The Mortgage Bankers Association (MBA) has announced that it will begin offering a new, first-of-its-kind certification exclusively for compliance professionals in the mortgage finance industry.
Individuals who complete the requirements to achieve Level I distinction under the new Certified Mortgage Compliance Professional (CMCP) program will be recognized for their commitment to compliance with federal and state regulations, according to an MBA press release.
“The launch of this program demonstrates MBA’s commitment to providing top quality content and being the industry’s most trusted source for mortgage finance training,” MBA Senior Vice President of Residential Policy and Member Engagement Pete Mills said in the release. “Having a sound training program is a crucial element in a company's compliance management system and this designation will provide an accessible, affordable and consistent means of educating your compliance workforce and documenting those efforts.”
The Level I program will consist of 18 courses, offing approximately 30 hours of self-paced content pertaining to the fundamentals of the regulatory ecosystem. Students will be tested on how the regulations fit in the residential loan lifecycle, the critical rules and regulations that impact our industry and how to apply the regulations to common business practices and situations. The course’s framework and content was developed by MBA Education.
“A compliance designation is absolutely critical for an industry as tightly regulated as mortgage banking,” said Josh Weinberg, executive vice president of compliance at First Choice Loan Services Inc. and chair of the Curriculum Advisory Council. “With the strength of their policy and advocacy work, MBA was the logical choice to not only manage the designation, but to develop the curriculum.”
Compliance professionals with two years or less experience can qualify for the Level I course, including junior compliance analysts, compliance specialists, junior quality control analysts and regulatory or licensing specialists.