NRMLA CRMP study plan
NRMLA CRMP · Give each week a clear focus.
8 weeks · About 6 hours per week
Reverse mortgage regulations and program details
Outline the federal statutes and regulations that govern reverse mortgages, including the National Housing Act, Regulation Z, and HUD Handbook 4235.1.
Define key terms such as HECM, MIP, PLF, and non-recourse feature.
Explain the role of NRMLA and its Code of Ethics in professional practice.
Identify the consumer protections mandated by Congress for reverse mortgages.
Your checkpoint
Create a one-page regulatory map linking each law or regulation to its purpose and key requirements.
Reverse mortgage regulations and program details & HECM program requirements and product features
Compare the eligibility criteria for HECM and proprietary reverse mortgages.
Describe the financial assessment requirements, including credit history, income, and residual income analysis.
Explain the role of HUD-approved counseling and the certificate of counseling.
List the property standards and occupancy requirements for HECM loans.
Your checkpoint
Draft a 10-item checklist that a loan originator must verify before submitting a HECM application.
HECM program requirements and product features
Calculate principal limit factors using age, expected rate, and maximum claim amount.
Differentiate between fixed-rate and adjustable-rate HECM payment options.
Explain the disbursement options: lump sum, monthly payments, line of credit, and modified tenure/term.
Describe the mortgage insurance premium structure and its role in protecting lenders and borrowers.
Your checkpoint
Complete a set of 15 practice problems on PLF and payment options, showing all steps.
HECM program requirements and product features & Origination, underwriting, and servicing practices
Detail the HECM refinance and purchase transactions, including eligibility and disclosure requirements.
Outline the origination process from application to closing, including disclosures and timing rules.
Explain the underwriting standards for HECM, including the financial assessment and set-aside calculations.
Identify the documents required for closing and their purpose.
Your checkpoint
Create a timeline of the HECM origination process with all required disclosures and deadlines.
Origination, underwriting, and servicing practices
Describe the servicing responsibilities for HECM loans, including payment disbursement and escrow administration.
Explain the events that trigger default and the loss mitigation options available.
Outline the HECM claims process and the role of the lender in filing claims.
Summarize the requirements for maintaining mortgage insurance and servicing transfers.
Your checkpoint
Write a one-page summary of default and loss mitigation procedures for a HECM servicer.
Ethics, consumer protection, and professional responsibility
Apply the NRMLA Code of Ethics to common scenarios in reverse mortgage origination.
Explain the consumer protections under the Dodd-Frank Act and the SAFE Act.
Identify prohibited practices and penalties under federal and state laws.
Describe the role of the Consumer Financial Protection Bureau in reverse mortgage oversight.
Your checkpoint
Analyze three ethics case studies and propose the appropriate course of action for each.
Ethics, consumer protection, and professional responsibility & Reverse mortgage regulations and program details
Review advertising and marketing rules for reverse mortgages.
Explain the importance of clear communication and disclosure to borrowers.
Summarize the requirements for handling borrower complaints and inquiries.
Revisit key regulatory updates and recent changes affecting HECM.
Your checkpoint
Develop a compliance checklist for marketing materials and borrower communications.
Reverse mortgage regulations and program details & HECM program requirements and product features & Origination, underwriting, and servicing practices & Ethics, consumer protection, and professional responsibility
Synthesize knowledge from all domains through comprehensive practice questions.
Identify weak areas and review them using targeted resources.
Simulate exam conditions with a timed practice test.
Finalize a quick-reference sheet of key formulas and rules.
Your checkpoint
Score at least 80% on a full-length practice exam and review all incorrect answers.
Milestones
Week 2: Pass a 20-question quiz on regulations and HECM eligibility with a score of 75% or higher.
Week 4: Complete a case study of a HECM transaction from application to closing, correctly identifying all compliance points.
Week 6: Achieve a score of 80% or higher on a 30-question practice test covering ethics and consumer protection.
Week 8: Pass a full-length practice exam with a score of 80% or higher, demonstrating readiness for the CRMP exam.