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OBTAINING YOUR CMB DESIGNATION MBAF Certified Mortgage Banker Society The Certified Mortgage Banker (CMB) Designation is the industry standard of professional.

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Presentation on theme: "OBTAINING YOUR CMB DESIGNATION MBAF Certified Mortgage Banker Society The Certified Mortgage Banker (CMB) Designation is the industry standard of professional."— Presentation transcript:

1 OBTAINING YOUR CMB DESIGNATION MBAF Certified Mortgage Banker Society 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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3 MBA Designations: Certified Mortgage Banker Accredited Mortgage Professional Certified Loan Officer Certified Mortgage Compliance Professional Certified Mortgage Servicer Certified Mortgage Technologist Certified Quality Assurance Professional Certified Residential Underwriter

4 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.

5 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!

6 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

7 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.

8 Residential, Commercial or Master Choose 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.

9 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

10 Master CMB Residential CMB School of Mortgage Banking Courses I, II, and III Commercial CMB School of Commercial Mortgage Banking

11 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, or the MBA of Florida Convention  Complete Continuing Education

12 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

13 The “Master” CMB Going “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.

14 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

15 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)

16 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.

17 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.

18 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 Society)

19 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.

20 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 and Colleagues are invited.

21 My CMB Website: On 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 Society Page newsletter CMB Profile online questionnaire. CMB Yearbook ShopCMB -CMB Apparel

22 CampusMBA Resources MBA Offices, Washington, DC CampusMBA Resource Amber Lawrence


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