designation

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.

Page 6: Your CMB Designation

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 CMBs.

“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.

Page 7: Your CMB Designation

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 Year

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 Year

intervals

Page 8: Your CMB Designation

Master CMB

Residential CMB Commercial CMB

School of Mortgage BankingCourses I, II, and III

School of Commercial Mortgage Banking

Page 9: Your CMB Designation

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 MMLA CMB Committee of your candidacy.

Page 10: Your CMB Designation

The CMB Process cont’d

Acquire 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. Complete Continuing Education.

Page 11: Your CMB Designation

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

Page 12: Your CMB Designation

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 required Participation: 25 points Written Exam: 6 Hours Oral: 1 Hour Continuing Ed: 2 Year intervals 200 Total CMB points required, 150 from Residential or

Commercial carry forward.

Page 13: Your CMB Designation

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

Page 14: Your CMB Designation

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)

Page 15: Your CMB Designation

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.

Page 16: Your CMB Designation

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.

Page 17: Your CMB Designation

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 CMBs.

Page 18: Your CMB Designation

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.

Page 19: Your CMB Designation

Graduation and Congratulations!CMB Graduation Ceremony:

Held twice per year at either the:

MBA CREF/Multifamily Convention in February

MBA Annual Convention in October

Cocktail Reception

Spouse/Significant Other and Colleagues are invited.

Page 20: Your CMB Designation

CampusMBA ResourcesMBA Offices, Washington, DC

Alicia [email protected](202) 557-2766

www.CampusMBA.org

Page 21: Your CMB Designation

MMLA CMB Committeewww.mmla.net

CMB Chair: Alice Alvey, CMB (800) 278-0200

Mock Orals Chair: Dan Grzywacz, CMB (616) 957-3480

Exam Proctor Chair: Sam Isaac, CMB (586) 206-7535

Candidate Dev. Chair: Mark Rabidoux, CMB (248) 225-3920

Thank you and Good Luck!