NRMLA CRMP case studies
NRMLA CRMP · Put your knowledge to work in context.
The Certified Reverse Mortgage Professional (CRMP) is a designation created by the National Reverse Mortgage Lenders Association (NRMLA), a trade association whose stated goal is to tell consumers with confidence that they can depend on an NRMLA member. NRMLA describes the CRMP as a credential that distinguishes individuals as among the most knowledgeable, most competent, and most ethical and professional in the field. The NRMLA CRMP case studies are 5 cases and about 3,630 words.
1The 58-Year-Old Spouse Who Is 'Not on the Loan'
Walter, 74, applies for a HECM on the home he has owned for 22 years; he is the only person on title. His wife, Denise, is 58 and has lived there since they married nine years ago.
770 words, about 4 min2The $60,000 Draw That Doesn't Fit the First-Year Cap
Rosa, 68, is single and applies for a HECM on a townhome appraised at 600,000. The property is below the HECM lending limit, so the maximum claim amount is 600,000, and the lender's principal limit factor for her age at the expected rate of 6.50% is 0.400 - a principal limit of 240,000.
689 words, about 3 min3Residual Income, a Roof, and a LESA That Doesn't Fit
Harold, 72, is single and applies for a HECM. Gross monthly income is Social Security of 1,180 plus a pension of 150, or 1,330 per month ( 15,960 a year).
683 words, about 3 min4Death, a Vacant House, and a Servicer in a Hurry
Harriet, 81, took a HECM four years ago with a 300,000 principal limit, a tenure payment, and no non-borrowing spouse. The servicer's file shows an unpaid loan balance of 212,000 as of the death date, an appraisal of 285,000 obtained in April, and two adult children who live in other states and want to keep the house.
761 words, about 4 min5The Seminar Referral Fee and the Annuity at the Signing Table
Marcus originates HECMs for a mid-sized lender. He runs monthly 'retirement strategies' seminars with Priya, a licensed insurance agent.
727 words, about 4 min