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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.”. Why Become a Certified Mortgage Banker?. The Certified Mortgage Banker (CMB) designation was created in 1973 by the MBA.

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Your CMB Designation

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

  2. 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.

  3. 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?

  4. 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 CMBs Subscribe to the MBA’s Canon of Ethics

  5. 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.

  6. 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.

  7. 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 Two Tracks for Obtaining a CMB

  8. 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.

  9. 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.

  10. 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.

  11. 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

  12. 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)

  13. 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.

  14. 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.

  15. 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.

  16. 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.

  17. 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.

  18. CampusMBA ResourcesMBA Offices, Washington, DC • Alicia Wileyjridings@mortgagebankers.org(202) 557-2766 • www.CampusMBA.org

  19. 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!

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